Changing insurance companies mid policy

heffoo

Im turning 25 next month and im thinking about changing companies, im. Currently with aviva at€970 fully comp allianz have quoted me €530 fully comp policy has all the bells and whistles. if I cange I will lose 3months no claims. Any problems involved with changing mid policy.

CiniO

heffoo wrote: »

Im turning 25 next month and im thinking about changing companies, im. Currently with aviva at€970 fully comp allianz have quoted me €530 fully comp policy has all the bells and whistles. if I cange I will lose 3months no claims. Any problems involved with changing mid policy.

Were you with aviva for few years, or was it first year of the policy?

ironclaw

Be sure its like with absolute like. Insurance is cheaper for a reason, not just because of your age.

You should get a refund from your current insurer for the time you have left on your policy minus some admin charges. And with all that, be sure you are actually saving money. Makes no sense to get a €200 refund if your next policy will be €500+

Be sure to get a letter from them saying you made no claims and there are none outstanding. Insurers don't like gaps or mid-policy changes of insurance though, it can be a red flag. Not a big problem but be prepared to answer a few questions if anyone spots the sudden change.

djimi

Just bear in mind that cancelling your policy will not mean getting 3/4 of the premium back (less admin charges); polices are often calculated over 9-10 months, so you might actually get back less than you think. Calculate it and see if its worth changing.

CiniO

djimi wrote: »

Just bear in mind that cancelling your policy will not mean getting 3/4 of the premium back (less admin charges); polices are often calculated over 9-10 months, so you might actually get back less than you think. Calculate it and see if its worth changing.

I think with aviva, you can get only 50% of premium when cancelled after 3 months.
But this condition applies only to first year of policy, so if OP was already on this policy for longer, and it was just renewal, it can be cancelled anytime, and adequate proportion of premium will be refunded (less admin charge)

Yakuza

How long after your birthday until your next renewal? It might make more sense just to see out your current policy and then switch companies when your current policy runs out. If (come renewal time) you have a quote for a similar policy from another company, your current company might even match it to retain your business (but from personal experience I've found Aviva to be expensive for younger drivers).

heffoo

Policy not out until jan 15 been with aviva 4 years at this stage insurance jumped up by 300 when I changed cars policies are like for like the added bonus allianz are offering third partu driving of other cars whilst aviva wont. Don't expect a refund as I pay monthly for my insurance, am willing to pay admin charges no problem will they have a problem issuing my no claims bonus or will that be ok. Thanks for the replys