Cancelling an insurance policy

sashafierce

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punisher5112

sashafierce wrote: »

Can anyone advise on this matter. I recently moved home after a year abroad and my insurance had gone from 500 annually to 1000 I was left with no choice but to pay it as I live in the country and needed to attend Interviews. However now I have gotten a job and moving to Dublin I don't need my car. What is the procedure for cancelling my insurance? Will I be charged? What if down the line I want to insure myself again will I be penalised? Probably a dumb question but I'm not sure on the procedures

You will only get % back not €1000 anyway.

5W30

You will have to pay an administration fee, depends on the insurer but it will be less than 100 euro. There will not be any problems getting insurance later but you won't be getting this year's NCB.

coffeepls

Wow. 500 to 1000. Did you not shop around at all.
Anyway. Thays not the question you asked.
Ring the insurance company and simply ask them. You're sure paying enough for them to answer the question.

biko

It depends.
If you just got insured like 2 seeks ago you get a full refund. Otherwise it could be any number of fees and costs involved. Only your insurer can tell you, read the T&C and/or ring them.

sashafierce

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sashafierce

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bazz26

You should get a percentage of your premium back depending how far along you are into the policy, less their administration fee.

coffeepls

sashafierce wrote: »

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God that's awful - what an increase!

colm_mcm

Moving to Dublin would likely see it increase more

sashafierce

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sm3ar

Is it usually anything inside the first 2 weeks you get it all back? Deposit included?

Tzardine

sm3ar wrote: »

Is it usually anything inside the first 2 weeks you get it all back? Deposit included?

Typically you will pay the premium for whatever amount of weeks you have been covered plus an administration charge. You will not get it all back.

You can not expect to get two weeks free car insurance, otherwise everybody would be changing insurer every two weeks.

sm3ar

Tzardine wrote: »

Typically you will pay the premium for whatever amount of weeks you have been covered plus an administration charge. You will not get it all back.

You can not expect to get two weeks free car insurance, otherwise everybody would be changing insurer every two weeks.

.

But the deposit is returned?

mistress_gi

So basically you call them. Say you want to cancel your policy. They will cancel and then you return the insurance disc in the post.
You then get your money back (if there is any to be received).
Done!

Liam McPoyle

The insurer will not cancel the policy until you return the cert and disc.

You will need to put the request in writing and post it to them with the cert and disc.

They will charge you a time on risk fee (length of time the car has been insured) and probably an admin fee.

If there is anything left over from the deposit and any installments paid you will be returned the balance less the time on risk + admin fee.

biko

If you cancel before 2 weeks are out you will get just about everything back. This because of a EU directive about a 14 day "cooling off period". Google it for more info

Tzardine

biko wrote: »

If you cancel before 2 weeks are out you will get just about everything back. This because of a EU directive about a 14 day "cooling off period". Google it for more info

This is true however you need to know that the policy will be considered to have never existed.

grogi

Tzardine wrote: »

This is true however you need to know that the policy will be considered to have never existed.

Again this argument - time machine?

You are at risk, you are covered. Majority of the companies will refund based on pro-rata figure (exp. 10/365 of the paid premium for the cover of 10 days).

CiniO

biko wrote: »

If you cancel before 2 weeks are out you will get just about everything back. This because of a EU directive about a 14 day "cooling off period". Google it for more info

I think this 14 days cooling off period only applies to policies bought through electronic means like telephone or online.
If you purchased policy personally in insurers branch, then this doesn't apply.
However I'm not 100% sure about that.

CiniO

In my experience, insurers charge extremely high cancellation fee if policy is canceled in a first your.
F.e. something like if you cancel after first 3 month, they will refund only 50% of the policy, so in OP's case only 500.
Obviously this varies between insurers, but from what I've seen those fees are generally similarly high for most insurers.

It's different story if you're cancelling in a second or next year of the same policy (after renewal). They they usually refund pro-rata.