Canceling DD on car insurance

youcando2

Lads, I renewed my insurance in December '16, I pay monthly installments. I told them in December that I would be changing the car in the new year and they said it would be no problem to change it over.
Emailed them yesterday saying needed a quote for new car, they want an extra 320e a year from me. Premium would now be over 1200 a year. I'm this close to telling them to go jump but I don't know if I can when I've the direct debit set up? I've been quoted 660e online so I will move but I need to make sure before having to go down that road that I can do it!
Anybody done this before? Thanks!

Cows Go µ

You can normally cancel midterm without issue but in order to do so you have to return you cert and disc (so to set up a new policy from the same time you have to organise it well).

Because you are in at least your second year of insurance there's generally no cancellation fee but you might want to check that.

When you cancel the policy there might be money owed to either you or the insurance company. For example if you cancel today and pay on the 1st they may owe you money back or if you pay on the 30th you may owe them money.

Best thing to do is call the insurance company and check. This is all assuming you haven't had a claim this year as that changes it

grogi

Cows Go µ wrote: »

You can normally cancel midterm without issue but in order to do so you have to return you cert and disc (so to set up a new policy from the same time you have to organise it well).

Because you are in at least your second year of insurance there's generally no cancellation fee but you might want to check that.

When you cancel the policy there might be money owed to either you or the insurance company. For example if you cancel today and pay on the 1st they may owe you money back or if you pay on the 30th you may owe them money.

Best thing to do is call the insurance company and check. This is all assuming you haven't had a claim this year as that changes it

The payment schedule is built in such way that it is very unlikely the insured owes anything to the insurance company. That's exactly why they require the initial payment before the direct debit kicks in.

Cows Go µ

grogi wrote: »

The payment schedule is built in such way that it is very unlikely the insured owes anything to the insurance company. That's exactly why they require the initial payment before the direct debit kicks in.

I've seen it happen on more than one occasion, mostly when its a 12 payment plan

colm_mcm

Cancelling the direct debit would lead to them cancelling your policy, which is a no-no when looking for new insurance.