Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Short term car insurance question

Options
  • 23-05-2018 12:46pm
    #1
    artvanderlay
    Registered Users Posts: 2,198 ✭✭✭


    Hi,


    I'm looking to get a cheap runaround car (€500, 1L) but I might be leaving the country in September, so will only need insurance for 3-4 months. Is it possible to do this? I'm not driving at the moment, and I last drove in June 2016, so coming up to 2 years off the road. I have one year no claims bonus, but does this expire if I take time off driving like I did?


    Probably quite basic questions, but forgive my ignorance! Thanks for any help.


Comments

  • Options
    #2
    bazz26
    Registered Users Posts: 51,158 ✭✭✭✭bazz26


    Insurance policies usually run in 12 month periods only but you could take out a policy now and cancel it when you plan to travel. You will get a partial refund less an admin fee.


  • Options
    #3
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    bazz26 wrote: »
    Insurance policies usually run in 12 month periods only but you could take out a policy now and cancel it when you plan to travel. You will get a partial refund less an admin fee.

    After the first full year of a policy, you get a pro rata refund less an admin fee if you cancel the policy before it's due to expire but if you cancel in the first year of a policy, they will screw you.

    The bottom line is that they don't want the type of business the OP is proposing.


  • Options
    #4
    colm_mcm
    Registered Users Posts: 73,401 ✭✭✭✭colm_mcm


    Just pay monthly then cancel. Allianz do 12 monthly payments without an upfront payment. Most companies do 8/10 payments and an upfront payment.


  • Options
    #5
    artvanderlay
    Registered Users Posts: 2,198 ✭✭✭artvanderlay


    Thanks lads. I'll give it a go and see what happens.


  • Options
    #6
    Del2005
    Registered Users Posts: 18,930 ✭✭✭✭Del2005


    coylemj wrote: »
    After the first full year of a policy, you get a pro rata refund less an admin fee if you cancel the policy before it's due to expire but if you cancel in the first year of a policy, they will screw you.

    The bottom line is that they don't want the type of business the OP is proposing.

    I've only ever had 1 year policies on all my cars and bikes. I know some companies are now offering 2 year policies but I've never heard of losing all your money when you cancel a policy mid way regardless of how long you've been with the company. You do get loose if you cancel close to the end of the policy but not after 3 or 4 months like the OP is planning to do.


  • Advertisement
  • Options
    #7
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    Del2005 wrote: »
    ....I've never heard of losing all your money when you cancel a policy mid way ......

    I never said you'd lose all your money, I said they would 'screw you'.

    Liberty and Axa will only refund 50% of the premium after 4 months so you will end up with 4 months cover for the price of 6 months.
    Del2005 wrote: »
    .... regardless of how long you've been with the company.

    I said it applied only in the first year of a policy.


  • Options
    #8
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    colm_mcm wrote: »
    Just pay monthly then cancel. Allianz do 12 monthly payments without an upfront payment. Most companies do 8/10 payments and an upfront payment.

    It's not necessarily as simple as that. A monthly payment scheme often involves you taking out a loan with a third party finance house to cover the annual premium (which they pay to the insurance company) so you owe the money to a third party and handing back the cert and disc doesn't mean you can simply walk away from the loan.


  • Options
    #9
    colm_mcm
    Registered Users Posts: 73,401 ✭✭✭✭colm_mcm


    That’s true. It’s usually brokers that do that AFAIK. I did mine with premium credit one year so it would have been the type of setup you mention.


Advertisement