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Amend or cancel insurance policy?

  • 06-09-2018 11:07pm
    #1
    PrettyBoy
    Registered Users, Registered Users 2 Posts: 4,213 ✭✭✭


    How's it going lads, just a quick one as it's late and I won't be able to talk to anyone from my insurance company until tomorrow afternoon so said I'd ask here in the meantime.

    Situation is my insurance policy this year started in February and the cost for the year was €632 which I pay by direct debit of €52 each month. I've since bought a newer car with a smaller engine and just out of interest I went and got a new quote online with the same company, total premium came to €404 with monthly payments working out at €35 or thereabouts. I then logged in and went to amend the details of my existing policy and when I did it said that there would be no cost to change so it would still be costing me €52 a month.

    Now, regarding how I proceed with this - is my best option to cancel my existing policy altogether? There will be a €50 fee if I cancel AFAIK, or else a €30 fee if I amend - will there be any other negative effect on my policy, NCB, etc. due to me cancelling it early? Or is this a complete no brainer?

    Company is Liberty Insurance.


Comments

  • #2
    peteb2
    Registered Users, Registered Users 2 Posts: 1,814 ✭✭✭peteb2


    Do you have a full no claims bonus? If not you are going to lose a year.


  • #3
    PrettyBoy
    Registered Users, Registered Users 2 Posts: 4,213 ✭✭✭PrettyBoy


    peteb2 wrote: »
    Do you have a full no claims bonus? If not you are going to lose a year.

    Yeah I have 10 years full NCB.


  • #4
    toyotafan
    Users Awaiting Email Confirmation Posts: 137 ✭✭toyotafan


    I'd suggest to contact the insurer and explain the difference when you quoted online and your current one. I did like this last year and got online quote with much lower price at final after dealing from my current policy. I did with Liberty also.
    Please lets us know about your case.


  • #5
    PrettyBoy
    Registered Users, Registered Users 2 Posts: 4,213 ✭✭✭PrettyBoy


    I called them and they informed me that the only way I could avail of the lower price was if I cancelled my original policy at a cost of €50 and then purchased the new policy online so that's what I did. Wouldn't waive the cancellation fee even though I bought the new policy immediately after cancelling the original one.

    Any time I changed cars before I just called them and gave them the details and said OK to whatever price they gave me over the phone but in future I'll be getting a quote online as a new customer first.


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