Car insurance refund-full license

GMROCKS

Hi I paid 2100 for insurance back in early December on learner permit.got full license last week the insurance are telling me there's no refund due, is this normal.

Jim2007

GMROCKS wrote: »

Hi I paid 2100 for insurance back in early December on learner permit.got full license last week the insurance are telling me there's no refund due, is this normal.

Read the terms of your contract to find out. Whether we agree with you or not makes no difference.

Bikerman2019

See do you have a cancellation option. May trigger a refund there.

spodoinkle

GMROCKS wrote: »

Hi I paid 2100 for insurance back in early December on learner permit.got full license last week the insurance are telling me there's no refund due, is this normal.

The price goes up in the UK as you are classed as a higher risk now you can drive on your own, so same should apply in ROI

cruizer101

I think it is unusual alright, I remember getting a refund and have heard of others getting refunds, but that said it is not mandatory.

It could be worth your while cancelling and getting new policy.

Maybe try ring and get a quote from them with your new licence and see how much of a difference there is between that quote and your current policy.

GMROCKS

Yes in contract says midterm changes refund OR pay extra,I can get a refund of1600 but a new policy is more expensive than original with same provider, thought the full license would drop the price,

Eggs For Dinner

GMROCKS wrote: »

Yes in contract says midterm changes refund OR pay extra,I can get a refund of1600 but a new policy is more expensive than original with same provider, thought the full license would drop the price,

It will drop at renewal and more insurers will quote you

coylemj

Bikerman2019 wrote: »

See do you have a cancellation option. May trigger a refund there.

Careful there. Most policies can be cancelled but if you do so in your first year with that insurer, you will usually get nothing like a pro rata refund.

Example: if the OP is with Aviva, they would only give him a 40% refund after just under 4 months. After 8 months, they give you nothing.

Somebody like the OP who is in the early stages of establishing a no-claims driving history also needs to consider the cost of walking away from several months which will be lost if he cancels this policy. If he continues with this policy, he will have 12 months claims-free at his next renewal whereas if this is his first policy in his own name and he cancels it, he will have no record at all. Swings and roundabouts.

The J Stands for Jay

spodoinkle wrote: »

The price goes up in the UK as you are classed as a higher risk now you can drive on your own, so same should apply in ROI

At one point they were doing that here to younger drivers. I passed at 28, so I was told there would be no change in premium.

discodaveirl

Would always have historically triggered a refund... However ring them tell them you’ve shopped around since you passed your test and other companies are much more competitive than the price you paid them as a learner.. Ask them what the full policy refund is?

Eggs For Dinner

As pointed out above, a low cancellation refund in the 1st year of a policy is likely to make it uneconomical to switch