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Insurance Query

Tanabe · 2007-02-01 12:24:51

Hi all, Let's say you've just taken out a motor insurance policy & next week you receive a better quote from somebody else. Can you cancel with your current insurer and then take out a new policy with the other?

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01-02-2007 1:24pm

#1

Tanabe

Closed Accounts Posts: 594 ✭✭✭

Join Date: June 2005

Posts: 492

Hi all,

Let's say you've just taken out a motor insurance policy & next week you receive a better quote from somebody else. Can you cancel with your current insurer and then take out a new policy with the other?

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#2 01-02-2007 1:54pm
seamus

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Posts: 67070

Depends on the insurance company.

I know some companies will allow you to pull out (minus their "Administration" fee) within the first 14 days (or something similar), whereas other insurers will take 50% of the premium you've paid if you pull out in the first 3 months. It should all be in the booklet, or failing that, give them a ring.

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#3 01-02-2007 10:28pm
C.D.

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AFAIK There is a legal requirement for a "cooling off" period. I think the minimum period is 10 days or so- you would be able to get a full refund minus the adminitration fee during this period.

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