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Insurance for less than a year

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  • 20-10-2010 8:21pm
    #1
    Xiney
    Registered Users Posts: 8,085 ✭✭✭


    Our contents insurance is up for renewal but we won't be in Ireland for a full year. I told this to the insurance company and they said they only sell it for a year but we can cancel it and get some of the money back?

    How easy is this?

    (For our car insurance too)


Comments

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    #2
    Atlantic Dawn
    Registered Users Posts: 82,568 ✭✭✭✭Atlantic Dawn
    M


    Yes you will get money back easy enough but it won't be exactly the percentage left of the year that will be returned. If you had 6 months left you would likely get around around 30% of the premium back. Best option would be to pay it in monthly installments.


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    #3
    Fitz123
    Registered Users Posts: 166 ✭✭Fitz123


    Money will be refunded easily, they may require your cert and disc for motor policy.

    On the refund amount it depends Xiney, as each company has slightly different t & c's.

    I know one insurance company who I used to work for, where a cancellation takes place in the first year of the policy as Atlantic Dawn states you don't get a proportional refund back there is an amount deducted. After the first year with them, refunds are processed proportionally.


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    #4
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #5
    Xiney
    Registered Users Posts: 8,085 ✭✭✭Xiney


    argh, sorry dudara - thought I'd put it in the right forum!


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    #6
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    You can always pay on a monthly basis. Some companies do it over 12 months with one month paid up front, others have a 10 month arrangement. Just be aware paying on a monthly basis is a finance arrangement and you will pay interest for the facility, interest rates can vary but you will be looking 9% onwards. Check the quotes, if spreading the payment over 10/12 months and compare it against the annual premium. Cancellation during the year is not a problem, but do it in writing prior to the date you wish to cancel, so there is no confusion.


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