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do I have to notify insurance company if i don't renew with them?

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  • 08-09-2017 3:20pm
    #1
    huggy15
    Registered Users Posts: 230 ✭✭


    I have received my car insurance renewal but I am getting cheaper quotes elsewhere. Do i have to notify my current insurance company if i don't want to renew with them? Or can i just go ahead and buy the new policy elsewhere and let my current insurance run out?


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    #2
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    huggy15 wrote: »
    I have received my car insurance renewal but I am getting cheaper quotes elsewhere. Do i have to notify my current insurance company if i don't want to renew with them? Or can i just go ahead and buy the new policy elsewhere and let my current insurance run out?

    If you pay by direct debit, I'd contact them because some insurers 'auto-renew' without instruction to the contrary. Other than that, you don't have to. You should have been sent tour NCB with your renewal


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    #3
    huggy15
    Registered Users Posts: 230 ✭✭huggy15


    Yeah I paid all in one go last year and they have already emailed me my NCB cert so I can just go ahead with the new company?


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    #4
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    huggy15 wrote: »
    Yeah I paid all in one go last year and they have already emailed me my NCB cert so I can just go ahead with the new company?

    Yep, off you go. The regulations were changed in recent years making sure you were sent your NCB with the renewal. Some insurers used to try and negotiate a premium when you went to ask for it. However, most insurers will want to see the original hard copy NCB


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    #5
    coylemj
    Registered Users Posts: 25,457 ✭✭✭✭coylemj


    huggy15 wrote: »
    I have received my car insurance renewal but I am getting cheaper quotes elsewhere.

    Don't assume that the renewal number is set in stone. Ring your current insurer and make them quote a better number, they will.

    The reason they inflate renewal numbers is because a large cohort of the population simply pay up on the basis that they're getting a big NCB and often a 'loyalty' discount for having their home insurance with the same company so they assume that there is no way that they can do better elsewhere. Hence they get screwed.

    Phone your existing company and even without threatening to move, they will drop the quote. Just say you'd like to see if they can improve the number, wait to see what they say. When they give you a new number, then (and only then) give them competitive quotes to match or better. Just remember that your current insurer may have include real loyalty stuff like protected NCB that you would probably lose for a few years if you move so don't throw the baby out with the bathwater i.e. it may still make sense to stay with them even if you have a lower quote.


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    #6
    huggy15
    Registered Users Posts: 230 ✭✭huggy15


    Sue Pa Key Pa wrote:
    Yep, off you go. The regulations were changed in recent years making sure you were sent your NCB with the renewal. Some insurers used to try and negotiate a premium when you went to ask for it. However, most insurers will want to see the original hard copy NCB


    Once the insurance runs out will they post me put the hard copy of the NCB? Or will I have to request it? The renewal notice etc. was all emailed to me, i haven't received any post from them apart from the dics at the start of the policy


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    #7
    Sue Pa Key Pa
    Closed Accounts Posts: 2,060 ✭✭✭Sue Pa Key Pa


    huggy15 wrote: »
    Once the insurance runs out will they post me put the hard copy of the NCB? Or will I have to request it? The renewal notice etc. was all emailed to me, i haven't received any post from them apart from the dics at the start of the policy

    Ask your prospective insurer if the e-mail NCB is OK. They will have come across it before and will have a procedure for it. If they want an original hard copy, ask your current people for it


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