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Cancelling car insurance early

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  • 19-10-2017 12:16pm
    #1
    Sean_ius
    Registered Users Posts: 21 ✭


    Hi there,

    Apologies if something like this has been asked already.

    I'm moving to the UK next week for work. I'm not bringing my car with me. Today I enquired about cancelling my car insurance. My policy expires at the end of December this year.

    I was told that by cancelling today, I'll have to pay a €50 admin fee and I won't get any refund for the remaining months on the policy as it's too near the end of it (I paid for the full year in December last year when the policy began).

    I'm not too bothered by this. What is bothering me though is my No Claims Bonus. I have a cert from last December saying I have a bonus of 3 years. I was told today that by cancelling, I won't receive a cert for this year.

    Surely since I'm this close to the end of the policy, it would make sense to leave it run and not renew thereby saving me the admin fee and getting a new No Claims bonus cert.

    However, I was planning on dropping my car to my mechanic to sell for me before I leave. Am I right in thinking my car insurance will have to be cancelled on the car before someone else can buy it and get insured on it?

    I'd rather try and get another year No Claims Bonus, but I also don't want the car sitting on the street not being used for the next two months.

    If anyone has any advice, I'd really appreciate it. Thank you!


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


    You only get a year's NCB for each complete year. You can continue to leave it insured until the end of the year or until it is actually sold. You cannot continue cover on it once it is sold


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    #3
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Suspend the policy.

    That way you will still earn your NCD for this year and you will also get money back for the duration of the suspension.


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    #4
    Sean_ius
    Registered Users Posts: 21 ✭Sean_ius


    Sue Pa Key Pa wrote: »
    You only get a year's NCB for each complete year. You can continue to leave it insured until the end of the year or until it is actually sold. You cannot continue cover on it once it is sold

    Thanks for the reply! So it's probably best to just leave the car sitting for the two months and then try to sell it after the policy is expired then.


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    #5
    Sean_ius
    Registered Users Posts: 21 ✭Sean_ius


    Business Cat wrote: »
    Suspend the policy.

    That way you will still earn your NCD for this year and you will also get money back for the duration of the suspension.

    I could try that alright, but I still won't be able to sell the car even if the policy is suspended I assume. Not sure would it work though as I'll be suspending it until the expiration of the policy? So they may not allow it since it's near the end but I might enquire and see. Thanks!


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    #6
    biko
    Registered Users Posts: 81,220 ✭✭✭✭biko


    I agree with suspending it for now if the company is ok with it. It will push the decision up a bit so you can get settled in UK and then decide properly.


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


    Business Cat wrote: »
    Suspend the policy.

    That way you will still earn your NCD for this year and you will also get money back for the duration of the suspension.

    Good idea, but it sounds as if they might charge an admin fee for doing this also


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    #8
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sean_ius wrote: »
    I could try that alright, but I still won't be able to sell the car even if the policy is suspended I assume. Not sure would it work though as I'll be suspending it until the expiration of the policy? So they may not allow it since it's near the end but I might enquire and see. Thanks!

    You can sell the car while it is suspended, your insurer will not be providing any indemnity for it while it's suspended so it's ownership is not an issue.


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    #9
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sue Pa Key Pa wrote: »
    Good idea, but it sounds as if they might charge an admin fee for doing this also

    Probably but it might not be as chunky as the canx fee.


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    #10
    Sean_ius
    Registered Users Posts: 21 ✭Sean_ius


    Business Cat wrote: »
    You can sell the car while it is suspended, your insurer will not be providing any indemnity for it while it's suspended so it's ownership is not an issue.

    In that case that might be the best option because ideally I'd like to try and sell it soon.

    I have seen this in the suspension terms: "If the suspension period reaches your policy renewal date, full cover on the vehicle will automatically resume on this date." - So I'll still get caught with the cancellation fee. Unless they let me suspend it until the day before the policy expires? But then it might have been insured by someone else at that point. Sorry if I'm being confusing and thanks for your help.


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    #11
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sean_ius wrote: »
    In that case that might be the best option because ideally I'd like to try and sell it soon.

    I have seen this in the suspension terms: "If the suspension period reaches your policy renewal date, full cover on the vehicle will automatically resume on this date." - So I'll still get caught with the cancellation fee. Unless they let me suspend it until the day before the policy expires? But then it might have been insured by someone else at that point. Sorry if I'm being confusing and thanks for your help.

    You can suspend the policy until renewal date and sell the car when ever you want.

    Simply return the cert and disc to them and tell them you are planning on selling it asap.

    Cover will run until renewal date and the policy will lapse.


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    #12
    Sean_ius
    Registered Users Posts: 21 ✭Sean_ius


    Business Cat wrote: »
    You can suspend the policy until renewal date and sell the car when ever you want.

    Simply return the cert and disc to them and tell them you are planning on selling it asap.

    Cover will run until renewal date and the policy will lapse.

    If I do this, do you think I'll receive a No Claims Bonus certificate for this year? Or will suspending it impact that? Sorry for the questions, I appreciate the help.


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    #13
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sean_ius wrote: »
    If I do this, do you think I'll receive a No Claims Bonus certificate for this year? Or will suspending it impact that? Sorry for the questions, I appreciate the help.

    They will have to provide the ncd cert for the year when the renewal rolls around.


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    #14
    Del2005
    Registered Users Posts: 18,993 ✭✭✭✭Del2005


    Business Cat wrote: »
    You can sell the car while it is suspended, your insurer will not be providing any indemnity for it while it's suspended so it's ownership is not an issue.

    After reading this thread I don't think I'd trust an insurance company not to try to get money from a suspended policy if a new owner is involved in a crash.


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