Cancelling Insurance Policy to take out a new one with the same company?

rya_bren

So my car insurance renewed in March. On the 16th of June 2015 I had a claim which was still held on the renewal this year. I am now looking at changing car and they want €600 for the rest of the policy. However I can take out a new policy for about €1000 because Liberty ask if I have had a claim in the last 3 years which I have not as it is now over three years.
I am paying my current policy monthly and the next payment is due tuesday. However if i cancel it Monday and then take out the new policy on liberty's website I can have cover on the new car from tuesday. Is there anything that could stop this? Can liberty refuse me because I have cancelled a policy ? I just want to make sure I have everything in order before I do anything.

Eggs For Dinner

As long as every question is answered honestly and in full, I don't see an issue. Only thing is if you lost NCB on account of the accident and are still building it back up, you would gain no credit for the months since your last renewal.

BTW, cancel the original policy with agreement of your insurer, do not just stop your direct debit. That means the insurer has to use the cancellation clause under the policy and a forced cancellation must be declared to all future insurers

coylemj

Eggs For Dinner wrote: »

BTW, cancel the original policy with agreement of your insurer, do not just stop your direct debit. That means the insurer has to use the cancellation clause under the policy and a forced cancellation must be declared to all future insurers

+1 if the policy is cancelled by them because you stop paying, they will only refund you 50% of the premium after 4 months. Otherwise, they will refund you a pro rata amount less an admin charge of €50.

WhyTheFace

Hi,

I started a car insurance policy end of Feb. Nobody else on the policy and I had a provisional licence. It cost €1,800 fully comp.

Chill insurance who I used said my premium would drop to €1,640 as a result of me getting a full licence.

I told them I'd prefer to start a new policy which I have been quoted €1,150 with another broker (not fully comp).

Chill offered me €1,300 from the same company but the agent was very much against me cancelling saying I would be "cutting off my nose to spite my face" and that I'd lose my 6 months no claims bonus.

Surely going from €1,800 to €1,150 is worth it irrespective of the cancelling/admin fees which I understand won't be much more than around €150 and losing 6 months of NCB?

Thank you in advance!

tcawley29

WhyTheFace wrote: »

Hi,

I started a car insurance policy end of Feb. Nobody else on the policy and I had a provisional licence. It cost €1,800 fully comp.

Chill insurance who I used said my premium would drop to €1,640 as a result of me getting a full licence.

I told them I'd prefer to start a new policy which I have been quoted €1,150 with another broker (not fully comp).

Chill offered me €1,300 from the same company but the agent was very much against me cancelling saying I would be "cutting off my nose to spite my face" and that I'd lose my 6 months no claims bonus.

Surely going from €1,800 to €1,150 is worth it irrespective of the cancelling/admin fees which I understand won't be much more than around €150 and losing 6 months of NCB?

Thank you in advance!

You should probably go for the offer of 1300 tbh. 1 years NCB is worth a lot or it was when I started

WhyTheFace

tcawley29 wrote: »

You should probably go for the offer of 1300 tbh. 1 years NCB is worth a lot or it was when I started

1,300 would mean I lose my NCB of 6 months.

tcawley29

WhyTheFace wrote: »

1,300 would mean I lose my NCB of 6 months.

Stay as you are so