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Cancelling car insurance

  • 02-03-2020 2:54pm
    #1
    Alerium
    Registered Users Posts: 185 ✭✭


    Hello

    I currently pay my car insurance monthly via DD and I’m about 4-5 months into the 12 month insurance period. I did a quote with another insurance company online out of curiosity and it turns out it is a lot cheaper. Can I just cancel my existing insurance, ask for my NCD cert/proof of NCD letter and buy new insurance? Or are there restrictions?

    Thanks


Comments

  • #2
    daheff
    Registered Users, Registered Users 2 Posts: 5,871 ✭✭✭daheff


    probably not. when you sign up to the insurance its a 1year contract.

    you'd need to look at the t&Cs around cancellations.


    you might get lucky and get refunded the balance less a nominal fee.


  • #3
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,688 ✭✭✭GerardKeating


    Alerium wrote: »
    Hello

    I currently pay my car insurance monthly via DD and I’m about 4-5 months into the 12 month insurance period. I did a quote with another insurance company online out of curiosity and it turns out it is a lot cheaper. Can I just cancel my existing insurance, ask for my NCD cert/proof of NCD letter and buy new insurance? Or are there restrictions?

    Thanks

    When you took out the car insurance, it was a one year contact, payable in advance, you are not actually paying the insurance monthly, technically they gave you a loan for the annual premium, and it is this loan you are paying off monthly.


  • #4
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    When seeking your new online quote, did you enter your no claims discount as an extra year or the same as when taking out your current contract?


  • #5
    pablosd9
    Registered Users Posts: 11 ✭pablosd9


    Yes you can, the only thing they may charge you is cancellation fee for the contract, usually 50e or so. Your NCB for the 4/5 months also will be lost.

    I've done this before when paying DD and it was no problem, I never had to pay the remainder of what was left on the contract, so effectively you only pay for what you use.


  • #6
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 2,997 ✭✭✭Eggs For Dinner


    There will be cancellation charges and they will be outlined in your policy document. Generally, if you are in the 1st year with a particular insurer, the cancellation charge can be significant. In subsequent years with the same insurer, it is usually pro-rata.

    Do not just cancel your DD, think it cancels the policy as it does not. If you do this, your insurer has to go through the enforced cancellation process under the policy and this must be declared to future insurers. Also, there is a difference between an insurers own DD set up and having your premium paid using a finance agreement


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