What are the implications of changing insurers part way through a policy?

I have been driving for close to two decades but not in the UK. When I got here and got a car, the insurance providers refused my "years of experience" and would only accept a zero No Claim Bonus. I took a comprehensive cover plus all the other things that follow, like breakdown and rescue stuff. It was £134 per month. I felt it was too high for a 1.8L engine, 2001 car. That was about five months ago. Two weeks ago, I checked on another insurance company, and I received a quote of about £800 per annum which is less than half what I currently pay. What is the implication of switching to another insurance company?

Asked on 11 October 2018 by Victor Ahiaba

Answered by Tim Kelly
If you change mid term, you lose the no claims you have accrued. Ask yourself whether you need all the extras you've been sold. You may save more end of term by having a years no claims bonus. Get quotes again with the one years no claims and see how much it drops again. If it doesn't, it might be worth cancelling the policy (though you will be charged for cancelling). If it is a significant saving with the years no claims, it may be best to continue to end of term.
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