Re-Insuring early - Is this okay to do?

Honest John Back Room » Motoring discussion
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Sun 12 May 2024 17:10
Re-Insuring early - Is this okay to do? - YonderOne
Hey all,
Recently got a new car that I insured in the middle of march for £1,894 (ouch).
Out of curiosity I re-quoted for the car as I will of passed my test on the 14th and be droving for 5 years and my insurance has gone down a lot.
I'm currently getting quotes from my same insurer (esure flex) for £992 and sheilas wheels for £1100 on the 14th of may.
I have checked with my current insurer (esure flex) who will offer me a refund of £1550.73 to cancel my policy early, meaning if I re-insure with them again with the cheaper quote I will be getting £500+ back.
Im aware I will be missing out on just over a month towards my no-claims bonus but this does not bother me.
My question is there anything wrong with doing this? Can I be penalised or anything for cancelling my insurance early and taking out another quote with the same insurer?
TI; dr: Quoted in march (esure flex) £1,894. Checked to reinsure with same company its £992, saving massive if I cancel insurance early. Is this okay to do?
Thanks!
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Sun 12 May 2024 17:13
Re-Insuring early - Is this okay to do? - leaseman

Yes

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Sun 12 May 2024 17:40
Re-Insuring early - Is this okay to do? - YonderOne
Thanks for replying, im assuming by “yes” you mean this is okay to do? Thanks!
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Sun 12 May 2024 22:09
Re-Insuring early - Is this okay to do? - daveyjp

No problem. We have just cancelled an existing policy as it was much cheaper to add our new driver daughter to a new policy.

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Sun 12 May 2024 22:39
Re-Insuring early - Is this okay to do? - YonderOne
Thanks Davey, was this with the same insurer or a different insurer per chance?
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Fri 31 May 2024 12:38
Re-Insuring early - Is this okay to do? - galileo

It may be of interest that when I spoke to my insurer about the increase in renewal premium, I asked if taking my wife off cover would affect this.

The answer was it would increase the cost, but not as much as substituting my 49 year old daughter as named driver.

The agent did reduce the renewal by £45, however, every little helps!

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