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You would also lose however much NCD you have earned so far on this policy for this period.
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so if the car fails miserably at the mot or has a catastrophic engine failure then ive still got to keep it insured even tho its a lump of iron at the scrapyard or pay the £50? ...blimey
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In short yes - if you don't like it read the small print before purchasing and choose an insurer with better terms for you.
I cancelled my insurance in March with renewal due in April, I wasn't expecting a refund so didn't call to call them. When my renewal notice came through I had to call them or they would have taken the premium from my bank account automatically. I told them I had sold my car car so they cancelled the policy and I received a refund of about £25 on a £400 premium.
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even tho its a lump of ironat the scrapyard or pay the £50? ...blimey
>>
Correct, life's a pink fluffy dice isn't it?
Edited by Dynamic Dave on 02/11/2007 at 18:32
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If you took out a 12 month policy and paid in advance, should you need to cancel it, you would get a refund of part of the outstanding amount paid minus any admin fees. You bought inusrance presumably on some sort of "finance deal" and so there is a penalty to cancel early. They have lent you the money for the insurance and you're repaying.
Some pay monthly policies do not perhaps do this but they are probably more expensive.
If the new insurance is that much cheaper, pay the £50 and switch ASAP. But read the small print on the new policy first. Things are cheap for a reason when it comes to insurance in my experience.
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so if the car fails miserably at the mot or has a catastrophic engine fail.....
Most people would transfer it to their replacement car, usually cost free or small admin fee.
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Why bother to shop round for a better deal on insurance cover part way through an insurance year? You are theoretically supposed to sort out the best deal at the start of the term and then stick with it. If it is only going to save you £50 anyway then why bother - just leave it until the end of the insurance year and then shop round for the best deal. It really isn't worth the hassle trying to change now.
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Its not pay as you go insurance, even of you write it off they'll still expect you to pay what's owed, they're a business.
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