Changing car insurers mid year?

G

gg66

Registered User
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I just changed my car with a larger engine so my insurer has hiked an extra amount on my policy. I've paid a year up to March 07. I can get a cheaper deal with another insurer.

Do I have to stay with my current insurer until the year is up or can I change now?

Thanks,
 
The terms of your policy should clarify the situation.

Are you sure that you can get a cheaper quote with another provider? Changing to a car with bigger engine generally means that you can expect to pay more regardless of who you are insured with.
 
Usually you can change but don't expect a full refund on your policy - they will most likely hold an "Admin fee" or a certain % depending on the time left on the policy. Each insurance co. has differnt criteria for setting their premiums - I encountered a problem where my existing insurer was insuring a Megane coupe worth ~€7k (1.6ltr) but wouldn't insure a BMW saloon (1.9ltr) worth ~€20k - fair enough - shopped around got a great quote for the BMW but the new insurer wouldn't insure my megane!?!?! So, knowing that I was changing, I had to renew my policy with my old co only to cancel a few weeks later and lose money!
 
I had suspected this was the case-thanks for the input Lorz.

I wasn't sure if you could claim a refund if you were changing cars and had paid the premium as a lump sum.
 
if this is your first year with your insurer you will be probably charged on what insurers call short period rates and this can be expensive. If you have been with your insurance company for more then one year you will probably be only charged for each day you have been insured + a small admin charge.

If you don't have a full no claims bonus be careful as what you think is a better price might not work out to be the case over a few years
example
took out policy jan 06 1yr ncb change car jun 06 renew jan 07 2 yr ncb
took out policy jan 06 1yr ncb change car jun 06 cancel policy take out a new one you won't have a 2yr bonus until June 07
 
Thanks everyone for the input,

As it turns out I can get about 80% of the premium back if I change, I will also lose any no claims earned as part of this policy.

Insurer charges an additional sum (35% approx) on the original policy, not just for the increase in engine size but also for the privilage of changing the car insured.

For instance the insurance would be 25% cheaper if I had insured the new car first time around with them rather than changing to it mid stream
 
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