I've just sold my car and don't plan on getting a new one for now. My insurance policy covers me until November of this year and I pay by direct debit monthly. I called the insurance company to cancel my cover and they said there would be a 50euro cancellation fee - is this standard practice?
Some brokers and insurance companies charge 'administration fees' for changes in cover (new car, temporary substitution, extra driver, take off driver, etc.) but I've never heard of a cancellation fee before.
is it your first year with a new company? Short term rate as opposed to pro-rata cancellation are used then. Not unusual though. Some companies still charge a cancellation fee.