Squirming out of insurance

Anyone managed to get out of car insurance contracts early? I'm wanting to change my address on my car policy, and they want to charge me an additional £440 for the year! That's doubling my existing policy!

Whilst I understand the terms and conditions state I'm liable for the rest of the year, isn't the contract frustrated anyway? Thieving gits!

Let me know if you've managed it

[Binky]

Can you not, just cancel the insurance. Sure you only get a nominal fee back and they may charge an administration fee, but that would be far less that £440, surely?

Maybe i've missed something, making this seem easier that it is.

[the_lone_wolf]

Is the extra premium because the address is in a higher risk area?

You could just write off the car...

EDIT. Ignore me, mis-read the OP's username and thought you were someone else! FAIL.

Originally Posted by Binky

Can you not, just cancel the insurance. Sure you only get a nominal fee back and they may charge an administration fee, but that would be far less that £440, surely?

Maybe i've missed something, making this seem easier that it is.

I'd have to pay £300 to cancel - the remaining balance on the insurance.

-It's a higher risk area yeah ... but it's third-party insurance only Justify that!

[Biker Biggles]

I dont understand.Why do you have to pay them £300 to cancel?Just dont pay them and the policy cancels itself surely?

Because there's 10 months left on the policy, so they want the remaining 10 months premium to be paid.

I hadn't realised this- but if you pay the whole thing upfront they're duty bound to pay some of it back if you cancel. It's only when you pay monthly instalments you're contractually bound to pay for the whole year regardless of whether you sell the vehicle or not. I'll be doing that from now on!

Is this a new thing or have you just got a terrible set of terms and conditions? I've often cancelled policies and have always got the remaining value back minus £50 - £100. I recently cancelled one I had on monthly and it just cancelled, no charge or further payments needed. Is this what they told you on the phone?

Yep - and a quick google says this is getting more common as margins on car insurance are getting smaller. I think I'll just tell them to take me to court over it. I think they're trying their luck to be honest.

[Bibio]

if you are moving address and your premium is going up and the insurance company are 'not competitive' i think you have a right to seek insurance elsewhere. you can also cancel a DD (in writing) threw your bank and if the bank pay any moneys after the cancellation date they they are responsible for paying you it back. dont be fooled by the 'you cant cancel a DD once you have signed' that is not true, your bank has to do as you ask or they are breaking the banking code.

if on the other hand your insurance company are using a loan company to pay your premium and you are paying the loan company by DD (intermediary (sp)) then you are responsible for paying the loan/DD if full at any time you cancel the policy.

this is all from past experiences and things may have changed.