Update or Cancel insurance?

[tesstuff]

Hi All,

So Tesla left me message to say shipment of Y is due for June. I'm starting to look at insurance options.
As I'm mid policy on my current car insurance, is it best to get a new quote altogether and start a new policy and cancel the current one - I think there's a £40 penalty.
Or is it cheaper to change details to the Tesla mid policy?
I'm with LV.

Anyone been through this advice would be great.


Cheers.

 

[Liquidv]

depends if you want that extra 1 years ncb

 

[tesstuff]

True I never thought about that

 

[Skenno]

Mainly depends on how much your current insurer will charge too. I've had mixed results previously. I've had insurers not charging a penny extra despite me switching to a more expensive car vs insurers wanting a fortune for me downgrading to a more sensible car. I don't think I've ever had to pay extra to cancel though. Definitely get a price from your current insurer and compare it to brand new quotes to see.
I'm in the same boat so I'll give mine a call tomorrow for a price.

 

[Kansalis]

As I'm mid policy on my current car insurance, is it best to get a new quote altogether and start a new policy and cancel the current one - I think there's a £40 penalty.
Or is it cheaper to change details to the Tesla mid policy?

There's no reason other than cost (and NCB if not capped already) to go either way. Get quotes around 3 weeks from delivery. If the existing cost to change works out cheaper per day for the remainder of the policy, including charges, then update the existing one. If not, cancel it & go with a new one.

 

[MrBadger]

If you cancel your insurance, apart from the obvious prorata of the premium and any cancellation fees, what is less obvious are so called 'free' or included items included in your existing policy which may actually make up a significant proportion of the outstanding cost and will likely not be refunded.

An example may be breakdown cover or legal protection, the full (not just a prorata) cost of which will be deducted from your premium. So say these extras come to £100, and you have a £50 cancellation/admin fee - if you are 6 months through a £400 insurance cover (which is really a £300 insurance cover plus the £100 of added benefits) whilst you might think you will be getting £150 back (400 premium/2 - 50 cancellation), the reality is that you will be getting nothing back as its really (300 premium/2 - 50 cancellation - 100 upfront benefits).