6 Responses for "Car Insurance Question Will I need to be with them for the full year?"

1. lady gaga February 4th, 2010 at 4:50 am 1

   Best Answer – Chosen by Voters Usually car insurance is an annual renewable contract – in other words you have agreed to take out a policy that lasts a year and you are obliged to pay for the year. This would normally apply even if you are actually paying the premiums monthly. In practice you probably won't need to have to pay for the full year. There should be cancellation terms within the policy so check your policy document. If still in doubt check with the insurer or broker (if you used one).

2. selena gomez February 4th, 2010 at 4:50 am 2

   Only your agreement/policy would tell you that. Its unique to each.Generally speaking the earlier you cancel the more you forfietAs for a deposit and 20 days….most policies/credit etc allow everyone to a cooling off period in which to change their mind….this can be up to 15 days. Yours might say 20 but again it will be in your agreement

3. lady gaga February 4th, 2010 at 4:50 am 3

   usually the insurance is for 6 month at a time, but many comapnies offer custom solutions try calling them and ask

4. taylor swift February 4th, 2010 at 4:50 am 4

   Within the policy document there should be a clause called "Cancellation" or something similar. Many motor insurers now include tables that show how much of a refund you'll get if you cancel early.Terms to look for are "pro rata" or "time on cover" which basically mean if you're insured for 5 months you'll pay for 5 months. But be aware there may be an administration fee.If you are paying monthly by direct debit you could cancel your direct debit, but then you risk the insurance company cancelling your insurance for you, which you'll have to declare if you're asked. Having insurance cancelled for non-payment of premiums is taken quite seriously by some parts of the industry and you could find yourself without cover!If you are uncertain the best thing to do is contact the place where you bought your insurance directly. Most of us who work in the industry are actually quite helpful and pleasant to speak to!!!Hope this helps.

5. selena gomez February 4th, 2010 at 4:50 am 5

   If you're on a pay-monthly package you should be okay, but if you've paid the whole amount up-front, you'll only get a reduced amount of your premium back. I tried this last year with Norwich Union Direct, and on an ￡800 policy they offered my about ￡260 for nearly 5 month's refund. It could be you'll do better to transfer your policy over to your new car, if that's possible.

6. selena gomez February 4th, 2010 at 4:50 am 6

   If you cancel the insurance within 14 days of receiving the full policy terms and conditions (or the inception date whichever is latest) you should get nearly a full refund – even if a claim is made – unless it is a total loss. Cancellation after that period is subject to the insurance company short-period cancellation scale.If you cancel the policy after 5 months then you will get a percentage of the money back – typically 40 – 50% PROVIDING a fault claim has not been made. Source(s): Insurance Broker.