Monthly Insurance? Does it exist?

[MOR8A]

I know you can pay for insurance monthly, but that's not what I'm asking. I want a policy that I can pay for monthly and close it when I have sold the car that is covered on it (without getting shafted) as I have no intention of keeping the car for a year (I'm not talking about the E55k here)

Ideas please.

 

[Spin_bowler]

A number of companies do daily/weekly/short term policies, Aviva amongst them. I'm not sure how cost effective they are for longer-term engagements.

Googling "daily insurance" gives 221,000 results so you should find something there.

 

[goldestate]

Why bother, take out your insurance as normal then cancel with refund for unused complete months (which some Insurance companies will do) check T&C first.
Quote from Liverpool Victoria below;

I have sold my car, how do I cancel my car insurance policy with you?

To cancel your policy, you will need to return your current Certificate of Insurance to us. Once we receive it, we will cancel your car insurance cover and give you a proportionate refund on your premium (subject to no claim).

 

[Spin_bowler]

Why bother, take out your insurance as normal then cancel with refund for unused complete months (which some Insurance companies will do) check T&C first.
Quote from Liverpool Victoria below;

I have sold my car, how do I cancel my car insurance policy with you?

To cancel your policy, you will need to return your current Certificate of Insurance to us. Once we receive it, we will cancel your car insurance cover and give you a proportionate refund on your premium (subject to no claim).

Definitely check the small print as the refunds aren't normally that 'proportionate' and tend to be punitive for cancellation after, say, 3 or 4 months.

 

[MOR8A]

Definitely check the small print as the refunds aren't normally that 'proportionate' and tend to be punitive for cancellation after, say, 3 or 4 months.

My point exactly. I am happy to pay for what I have used, but if I spend £1200 for a year policy and use a month I expect £1100 back!!!

 

[Rayny]

Dayinsure or Tempcover,
However, if it is needed for a month you will probably find that taking an annual policy and cancelling it when you do not need it may be cheaper - even allowing for any reasonable cancellation fees.

Example - my annual insurance is about £300, just got a quote on Tempcover and it is over £300 for 28 days cover.

Another possibility is to ask your current insurer if they can add the 2nd car to your policy on a temporary basis.

 

[goldestate]

MOR8A "My point exactly. I am happy to pay for what I have used, but if I spend £1200 for a year policy and use a month I expect £1100 back!!!"


Then you are being somewhat unreasonable, you are not considering the Insurance Companies costs and I have no more to say.

 

[219]

A classic car policy may be a good option : I insured my 280SE for approx £120 giving a year's fully comprehensive cover with 3000 miles allowed . There is no NCD applicable to this type of policy and I doubt I'd get a refund ( but have in the past transferred cover from one car to another at little/no cost ) . This is with Carol Nash but there are lots of classic policies out there .

You can get higher mileages if required at additional cost .

 

[davidjpowell]

Some of the insurance companies will extend cover on the old car for a temporary period (although at a charge no doubt). I've never managed to sell a car in this period, so not quite sure what happens if you sell before the end of the period.

 

[MOR8A]

MOR8A "My point exactly. I am happy to pay for what I have used, but if I spend £1200 for a year policy and use a month I expect £1100 back!!!"


Then you are being somewhat unreasonable, you are not considering the Insurance Companies costs and I have no more to say.

OOOHHH touched a nerve have I? Work in insurance do we? Relax....... I'm looking for help here not problems. Insurance companies are very quick to take money and not so happy to give it back. I am not in the habit of having my pants pulled down............. unless it's on my terms.

 

[Primo]

Refunds 'tend' to be calculated on a 'short term' basis in the first year and 'tend' to be prorata thereafter. It therefore follows that your best bet is more likely to be with an insurer with whom you are renewing rather than moving to. Don't expect to find that the cheapest insurance also has the best cancellation terms!

As others have said already, check your T&Cs.

 

[Bobby Dazzler]

Some of the insurance companies will extend cover on the old car for a temporary period (although at a charge no doubt). I've never managed to sell a car in this period, so not quite sure what happens if you sell before the end of the period.

Directline used to insure a second car on a temporary basis on the same policy for up to three months in a policy year. I used it serveral times (but not in the last 4 or 5 years), and it cost about £30 admin fee IIRC.

Worth checking with your insurer.