Seen as we’re spending a lot more time at home, if your car is not in use you may want to look at cancelling your car insurance. This can save a lot of money that can come in use. Sometimes it can be a lot easier to cancel online as it can be done almost immediately, and you don’t have to wait in queues. So how do you go about cancelling car insurance online?
Most car insurance providers will let you cancel online. This is usually a fairly simple process that can be done through your account section.
Some car insurance providers offer a 14 day cooling off period following sign up. This gives you 14 days to cancel your policy free of charge. Following the cooling off period you are likely to have to pay a cancellation fee which varies depending on the provider. For example, if you look to cancel your car insurance with Admiral Insurance, you’ll be charged £55 (as of August 2020) following the cooling off period.
You can read more about cancelling your car insurance in our guide looking at how to cancel your car insurance.
Will I get a full refund for cancelling my car insurance?
This mostly depends on your provider. It’s likely you will have to pay a cancellation fee, alongside any administration fees. Those charges could add up and actually cancels any refund you were going to get in the first place. So it may become more cost effective to not cancel. Getting a refund could be determined by a number of factors:
- If you paid upfront your refund will be calculated based on pro-rata. If you cancelled after three months, you’d be entitled to a refund for 9 months minus any fees.
- If you pay on a monthly basis, then you may not get a refund. You may actually end up paying extra to cover the time you’ve been insured by your provider.
- Please be aware that add-ons are not refundable. You also need to bare in mind that, if you have any add-ons from separate companies they will also need to be cancelled or you may keep on paying for them.
Would you prefer to speak over the phone?
You may prefer to speak to someone over the phone rather than completing the cancellation online. You can call the individual providers directly. You can find a link below to each individual providers contact page:
Once through to their customer services team, you can ask any questions you have about your insurance policy and find out whether you will incur any cancellation fees. You can also speak to them about cancelling. It can sometimes be easier to do it over the phone as you can speak to a human and don’t need to rely on technology.
It is worth noting that there may be a delay or a queue when you get through because the lines may be busy. You may want to aim to call during quiet periods, for example not between the hours of 12-1:30 and after 5pm.