Would it be possible to save money on Insurance this way?

[Guest]

Hi all, looking for some opinions. 

So my car insurance is due on the 19th of March. I have been driving my car since the day I got it as a provisional driver until I passed my test on April 8th last year, this technically means Im taking out my new insurance having only held my licence for 11 months. Hastings were charging £750 for the year if I had set my pass date as March, when I put it to the actual date (april) it goes up to £1050! Crazy in my opinion.

So this is what I thought: Take out the insurance with them for or any other company and pay monthly, so pay from 19th march to 19th April and then cancel my policy, this would cost me around £80 for the month then whatever the admin fee is to cancel the policy, presuming around £50? So all in that would be £130, which is still alot less than the £300 and it would basically bridge the gap to having my licence for a full year, then I could go and buy the years insurance at £750? Does this make sense? Whats peoples opinions on it. 

[alexp999]

Sounds logical, although you will pay in a bit in "interest"/monthly charge by doing it that way.

Shame it's not within 14 days as you'd be able to cancel without the fee then.

Might be worth calling up the cheapest insurers and see if they can do anything to save you messing about.

[Guest]

2 minutes ago, alexp999 said:

Sounds logical, although you will pay in a bit in "interest"/monthly charge by doing it that way.

Shame it's not within 14 days as you'd be able to cancel without the fee then.

Might be worth calling up the cheapest insurers and see if they can do anything to save you messing about.

After the first month I'd pay the new quote in one go.

 

Im going to call them and see what they say. Its just silly how 1 month makes it go up by £300? 

[alexp999]

It's not one month, so much as it ticking over to 1 year.

Just the way the calculations are setup to work out the insurance premium.

[Jonro2009]

Have you looked into temporary car cover? You can get cover from 1-28 days which would suit your situation and there would be no messing about with cancelling and fees etc. Worth a look?
http://landing1.tempcover.com/car?gclid=Cj0KEQjwhpnGBRDKpY-My9rdutABEiQAWNcslLh9AZCTbn20Qv6FjtTmHIKENEe1Ylg0Wm6MAu19u-IaAjgN8P8HAQ


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[Jonro2009]

Also, and this is just what I have been told in the past, if you end a credit agreement before it reaches term it actually goes against you. If you cancel, settle or default it all goes against your credit score but in varying degrees depending on the reason. When you take out a credit agreement to pay something monthly the company likes to make its money in interest repayments and if not you get a black mark on your score.

Again, it's only what I have heard during pub chat but it does sound like something that would happen. Would love to be corrected if it's total BS


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[Guest]

11 hours ago, Jonro2009 said:

Also, and this is just what I have been told in the past, if you end a credit agreement before it reaches term it actually goes against you. If you cancel, settle or default it all goes against your credit score but in varying degrees depending on the reason. When you take out a credit agreement to pay something monthly the company likes to make its money in interest repayments and if not you get a black mark on your score.

Again, it's only what I have heard during pub chat but it does sound like something that would happen. Would love to be corrected if it's total BS


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Hi mate,

 

Im not 100% sure on that point, although you may be right. 

I've tried temp insurance and they want £126 for ONE day, so for a month or 3 weeks its crazy money, they wont even show me a quote. 

[Jonro2009]

That's extortionate, at least ***** Turpin wore a mask!

What are you driving? If it's worth the risk to you then look at third party insurance? Have you tried adding one of your parents as a named driver? That can bring a quote down.

Tell Hastings that another company will beat their quote and see what they say, they may come down.

What do you need your car for? Can you use public transport for a month or grab lifts off friends and relatives?


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[Guest]

4 hours ago, Jonro2009 said:

That's extortionate, at least ***** Turpin wore a mask!

What are you driving? If it's worth the risk to you then look at third party insurance? Have you tried adding one of your parents as a named driver? That can bring a quote down.

Tell Hastings that another company will beat their quote and see what they say, they may come down.

What do you need your car for? Can you use public transport for a month or grab lifts off friends and relatives?


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Fiesta red edition. Id prefer not to do third party just in case. If i left it uninsured it would mean I'd be in bother if it went on fire or got trashed up (most likely wouldnt but not worth the risk) I added parents on and it didnt make a change even though they have had no claims in 20 years! 

Going to phone them and see what they can do. I need the car to get to work and the gym everyday