Hi all just Joined as I just purchased a 2005 Fiesta 1.25 Zetec.

The insurance on my previous car renewed at the beginning of January. Monthly payments were £61.06. Changed insurance details yesterday (7th) and got an email today to say payments are now £91.02 a month. That's a jump of £321.89 including interest (£277 without) Firstly I can't understand how changing from a 1.5 dci Megane (2004) to a 1.25 petrol Fiesta can result in such an increase. Or why the Megane is Gp 7 while the Fiesta is Gp 9

Secondly I found an insurer where the monthly payments are £82/month. My question is. As I'm at the start of the policy. Would it make sense to cancel my current policy and go with this new insurer? I think the cancellation fee is £35

Hi,

Sadly you'll be outside of the cooling off period so will have to pay the cancellation fee if you decide to terminate the insurance.  £35 sounds quite reasonable so I'd double check that personally!  £35 spend to save nearly £300 over the year sounds like an easy choice.  Have you tried asking your current insurer if they can reduce the premium?

Ford's are generally quite expensive to insure.  Not sure why, high theft rate perhaps?  And sheer number on the roads meaning a high claim rate as well.  Insurance groups are set when new, but get internally adjusted by the insurance companies as time passes.  So it doesn't necessarily equate that even a lower group car costs less to insure after a few years.

If it was me, I'd double check the cancellation fee, then double check the new insurer is still the same price and make sure to save the quote.  Then ask the current insurer for a reduction, and if they won't do anything then move to the new one.  A lot of hassle yeah, but £300 is a lot of money to be saved.

Thanks for your reply. It used to be a quote was valid for a month. But I haven't seen that mentioned on the comparison sites lately. So I'll check just to be sure. I'm guessing the cooling off period doesn't apply to change of vehicle. But £35 is still worth it.

Hi,

Hopefully you'll have the same luck as me, but I suggest checking all compare sites and get as many quotes as you can. My quotes were >£1k directly from the insures. £8/900 from compare websites, then I tried u switch, which went through confused.com, I got it down to under £600 for fully comp.

Good luck.

 

Forget about what your old payments were, you have changed car and gone from a group 7 to a group 9

So new monthly payment is £91.02 and you have 11 payments left to make on this policy that = £1001.22

The cancellation fee you think is £35

You have found a new company who can do it for £82 per month. So if you total 11 payments to keep things even that is = £902.00

take the new value of £902 and add the cancellation fee of £35 = £937.00

So you will save a total of £64.22 if you cancel and go with a new company. The saving is about 3 weeks insurance, but of course the month you had with your existing company won't count towards your next full years no claims.

Seems a lot of work to save £64 and reset the clock on another years NCB.