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What do I do about car insurance when buying a new car and trading in my old one?

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We are planning on buying a new car soon and trading in the old one. How does insurance work? I’d like to shop around for the cheapest deal but that isn’t possible if I don’t know what car we are getting yet. Also I have only just renewed my car insurance this year. Will there be a penalty if I cancel that policy?

Answer:

1. Cancel a policy early and you will typically pay about 2 months worth of insurance more than what you have used plus an administration fee which can be as much as £80. Your policy documentation will have the terms for early cancellation set out in it.

2. You will lose the benefit of the short term policy adding to your NCB and it may make it difficult to prove NCB to a new insurer as you do not have the renewal for the one you wish to cancel yet.

3. Most people will simply change their existing insurer.

4. Until you know what car you are getting you cannot get a quote. Once you do know your current insurer will quote you for the change if you simply ask them


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