2 new threads in one day! Argh! Changing car mid-insurance, HELP.

[Dannii]

Long story short

Originally paid a one off price of £681.20 for my old car. Bought a new car, separate insurance quote done and came out at £618.88.

Diamond want £374 to change my car mid-policy but my new quote is cheaper?

I don't understaaaand I thought you just had to pay an admin fee? Confused.com seems to say so! - "There are a number of reasons why you might have to change your insurance policy during the year it is in force: for example, if you buy a new car or want to add another driver to your cover. Pretty much every provider will allow you to make straightforward amendments such as these, but in most cases you will be faced with an administration charge for doing so."

[Ross]

Long story short

Originally paid a one off price of £681.20 for my new car. Bought a new car, separate insurance quote done and came out at £618.88.

Diamond want £374 to change my car mid-policy but my new quote is cheaper?

I don't understaaaand I thought you just had to pay an admin fee? Confused.com seems to say so! - "There are a number of reasons why you might have to change your insurance policy during the year it is in force: for example, if you buy a new car or want to add another driver to your cover. Pretty much every provider will allow you to make straightforward amendments such as these, but in most cases you will be faced with an administration charge for doing so."
the price Diamond are charging you is the admin fee and the difference in insurance premium. IE, what the insurance THEY would have charged you for a full year on the new car in your current circumstances, minus however many months you are through your policy.

An Example.

Your original price was £600 for your old car. Lets say the new car for a years insurance would be £1600 with them.

You're half way through the year, so they want:

£1600
- £600 (you've already paid)
- £133 x 6 (monthly price times 6 as we're half way through the year)
=
£202 balance remaining plus any admin fee.

That more clear?

Yes you could have got this new car more cheaply insured elsewhere - but you're trapped (and Diamond know it). You can choose to move provider (and lose any no claims you've built year to date on this policy) and get a small refund from Diamond possibly, or stay with them (more convenient and keep the no claims).

[Dannii]

Why oh why :-(

Partly the reason of buying that car was that it was cheaper!!!!! Gahhh, they've also gave me the option to cancel, I'd get back just under £350 then I can put that towards my new policy, sake.

P.S. Thanks Ross :hug:

[Manu]

Diamond want £374 to change my car mid-policy but my new quote is cheaper?


Then I'd tell them to go suck an egg.

[Carl-h]

How far through your policy are you? Could be easier to just cancel and set a new one up depending how far through you are. Either way its gonna cost you about £300.

[Dannii]

How far through your policy are you? Could be easier to just cancel and set a new one up depending how far through you are. Either way its gonna cost you about £300.

I'm 4 months through a 10 month policy.

[Carl-h]

I'm 4 months through a 10 month policy.

If the age on your profile is right I'd imagine at 19 you need the no claims. Although you'll only loose out on 4 months worth. At your age I'd probably pay diamond the money. Although paying the £300 for a new policy (plus the £300 you get back) means you get 12 months cover rather than 6. If you plan on keeping the same car for a while that's probably best. If you want something quick in the next few years stick with diamond.