Swap car insurance provider?

[mystical_goat]

Current car insurance policy is £415pa and expires in April. Cancellation fee £60 but will refund (negligible) remaining period of insurance. So I’d lose about £45.

Best quote I can find now is £315, beginning about 3 weeks away (sweet spot) with exactly the same excess etc. So this policy is £100 cheaper; £55 overall after the £45 loss of cancelling current policy.

Do I gain for paying £315/12x3 instead of £415/12x3 for Feb/Mar/April? Can’t get my head around that bit.

Also not sure what the car insurance market is like with regard to going up or down in the future. Inflation would say up but I think they recently dropped?

[Jimmy HaveHave]

Although you've got a quote within the three week spot which is guaranteed on their system call them a couple more times throughout the week as you may still get it cheaper.

[mystical_goat]

Can anyone advise whether it's better to lock in to the £315 now or wait a couple of months?

[Samdy Gray]

Who knows?

If it were me, a £55 saving isn't worth the effort.

[Miles Mayhem]

I would check if your current insurer will also give you this years no claims proof as you are cancelling mid term. Potentially they won’t so could be pointless moving for that little saving. Unless you have over 9 years then it doesn’t matter. As a rule of thumb, insurance is a lot cheaper currently due to the pandemic. People are driving less, less accidents and bigger savings for insurers. This will most like continue for sometime as peoples working habits have changed dramatically with more of us working from home and not commuting.

[mystical_goat]

Thanks, that's really helpful.