Will I lose my Tesco car insurance deposit if I cancel early?
I’m guessing I probably will, but I’m asking just in case!
I took out the insurance a month ago, the deposit was £119 and I pay £50 a month insurance (New driver) I also got £50 cashback with the policy which I’ll most probably have to pay back.
I’m having to cancel it early as I am moving abroad and no longer need it, will I get some of the £119 back? Also, if I cancel half way through the month, do I get a partial refund? I have looked on the site but can’t find these answers!
I’m not expecting much, if any, to be honest. I’m just wondering and checking.
September 4th, 2010 at 8:40 am
When you pay monthly for car insurance and cancel early, you are still liable to pay the whole amount of the insurance premium for the year. What happens now, is they will take money off you for “Time on risk”. tis will then be credited ti you so you have less of a balance to pay back.
September 7th, 2010 at 3:15 am
with most companies… if you just stop paying and let the premium run out.. then you’re pretty screwed. But if you call them and tell them that you’re moving abroad.. etc… and need to cancel effective this date.. then you are a responsible human being and would probably be welcome back into their fold upon your return. And you’ll get whatever refund you are due