Cancel Car Insurance

[davewr]

I'm currently insured through a high street broker and my insurance is due for renewal in the middle of March. I've decided to change my car and am due to swap the cars at a dealership on Sunday. The broker couldn't give me competitive quote for the new car, in fact it was double what I could get on a comparison site. I've taken out a new policy to start on Sunday to cover the new car and intended to let the old policy run out in a week or so.
I've now heard that I need to cancel the existing policy from Sunday with the broker at a cost of £50.
Is this correct and what are the implications of not cancelling the existing policy?

[gingejbee]

I'd be inclined to let the current policy run it's course....who's to know?
In fact, I HAVE done this in the past...

[ummmm]

Just let it run out but make sure it's not automatically renewed.

[whiskeryron]

Just let the old one run out, if you don't renew with the broker it will stop anyway. The broker wants to charge you for stopping the insurance early. Are you paying monthly by direct debit ? If so do not cancel early but don't forget to cancel D/D from your bank account at the right time.

[ToraToraTora]

You do not have to cancel it, let it run out, that's just BS. They were trying to rip you off initially now that they cannot they are trying to get£50 out of you totall bandits, just ignore, let the policy run out. There is no law against having the car insured by 2 different companies. The only issue is that if a claim arises they they'll each try and get the other to pay up. Sounds like the problem will go away in a week anyway.

[hc4361]

The car won't be insured by two different companies. The old insurance is for the old car, not the new. Just let it run out.

[ToraToraTora]

yes hc correct, 2 different cars, let it run out, end of.

[davewr]

Thanks for the replies. The only complication is that both are insured with the same company, I saved £130 by not going through the broker and doing it on line. Perhaps they want to get something out of the deal.

[hc4361]

That won't matter. Don't worry about it.