It is not normally wise to cancel a policy mid term as you will be hit with cancellation charges and will not earn any no claims bonus for that insurance period.

1) No

2) Probably not but its worth asking Admiral

3) Yes, have a look at the terms and conditions which you would have agreed to.

The simple way to resolve this issue, avoid the cancellation costs and keep your wife earning the no claims bonus on the Admiral policy is for you to take a policy out on the car covered by Admiral and then swop the new car over with the car that is covered by the Admiral policy. This might attract an extra premium and / or admin fee, you can ring Admiral up for a quote to swop the vehicles over and then weigh it up with the other quotes you are getting and any cancellation costs you might get if you cancel the Admiral policy

HI

The situation is: My wife and I both passed our driving tests this year, we have a policy with Admiral 10 month accelerator i think it called, my wife is the main driver and i am a named driver, earning admiral named driver no claims. I am 31 my wife is 32. I was actually surprised at how expensive the insurance was to begin with but know that it is likely to reduce by about a third after 1 year. currently my wife has had the policy 5 months and i have been on it 4 months

It has become apparent that we need a second car. The second car would become my wife's and the current car would become mine, my wife wants a smaller car than we have.

3 questions:

1 - can my wife take the time she has already spent as the main driver on the admiral policy to a new policy with another company? Or will she lose the 5 months she has already spent working towards a years no claims and have to start again? Or can she just switch the admiral policy to a new car and carry on with that keeping the 5 months she already has?

2 - Can I take over the admiral policy as the main driver and use the 4 months i have been driving as a named driver to reduce the cost of the insurance or will i have to start from scratch?

3 - is there any penalty to cancelling the admiral policy mid way through it?

Thanks