Calling your agent is probably the fastest way to notify the company of your cancellation. Sometimes a phone call is all it takes, but most of the time a signature is required for cancellation. If you are switching solely on the basis of a lower price, it is recommended to call and speak with your agent about cancelling. It is possible additional discounts can be applied or coverage can be changed on your current policy possibly making it so you do not have to switch insurance companies. Check out this post for more info: http://www.liabilityinsurance.org/car-liability-insurance-infographic/ http://carinsurance.about.com/od/RulesofThumb/a/How-To-Cancel-Car-Insurance.htm

There is no other terms, especially nothing in regards to pay monthly customers, theres only a breakdown of the amounts to be paid, thanks so far will ring FOS first to see were i stand..

Those are the terms assuming you have paid the full annual premium. If you paid monthly, the relevant cancellation terms will be separate, perhaps on the credit agreement.

What is definitely the case is that the cancellation terms are an important aspect of the policy arrangement and they should have explicitly told you that if you pay monthly, in the event of mid term cancellation, you would have to pay the full annual premium.

Make the complaint on the basis that you were not advised about this issue. Tell them that you will take this to the FOS, if they don't cancel on a time on risk basis.

Found a letter which states this:

Cancellation Procedure

To cancel your policy, contact your insurance broker,

Policy holders who cancel their policy within 14 days of the latter or either;

1. the inception or renewal date
2. the date from which they recieve of their premium less a service change or £25.00. This applies even if the policyholder has made a claim.

Policy holders who cancel there policy after 14 days are also entitled to a proportionate return of there premium less a service change of £25.00, if no claim has been made,

In either case, the certificate of motor insurance must be returned to MMA insurance in order to cancel the policy.

johal87:Also as said, if they was to cancel my policy, would I still need to pay the over the top rates?

Yes.

Also as said, if they was to cancel my policy, would I still need to pay the over the top rates?

Will try that, thanks,

Also just been through the letters in the insurance pack, theres no terms and conditions what so ever..

Phone the Insurers to explain the situation to them and see what you can do. Can you suspend the policy to stop the cancellation for a short period.

With these trade policies, if they are cancelled mid term you have to pay the full years premium, which may include various costs.

Depending on how the phone call goes, if you need to, register a complaint about not being made aware of the cancellation terms of the policy when it was bought. If you can make the case that they did not provide you with the information you needed to know about, they might just cancel, without charging you the full year and just cancel with a time on risk up to cancellation date. Use the complaints procedure to your advantage. If you go to the FOS, it will cost them a £500 case fee and you nothing, so the Insurers try to reach a compromise.

Right im in abit of a tough situation, and im not too clued up on the ins and outs, I was wondering if I could get some advice?

Ive just gone 25 in January, and I have a motor trade policy.

Insurance broaker: Peacock Insurance
Underwriter: MMA Insurance
Finance: Close Premium Finance
5 Years No Claims Bonus
No Claims

Policy was renewed in october, and is in action to present day, and i pay £264 monthly to close premium finance.

Ive been told that if I want to cancel its going to cost me anywhere from £800-1000!! how is this possible?

Also I was meant to send my driving license in, something to do with trade insurance, and due to a change of address I have not sent it yet, im still waiting for it from DVLA, I received a letter today saying if it was not sent within 7 days my policy would be cancelled, since the insurance company are cancelling it would I still be liable for the cancelation costs?

Ive been advised theres a cost to give the finance company, I have to pay for Peacocks commission, and something to MMA aswell.

I really cant afford the insurance at the moment, and ive had to give me money elsewhere so I can't trade anyway, is there any lope hole out of this? I dont mind paying a few hundred, but not nearly a grand!

Any help would be greatly appriacted..