What happens if I change my mind after I take out a new policy?
By law, you have a minimum of 14 days to change your mind about any insurance policy (except for travel insurance lasting less than one month). This cooling off period entitles you to cancel a policy and get a refund on what you’ve paid. Although you should be aware that some insurers may charge you for the portion of cover you have had over the period your policy was in force. Some may also charge you an administration fee.
Fourteen days is the absolute minimum amount of time you have to change your mind and some insurers will offer more. So it’s important to check what your policy states before you make any rushed decisions.
You can of course still cancel after the cooling off period, but you’ll probably be charged some hefty cancellation and admin fees. If you’ve got monthly direct debits going out to pay your premium, simply cancelling it with your bank does not mean your policy’s cancelled. It just means that you won’t be paying your insurer what you agreed to and you’ll end up in even more of a pickle.
Don’t bury your head in the sand, if you want to cancel your policy you need to call your insurer and take any cancellation fees on the chin. If you do cancel, just make sure you’ve got alternative car insurance already in place or lined up so that you’re covered. Don't drive your car until you are.
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