Do I need to stay with my current insurance provider?
No, you don’t need to stay with your current insurance provider – but if you’re happy with them and the costs are reasonable, it might be the most straightforward option.
If you’re not happy with the new cost and feel you could get a better deal elsewhere, you can cancel your policy and take out a new one.
Just be aware that there’s usually a cancellation fee to pay, and you won’t earn your no claims discount if you cancel before the end of your 12 month policy. You’ll need to weigh up the cancellation costs against the saving you’d make by switching. The fees should be outlined in the terms and conditions of your policy.