[DaSuperman]

My car insurance is up for renewal, and Tesco has offered an annual renewal premium, which I find acceptable. However, I may plan to sell my car in a few months (though I haven't decided yet), and I would like to cancel the insurance policy once the car is sold.

Here are my questions:

1. If I switch my payment method from annual to monthly and then cancel the insurance after selling my car, will I be charged any administration or early termination fees?
2. What is the notice period required for canceling the car insurance policy?

Could any experts provide advice on this matter?


Thank you.

[ChristopherP]

@DaSuperman Hey there, thanks for getting in touch!

There will be a £40 cancellation fee to cancel after the 14-day cooling off period expires. This is charged regardless of your payment method.

There is notice period required to cancel a policy; you can call us to cancel a policy with immediate effect if you need to.

If you have any further questions, please let me know.

[DaSuperman]

Thanks. I was not notifed your reply unitl now.

So if I switch to monthly payment, and if I choose to cancel my insurance after I have sold my car, I can request so but I will be charged for £40 cancellation fee. Is that correct?

But for the notice period, you said I can call to cancel immediately? If I do by writing an email, would that take longer time?

Thanks

[ChristopherP]

@DaSuperman That's correct. Another thing to bear in mind if you pay monthly is that if you've used more insurance than you've paid for at the point of cancellation, the additional premium will be added to the cancellation fee. If you've paid for more than you've used when you cancelled, it will be deducted from the cancellation fee.

If you pay annually and cancel mid-term, you'll be refunded the premium minus the cancellation fee and a pro-rata charge for each day on cover.

The only way to cancel a policy mid-term is by calling us on 0345 246 2895 (Mon - Fri: 8am-8pm, Sat&Sun: 9am-2pm), or writing to us at: Freepost RSJB-RZZY-HTJB Tesco Bank Customer Service, P O Box 276, Newcastle Upon Tyne, NE12 2BT. Please also include your policy number, DOB, address and a signature if you are writing.

I hope this helps 😊