According to the UK Car Insurance law, the insured has the unique opportunity to cancel his or her auto insurance 12 months after the car insurance was purchased. In this case, the insurance company is obligated to send a maturity notice stating the outstanding annual premium, at least 15 days before the year's end. It follows a notice of expiry after which the policyholder has a period of 20 days to termination. If the maturity notice was not provided, policyholder is entitled to terminate the contract whenever he/ she want.
The contract will expire on the day after you mail the letter. The car insurance company then has the obligation to refund any contributions it received in advance, but it subtracts the time between renewal and cancellation.
According to the Insurance Code, it is possible to terminate the contract of insurance solely and exclusively in the following situations: Policyholder is moved, his marital status is not the same, and if there is a change of occupation or dismissal. However, the situation must lead to a change in risk of contract termination to be valid. For instance, a move that led to changing the security of your car (even parking) will clearly not be taken into account. Applicants must present documents attesting the authenticity of your cancellation request. The motor insurance company will then be liable to compensate you.
Finally, few advices: do not confuse anniversary date and expiration date, read your contract well. Keep written proof of your decision to terminate. In case of problems please contact the hierarchy of your insurer. Most importantly, do not ignore the notices being sent out to you.
These tips will be highly useful if followed properly and although the law supports the consumers provided he’s making a legitimate claim, the fact remains that the termination of automobile insurance is a long and exhausting process.
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