Possible to change car insurance company halfway?

[Caravan]

Suppose you renew your car insurance, but 1 month later you discover you could have gotten a much cheaper insurance from another company. Is it possible to change insurance company then?

[Timex1441]

which insurance company? i think it's possible to cancel but the amount refunded might vary, depending on the terms n conditions...

[Bullterrier]

Suppose you renew your car insurance, but 1 month later you discover you could have gotten a much cheaper insurance from another company. Is it possible to change insurance company then?

 

Can cancel existing policy and get a refund though its not necessarily proportional to your usage. Do ensure your new coverage is valid first before cancelling the existing one.

[Naruto13]

the refund is the po rated minus admin fee.

might not be worthwhile.

 

insurer r not stupid.

 

http://www.income.com.sg/forms/insDocument/Motor-PCar.pdf

If you do not take up another motor insurance policy with us

Premium Refund = (85% of Premium) X Unexpired Period of Insurance (days)

Original Period of Insurance (days)

[Mllcg]

the refund is the po rated minus admin fee.

might not be worthwhile.

 

insurer r not stupid.

 

http://www.income.com.sg/forms/insDocument/Motor-PCar.pdf

If you do not take up another motor insurance policy with us

Premium Refund = (85% of Premium) X Unexpired Period of Insurance (days)

Original Period of Insurance (days)

 

85% nia?

 

then the other 15% go where?

[Naruto13]

85% nia?

 

then the other 15% go where?

 

this is just a sample from ntuc.

diff insurer have diff rate.

 

15% go to admin fee lo. u early terminate mah. (something like mobile early termination charges)

unless is they cancel ur policy then they might return u the full sum of pro rated amount without taking the 15% away.

they cancel ur policy mean normally is when problem arise liao, like accident claim lol.