Wondering how insurance works.
If I'm 2-3month in on a policy thats paid monthly ( and have staff privaleges ) whats the normal situation for being able to cancel?

Also would the next insurer count the 2-3months towards that years ncb?

 

I cancelled mine last month with Privileg & got a refund to the nearest day.

2 months & 3 days worth of money was returned.

It said on the schedule that in the first year there was a charge of 1 month (I think), but after that it was pro-rata.

 

Varies I believe from insurer to insurer. Direct Line used to penalise you for cancelling part way through year 1 (and maybe year 2 can't remember) so you would get a refund but not a prorata one. After that, straight prorata so if you cancelled after 3 months, you'd get 3/4 (i.e. 9 months) back. If your paying monthly, you usually pay a little extra for the priviledge (prob about 10%) and most likely wouldn't get all that back.

As for NCB, only whole years are usually counted. If you've found a cheaper policy and that's the reason for cancelling you need to weigh up what you wont get back versus the saving. NCB you can ignore (and if you already have some real NCB, that is transferable (99% of cases))

HTH

 

Did respond to your last thread, some of your questions are answered there.

simb