Most of the time getting insurance is pretty straightforward.
But if there is a breakdown in communication, or you are not happy with the policy you have been offered and want to change, it can be the devil’s own job getting your money back, or avoiding paying additional charges, even with a cooling off period.
Don’t wait for them to confirm the details, get hold of your bank/card issuer on which they will draw funds and cancel the direct debit/payment before it goes.
At least you will not get charged any more. Also send a cancellation letter by registered post that has to be signed for. Send it first class too, so it should get there the next day.
You will be able to request from the post office the name of the person who signed for it if they dispute the renewal.
Insurance companies have introduced “auto-renewal” clauses into their policies in the last few years which mean that even if you have sold your bike, they will still take the money for the next year’s cover.
So, leave yourself reminders in diaries and phones of your renewal date, check any paperwork that comes through from your insurer and start shopping around for a change of cover BEFORE you need it.
Otherwise you could find yourself with two insurance policies and the administration cost of cancelling one.
Cancelling with a claim in progress
If you are unlucky enough to have a claim in progress when your insurance is up for renewal you might think that you have to stay with your existing insurer as they are processing your claim and until it is settled you don’t have any valid No Claims Discount to play with if you want to shop around for fresh cover.
But that’s not always the case, on MCNcompare some insurers will take into account the sort of claim it is, whether you were at fault or not, and the possible level of payout, and they will be willing to credit you with a portion of the NCD when they offer you a quote, potentially saving you hundreds of pounds.