I am a month into my annual renewal on my car insurance with Tesco.I've checked other companies and have discovered I am being massivley overcharged.Am I legally allowed to cancel my insurance,what will it cost?or do I have to see out the year? Thanks for your advice.
barb1314 Fri 23/05/08 20:11
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You can cancel anytime you like, tho obviously you have to be covered by someone. If you are paying by monthly direct debit it will probably be easier, tho you may be faced with an admin charge - ditto if you have paid in one go.
That said, any savings that seem to be there, may not be. If I were you I would try talking to them to see if they can explain why you can appaently get it cheaper elsewhere and who knows, they might offer you a better deal.
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The Tesco online insurance website is remarkably similar to the Direct Line website (layout, sequence of questions, etc). The main difference is the mark-up for Tesco’s cut.
I would agree with Postdog in that there will be cancellation charges – these should be set out in the policy documents sent to you.
If I ever find myself in your position, with regards the purchase of anything (be it a service or physical item), I always take the view that I was happy/willing to pay the price at the time of purchase (even though, later I might find someone selling at 50% of what I paid).
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NEVER let Tesco automatically renew your insurance they charge you so much more. I rang up to start a new policy and it was £120 cheaper than my renewal! Needless to say I didnt renew and simply took a new policy out with them!
When they asked me why I wasn't renewing I told them I was cancelling and taking out a fresh policy with them due to the price difference and they even agreed it was a silly thing that they do!
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its the same as tescos car insurance and direct line are both owned by The Royal Bank of Scotland
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My mom has insurance with tesco (or did have until she cancelled it!) she too was being overcharged and found cheaper insurance elsewhere. If you look on your insurance documents it tells you what payment is required if you wish to cancel. Think it depends how long you have been with them etc..my mom had to pay one months premium to cancel. Hope this helps!
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hello barb1341
To find the best insurance for myself I used a web site called "Cash back kings" as advertised by
"Martin Lewis"web site
It works as follows. Sign up to Cash Back Kings free of charge, search under car insurance for the company with the largest amount of cash back, Click on that company to find out there quote, if the quote is reasonable, accept it and in a couple of months you will receive the cash paid back to you.
For instance I found a quote from Lloyd TSB for for £156 then got £70 cash back leaving the cost for insurance at £86.
If you follow my advice make sure you are logged on to Cash Back Kings web site and and go to your chosen insurer via there site.
Best of luck johntaylor99
PS. I use Martin Lewis's web site for all financial advice and have saved myself a fortune!!!
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Question Author
Thanks John for that. I use his site too and am really into the paying off your mortgage section. We are shaving off 11 years from our mortgage by making overpayments.The people on there have inspired us. Have also saved on car and house insurance via his site...brilliant. Thanks again.
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