Car Insurance - Best Option if Cancelling

[pudds]

Mine is up for renewal in January but I may be giving up my car later in the year so trying to figure what is the cheapest way of going about this.

I'm aware of two choices:

1. Pay the annual fee and look for a refund. Admin charge I think is around €50.

2. Pay by installments, probably by direct debit and cancel when it suits me.

Is 2 a real option or will a penalty be due for canceling DD and if so how much is it likely to be.


Every little helps these days.

 

[bugler]

You'll need to read your T & Cs for details, but on my policy there was no penalty for cancelling a policy paid by monthly installments after the first year. Within the first year there was a declining amount charged to you depending on how long you had the policy.

That is with Tesco/RSA.