I've just sold my 1st car...now what happens about the Insurance?

Sorry to sound thick, but I have only been driving for 5 months so car insurance rules are new to me.





I took out my policy in September 2009 on my first car, which I pay monthly in installments. Today I have sold my car so should I cancel my insurance completely or just transfer the new car details over onto this policy?





I have been searching for quotes for my new car and cheapest is 拢800 with another Insurer. My current insurer has quoted me (online) 拢1028, an increase of 拢26 per month on top of what I normally pay.





If I cancel surely they'll make me pay a cancellation fee? Also, when I buy another policy they'll make me pay a deposit of approx 拢200. Would my current insurer match the 拢800 quoted by another firm like they normally do when looking for the first time?





Its so confusing for my little brain to handle!!!!|||UK answer.


You can cancel the old one if you wish and there will be a financial penalty to do so.


Your current insurer has no incentive to match the price of the cheaper one as they know they have you over a barrel - worth trying though as if you don't ask you won't get it.|||When you sell a car that had insurance you must cancel the policy you had on it. Someone correct me if im wrong but as far as I understand and have experienced that when you cancel your insurance they usually dont charge you any fee and sometimes they end up owing you x amount of money. As far as new insurance goes, just shop around as much as possible.|||is the new car bigger in engine size etc than the old one? i would obviously cancel the old insurance and take out a new policy for the ew car as theyre not transferable.have a look on moneysupermarket.com or confused.com to try to find a cheaper quote.just fill 1 form in and theyll search many insurance companies for you . gl and happy driving.|||Don't transfer your insurance. Just call the agent and tell him you sold the car on xx date and bought a new one on xx date. In America you have one month to do it but it is better to do it as soon as possible just to get it taken care of.|||cancel,no fees,research new companies and start over.