Defaqto notes different charges for cancelling car insurance for young drivers

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Defaqto notes different charges for cancelling car insurance for young drivers

Motorists who have cancelled a car insurance policy before the end of the term could end up paying as much as £85 in administration fees, according to a study by Defaqto.

Mike Powell, insight analyst for general insurance at the company, advised consumers there are four different ways people can be charged for stopping a policy, with some working out more expensive than others.

He said: "While the average cancellation fee is £37, some insurers are charging as much as £85."

Mr Powell explained that people may simply be asked to pay a pro-rata charge or the insurance provider may ask for this fee as well as a cancellation expense.

The other two alternatives are a short-period levy and a short period levy with a cancellation charge.

A recent report in the Independent pointed out how many insurance myths need to be dispelled, such as the idea that red cars cost more to cover.

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