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How to switch your home insurance

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You might be considering switching to Pedal Cover’s Combined Home & Bicycle insurance due to our enhanced bicycle coverage, better premiums, and unparalleled service. But if you already have home insurance, you might be wondering,

“How difficult is it to switch insurance companies halfway through a policy?” 

The simple answer is it’s easy, and we can help you.  

In this blog, we will explore this question in detail. We will also provide a straightforward process to follow, as it is essential to do it correctly to avoid any issues in the future.


What’s the process for cancelling my home insurance? 

Cancelling your home insurance policy is straightforward. Here’s the best practice for how to cancel your home insurance policy: 

1: Contact your current insurance provider: The first step is to contact your insurance provider and inform them that you want to cancel your home insurance policy. Ensure you have your policy number and any relevant information about your policy. 

2: Provide a reason for cancellation: Your insurance provider will likely ask why you want to cancel your policy. Be honest and explain your motives clearly; you’ve chosen to move to Pedal Cover because they include more bicycle covers. 

3: Confirm the cancellation date: Your insurance provider will inform you of the date your policy will be cancelled. Ensure you confirm this date and that you won’t be charged any additional fees or premiums beyond that date. 

4: Provide proof of new insurance (if applicable): When cancelling your home insurance policy because you found a better product, your old provider may ask you to provide proof of your new insurance policy to ensure you have coverage during the transition period. 

5: Complete any necessary paperwork: Your old provider may require you to fill out paperwork to complete the cancellation process. Make sure you complete any necessary paperwork accurately and on time. 

6: Notify your mortgage lender (if applicable): If you have a mortgage, your lender may require you to have insurance coverage. Ensure you inform your lender that you’re cancelling your home insurance policy and have a new policy in place if necessary.

How much will it cost to cancel my home insurance mid-term? 

The answer depends on your policy terms and conditions and the circumstances of your cancellation. Generally, most home insurance policies in the UK include a cooling-off period, typically 14 days, during which you can cancel your policy without any charges. 

If you cancel your home insurance policy after the cooling-off period has ended, you may be charged a cancellation fee by your insurance provider.  

Most insurance providers in the UK charge cancellation fees if you decide to end your policy mid-term. These fees cover the administration costs incurred by the provider, and they can vary depending on the provider and the terms of your policy. In general, cancellation fees range from £25 to £50, although some providers may charge more. 

You may also need to pay a “pro-rata premium” for the days the insurance has covered you.  

For example, if you have paid an annual premium of £500 for your home insurance policy and you cancel it halfway through the term, your insurer may charge you a cancellation fee of £25 and a pro-rata premium of £250 (for the six months that you were covered). You would receive a refund of £225 (£500-£25-£250). 

It is important to note that some home insurance policies in the UK may have a clause prohibiting mid-term cancellations or which impose additional charges if you cancel your policy early. Therefore, it is crucial to read your policy terms and conditions carefully before cancelling your home insurance policy. 

When switching to Pedal Cover home insurance mid-term, you should also ensure that your new policy starts on the same day your old one ends.  


What if you’d rather wait until renewal? 

You might decide sticking with your current home insurance and moving across to Pedal Cover at renewal is your best option. We can help with that too. 

We offer a dedicated Bicycle Insurance policy parallel to our Combined Home & Bicycle insurance. You can start a bicycle-only policy with us which renews each month and allows you to cancel anytime without charge. Insure just your bikes, then when you are ready, upgrade to a full Home & Bicycle policy.  

In summary, cancelling your home insurance policy is a straightforward process. You need to contact your insurance provider, provide the reason for cancellation, confirm the cancellation date, provide proof of new insurance if applicable, complete any necessary paperwork, and notify your mortgage lender if applicable. By following these steps, you can cancel your home insurance policy quickly and without complications. 


If you’ve had enough of your existing insurer,  give our friendly support staff a call on 0800 121 4424, who will happily help. Alternatively, visit our website and Get a quote today!


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