Perhaps you’ve found a better deal elsewhere or you simply don’t need car insurance anymore. Depending on how long you’ve had your Diamond insurance, and what policy you have, you might have to pay a hefty fee to leave.
We outline the charges you can expect to pay and give a step-by-step guide to cancelling or switching from your Diamond car insurance.
How to cancel your Diamond car insurance policy early
Cancellation after 14 days You can cancel your policy anytime, however you might have to pay Diamond a pretty penny to get out now the “cooling off” period is over. Here are the steps you can expect to take.
Call, email or write a letter to Diamond explicitly saying that you want to quit your policy.
Diamond will cancel your contract on the day you make contact, or from a later date of your choosing.
If you pay monthly and there is an outstanding premium on your account you have ten days to pay this off. Diamond will charge you extra if there are any delays.
Diamond will then refund any remaining premium.
However, Diamond will charge you an administration fee for cancelling early, as well as a leaving fee, which it will subtract from your refund total.
If you’ve had a claim it won’t give any money back whatsoever.
Cancellation within 14 days of cover So you’ve had Diamond for a few days but it’s not your cup of tea. You might well have seen a more enticing deal elsewhere. If so, here’s how to leave Diamond during your cooling off period.
Make contact within 14 days of getting the Diamond welcome letter or email. You can do this by calling, emailing or writing a letter.
Diamond should halt your policy that very day, so you’ll need to get a new car insurance policy starting immediately.
Diamond will then refund you your premium, minus an administration charge. This could be over £100 if you’ve had the “little box” installed.
Things to consider before cancelling your policy with Diamond
You don’t have to rush into cancelling your Diamond car insurance tomorrow. You have a couple of alternative routes you can take, so it’s definitely worth thinking about these few crucial factors below.
Fees. As discussed you could be hit with two different charges by Diamond. So it’s worth working out if the money you’ll get refunded makes up for these early exit fees.
No claims. Diamond might not let you take your no claims discount if you exit early, which could ultimately cost you when it comes to taking out your next policy.
Have you made a claim? If you’ve made a claim then you won’t get a refund when you cancel. It could be worth sticking with Diamond so you don’t throw money down the drain.
Adjust policy instead. Perhaps you want a different level of coverage or you want to lower your excess. Diamond will still charge you an administration fee for adjusting your policy, but it could be cheaper than fully cancelling.
Changing car insurance provider
You might be in the final month of your Diamond car insurance policy and hankering for a move to a new provider. Perhaps it’s too expensive or you think you can get more bang for your buck elsewhere. Whatever the case, here are the steps you should take.
Get in touch with Diamond and make sure it doesn’t auto-renew your insurance policy and that you want to quit on a certain day. Call, email or send a letter.
Compare, compare, compare. Use comparison websites so you can work out which new deal will offer you the level of cover you need for a price you’re comfortable with.
Get quotes directly from providers too, some insurance companies won’t put some of its deals on external websites.
Sign up to your new insurance provider the day you’ve scheduled to quit Diamond. You need car insurance even if the vehicle is just parked on the street.
Make sure you send back any equipment, like a black box, so Diamond doesn’t charge you.
Frequently asked questions
If you cancel early or fail to return any equipment, then yes. Here are a couple of fees you might get hit with.
Administration fees. As already mentioned, if you cancel early Diamond will make you pay administration fees. This is whether you’re still in your cooling off period or not.
Losing your discount. Should you have more than one car on your policy, you’ll have received a discount on your premium. Removing a single vehicle from your policy will mean you lose the discount, plus the premium will be adjusted for each car.
You should look to switch three weeks before your car insurance policy is set to run out.
Car insurance companies will hit you with a high premium if you are looking for a quote at the last minute. Data shows that people who take out car insurance at the eleventh hour are more likely to make a claim.
The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
*Based on data provided by Consumer Intelligence Ltd, www.consumerintelligence.com (July ’24). 51% of car insurance customers could save £523.17
Esther Wolffowitz was a publisher at finder.com specialising in insurance. Esther holds an MSc in Media and Communication Governance from the London School of Economics and Political Science (LSE). See full bio
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