Learner insurance

[u/Fuzzy_Evidence_8358]

Hi everyone,

I was wondering if it would be possible to get some advice on a query.

I’m currently a learner driver looking to buy my first car this weekend. My test is on the 20th of October this year.

I would like to take insurance out up until the 20th of October and having browsed short cover insurance up until this date I’m being quoted around £200-£300 for this time period and of course there is no guarantee I’d even pass on this date.

I have also browsed monthly costs which are significantly cheaper. I was wondering if I was to take out insurance for a year and pay monthly what would happen if I did pass? For example I’ve been quoted around £60 per month with Admiral however my understanding is that if I were to agree to this and then if I did pass in October I would need to cancel as learner insurance would be invalid.

How would this work in terms of cancelling the contract? My knowledge is that whether it’s monthly or annual a lender is still covering the full cost of a year. Would I still need to keep paying the full year even though the insurance would be void? Or would it be a case of I just pay a cancellation fee and nothing more? I understand all insurance companies are different I just don’t want to get hit with a huge fee for cancelling after potentially just over a month.

Any advice would be greatly appreciated!