BEWISE & STAY FAR AWAY! I took a car insurance policy out early in Jan, as they offered the lowest rate amongst the rest on comparethemarket.com. I paid for the policy upfront for the entire year as I have always done previously, been driving for 10+ years. Yesterday i sold my car and bought a newer car as you do. Called up today to have my insurance transferred over and was told the "insurance company wont accept my newer car as its market value is a lot higher than my old car", bizzare but ok, so I enquired about getting a refund on the pre-payment for remainder of the year. This worked out to around £250 pro rata, but the actual amount they would refund would be roughly £50!!!!! When asked for a breakdown, I was told, there is a £100 admin fee, £60 odd for the discount i was offered, £30 odd to be paid to the insurer! WHAT A JOKE!!! I mean what option do i really have here? I understand taking a small admin fee to cancel the policy but £200!!???? Is it my fault they won't transfer the policy over? When pressed for an explanation, I was told to read the T&Cs, apparently it's all in there LOL. Sure thanks! How has the FCA approved such unethical fees?? Such a disgrace, I am just glad I did not need to make a claim. Lesson learnt - read the T&Cs carefully. Don't always select the cheaper insurer and most deffo avoid Insure Wiser.