Change bike on insurance

I paid my insurance in October when I got my current bike and I paid £1200 for the full year and now I’m looking at trading my current bike for a different and I got a quote on compare the market from the same insurance provider I’m on now with all the same details just the only difference is the bike and I got quoted £500 so I’m just wondering if I was to transfer my current insurance onto this new bike would it be cheaper and would I get any money back or would it just be better for me to cancel my current insurance and set up a new one