Selling car, ok to have no insurance?

steve18

My car insurance runs out in 4 days and would like to have insurance for a month to give me time to sell the car but the best quote I've had after an hour searching is £174 (for a MONTH!). Was thinking of getting a years insurance (£250) on a pay monthly and cancel when sold but companies will take admin/early cancellation fees. Other option is not to renew, zero cost but is this legal? Car is parked on the road and will not be driven as I have another car.

Thanks for any info regarding cheapest way to get 1 months ins or the legalities of having no ins as car will not be used.

colino

Car is not legal to sit on the highway uninsured, but I'd ask your own insurance co. for short-term second car cover.

TiTheRev

Got another car you can add it to that insurance instead? Or getting a new one you can overlap the details on? My company did this for no extra charge, so I was able to drive both cars on one policy until I sold the original one.

djd68

The majority of insurers will only charge a maximum of 1 month premium as an admin fee if you cancel the policy. I would take out a full year on a pay monthly basis and then cancel when you need to. On a £250 insurance policy you will probably only have to pay around £40 (£20+£20) for one month insurance and the cancellation fee.

Quentin

One solution: Insurers will give you 14 days cooling off when taking out a policy. Look for those that allow you to cancel during the cooling off period with no charge. (An admin charge is probably inevitable, but they refund the full premium, and just deduct the admin charge)

Then do this twice! 2 x 14 = 28 days (hopefully enough). As long as you don't need to make a claim!

steve18

Thanks for the replies.
Looks like no insurance at all is out.

First I'll see if I can add the old car to the new car's insurer. Don't know how this works as wouldn't it affect the new car's premium when I sell the old car?

Quentin, seems a good idea re the 14 day thing, depends on how high the admin charges are. Best insurers for this?

Just checked and pay monthly cancellation fees can be up to 80% of years premium in the first year!

Quentin

steve18 wrote: »

Quentin, seems a good idea re the 14 day thing, depends on how high the admin charges are. Best insurers for this?

Don't know the best, but two I know that do it: Direct Line + Pru.

steve18

Thanks Q.
Needed a longer message to post so here it is.