Bike insurance when selling

rlzzzz

Reading the link about the new system again it says first they will send a letter advising that the vehicle is not insured and how to avoid receiving the fine. I'm guessing this means you can effectively get a week or so grace period where you can just write back to say you've sold the vehicle so once the DVLA records are updated it will be insured by the new owner.

Still means you either need to sell very quickly or pay 2 lots of insurance when you buy a new car.

Blobby8_2

rlzzzz wrote: »

Hi,

My current bike insurance runs out on the 5th of March, but I don't want to renew as I'm selling it. I've had a couple of offers and will probably accept one of them but it's unlikely they will collect before the 5th a March. As I understand it between the DVLA and insurance companies they have a system setup where you automatically get a fine for no insurance unless it's declared off the road.

Is my only option to get insurance for an extra week or two while the sale goes through? Seems a bit ridiculous as it's going to be sat in the garage the whole time.

Also when would I go about canceling insurance as there's obviously going to be a bit of a delay in the DVLA transfering ownership to the new owner.

Thanks

As long as the bike is taxed and is not ridden you can just leave it in the garage. As someone stated it will not be insured for theft.

rlzzzz

Blobby8 wrote: »

As long as the bike is taxed and is not ridden you can just leave it in the garage. As someone stated it will not be insured for theft.

That's incorrect though isn't it, if you read some of the other links in this thread they say you will get a letter advising you that you need to either insure or declare it SORN or you will receive a fine.

Blobby8_2

rlzzzz wrote: »

That's incorrect though isn't it, if you read some of the other links in this thread they say you will get a letter advising you that you need to either insure or declare it SORN or you will receive a fine.

No you will only need to SORN if it is not taxed.
You only need insurance if you wish to ride the bike or protect it from theft/fire.

rlzzzz

Blobby8 wrote: »

No you will only need to SORN if it is not taxed.
You only need insurance if you wish to ride the bike or protect it from theft/fire.

Not under the new system starting "early 2011".

According to this..
http://www.direct.gov.uk/en/Motoring/OwningAVehicle/Motorinsurance/DG_186696
if your vehicle is not declared SORN it MUST have insurance whether it's used or not.

Blobby8_2

rlzzzz wrote: »

Not under the new system starting "early 2011".

According to this..
http://www.direct.gov.uk/en/Motoring/OwningAVehicle/Motorinsurance/DG_186696
if your vehicle is not declared SORN it MUST have insurance whether it's used or not.

Didnt know that...........B4stards

Tigsteroonie

When Marley sold his bike, the insurance ran out whilst it was listed on eBay and it had been declared SORN a number of months before.

We were lucky that nobody wanted to test the bike before purchase.

There was a gap of a week between the online purchase (and payment of deposit) and the buyer coming to collect (paying cash for the rest), this was because he was arranging his own insurance. Once he'd checked the bike over, we completed the V5 transfer and then both Marley & new buyer went to the Post Office so that the buyer could get the tax disc. Buyer rode away a happy man.

rlzzzz

Exactly, technically anyone buying a new car is likely to be breaking the law at some point during the process unless they pay out for extra insurance on the second car while it's up for sale.

rlzzzz

Tigsteroonie wrote: »

When Marley sold his bike, the insurance ran out whilst it was listed on eBay and it had been declared SORN a number of months before.

We were lucky that nobody wanted to test the bike before purchase.

There was a gap of a week between the online purchase (and payment of deposit) and the buyer coming to collect (paying cash for the rest), this was because he was arranging his own insurance. Once he'd checked the bike over, we completed the V5 transfer and then both Marley & new buyer went to the Post Office so that the buyer could get the tax disc. Buyer rode away a happy man.

If it's declared SORN by the current owner then transfered to a new owner, don't they need to wait for the new registration papers from the DVLA to declare it back on the road. My buyer has 200 miles to travel and doesn't want to make 2 trips so this is not doable. They just want to come down, make sure it's okay, pay, transfer ownership, do insurance online there and then and ride off.

Tigsteroonie

rlzzzz wrote: »

If it's declared SORN by the current owner then transfered to a new owner, don't they need to wait for the new registration papers from the DVLA to declare it back on the road. My buyer has 200 miles to travel and doesn't want to make 2 trips so this is not doable. They just want to come down, make sure it's okay, pay, transfer ownership, do insurance online there and then and ride off.

No - it was sufficient that he had the transfer of ownership slip & a receipt from us to buy the road tax (plus his own insurance certificate). Marley did have the unposted V5 with him too, and went with him to the post office in case of problems. But we had checked this out online before going, I'll see if I can find a linky!

ETA. It's mentioned here, it's the "New Keeper Supplement" from the V5. http://www.direct.gov.uk/en/Motoring/OwningAVehicle/HowToTaxYourVehicle/DG_069680

The New Keeper Supplement can only be used for taxing at the Post Office for two months from the date you bought your vehicle. However, the DVLA Local Office will accept it for taxing up to thirteen months from your purchase date.