Buying new car - how do I insure the old one till sold?

Korkyb

Hi all

Looking at getting a new (new to me anyway) car and selling my old one.

I cant sell the old one till I get a new one cos I have a 50 mile round trip to work.

Current insurance is only a month into its year (with RAC) and that would obviously be transferred to the new car.

What do I do about the old car in the overlap? I've spoken with the RAC who say they only deal in 1 year blocks so I would have to take out a full year to cover the car for just a few days / weeks at most (I hope.....)

Any ideas?

Thanks.

BenL

After swapping the cover to your new car you need to arrange some temporary cover for the old one.

If you price the old car realistically it should move on quickly.

http://www.lmgtfy.com/?q=Temporary+car+insurance

Korkyb

Cheers for that.

Looks as if 2 weeks of cover would cost the same as 6 months normally would for me !!

It take it theres no plan B.

Korkyb

Just reading through a few threads elsewhere.

It looks as if I go for a HPI check through http://www.hpicheck.com/driveaway.html that will cover my new car for 7 days.

If I still had the old one after those 7 days another option could be to take out a new policy (I suppose for either car) then cancel within the 14 day cooling off period - I would have to pay some costs but they are likely to be much less than a temporary policy?

I'm sure there is a gaping hole in this plan........ could someone point it out for me ;-)

lisyloo

It take it theres no plan B.

The obvious answer is to trade your car in. This would be far easier, plus if you by from a trader you get 6 months statutory cover under the sales of goods act.

I would have to pay some costs but they are likely to be much less than a temporary policy?

Why ask the question, why not do the maths?
You need to check admin fees and also broker feee.
We don't know the costs for your new policy or the costs for the temporary policy so can't say, but it shouldn't be too hard for you to compare.

I'm sure there is a gaping hole in this plan........ could someone point it out for me ;-)

1. You cannot use you NCB twice, so second plicy will be zero NCD unless RAC agrees to mirror your NCD.
2. Don't buy any add-ons e.g. legal cover, breakdown on the temp one as these cannot be cancelled and have to be paid in full.
3. Don't pay monthly on the one you plan to cancel, there may be arrangement fees for the finance.

Plenty of pitfalls and risk and the possibility of being stuck with yours.
Why not just trade-in? You would have to price your very competitively to sell quickly anyway in the current economic enviroment.

The advantages of trading in are:
1) they will do HPI check (might even show it to you on the computer if you ask nicely).
2) You'll have some protection under SOGA and possibly also credit card (even if you put £1 on it).
3) No cost of double insurance or tax issues.
4) Don't need to sell your car or take the risk of being stuck with it for longer than expected.

The downside is the cost, but as I said if you want to get rid of yours in 7-21 days, you will have to price competitively in a recession (before anyone argues, technically 2 quarters of negative GDP are a recession although I expect ONS numbers to be revised upwards).

vaio

Perhaps I'm missing something but whenever I've been in that position I've just got my existing insurer to provide temporary cover on the old car.

Last time I remember doing it I think it cost £20 or £30 for a month

Korkyb

lisyloo wrote: »

The obvious answer is to trade your car in. This would be far easier, plus if you by from a trader you get 6 months statutory cover under the sales of goods act.

Why ask the question, why not do the maths?
You need to check admin fees and also broker feee.
We don't know the costs for your new policy or the costs for the temporary policy so can't say, but it shouldn't be too hard for you to compare.

1. You cannot use you NCB twice, so second plicy will be zero NCD unless RAC agrees to mirror your NCD.
2. Don't buy any add-ons e.g. legal cover, breakdown on the temp one as these cannot be cancelled and have to be paid in full.
3. Don't pay monthly on the one you plan to cancel, there may be arrangement fees for the finance.

Plenty of pitfalls and risk and the possibility of being stuck with yours.
Why not just trade-in? You would have to price your very competitively to sell quickly anyway in the current economic enviroment.

The advantages of trading in are:
1) they will do HPI check (might even show it to you on the computer if you ask nicely).
2) You'll have some protection under SOGA and possibly also credit card (even if you put £1 on it).
3) No cost of double insurance or tax issues.
4) Don't need to sell your car or take the risk of being stuck with it for longer than expected.

The downside is the cost, but as I said if you want to get rid of yours in 7-21 days, you will have to price competitively in a recession (before anyone argues, technically 2 quarters of negative GDP are a recession although I expect ONS numbers to be revised upwards).

Some good advice there.

Already seen the car I'm thinking of getting. I will have a look at how the cost might compare from a trader.

Korkyb

vaio wrote: »

Perhaps I'm missing something but whenever I've been in that position I've just got my existing insurer to provide temporary cover on the old car.

Last time I remember doing it I think it cost £20 or £30 for a month

Thats what I thought might happen - its a no go though.

lisyloo

Already seen the car I'm thinking of getting. I will have a look at how the cost might compare from a trader.

It's almost certain to be more expensive (otherwise all car dealers would be out of business :-)
However do bear in mind it's less risky.
If you buy a second hand car privately you have pretty much no comeback (unless it's blantantly unroadworthy) and even them it's difficult to pursue an individual who may not have assets.
If you buy from a dealer you have comeback if there are faults on the car (I am not talking about wear & tear or consumable items).

Korkyb

lisyloo wrote: »

It's almost certain to be more expensive (otherwise all car dealers would be out of business :-)
However do bear in mind it's less risky.
If you buy a second hand car privately you have pretty much no comeback (unless it's blantantly unroadworthy) and even them it's difficult to pursue an individual who may not have assets.
If you buy from a dealer you have comeback if there are faults on the car (I am not talking about wear & tear or consumable items).

I appreciate that however the reward & savings of buying privately may outweigh the safety of a dealer.

The car I'm looking at is just under 7k at a dealer but selling for less than 5k privately.

2k is a lot of money.

I will of course mimimise the risk as much as I can by getting the car checked out properly.

lisyloo

I will of course mimimise the risk as much as I can by getting the car checked out properly.

MSE tip - If you know a decent mechanic that you trust then pay him/her £50 to check the car out for you rather than £199 for a vehicle inspection report from a company.