Should I cancel my insurance policy

wealdroam

tim9966 wrote: »

I wouldn't just cancel the direct debit in case they start chasing you for a missed payment.

and just to add to this, if you did cancel the DD without telling the insurance company, they would cancel the policy.

When applying for future policies you would then have to answer the question "have you ever had a policy cancelled?" with a "yes".

This will lead to increased premiums.

fivetide

You need to weigh up the costs - are you getting a new bike? If so, can yopu transfer the policy over? If not, you might need to cancel it and start a new one (I just did the same thing as the people insuring my old bike wanted a stupid amount of money to insure the new one. It was cheaper to tell them where to go and start again.

That said, I have 14 years no cliams so I don't need the extra. If this is your first year then you might want it. However, if you aren't getting a new bike and are unlikely to be doing so, what is the point in paying them 3x£17 for a no claims discount you will never lose? You'll be £16 better off just cancelling and paying the fee.

Remember, if you took out a policy for the year and the costs are being spread out, then you do owe them the fee and it's not too bad as others have said. If it was month to month then it would be different (I suspect) but yes, weigh up the costs, what you may or not need the policy for in the future and if you decide to cancel, just tell the insurance company.

5t.

leereni

Ok thanks.

I am considering just leaving it and paying the last three months direct debits as its such a small amount and ill get the years no claims.

I still don't understand the full implications of this?

forgotmyname

Bike found at 3am after a raid or worse after a hit and run.

You claim you sold it. Of course you have proof a receipt.

Yet you still have the bike insured sir. Why are you insuring a bike you dont own?

Make yourself comfy and have a night in the cells and we will investigate this tomorrow.
Or just a knock on the door your vehicle has been in an accident. You failed to leave your details. Well you are insured on the vehicle and the 3rd party will be claiming from you.

You no longer own the bike so your insurance sue you for the costs later. You need to pray no injury was involved or you maybe living in the poor house.

If you want the balance of the no claims then dont sell it yet.

Little chances of the above happening yet people win the lottery most weeks and there is even less chance of doing that.

fivetide

The above is somewhat unlikely.

Assuming you sent off the log book as you should have, they'd chase the registered keeper first.

The issue is if the new owner hasn't insured the bike. It'll still show up as covered by you. In that event, you might get a knock at the door but it is unlikely.

As I said though. If you don't need the insurance and are not likely to buy another bike in the next two years, I'd cancel it. Remember, you can't use the no claims from this one on a car policy.

5t.

leereni

Thanks for both of the above comments.

The first one did scare me quite a bit. I think it would be way over the top for it to be dealt with in that way. Just because I'm insured on a vehicle doesn't put me in the seat or behind the wheel every time there is an accident.

The reason I'd keep the policy would be to get the years no claims and I'm probably going to buy another bike within 18 months of selling this one.

Any further thoughts?

flashg67

There is a recent thread on here about a chap who sold his vehicle but let the insurance run. The new owner didn't insure it, had an accident & injured a pedestrian. Apparently, under our laws, the inurance company is liable, and in this case then went after the policy holder for all the costs. Extreme maybe, but apparently it can happen...

Arg

What law is that?
One reason you might want to let insurance run is in case there's a problem with the sale and it's easier to take the bike back or if you have a policy that says you can ride other bikes that you don't own it may help if you would be buying a new bike soon.

leereni

Very confusing arguments here. I am confident the new owner will get insurance to ride the vehicle.

Thanks for the horror stories though....

dacouch

Arg wrote: »

What law is that?
One reason you might want to let insurance run is in case there's a problem with the sale and it's easier to take the bike back or if you have a policy that says you can ride other bikes that you don't own it may help if you would be buying a new bike soon.

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