Refund for cancelling insurance?

neil300n

Hi everyone,

I'm picking up my new motorbike on saturday and dropping off my old one as part exchange. I have asked my current insurers if they can insure me on my new bike on the same policy...they can't. So, I need new insurance. This would be fine, but my current policy expires on 15th Jan and I would get another years NCB, but if i renewed now I wouldn't. My current insurer suggested letting my current policy run and then get a new policy on 15th Jan...fine, but i need to use my new bike to commute. I looked into short term insurance, but that's not cheap (£300 for a month?!). So, I thought I could get a new policy now, cancel it on 15th Jan and then get another new policy with the extra no claims. If i do this, will I get a refund for the remainder of the non-used months? Also, will it be economical (taking into account admin fees and cancellation fee)?

I know this seems complicated, so thanks in advance for your help

Sgt_Pepper_2

It all depends on what the fees are, do the maths.

forgotmyname

Dont forget your new policy will have zero no claims.

Cancelling so early maybe an issue. They could charge you a much higher short term policy rate.
Seen a few posts on that.

Delay the exchange until the 15th of Jan?

If something happens to your old bike its still covered under your insurance. So that maybe an issue also.

Cheapest option delay the sale. Im sure the dealer will agree as long as you have paid a decent sum towards the new bike. Not just a £50 deposit or similar.