2 insurance policies on one car?

pugzy

Hi,

I have just sold my car to someone from mid-Wales. My current insurance with eCar runs out in March and I have already finished paying all the instalments for the year.

Might sound silly but if I cancel before this time;
1: Is it illegal if I didn't cancel? (as the other guy will have insurance too on the car)
2: Will I lose my NCB for the year just gone?
3: Would I still have to pay a cancellation charge? (it says £75 on their T&C's but would this still happen to me having finished paying the policy last month?)

I know I should just cancel it and probably will, but reading those T&C's and quickly checking the web has confused me somewhat...:o

Help!

Ta

spacey2012

If someone steals the car and trashes it, the claim could technically come from your policy.
Where two policies cover the same risk, the general rule is the oldest policy is the one that takes precedent.
unlikely, but certainly not worth the risk.
If it flags up on fraud prevention systems, your insurer will cancel it, you will then have to declare you have had insurance cancelled, the next worst thing to Drunk Driving.

bryanb

I had a similar problem years ago. I asked the insurance co to suspend the policy till I got another car, it's worth a try.

pugzy

bryanb wrote: »

I had a similar problem years ago. I asked the insurance co to suspend the policy till I got another car, it's worth a try.

I tried a similar thing on e-mail the other week and all they did was point me in the direction of their Cancellation page...eCar is an online-only-company apparently :mad:

I'm gonna cancel it methinks, take the drizzle to avoid the rain

UsernameAlreadyExists

spacey2012 wrote: »

If someone steals the car and trashes it, the claim could technically come from your policy.
Where two policies cover the same risk, the general rule is the oldest policy is the one that takes precedent.
unlikely, but certainly not worth the risk.
If it flags up on fraud prevention systems, your insurer will cancel it, you will then have to declare you have had insurance cancelled, the next worst thing to Drunk Driving.

O RLY?
I have a bike policy with eBike, and it can cover multiple bikes.
A while back, one of the bikes covered was a moped I insured when my Son decided he no longer wanted it and left it for months. I had to insure it to then get it MOTd/Taxed etc for selling.
I then sold it to another young lad.

He was stopped by the Police stopped months later, and actually had a bit of a job proving to the Police that he WAS in fact insured in his own right ... as it was my policy that showed up on the ANPR etc ... so they'd initially assumed that the lad had stolen it from me

Anways ... all was good in the end ... and I meant to get around to removing the moped from the policy (which I should have done in the first place), but again other things took priority, and I totally forgot - right up till the point I renewed the policy and removed it then.

I am glad no claim ever happened, but if they'd tried to cancel my policy or pin anything on me, I'd have fought it hard.

bryanb

pugzy wrote: »

I tried a similar thing on e-mail the other week and all they did was point me in the direction of their Cancellation page...eCar is an online-only-company apparently :mad:p

Have to admit, I did it before the web was invented, there was no insurance database then.

spacey2012

You don't fight anything, you get a served notice of 7 day cancellation, your details entered on to the CUE database of fraud risk and your insurance quote becomes a specialist broker issue queuing up behind the Drunk drivers.

UsernameAlreadyExists

spacey2012 wrote: »

You don't fight anything, you get a served notice of 7 day cancellation, your details entered on to the CUE database of fraud risk and your insurance quote becomes a specialist broker issue queuing up behind the Drunk drivers.

Like i said, I'd contest it.
In the scenario I described above it was an administrative error/omission on my part at worst, and far from "fraud".

I've also had insurance running on a car that I'd sold for a couple of months before I got round to buying another car to replace it and transfer the details over. There was no way I was going to cancel the policy and incur any unecessary costs or lose the potential of the full years NCD.

thenudeone

UsernameAlreadyExists wrote: »

There was no way I was going to cancel the policy and incur any unecessary costs or lose the potential of the full years NCD.

Well if the next owner didn't insure it and ran into a bus queue, the injured would be able to claim on YOUR policy.

Guess who YOUR insurance company would then come after to repay them, because the policyholder had failed to comply with the policy conditions?

Hello Bankrupt City. Goodbye - savings, investments, car, house.

An example is here:
http://www.lv.com/upload/lv-rebrand-2009/pdfs/insurance/car/21121973_lv-motor-doi.pdf

2. Duty and revealing information
You must ...tell us as soon as possible about any changes,
for example, a change to the main driver, any claims/convictions/
endorsements, any modifications to the car, change to the use, drivers, car or address, which have happened since the insurance started or was last renewed. Failure to do so may invalidate this insurance.

6. Compulsory insurance laws
If under the law of any country we must make a payment which we wouldn’t otherwise have to make, you must repay that amount to us.

UsernameAlreadyExists

They did though (insure it), so I don't give a toss
Quote what you like!

FlameCloud

UsernameAlreadyExists wrote: »

They did though (insure it), so I don't give a toss
Quote what you like!

It is poor advice as you are exposing the OP to a risk of bankruptcy over a cancellation fee. The fact that you did it and got away with it doesn't mean you were right, just lucky.