Selling old car, then getting a new car - Insurance

dan223

Hey Guys,

So I have purchased a new car, which I have been told the ETA for delivery is week ending 8th June. Now I was hoping to sell my old car before hand, for a number of reasons, (would have to be parked on the road otherwise, the cost of insuring two vehicles etc)

So I have a multi-car policy with admiral, after speaking to them today it seems they only give you 5 days between selling and buying a new car. Now to time selling a car privately and the new car turning up on an ETA date within 5 days seems pretty unlikely.

So there suggestion (other than selling and buying the new car within 5 days) is to either exclude the car from the policy when its sold (meaning I would lose my no claims bonus from the car, plus admin fees etc) or to sell my car afterwards meaning I would be paying for two cars.

Now I can't quite see the issue with temporarily not being insured on any car, they will have no risks since I won't be driving any car, I'm not asking for money back during that time.

I assume if I kept my old car on the policy that wouldn't be legal as the new owner would insure it as well.

Does anyone have any advise or suggestions?

Ultrasonic

dan223 wrote: »

...or to sell my car afterwards meaning I would be paying for two cars.

That sounds the sensible plan to me. Yes you'll be paying for two cars, but hopefully not for very long and presumably you'll be charged pro-rata? If you can afford to buy a new car surely you can afford this?

Now I can't quite see the issue with temporarily not being insured on any car, they will have no risks since I won't be driving any car, I'm not asking for money back during that time.

There's always potential risk of theft, and if parked on a street/drive damage. More importantly you're also now legally required to SORN the car if it's not insured, which will make selling it virtually impossible as no-one will be able to (legally) test-drive it.

dan223

Ultrasonic wrote: »

There's always potential risk of theft, and if parked on a street/drive damage. More importantly you're also now legally required to SORN the car if it's not insured, which will make selling it virtually impossible as no-one will be able to (legally) test-drive it.

Sorry maybe I wasn't too clear on this one, basically my preferred option is to sell the current car, and have no car for the period of selling the current car and getting the new car. Therefore I'm technically not insured on any car (and I don't own a car), but admiral don't seem to want to do this, unless its within 5 days.

rs65

Can you not switch to the new car on the day you sell your old car? (or within the 5 day rule)

dan223

rs65 wrote: »

Can you not switch to the new car on the day you sell your old car? (or within the 5 day rule)

I can, which would be ideal, but I'm selling the old car privately, and the new cars date is only an estimated date, so in order to time these two correctly seems pretty slim.

rs65

dan223 wrote: »

I can, which would be ideal, but I'm selling the old car privately, and the new cars date is only an estimated date, so in order to time these two correctly seems pretty slim.

Do you really need to time it correctly, was the point I was making. As long as you insure the old one until its sold and insure the new one before you drive it.

Ultrasonic

dan223 wrote: »

Sorry maybe I wasn't too clear on this one, basically my preferred option is to sell the current car, and have no car for the period of selling the current car and getting the new car. Therefore I'm technically not insured on any car (and I don't own a car), but admiral don't seem to want to do this, unless its within 5 days.

Ah, sorry, I'm with you now.

How large is the termination fee, what total NCD do you currently have and what fraction of a year would you lose if you ended the insurance early? Not saying there will then be a clear answer, but those are the things to consider.

If you plan to sell your current car privately have you worked out what you plan to do re. car insurance for test-drives?

dan223

rs65 wrote: »

Do you really need to time it correctly, was the point I was making. As long as you insure the old one until its sold and insure the new one before you drive it.

I'm not sure I understand you point, that is what I want to do, but I could end up selling the car any time from now until say a month away, and the car could turn up a month + away, with only 5 days the insurance company will give me, it either means telling someone interested in my car they can't actually have it until X date which I would have thought would put some people off buying it.

rs65

The day you sell your old car, phone your insurers and say I've sold my old car and got a new one and here are the details of the new one.

dan223

Ultrasonic wrote: »

Ah, sorry, I'm with you now.

How large is the termination fee, what total NCD do you currently have and what fraction of a year would you lose if you ended the insurance early? Not saying there will then be a clear answer, but those are the things to consider.

If you plan to sell your current car privately have you worked out what you plan to do re. car insurance for test-drives?

The terminal fee I believe is £25, it is more my no claims bonus that is the killer, I have gained about 9 months and only currently have 1 years no claim, so the 2 years no claims is very valuable. I just can't understand why they won't let me hold on for a few weeks.

I have worked out regarding test drives, I will drive unless they provide fully comp insurance (with proof) for them to drive it, which it seems that most people would rather just go out with me driving than have the hassle of getting insured.

dan223

rs65 wrote: »

The day you sell your old car, phone your insurers and say I've sold my old car and got a new one and here are the details of the new one.

I don't have the details of the new one though, well not the registration anyway which seems what they want. And surely I can't change the insurance to the new car, when I don't have it?