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Car insurance - cancel or let lapse
I'm picking up a new (used) car on Friday and I'm currently looking at insurance cover; either upgrade my current Hasting policy or maybe get a new policy elsewhere.
My current Hasting policy expires in August (a little over 2 months cover remaining), and at the current rate it works out at £18/month cost.
The problem is, if I go with a new provider, do I cancel the Hastings policy at a cost of £55 cancellation fee, or do I simply let it lapse which costs only £36? Of course this means I would still be insured for a vehicle that I no longer own as I am trading it in on Friday.
Thanks...
My current Hasting policy expires in August (a little over 2 months cover remaining), and at the current rate it works out at £18/month cost.
The problem is, if I go with a new provider, do I cancel the Hastings policy at a cost of £55 cancellation fee, or do I simply let it lapse which costs only £36? Of course this means I would still be insured for a vehicle that I no longer own as I am trading it in on Friday.
Thanks...
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Comments
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The downside as reported on here with letting it run is; what if the buyer doesn't take out insurance and crashes the car the claim will be against you insurance as their is a valid policy on the car.
Best thing to do is try and re-insure with your current insurer if not just cancel it.0 -
The downside as reported on here with letting it run is; what if the buyer doesn't take out insurance and crashes the car the claim will be against you insurance as their is a valid policy on the car.
Best thing to do is try and re-insure with your current insurer if not just cancel it.
What they said, insuring a car you no longer own can open up a world of pain.0 -
Do you have no claims bonus?
If so, do the sums.
Taking a new policy without cancelling the existing one means nil ncb to use on the new policy.0 -
I didn't know I'd lose my NCB... Thanks for that.
As suggested I think it best if upgrade my current Hastings Policy for the new car.
Maybe I can get cover for say 6 months, then change providers?0 -
You don't "lose" it. You just can only use it on one policy at a time.
(Don't consider just insuring it for 6 months. If you change cars over on your existing policy and keep it going till it ends in 2 months you will get an extra years NCD (assuming you haven't claimed) then shop round for the best deal at renewal time)0 -
NCB can only be used on one policy at one time, so your new policy will start with zero ncb if you let the current one lapse. If you cancel you'll lose this years but have returned the same as you started out (if no claims was made).0
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Thanks everyone for your help, especially Quentin.
As advised I have now contacted Hastings and changed my vehicle details (£35 admin plus £15 for the new car).
Very pleased with that... BTW Hastings don't do 6 monthly policies.
Thanks again and please consider this issue closed. :T0
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