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Cancel car Insurance ??
firefox1956
Posts: 1,548 Forumite
Just sold my car.
Do I need to cancel the insurance or can I just let it lapse ??
The cancellation charge will be £50.00 which would be more than the refund of the remaining period on the policy.
I have another car & that is insured with a different company.
Do I need to cancel the insurance or can I just let it lapse ??
The cancellation charge will be £50.00 which would be more than the refund of the remaining period on the policy.
I have another car & that is insured with a different company.
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Comments
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I'd just let it run.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
If you don't cancel your car insurance on it, and it's involved in an accident and it's new driver doesn't have insurance, your insurance company may decide or need to pay out.
I would cancel it. As unlikely as the above is, it happens now and then.All your base are belong to us.0 -
I'd cancel it,0
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I'd just let it run.
Really bad advice.
If the new owner has a smash and has not insured it themselves then your insurer will be on the hook for any third party liability.
They then have the right to come after you to recover their outlay.
Not worth the risk for the sake of £50All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.0 -
The insurance only cost me £120 AND I got £25 cash back off that !!0
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Cancel it, the risk is small but can end up costing you dearly.Censorship Reigns Supreme in Troll City...0
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firefox1956 wrote: »The insurance only cost me £120 AND I got £25 cash back off that !!
Leaving the policy to run could costs you tens of thousands.
Are you going to replace the car? If so, tell your insurer you have sold the car and ask if they will suspend the policy meantime.0 -
Are you going to replace the car? If so, tell your insurer you have sold the car and ask if they will suspend the policy meantime.
It's already been replaced.firefox1956 wrote: »I have another car & that is insured with a different company.All your base are belong to us.0 -
You have to cancel. Leaving it to run is not an option, if the new owner kills someone, YOU will have the insurance chasing you to regain there loss.0
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Retrogamer wrote: »It's already been replaced.
That's not exactly what he said. The comment still stands - try and suspend the policy and string it out until expiry.0
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