Insurance ceases when car is sold?

Ant555

If I have a fully insured car that is then sold - does the insurance become invalid in any way?

Similar to another thread posted here recently - I am part-exing a car in and would like to use my 9 years NCB on my new one (will have to be with a different insurance co).
The overlap is 3 weeks.
I am wondering if I should cancel the old insurance on the day of transfer or just let it lapse. I have last years renewal that shows 9 years and not received this years renewal yet.

Any thoughts?
Thanks

AdrianC

Yes, you should definitely cancel - or change it over.

If you cancel, you won't get that year's NCB - not that that'll make any difference, since you already have more NCB than any company will count as maximum - and you'll get minimal (if any) repayment. If you change, you'll get charged.

BUT... if the buyer decides not to insure it in their own right, your insurance will be on the hook in the event of an incident.
http://www.whitedalton.co.uk/motorbike-blog/2015/05/sold-a-bike-cancel-the-insurance-or-face-a-massive-risk/
http://www.dailyrecord.co.uk/news/scottish-news/scots-biker-insurance-hell-after-4141840

Ant555

Thanks for the reply.

I'm definitely changing insurance companies - new car is going to have my 17 year old daughter as a named driver and my existing company want too much. Co I am moving too is not cheap but is cheap(est) available. I want to be squeaky clean and upfront as a young driver is involved and to avoid any hidden holes I might fall into!

I am part-exing to a reasonably sized dealership so I assume my exposure to those situations will be limited. I'll send my bit of the log book off the same day, I haven;t looked recently but I am not sure if the dealer signs my bit?

Anyway, I was thinking exactly the same thing about my 9 years NCB, I won't benefit from an extra years discount.

Another topic but my wife got stung on her insurance a few years back as she used a provider that only 'recognised' 5 years NCB so at renewal time her 9 years had been 'laundered' into 5 years NCB.

EdGasket

yeah I've lost out on that. By rights I should have 42 years NCB but because of changing companies it's around 10 years.

AdrianC

EdGasket wrote: »

yeah I've lost out on that. By rights I should have 42 years NCB but because of changing companies it's around 10 years.

What practical difference do you think it would make to your premiums?