Is it Legal to have two policies at the same time?

CustardChris_2

Hi,
I will be getting a new car at the end of May, and have informed my existing insurance company, but found the quote for the new car expensive. As it will cost me £50 cancellation fee, I was wondering if I kept on with my old insurance (this expires in August) and took another out for the new car, would this be legal.
The only thing I can see awkward, would be if my old car was sold in the meantime and my old insurance was still running.
It would only be 3 months left, till the old insurance runs out and I'm not sure I would get any refund for those few months..just don't want to give them £50 for really nothing :mad:

Thanks for any guidance you maybe able to offer

rudekid48

Couple of things;

1/ You will not be able to use any no claims bonus that you have for your new policy - it can only be used on one policy at a time.

2/ It is very risky to keep a policy running for a vehicle that you no longer own. Worst case scenario is the new owner/dealer/whoever crashes your old car, your insurer is still on cover so still on the hook for any third party claim. They would then more than likely come after you to recover any money that they had paid out...

If you do have any NCB then I'm sure the difference in price on your new policy will be more than £50 if you cannot use it...

CustardChris_2

Cheers rudekid48,

Yes I can see your point about NCB..forgot about that bit :wall:

Hmm..I guess I may as well cancel it and take the fee on the chin

Thanks again:D

paddyandstumpy

What are the numbers?

Would it not be most economical to do a change of vehicle, admit you're not paying the cheapest market rate, but grin and bear it for the 3 months left on the policy?

Then move at renewal?

CustardChris_2

Hi paddyandstumpy,
Yes, that would be ideal, but my existing insurance company can not do that as the underwriters won't cover, as the new car is all electric. So they did a search for any underwriters that would cover, and that came out at over £350 but would have to be a new policy.
Have used comparison sites and it seems to come out at about £240

Thanks for your reply though