Retaining no claims bonus

hopperdennis

Having just sold my car, and without planning to get another for a few months, I wondered how things work with my no claims bonus? I haven’t yet cancelled my car insurance (with admiral). Does your no claims ‘discount’ lapse if you are uninsured for a car for a period of time? I hope that makes sense. 

AdrianC

Yes, but only after two years between policies.

hopperdennis

Thanks for that, that’s peace of mind! Will certainly have a new policy within 2 years.

Does every provider adhere to this 2 year rule?

cymruchris

Every one I’ve ever known yes. 

cymruchris

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb - if you cancel now you’ll lose the current year, and you might find the fees to cancel are enough to wipe out any refund you’re entitled to.  

AdrianC

hopperdennis said:

Thanks for that, that’s peace of mind! Will certainly have a new policy within 2 years.

Does every provider adhere to this 2 year rule?

Some may be longer.
None will be shorter.

AdrianC

cymruchris said:

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb

Terrible idea...

If the buyer doesn't insure it, your insurer is still on the hook - and they would be within their rights to pass any claim back to you.
https://www.visordown.com/news/general/biker-may-be-forced-pay-thousands-after-banned-new-owner-has-fatal-crash

hopperdennis

cymruchris said:

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb - if you cancel now you’ll lose the current year, and you might find the fees to cancel are enough to wipe out any refund you’re entitled to.  

Great idea, I have just 2 months left. Will let it run for another’s years no claims, was a relatively cheap policy 

hopperdennis

AdrianC said:

cymruchris said:

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb

Terrible idea...

If the buyer doesn't insure it, your insurer is still on the hook - and they would be within their rights to pass any claim back to you.
https://www.visordown.com/news/general/biker-may-be-forced-pay-thousands-after-banned-new-owner-has-fatal-crash

It’s sold, the buyer has insured 

cymruchris

AdrianC said:

cymruchris said:

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb

Terrible idea...

If the buyer doesn't insure it, your insurer is still on the hook - and they would be within their rights to pass any claim back to you.
https://www.visordown.com/news/general/biker-may-be-forced-pay-thousands-after-banned-new-owner-has-fatal-crash

It’s a good point you’ve raised there and something I wasn’t familiar with - I suppose there’s an element of risk by continuing the policy - but I might still have left it running if it was a couple of weeks left to go if I’d dealt with the buyer directly and knew that they’d set everything up before the left with the vehicle. Most of the decent private buyers I’ve dealt with previously have turned up to collect with their cover note in hand in case they were stopped by the boys in blue on their way home. But as pointed out there’s a significant risk if you have a bad buyer. 

hopperdennis

cymruchris said:

AdrianC said:

cymruchris said:

How long do you have left on the car insurance ? If it was just a few more weeks - I might just leave it run it’s course to gain an extra year of ncb

Terrible idea...

If the buyer doesn't insure it, your insurer is still on the hook - and they would be within their rights to pass any claim back to you.
https://www.visordown.com/news/general/biker-may-be-forced-pay-thousands-after-banned-new-owner-has-fatal-crash

It’s a good point you’ve raised there and something I wasn’t familiar with - I suppose there’s an element of risk by continuing the policy - but I might still have left it running if it was a couple of weeks left to go if I’d dealt with the buyer directly and knew that they’d set everything up before the left with the vehicle. Most of the decent private buyers I’ve dealt with previously have turned up to collect with their cover note in hand in case they were stopped by the boys in blue on their way home. But as pointed out there’s a significant risk if you have a bad buyer. 

Yes good point and worth bearing in mind!