Sold vehicle, not bought new vehicle yet - What to do about current vehicle insurance?

coffee_king

I sold my vehicle yesterday that I still have 6 months insurance on (I pay it all up front at the start of the year) that I've notified the DVLA online about today.
I haven't bought a new vehicle yet and I don't know when exactly I will be buying one.
Does anyone know what to do about the current insurance on the vehicle that I now don't own please?

I've read through all the various documents for my insurer (Hastings Direct) and bizarrely no where is anything mentioned about selling a vehicle or my question.
I'm reluctant to contact the insurer until I find out more info of users previous experiences.

I'm also struggling to find out anything about this kind of scenario on a Google search.

Any help anyone? Thanks in advance. 

Herzlos

Best option is to cancel your now redundant policy and take out a new one when you buy the new car UNLESS you're planning on buying a new one immediately.

The recommendation is to cancel the insurance policy for the car you now don't own to avoid any liability. If it's driven uninsured now then your insurance would kick in and you'd likely be liable for any pay outs.

I don't think insurance companies would be able to suspend the insurance until you got a new car.

Grumpy_chap

You need to call Hastings and cancel the insurance - you can no longer carry the risk as you have no insurable interest in the vehicle that has been sold. 

That does not mean, however, that an incident in the car cannot result in a third-party claim against your policy so your NCB would be affected.

If you intend to get a new car in the short term, Hastings may agree to suspend the policy and transfer over to the new car.  If you cannot give a date for the new car arriving, then cancel the policy, take the partial refund on premium (may be nothing if there is an admin fee also).  Obtain your proof of NCD from Hastings and that will usually be kept live for reuse for two years.

Hope that helps.

jimjames

Herzlos said:

Best option is to cancel your now redundant policy and take out a new one when you buy the new car UNLESS you're planning on buying a new one immediately.

You may find it is better to take the car off the policy but leave it active or lapse. Cancellation may incur fees that are higher than the cost of a refund although with 6 months remaining that shouldn't be the case. But as above definitely get the car off the policy so you no longer have any liability.

Coop1234567890

I was with hastings, I just called to cancel it and they issued a refund for the difference, minus an admin fee. They also gave me the option of freezing my insurance for 12 days and then transfering to new car. 

coffee_king

Coop1234567890 said:

I was with hastings, I just called to cancel it and they issued a refund for the difference, minus an admin fee. They also gave me the option of freezing my insurance for 12 days and then transfering to new car. 

Hi
Yes thats what I did. Although I was given 7 days to find a new vehicle not 12.
In case any wants to know what this is called I asked them and its to "Unrisk" the policy.