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  • FIRST POST
    • Izbizzle
    • By Izbizzle 30th Nov 17, 9:20 PM
    • 310Posts
    • 1,005Thanks
    Izbizzle
    Selling car with 2 months left on policy. Let it run?
    • #1
    • 30th Nov 17, 9:20 PM
    Selling car with 2 months left on policy. Let it run? 30th Nov 17 at 9:20 PM
    I have someone coming to buy my old car tomorrow - I've since bought a new car with a new policy (at the time it worked out cheaper to do this than transfer the policy to the new car), but at present the old car is still insured with the old provider. I only have 2 more months left to pay on the old policy. If I cancel it now, the cancellation charges would cost me more than it would to let the policy run until Feb.

    Do you think leaving the policy to run its course is a good idea?
Page 1
    • marlot
    • By marlot 30th Nov 17, 9:28 PM
    • 3,428 Posts
    • 2,544 Thanks
    marlot
    • #2
    • 30th Nov 17, 9:28 PM
    • #2
    • 30th Nov 17, 9:28 PM
    Read this http://www.visordown.com/news/general/biker-may-be-forced-to-pay-thousands-after-banned-new-owner-has-fatal-crash
    • paddyandstumpy
    • By paddyandstumpy 30th Nov 17, 9:39 PM
    • 1,034 Posts
    • 510 Thanks
    paddyandstumpy
    • #3
    • 30th Nov 17, 9:39 PM
    • #3
    • 30th Nov 17, 9:39 PM
    Your policy T's & C's will most likely state the insurer needs to be made aware if the vehicle is sold.

    I assume you've used the current NCB that is already in use on the new policy for the new car, which you can't do whilst the old policy is still active.
    • loskie
    • By loskie 1st Dec 17, 8:02 AM
    • 1,267 Posts
    • 760 Thanks
    loskie
    • #4
    • 1st Dec 17, 8:02 AM
    • #4
    • 1st Dec 17, 8:02 AM
    if you DON'T cancel the policy you could be liable for the new owner's accidents. Cancellation charges should not be more than whats left in the policy. It has never been for me.
    • Geodark
    • By Geodark 1st Dec 17, 1:13 PM
    • 791 Posts
    • 519 Thanks
    Geodark
    • #5
    • 1st Dec 17, 1:13 PM
    • #5
    • 1st Dec 17, 1:13 PM
    Just to ask though, if you have kept the old insurance on and taken out a new one - what have you done with the NCD? You usually can only have this on one policy at a time
    • arcon5
    • By arcon5 1st Dec 17, 7:39 PM
    • 13,543 Posts
    • 8,599 Thanks
    arcon5
    • #6
    • 1st Dec 17, 7:39 PM
    • #6
    • 1st Dec 17, 7:39 PM
    Are you using NCB ? As if you are and it's still in use on the old policy then you can't use it again with the new policy if you keep it running
    • Richard53
    • By Richard53 2nd Dec 17, 9:21 AM
    • 2,630 Posts
    • 2,231 Thanks
    Richard53
    • #7
    • 2nd Dec 17, 9:21 AM
    • #7
    • 2nd Dec 17, 9:21 AM
    if you DON'T cancel the policy you could be liable for the new owner's accidents. Cancellation charges should not be more than whats left in the policy. It has never been for me.
    Originally posted by loskie
    I once tried to cancel a motorcycle policy with a month to run. The pro-rata refund was (say) 15, and they wanted a cancellation charge of 50, meaning I was going to pay them 35 to get out. I pointed out that this wasn't very reasonable or fair, and after some discussion they agreed to cancel with no payments either way. But I had to be pretty assertive to get that. The insurer was Bennett's. I think.


    That was before the incident marlot mentions above. After reading that, I now cancel the insurance before the car I have sold has passed the garden gate.
    An hour alone spells freedom to the slave.
    • Nodding Donkey
    • By Nodding Donkey 2nd Dec 17, 2:42 PM
    • 2,533 Posts
    • 2,142 Thanks
    Nodding Donkey
    • #8
    • 2nd Dec 17, 2:42 PM
    • #8
    • 2nd Dec 17, 2:42 PM
    You can notify an insurer that you have sold a vehicle without cancelling the policy. Just tell them you are looking for a new car.
    • AnotherJoe
    • By AnotherJoe 2nd Dec 17, 3:16 PM
    • 9,446 Posts
    • 10,448 Thanks
    AnotherJoe
    • #9
    • 2nd Dec 17, 3:16 PM
    • #9
    • 2nd Dec 17, 3:16 PM
    Well, you shoudl certainly notify your insurer you have sold the car. I wasn't aware you dont have to cancel it, might depend on the company.
    • EdGasketTheSecond
    • By EdGasketTheSecond 3rd Dec 17, 8:48 PM
    • 559 Posts
    • 305 Thanks
    EdGasketTheSecond
    By law now they have to let you transfer the insurance to another car if that is what you want to do. You paid for 12 months cover and are entitled to it.
    • rs65
    • By rs65 3rd Dec 17, 8:58 PM
    • 5,345 Posts
    • 2,543 Thanks
    rs65
    By law now they have to let you transfer the insurance to another car if that is what you want to do. You paid for 12 months cover and are entitled to it.
    Originally posted by EdGasketTheSecond
    I think you are confusing this with the old practice that a policy had been 'used' in the event of a write off. The ombudsman has ruled otherwise. Its not law. The replacement car still has to be acceptable to the insurer.

    This thread is about a car that has been sold so you are entitled to a refund on the unused period, less any cancellation charge.
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