My current insurer will not insure me on any of the cars im looking to buy. My cover with my current insurer runs out end of Jan. I obviously dont want to cancel and lose that extra year of no claims. Can i do this then tell my new insurance company when the year is complete and receive the No claims?
As ever thanks for your advice.
Edited by Pugugly on 15/11/2008 at 17:21
|
This happened to me, my old engine siezed up and there wasn't really a need for a new car as I had not passed my test at the time, and I bought a new car for my dad. I lost the no claims bonus.
They will let you postone but because they are not willing to insure on a more powerful car/what ever then it looks like you may have lost it :(
I am assuming you are a new/young driver.
|
|
Not really a new driver. 5 years experience and lots of miles in that time with no accidents. I can get a reasonable quote lower 3 figures just swift wont touch under 25s with group 17 ;-)
|
|
Just leave the policy be, let it run the course and once you have gained your next year of no claims bonus you can buy another policy for your new car. I have done this on the odd occasion myself.
|
|
|
Not really a new driver. 5 years experience and lots of miles in that time with no accidents. I can get a reasonable quote lower 3 figures just swift wont touch under 25s with group 17 ;-)
Surprising as I'm 24 and drive a group 16 Mondeo with Swiftcover, they were the cheapest insurer by a mile when I took the policy out!
|
|
|
|
|
If you keep your current car until the policy runs out I cant see a problem. If you sell the car to someone else tomorro who insures it in their name it will flag up on the MID as having 2 policies running on it and people will start asking questions. You current insurer will find out and might consider it fraud and you could find yourself blacklisted.
The small print always states you must inform them whenever there is a change to the details, and you selling the car is a BIG change.
Why cant you just ring them up and ask them what the options are??
|
If you keep your current car until the policy runs out I cant see a problem. If you sell the car to someone else tomorro who insures it in their name it will flag up on the MID as having 2 policies running on it
correction , it will show as there is insurance showing on the vehicle ,
|
|
It will actually tell the Police ( on interrogation via PNC) who the policy holder is and the insurance company.
|
|
|
How many NCB you currently have? If it already 3+ then don't bother about another extra year.
By canceling, you'll get some money as refund.
|
|
|
|
I said MID, not PNC. The MID is also there to prevent fraud and protect the insurance companies. Its been known for people to insure there car with several companies, then claim its been stolen and expect several payouts. MID prevents this by flaging up when more than one policy is in place on a vehicle.When it happens questions are always asked.
|
|
If you sell your car and keep the insurance running what happens if it rolls down a hill damaging loads of cars - your policy may well have to pay out and goodbye all your NCD.
|
sq
How does that work ?
How will the OP's be responsible for an accident that happens involving a vehicle he doesn't own ?
Edited by Pugugly on 17/11/2008 at 22:08
|
How will the OP's be responsible for an accident that happens involving a vehicle he doesn't own ?
It doesn't really matter who owns it. It's who is insuring it.
Imagine it left unattended somewhere, handbrake drops off, rolls down hill wrecking a dozen cars. Lookup regustration number on MID or ONC - low and behold, poor old OP covers third party damage.
|
Lookup regustration number on MID or ONC - low and behold poor old OP covers third party damage.
Look up reg on MID will show it has insurance, yes, PNC check will show new owner details, where does the previous owner come into the equation ?
|
Look up reg on MID will show it has insurance, yes, PNC check will show new owner details, where does the previous owner come into the equation ?
Both MID and PNC insurance check will show has insurance on it. This is more than the MID bit that we, the public can see.
|
|
|
|
|
I've driven a car with two insurance policies on it for several months and not had any issues.
|
"I've driven a car with two insurance policies on it for several months and not had any issues"
But he's talking about selling the car and will not be the driver. Therefore if there is an accident there is a risk he could get caught out. Might be worth buying a cheap banger to transfer the insurance to as a temporary measure.
|
Selling the car is a relevant change, and your insurers should be told. However, instead of cancelling the policy, why not tell them that you will let them know when you have bought a replacement?
There must be a lot of occasions where there is a short gap between selling a car and obtaining a replacement.
A few years ago, someone drove into the rear of my car and wrote it off. I bought the eventual replacement a few weeks later. I did not cancel the policy. (I would probably have not received a refund anyway because there had been a claim).
|
|
Some policys offer a "lay up" option whereby the car is still covered for theft at a reduced rate - that may be an option?
|
Or you could transfer it to a car that isn't going anywhere, e.g. one in storage or on a farm somewhere.
No-one will ever claim on it and it's a far safer bet than letting someone else drive a car that's insured in your name. after all, depending upon what car it is, the next owner might not insure it at all and so the only insurance on it will be in your name.....any problems and you'd have some explaining to do.
I'd see if I can find a car that a friend or family member has that's in storage or and transfer it to that.
and if you cancel the insurance now you'll get chuff all money back. I got caught out by this many years ago, I bought a modified car and my existing insurer didn't insure modified cars. Thinking I'd get a refund as I still had about 3 months left on the policy, it turns out that the insurance co only give a refund in the first 9 months of the policy, after that, tough.
does that help ??!!
cheers,
Stu
|
Or transfer it to a car that only exists on paper.
e.g. one of the many millions of cars that have been scrapped but the details are still on on the DVLA database.
cheers (again)
Stu
|
|
|
|
|
|
|
