Insurance question

[Raju88]

So I'm 4/5 months away from my policy ending on my existing insurance policy and have just sold the car the insurance was under. I don't anticipate getting another car till another few weeks, rather than cancel my policy and start again in a few weeks and lose my 6/7 months of no claims is there a way I can carry on and just switch it over to the new car once I get it (I'm happy to carry on paying to keep the continuous cover)

[TwigtheWonderkid]

Yes, you can not tell them the car is sold and when you get the new one, just do a substitution.

But.....if the new owner drives your old car uninsured and has an accident, you're insurers will be in the frame as they will be the sole insurer on the MID, and that'll be on your record. Will they allow you to suspend your policy?

[xRIEx]

Raju88 said:

is there a way I can carry on and just switch it over to the new car once I get it

Strictly speaking? No.

You no longer have an insurable interest in the car and it's somewhat iffy (technical legal term) to maintain the policy on it. I don't know if the MID flags duplicate reg numbers, but when the new owner insures it (if they do; if they don't what Twig said is a risk) it'll get loaded on to the MID. It would be at least two weeks before any flag would be raised, if it happens at all (I doubt it).

[TwigtheWonderkid]

xRIEx said:

I don't know if the MID flags duplicate reg numbers,

No, as there are many legitimate reasons to run multiple policies on the same vehicle.

[RTaylor2208]

It all comes down to your insurance provider. We sold our last car in the summer and had a 4 week wait till the new car arrived.

Direct line froze the policy for 4 weeks from when the old car was sold and continued the policy when the new car arrived.

That way you don't have a car insured you don't own and don't have to cancel the policy. Their only stipulation was the new car had to arrive and the insurance transferred to it before the current policy was due to end.

[cjs racing.]

Get it suspended, or suck it up and cancel.

Either option is better than getting into this situation.

http://www.dailyrecord.co.uk/news/scottish-news/sc...

[xRIEx]

TwigtheWonderkid said:

xRIEx said:

I don't know if the MID flags duplicate reg numbers,

No, as there are many legitimate reasons to run multiple policies on the same vehicle.

Really? In my broking days, sorting out dual insurance was a PITA when some muppet policyholder thought it was a good idea to insure their house or car twice. What legitimate reasons are there?

[Slushbox]

Raju88 said:

So I'm 4/5 months away from my policy ending on my existing insurance policy and have just sold the car the insurance was under. I don't anticipate getting another car till another few weeks, rather than cancel my policy and start again in a few weeks and lose my 6/7 months of no claims is there a way I can carry on and just switch it over to the new car once I get it (I'm happy to carry on paying to keep the continuous cover)

Just phone your insurer and explain, and ask if they will suspend the policy until the new car arrives. As explained by others, if new owner doesn't insure, you could still be liable.

Or, cancel and accept the £25 cancellation fee or whatever it is. Chances are that will be cheaper than 4 four months of payments.

[TwigtheWonderkid]

xRIEx said:

Really? In my broking days, sorting out dual insurance was a PITA when some muppet policyholder thought it was a good idea to insure their house or car twice. What legitimate reasons are there?

Marmalade or similar policy, prov licence holder takes out an insured only driving policy on Parents car.

Mini cab driver, takes out a cabbing use only policy to supplement their everyday SD&P policy.

A fleet renting in a car for a short period, and not taking the self drive hirer's cover but adding the car to their own policy.

There's 3 for a start, plenty others available.

[vikingaero]

If you forget to cancel your Policy and the buyer crashes it whilst uninsured then the Police/Courts could claim third party indemnity under your Policy. If you have dual policies then this can create a problem in the event of a claim where both policies will share 50% of the costs and there will be 2 excesses to pay. At renewal they will ask you how many claims you have made and with 2 policies there will be ONE incident but TWO claims.

My advice to the OP would be to ask if the Policy can be suspended - most decent Insurers allow this - you'll know if your Insurer isn't decent.

TwigtheWonderkid said:

xRIEx said:

Really? In my broking days, sorting out dual insurance was a PITA when some muppet policyholder thought it was a good idea to insure their house or car twice. What legitimate reasons are there?

Marmalade or similar policy, prov licence holder takes out an insured only driving policy on Parents car.

Mini cab driver, takes out a cabbing use only policy to supplement their everyday SD&P policy.

A fleet renting in a car for a short period, and not taking the self drive hirer's cover but adding the car to their own policy.

There's 3 for a start, plenty others available.

As above certain Policies state if they override another as with Day Insurance.

I am insured by my Company Policy if I use my vehicle on business purposes. Similarly a lot of drivers of company vehicles are covered to drive vehicles not belonging to the company or obstructing premises.

[98elise]

xRIEx said:

TwigtheWonderkid said:

xRIEx said:

I don't know if the MID flags duplicate reg numbers,

No, as there are many legitimate reasons to run multiple policies on the same vehicle.

Really? In my broking days, sorting out dual insurance was a PITA when some muppet policyholder thought it was a good idea to insure their house or car twice. What legitimate reasons are there?

I insure my daily driver, and my learner son has his own insurance on the same car.

The second insurance policy needed the details of the first as part of the application process.

[Raju88]

So I spoke to my insurance and they were willing to remove the car I sold and have no vehicle on the cover for 30 days (I can still utilise the drive any vehicle cover I have) and when I buy my new vehicle just add it onto the policy online. No refund, wasn't really expecting one anyways!