Insurance Question - Nothing to insure
Discussion
This is a question for my insurer, but they're closed until Tuesday, and i need an answer for Monday :-)
Is there generally any way to keep an insurance policy alive, once the insured vehicle has been sold + removed from the policy, in order to accrue NCB?
This is a stupid question because:
- That's a bonkers idea, pay to insure something that doesn't exist and still accrue NCB? It just flat out defies logic, of course that option doesn't exist
- Particular insurers will be different so no-one except the insurer can answer with certainty
However, i'd still like your best shot at an answer. It won't change the sequence of events on Monday but i'm in the throes of desperation because i'm squandering a £500+ saving on insurance to score £3,000 off a dream bike and i can't delay delivery without incurring a £1200 hike in fees. Basically my sweet deal is soured by £500 and it's annoying the fook out of me!
I'm 2 months shy of my first year's NCB on my bike. I'm trading my bike in on Monday, for a bike which my current insurer can't get cover for (confirmed today). They can offer cover in 2 months once i have a year's NCB at ~£500, but not before then. Another insurer will cover today, without NCB, for £1,000, so i'll buy that.
If i delay the delivery of my new bike, it won't qualify for a finance deal and will cost me £1200 extra over a couple of years.
It's illegal to leave the current policy running on my bike for another 2 months after it's been traded in since i will no longer own it and that's a cancellation condition for my policy. Also, if a claim is made when i no longer own it, it will go against my insurance which would still be active.
What are my options for rescuing that NCB with only 2 months left?
Is there generally any way to keep an insurance policy alive, once the insured vehicle has been sold + removed from the policy, in order to accrue NCB?
This is a stupid question because:
- That's a bonkers idea, pay to insure something that doesn't exist and still accrue NCB? It just flat out defies logic, of course that option doesn't exist
- Particular insurers will be different so no-one except the insurer can answer with certainty
However, i'd still like your best shot at an answer. It won't change the sequence of events on Monday but i'm in the throes of desperation because i'm squandering a £500+ saving on insurance to score £3,000 off a dream bike and i can't delay delivery without incurring a £1200 hike in fees. Basically my sweet deal is soured by £500 and it's annoying the fook out of me!
I'm 2 months shy of my first year's NCB on my bike. I'm trading my bike in on Monday, for a bike which my current insurer can't get cover for (confirmed today). They can offer cover in 2 months once i have a year's NCB at ~£500, but not before then. Another insurer will cover today, without NCB, for £1,000, so i'll buy that.
If i delay the delivery of my new bike, it won't qualify for a finance deal and will cost me £1200 extra over a couple of years.
It's illegal to leave the current policy running on my bike for another 2 months after it's been traded in since i will no longer own it and that's a cancellation condition for my policy. Also, if a claim is made when i no longer own it, it will go against my insurance which would still be active.
What are my options for rescuing that NCB with only 2 months left?
- Buy a 2nd mundane bike and transfer the policy there for 2 months, flip the bike and hope to lose less than the ~£300ish (after policy change fees) refund i would receive for transferring the NCB to my new bike.
- ???
PurpleMoonlight said:
Are you really going to save any money?
How much of the £1000 will you get back after two months?
I'm betting on around £350, I'd never get the full £500 difference. Quotes for year 3 insurance don't seem to vary as much with 2 years vs 1 years ncb so it's really just this saving I'm aiming for.How much of the £1000 will you get back after two months?
2 sMoKiN bArReLs said:
and you can't insure an item in which you don't have an insurable interest
Yeah that's what stops me just leaving my policy to run to completion. 2 months with the bike on sale and being test ridden == chance of a claim I'd reckon.I've scored a £150 Chinese 50cc. It's a 2014 with 5k miles. The damaged fairing A suggests it ejected a past rider at some point. Collect next week, I'll take my recip saw to be sure that it fits in the boot of a golf.
Dog Star said:
Just leave the insurance running - what on earth is likely to happen? Absolutely nothing.
Not worth it for the sake of £150 to be squeaky clean: http://www.whitedalton.co.uk/motorbike-blog/2013/1...Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff