Car Insurance car swap

[The_Nugget]

Does this sound right?

Policy in force on current car until July.

I am selling a vehicle today 27/03.
A new vehicle is arriving on Mon 03/04.

Called Insurance Company. They present 2 options.

1. Cancel Policy. Pay a £60 cancellation fee but receive refund for the portion not used of policy and get sent a net £53.
Call them on Monday 03/04 to re-instate policy with new vehicle and receive the cancellation fee back as a deduction on re-instated policy cost. I can only do that on Monday, they can’t set it up to start from Monday, I have to call them then.

2. Leave the current car on policy (even though I won’t own it or be driving it) and then call them on Monday to swap vehicles.

Option 1 seems a faff ( they can’t put the policy on hold or do the swap in advance to take effect on the day of delivery etc)
Option 2 seems a terrible idea and not sure why they are even providing it as an option?

I went for Option 1. Was just interested in if that is how it is usually done?

[Dingu]

Take option 1.

And yes, quite normal if that’s the only way their systems can update MID etc to show your old car as no longer insured by them. Not really sure why 2 was offered as it’s a pretty terrible idea, albeit likely low risk - the possible consequences likely aren’t worth the hassle reduction.

ETA - it wouldn’t be surprising if reinstatements have to be immediately and therefore you calling back is necessary, pretty sure that’s how one of the main systems used operates.

[The_Nugget]

Thanks. I went for Option 1. It just seemed strange that what must be a relatively common scenario seemed quite convoluted.

[MustangGT]

Most insurance companies I have worked with are quite happy to set up, temporarily pause a policy days in advance, provided you let them know the specific car details. Which company do I need to avoid?

[BertBert]

Well I'd take a flyer and go for option 2. But I like to live dangerously

[wpa1975]

In the past I have suspended the policy for the few days, much easier than option 1 which seems a complete faff to me.

[Jonny_gti]

I work for one of the large insurance companies and option 2 here is actually the norm.

[MustangGT]

Jonny_gti said:

I work for one of the large insurance companies and option 2 here is actually the norm.

It maybe, but is something I would never do. The risk for those few days is not worth it. As soon as car is sold the insurance is either suspended or cancelled.

[alscar]

Too late now to help but Option 1 not only seems a faff but will cost you more money overall.
Tbh cancelling your policy to then take out a fresh one when you get your new car just seems wrong.
Which company is this ?

[QBee]

Option 1 at least allows you to shop around for a better deal for the replacement, rather than getting stung for whatver un-discounted premium they feel like charging you for the replacement under option 2.
Having gone option 1, then at least get some cross-quotes before notifying them of the new car, so that you can haggle.

[alscar]

QBee said:

Option 1 at least allows you to shop around for a better deal for the replacement, rather than getting stung for whatver un-discounted premium they feel like charging you for the replacement under option 2.
Having gone option 1, then at least get some cross-quotes before notifying them of the new car, so that you can haggle.

Not sure haggling worked too well when the OP tried to call them the first time.A better option should have been " negotiated " at that point namely please suspend /cancel cover on my now sold car and I want the cover on the new car to start on Monday but I don't want the policy cancelled per se .
I suspect that the original Insurer and policy were selected on price though and arguably service all too often appears not to come with this.