Insurance cover when selling car

[paulguitar]

I've just bought a new car and have yet to sell my old one. I'm perplexed as to what the cheapest method is to be able to keep my old car insured to take potential buyers out for test drives.

AIUI, my options are:

1. Keep my current car insured, get a separate policy for my new car, then cancel the policy on the old car when it has sold. This will incur a £60 cancellation fee with my current insurers.

2. Update current insurance to the new car, have temporary cover on the old one until it has sold. They want over £100 to do this for one month.

The third, and by far the cheapest option is to change my insurance over to my new car and risk taking potential purchasers on a short drive to show the car I am selling works, but I am really not comfortable doing that uninsured.


Am I missing something, surely there is a cheaper way?

[plenty]

Take a look at Cuvva and Veygo - app-based insurance by the hour.

[jondude]

You could ask potential buyers to have their own insurance - is about £20-£40 a day fully comp. Or maybe they are allowed to drive your car on their own policy, which will be TPO then when driving your car.

If you would rather have them as passengers while you drive, my suggestion would be beef up the ads and moves to get this car sold, wait until you do and then transfer the NCD on that policy to the new car in full and simply. In essence, park the new car off road until the one insured is sold.

[Dingu]

Option 3 is beyond stupid.

Your best value options likely lie in some form of temporary cover, be that continuously insured through your insurer or specialist temporary provider on a temporary basis.

Or if you think it will take more than a couple of months to sell a new policy for the new car/old car may be worth it even with cancellation fee.

Or, if you could live with the loss of money if it was stolen or otherwise damaged park your old car off the road and get temporary cover (or insist the buyer obtains it for them to test drive it). Parking off the road and having any potential buyer who wants to test drive it obtain insurance being the cheapest option.

[TonyRPH]

jondude said:

You could ask potential buyers to have their own insurance - is about £20-£40 a day fully comp. Or maybe they are allowed to drive your car on their own policy, which will be TPO then when driving your car.

If you would rather have them as passengers while you drive, my suggestion would be beef up the ads and moves to get this car sold, wait until you do and then transfer the NCD on that policy to the new car in full and simply. In essence, park the new car off road until the one insured is sold.

DOC cover usually requires the vehicle to be insured, and only covers the temporary driver for third party damage.

[Glosphil]

Don't remember which insurance company I was with but on two occasions when buying a replacement car before I sold the current car I was given cover for both cars for a month at no extra cost with the proviso that only one of the cars was off my property at any one time.

[paulguitar]

Thanks, everyone.


I think I will just take out a separate policy on my new car and accept the £60 hit when I cancel the policy on the car I am selling.

[TwigtheWonderkid]

paulguitar said:

Thanks, everyone.


I think I will just take out a separate policy on my new car and accept the £60 hit when I cancel the policy on the car I am selling.

If this is your preferred option, i would do a substitution of car to your new car on your existing policy, and do a new policy on your old car, to be cancelled when you sell it.

[paulguitar]

TwigtheWonderkid said:

paulguitar said:

Thanks, everyone.


I think I will just take out a separate policy on my new car and accept the £60 hit when I cancel the policy on the car I am selling.

If this is your preferred option, i would do a substitution of car to your new car on your existing policy, and do a new policy on your old car, to be cancelled when you sell it.

Can you explain why this is the way to do it, please?

[HughG]

You get to keep the NCB on the new car.

Also if the old car sells quickly you can cancel in the cooling off period with no admin charge.

[paulguitar]

HughG said:

You get to keep the NCB on the new car.

Also if the old car sells quickly you can cancel in the cooling off period with no admin charge.

Ah, okay, thanks.

Can I not use my NCB on two cars?

[Chrisgr31]

When I had this I spoke to my existing insurer and just added a 2nd car to my existing policy. Then when I sold the original car cancelled the cover it. Was much cheaper than creating a new policy etc.

[C70R]

Chrisgr31 said:

When I had this I spoke to my existing insurer and just added a 2nd car to my existing policy. Then when I sold the original car cancelled the cover it. Was much cheaper than creating a new policy etc.

This just seems like the obvious and most sensible way to approach it.

[paulguitar]

C70R said:

Chrisgr31 said:

When I had this I spoke to my existing insurer and just added a 2nd car to my existing policy. Then when I sold the original car cancelled the cover it. Was much cheaper than creating a new policy etc.

This just seems like the obvious and most sensible way to approach it.

I'll call again, but they wanted over £100 to do this for one month.

[IAmTheWalrus]

paulguitar said:

Ah, okay, thanks.

Can I not use my NCB on two cars?

No, ncb only applies to the policy and cannot be shared over two policies. If it was a multi car policy then yes.

[C70R]

paulguitar said:

C70R said:

Chrisgr31 said:

When I had this I spoke to my existing insurer and just added a 2nd car to my existing policy. Then when I sold the original car cancelled the cover it. Was much cheaper than creating a new policy etc.

This just seems like the obvious and most sensible way to approach it.

I'll call again, but they wanted over £100 to do this for one month.

It's just hassle-free this way, but that is unfortunately the cost of not selling your car before you bought another. If you just factor the money into the purchase and sale, it's probably easier to absorb.

[essayer]

Transfer the policy to new car
Take out new policy for old car, cancel it in the cooling off period (before incurring a cancellation fee)

[mgv8]

As has been said above. Call the people you are insured with and ask them if they can do anything. In most cases, it will be yes and you will get the best deal.

[wpa1975]

C70R said:

paulguitar said:

C70R said:

Chrisgr31 said:

When I had this I spoke to my existing insurer and just added a 2nd car to my existing policy. Then when I sold the original car cancelled the cover it. Was much cheaper than creating a new policy etc.

This just seems like the obvious and most sensible way to approach it.

I'll call again, but they wanted over £100 to do this for one month.

It's just hassle-free this way, but that is unfortunately the cost of not selling your car before you bought another. If you just factor the money into the purchase and sale, it's probably easier to absorb.

Yes it is £100 but I have done this in the past. much safer option

[C70R]

essayer said:

Transfer the policy to new car
Take out new policy for old car, cancel it in the cooling off period (before incurring a cancellation fee)

And if the car doesn't sell in 14 days?

Sounds like a lot of faff.