decision to be made asap.
Discussion
nothing to do with business or anything unfortunaley! just personal finances to be honest. im not going to reveal excat figures for obvious reasons but anyway here goes.
im 20 years old and moving out of home in a few weeks time. i currently own a EP3 type r, i would be in a more than comfortable position to run or upgrade if i stayed at home but however im moving out... (SELLING THE CAR IS THE LAST OPTION AND IS TO BE AVOIDED AT ALL COSTS)
i need near on £1000 ASAP, and the only viable way i can see of obtaining this... is to cancel my car's insurance policy and SORN the car which will result in me having £1000 easily, if not more. (the £1000 is needed for deposit and so on)
if i was to cancel it, i would probably lose my no claims... but i plan to re-insure it at a later point (issue is i dont know when this later point is, probably when im comfortable potentially one year's time or so thus itd be off the road for this period of time...)
the question i put to you all is - would you sell the car or keep it at all costs just because you like the car even though you know it will probably drop in value sitting there doing nothing? another worry is if it got stolen id lose everything associated with the car... because theres no insurance on it maybe insure it on my grandma's name so its just insured?
im 20 years old and moving out of home in a few weeks time. i currently own a EP3 type r, i would be in a more than comfortable position to run or upgrade if i stayed at home but however im moving out... (SELLING THE CAR IS THE LAST OPTION AND IS TO BE AVOIDED AT ALL COSTS)
i need near on £1000 ASAP, and the only viable way i can see of obtaining this... is to cancel my car's insurance policy and SORN the car which will result in me having £1000 easily, if not more. (the £1000 is needed for deposit and so on)
if i was to cancel it, i would probably lose my no claims... but i plan to re-insure it at a later point (issue is i dont know when this later point is, probably when im comfortable potentially one year's time or so thus itd be off the road for this period of time...)
the question i put to you all is - would you sell the car or keep it at all costs just because you like the car even though you know it will probably drop in value sitting there doing nothing? another worry is if it got stolen id lose everything associated with the car... because theres no insurance on it maybe insure it on my grandma's name so its just insured?
It's up to you....
If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
Spartan luke said:
Could you not ask a close relative to lend you the money, if not i will buy ur car for a 1000 if u want 
lol no thanks, and i dont like borrowing off anyone. the car in question is worth alot more than 1000 :P id get 1000 off the insurance alone though. just means i wont be able to use it...
dilbert said:
It's up to you....
If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
where can i get such a policy like this? il take one out if its possible. If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
No-claims is generally usable up to 2 years after the last insurance expired, you would just lose the current policy obviously since it's under a year.
As for the car - I would sell it and put the money in a savings account, you seem to be a bit short of money so it will be useful as a "buffer zone". Also in a year you might have your eye on another car, or just want a cheap runaround.
edit: I guess you have figured out the refund already? It does scale and you don't get a pro-rata refund, then they will take a small admin fee.
As for the car - I would sell it and put the money in a savings account, you seem to be a bit short of money so it will be useful as a "buffer zone". Also in a year you might have your eye on another car, or just want a cheap runaround.
edit: I guess you have figured out the refund already? It does scale and you don't get a pro-rata refund, then they will take a small admin fee.
Edited by Gareth79 on Thursday 3rd June 17:28
I'd sell it if you cannot borrow the money, but i'm sure you've already tried to beg / steal or borrow.
The car, no matter how expensive and good it is, unless it's an absolute classic is normally one of the first things to go in families to free up cash.
Sell it and see if you can transfer your policy as a named driver on someone elses policy, parents maybe? With the view that you will pay the premium and not drive their car, just so you can keep your NCD. I think this is possible? From what you've said you will loose NCD if you cancel, this must be your first years insurance? If not you should retain it....
That way, you will have to accept the loss of your car but you are likely to save on any future premiums instead of putting you back to square 1 and you get your deposit.
I can imagine a Type-R at 20 is costing a lot. Time to be realistic and prioritise for a year or so whilst you get yourself sorted.
The car, no matter how expensive and good it is, unless it's an absolute classic is normally one of the first things to go in families to free up cash.
Sell it and see if you can transfer your policy as a named driver on someone elses policy, parents maybe? With the view that you will pay the premium and not drive their car, just so you can keep your NCD. I think this is possible? From what you've said you will loose NCD if you cancel, this must be your first years insurance? If not you should retain it....
That way, you will have to accept the loss of your car but you are likely to save on any future premiums instead of putting you back to square 1 and you get your deposit.
I can imagine a Type-R at 20 is costing a lot. Time to be realistic and prioritise for a year or so whilst you get yourself sorted.
Edited by briers on Thursday 3rd June 17:30
Gareth79 said:
No-claims is generally usable up to 2 years after the last insurance expired, you would just lose the current policy obviously since it's under a year.
As for the car - I would sell it and put the money in a savings account, you seem to be a bit short of money so it will be useful as a "buffer zone". Also in a year you might have your eye on another car, or just want a cheap runaround.
edit: I guess you have figured out the refund already? It does scale and you don't get a pro-rata refund, then they will take a small admin fee.
figured the refund already. paid for the policy in full and me being 20 in a ep3 wasnt that cheap lol. hence £1000 ish back straight away. As for the car - I would sell it and put the money in a savings account, you seem to be a bit short of money so it will be useful as a "buffer zone". Also in a year you might have your eye on another car, or just want a cheap runaround.
edit: I guess you have figured out the refund already? It does scale and you don't get a pro-rata refund, then they will take a small admin fee.
Edited by Gareth79 on Thursday 3rd June 17:28
by my thinking, wouldnt be long till i got it re-insured... if im sensible and dont go blowing £170 on a night out like i did last week lol... im beginning to regret some things iv spent my money on! lol..
briers said:
I'd sell it if you cannot borrow the money, but i'm sure you've already tried to beg / steal or borrow.
The car, no matter how expensive and good it is, unless it's an absolute classic is normally one of the first things to go in families to free up cash.
Sell it and see if you can transfer your policy as a named driver on someone elses policy, parents maybe? With the view that you will pay the premium and not drive their car, just so you can keep your NCD. I think this is possible? From what you've said you will loose NCD if you cancel, this must be your first years insurance? If not you should retain it....
That way, you will have to accept the loss of your car but you are likely to save on any future premiums instead of putting you back to square 1 and you get your deposit.
I can imagine a Type-R at 20 is costing a lot. Time to be realistic and prioritise for a year or so whilst you get yourself sorted.
not begged dad yet haha, and cant transfer policy to anyone's car everyone has their own policies, sister has her own on her mini, dad has his own, mum has her own and my brother isnt old enough to drive unfortunaley...The car, no matter how expensive and good it is, unless it's an absolute classic is normally one of the first things to go in families to free up cash.
Sell it and see if you can transfer your policy as a named driver on someone elses policy, parents maybe? With the view that you will pay the premium and not drive their car, just so you can keep your NCD. I think this is possible? From what you've said you will loose NCD if you cancel, this must be your first years insurance? If not you should retain it....
That way, you will have to accept the loss of your car but you are likely to save on any future premiums instead of putting you back to square 1 and you get your deposit.
I can imagine a Type-R at 20 is costing a lot. Time to be realistic and prioritise for a year or so whilst you get yourself sorted.
Edited by briers on Thursday 3rd June 17:30
the car is liquid assest (doesnt have to be sold) i could get £1000 easily if i was given more time (one month more ish which isnt that long)... that is the thing... :/
Edited by typer0612 on Thursday 3rd June 17:35
sell the car. if you have to scrape around for cash whlist having it you are not in as much control of your finances as you think. sorry but thats the truth. when you move out from your parents place, whether you rent or even moreso if you buy, you will get hit with so many more outgoings that you will be needing lots more £1000s
stevoknevo said:
Sell it, buy a cheap run about to keep you mobile and you have the money you need and probably a bit left over. Easy peasy.
got dads / sister / mums car to use (insured on all of them) not to mention im also insured on my best friend's fiesta st lol.it will only take me a month or so to obtain £1000... a very tempoary thing... and i owe nothing on my ep3 and if i plan carefully... i should have it back in a few months time 3-6months to be safe...
not long at all i think...
Edited by typer0612 on Thursday 3rd June 17:43
siwebster said:
Extend your overdraft by £1000. Job done.
If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.
never had a overdraft mate, or any bank loan or charges in my account. dont really know how banks work, just get money and watch where it goes and it goes up lol... bit of a novice in life if im honest fella. If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.Edited by typer0612 on Thursday 3rd June 17:46
typer0612 said:
dilbert said:
It's up to you....
If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
where can i get such a policy like this? il take one out if its possible. If you SORN your car, you will still want insurance on it. What if it caught fire?
You can get policies that cover fire, theft and accidental damage only. These do not cover use of the vehicle on the road, only as a static object that is still vulnerable to damage like a house or an industrial building.
If you take out such a policy, which should be something like £30 for a year, then your NCB will remain on that policy, even though the policy will not allow the car to be used on the road.
HTH.
Edited by dilbert on Thursday 3rd June 17:47
typer0612 said:
siwebster said:
Extend your overdraft by £1000. Job done.
If it's that easy to put the cash back in a reasonably short time there's no point in fking about selling the car or canceling your insurance. Just pay your overdraft off quickly.
never had a overdraft mate, or any bank loan or charges in my account. If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.typer0612 said:
siwebster said:
Extend your overdraft by £1000. Job done.
If it's that easy to put the cash back in a reasonably short time there's no point in fking about selling the car or canceling your insurance. Just pay your overdraft off quickly.
never had a overdraft mate, or any bank loan or charges in my account. dont really know how banks work, just get money and watch where it goes and it goes up lol... bit of a novice in life if im honest fella. If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.Edited by typer0612 on Thursday 3rd June 17:46
Way quicker/less hassle/less cost that messing around with your insurance or advertising your car for sale
BigBen said:
typer0612 said:
siwebster said:
Extend your overdraft by £1000. Job done.
If it's that easy to put the cash back in a reasonably short time there's no point in fking about selling the car or canceling your insurance. Just pay your overdraft off quickly.
never had a overdraft mate, or any bank loan or charges in my account. If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.siwebster said:
typer0612 said:
siwebster said:
Extend your overdraft by £1000. Job done.
If it's that easy to put the cash back in a reasonably short time there's no point in fking about selling the car or canceling your insurance. Just pay your overdraft off quickly.
never had a overdraft mate, or any bank loan or charges in my account. dont really know how banks work, just get money and watch where it goes and it goes up lol... bit of a novice in life if im honest fella. If it's that easy to put the cash back in a reasonably short time there's no point in f
king about selling the car or canceling your insurance. Just pay your overdraft off quickly.Edited by typer0612 on Thursday 3rd June 17:46
Way quicker/less hassle/less cost that messing around with your insurance or advertising your car for sale
and itl feel like a rocket again when i get back into it after a couple of months, always gotta look on the positive side!
Edited by typer0612 on Thursday 3rd June 18:10
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