Just sold my car... Insurance?

[SD1992]

I have just sold my car, but I still have an insurance policy that I want to keep running.

I am buying a new car very soon, but in the mean time is it possible for me to transfer my insurance to my Mum's car? It is already insured in her name, will that pose a problem?

Thanks for any replies

[TheGreatSoprendo]

Why do you want to keep it running if you've sold the car??

[SD1992]

TheGreatSoprendo said:

Why do you want to keep it running if you've sold the car??

Cancellation fee will be enormous!

[sparks_E39]

TheGreatSoprendo said:

Why do you want to keep it running if you've sold the car??

+1..

[giggity]

Just transfer it over or ask them to suspend it...?

[Magic919]

So leave it alone until you get the replacement car.

[iOversteer]

I was under the impression that a car can't be insured by two different companies?

[SD1992]

Ok that is the information I am looking for - will it cost me anything to suspend it?

[giggity]

Mine was FOC but they said no longer then 1 Month.

[Mars]

SD1992 said:

Ok that is the information I am looking for - will it cost me anything to suspend it?

CAn't possibly be any more than is outstanding on it, or you simply wouldn't pay, surely?

[Deva Link]

Magic919 said:

So leave it alone until you get the replacement car.

That's what I'd do if it's a shortish time - anything else has the potential to get messy and expensive.

[TheGreatSoprendo]

SD1992 said:

Cancellation fee will be enormous!

Really? How much do they want to cancel?

[Jayho]

I'm guessing one of the main reasons would be to help/keep building no claims?

And no, a car cannot be insured twice. On a few occasions my sister has tried to insure me on her car so I can do the long distance driving, but the premium for her insurers to cover me for the weekend were extortion. I knew my insurers would quite happily insure me on her car if it were not already insured.

[SD1992]

TheGreatSoprendo said:

Really? How much do they want to cancel?

I took the policy out last month, and to cancel they want the rest of it paid in full!

Think I will just leave it until I get the next motor, should only be a week at the most

[chriscpritchard]

Jayho said:

I'm guessing one of the main reasons would be to help/keep building no claims?

And no, a car cannot be insured twice. On a few occasions my sister has tried to insure me on her car so I can do the long distance driving, but the premium for her insurers to cover me for the weekend were extortion. I knew my insurers would quite happily insure me on her car if it were not already insured.

cars can be insured by 2 different companies, but they'll only pay out for their share of the risk (you can't get 2 pay outs) - if you get your insurers to agree that they'll pay out in full when you're driving, and one from the other insurers saying that they'll pay out when it's parked and when their insured are driving then it'd be fine. It's only when the same risk is insured twice that it starts getting dodgy e.g. if you're a named driver on two policies for the one car.

[Tom H]

chriscpritchard said:

cars can be insured by 2 different companies, but they'll only pay out for their share of the risk (you can't get 2 pay outs) - if you get your insurers to agree that they'll pay out in full when you're driving, and one from the other insurers saying that they'll pay out when it's parked and when their insured are driving then it'd be fine. It's only when the same risk is insured twice that it starts getting dodgy e.g. if you're a named driver on two policies for the one car.

I say no can't be done.
Due to insurable interest (can't insure something you don't own, exception being spouses vehicle).
Dual insurance - already insured

[chriscpritchard]

Tom H said:

I say no can't be done.
Due to insurable interest (can't insure something you don't own, exception being spouses vehicle).
Dual insurance - already insured

You can have an insurable interest in something you don't own, you have an insurable interest in the car if you're going to be driving it and if you're liable for any damage you cause (the may incur liability in respect thereof clause, or the fact that you benefit by the safety of the insurable property as you gain the benefit of the ability to drive it)

HMRC said:

“in any legal or equitablerelation to the adventure or to any insurable property at risk therein, in consequence of whichhe may benefit by the safety or due arrival of insurable property, or may be prejudiced by itsloss, or damage thereto, or by the detention thereof, or may incur liability in respect thereof”

[hairykrishna]

SD1992 said:

I took the policy out last month, and to cancel they want the rest of it paid in full!

Think I will just leave it until I get the next motor, should only be a week at the most

Really? That's insane. Normally the cancellation fee's about 20 quid.

[SD1992]

hairykrishna said:

Really? That's insane. Normally the cancellation fee's about 20 quid.

Welcome to the world of being a young driver

My last insurance company stung me for a £50 "administration" fee because I didn't want to renew my policy with them! Apparently it was in the small print when I took the policy out...

To the guys above - thanks for the info but I don't think I will bother. I won't be without a car for long so I will just leave it running until I get a new one

[Tom H]

chriscpritchard said:

You can have an insurable interest in something you don't own, you have an insurable interest in the car if you're going to be driving it and if you're liable for any damage you cause (the may incur liability in respect thereof clause, or the fact that you benefit by the safety of the insurable property as you gain the benefit of the ability to drive it)

HMRC said:

“in any legal or equitablerelation to the adventure or to any insurable property at risk therein, in consequence of whichhe may benefit by the safety or due arrival of insurable property, or may be prejudiced by itsloss, or damage thereto, or by the detention thereof, or may incur liability in respect thereof”

I agree that you are deriving a benefit of the property that is insured, thus having an insurerable interest. However this is the benefit of the property that's insured.

It still doesn't change the fact you can't in most cases insure the vehicle. Take the scenerio that you insure my car and write it off most insurers will send you a cheque as the insurance contract is between you and them, who is to say you will then give the money to me or replace my car.
You are financially better off and I'm left with nothing.

Yes I agree that it can be done but highly unlikely in this scenerio and with this insurer (although unknown) given that they will charge alot to cancel. This will increase costs if a claim should arise.

Coupled with the fact that I assume that there would be an increased risk (likelyhood of a claim) in the same way you don't drive a hire car in the same way as you would your own car.

What does HMRC say about dual insurance ?