How to buy a new car, sell old one privately/insurance/sorn
Discussion
My wife and I have just bought a new car, which we pick up on Wednesday/Thursday, and we then intend to sell the old car privately. We can easily switch her current insurance policy over to the new car, but how do we keep the old car legal, and able to be test-driven by any potential buyers? Would we have to take out a new insurance policy for the old car? Apparently if it wasn't insured we'd have to SORN it, which ain't an ideal selling platform. Help!
Wulliewallace said:
My wife spoke to her insurance company. £25 per day to insure it! I'm thinking taking out a new policy, and cancelling it when the car sells is the only real option now.
Get her to take out a new policy on the old car mirroring the no claims bonus she has already earned. Most insurance companies do this. She will then have two insured cars both on the same no claims bonus discount. One will be sat on the drive or street whilst she drives the other. When you sell the old car,(btw never ever get out of the car on the test drive unless you have the keys in your hand), just cancel that insurance policy and you will be charged a pro rate insurance fee based on the annual cost.
It will not be £25 per day.
Cheers,
Tony
Wulliewallace said:
My wife spoke to her insurance company. £25 per day to insure it! I'm thinking taking out a new policy, and cancelling it when the car sells is the only real option now.
If you intend to cancel after the 14 days cooling off period, make sure you are aware of the cancellation fee as it can be significant.Tony427 said:
Get her to take out a new policy on the old car mirroring the no claims bonus she has already earned. Most insurance companies do this. She will then have two insured cars both on the same no claims bonus discount. One will be sat on the drive or street whilst she drives the other.
When you sell the old car,(btw never ever get out of the car on the test drive unless you have the keys in your hand), just cancel that insurance policy and you will be charged a pro rate insurance fee based on the annual cost.
It will not be £25 per day.
Cheers,
Tony
Basically what I just tried to do online, but I read on the comparison site that u cannot use ur no claims on 2 cars, and the quote for 3Rd party f&t, driving for pleasure only at 1k miles per year was extortionate with no no claims. When you sell the old car,(btw never ever get out of the car on the test drive unless you have the keys in your hand), just cancel that insurance policy and you will be charged a pro rate insurance fee based on the annual cost.
It will not be £25 per day.
Cheers,
Tony
Aviva happily mirrored my insurance/no claims. Three cars in the family, two drivers. Extra cost for an MR2 Roadster for four months was minimal.
The above isn't that relevant but as stated by others, I couldn't do it online. By phone it took about a three minutes as my attempt to try it online meant they had all of the car details to hand.
The above isn't that relevant but as stated by others, I couldn't do it online. By phone it took about a three minutes as my attempt to try it online meant they had all of the car details to hand.
So here's the latest state of affairs..
The wife contacted her insurance company, who said they don't mirror no claims, but she could get insured on the new car with 0 years no claims, then they'd swap the cars over once we've sold the old one, with a cancellation fee of £55 on top of the £85 initial payment. I'm not sure if the cover pro rata would also be charged.
She has also got quotes for temporary insurance - the best being £97 for 2 weeks cover.
I have since got a separate quote for 3rd party fire and theft (surely I don't need fully comp when the car will only leave the driveway for a test drive) driving 1000 miles per year, social only, with 0 years no claims. The installments are 1 * £28.14, 11*£31.16. The cancellation fees are £20 in the 1St 2 weeks plus a proportion of the cover to date. So for 2 weeks cover we'll pay £20(fee)+£14.07(2 weeks cover)=£34.07. 1 month cover would be £55(fee)+£28.14(one months cover)=£78.14. Am I missing something or is taking out this new policy and cancelling once the car sells the only real way to go? We're planning to price the car to sell quickly.
The wife contacted her insurance company, who said they don't mirror no claims, but she could get insured on the new car with 0 years no claims, then they'd swap the cars over once we've sold the old one, with a cancellation fee of £55 on top of the £85 initial payment. I'm not sure if the cover pro rata would also be charged.
She has also got quotes for temporary insurance - the best being £97 for 2 weeks cover.
I have since got a separate quote for 3rd party fire and theft (surely I don't need fully comp when the car will only leave the driveway for a test drive) driving 1000 miles per year, social only, with 0 years no claims. The installments are 1 * £28.14, 11*£31.16. The cancellation fees are £20 in the 1St 2 weeks plus a proportion of the cover to date. So for 2 weeks cover we'll pay £20(fee)+£14.07(2 weeks cover)=£34.07. 1 month cover would be £55(fee)+£28.14(one months cover)=£78.14. Am I missing something or is taking out this new policy and cancelling once the car sells the only real way to go? We're planning to price the car to sell quickly.
Have you bought the car from a dealer or private.
Some dealers offer drive away insurance usually valid for 7 days.
Not fantastic i know but if you could manage to sell your old car in a week.......job done.
Alternatively if again from a dealer hold off collecting the new car until the old one is sold then swap insurance details for the new car.....again job done
Some dealers offer drive away insurance usually valid for 7 days.
Not fantastic i know but if you could manage to sell your old car in a week.......job done.
Alternatively if again from a dealer hold off collecting the new car until the old one is sold then swap insurance details for the new car.....again job done
TJC46 said:
Have you bought the car from a dealer or private.
Some dealers offer drive away insurance usually valid for 7 days.
Not fantastic i know but if you could manage to sell your old car in a week.......job done.
Alternatively if again from a dealer hold off collecting the new car until the old one is sold then swap insurance details for the new car.....again job done
Holding off would be ideal, but expensive. We got a decent discount as it's the end of the month, on the premise that we bought it by Thursday. Some dealers offer drive away insurance usually valid for 7 days.
Not fantastic i know but if you could manage to sell your old car in a week.......job done.
Alternatively if again from a dealer hold off collecting the new car until the old one is sold then swap insurance details for the new car.....again job done
Sad, your insurance company is not being helpful. I have always taken out a new policy on buying an additional, replacement car no problem getting matched no claims. I did find insurers wanted stupid money to cover old car for a month
Get a new policy for the new car with matched no claims. Cancel the old policy when you sell the old car and use the letter showing no claims for the new policy.
Get a new policy for the new car with matched no claims. Cancel the old policy when you sell the old car and use the letter showing no claims for the new policy.
Wulliewallace said:
Holding off would be ideal, but expensive. We got a decent discount as it's the end of the month, on the premise that we bought it by Thursday.
You can, or should I say have already bought it before Thursday.........just do not collect it till later, ideally after you have sold your old car ! 
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