What is "Impound Insurance"??
Discussion
I've seen a bike on Marketplace and I have to say, alarm bells are ringing a bit but I thought I'd ask for advice here. This guy is selling the bike very cheaply. It's only a 125, but he's basically selling it for the cost of the impound fees covered.
He says you need impound insurance to get it out. He also says you sign some paperwork at the Police Station to get it out and we could sign over the V5 etc. there. I'm thinking it sounds really odd, but surely if that's all done at a Police Station it's fairly safe?
My OH thinks they'll follow us home and rob us! She might be right.
So, what is impound insurance and is there a strong possibility of me being robbed or murdered for this bike?! It does sound too good to be true...
He says you need impound insurance to get it out. He also says you sign some paperwork at the Police Station to get it out and we could sign over the V5 etc. there. I'm thinking it sounds really odd, but surely if that's all done at a Police Station it's fairly safe?
My OH thinks they'll follow us home and rob us! She might be right.
So, what is impound insurance and is there a strong possibility of me being robbed or murdered for this bike?! It does sound too good to be true...
blue_haddock said:
The bike has been seized due to not being insured so you need a specific type of cover to get it back out.
I would be vary wary as if they havent insured it what else have the scrimped on and missed out?
Plus has it got a 'history' of parking fine, speeding tickets etc
For the price, I'd not be too worried if I'm honest. If he sells it to me while it's in there, could I not remove it on regular insurance or is that a no no?I would be vary wary as if they havent insured it what else have the scrimped on and missed out?
Plus has it got a 'history' of parking fine, speeding tickets etc
you wont get more than half a mile before your hijacked.
You go to the police with insurance cover to get the bike released (which the seller cant afford)
he photocopies the v5 and gets you to sign the fake and give him some money.
His mates will be in a van round the corner which will follow you and then hijack when coast is clear.
Not only would i avoid, id be showing dibble the ad.
You go to the police with insurance cover to get the bike released (which the seller cant afford)
he photocopies the v5 and gets you to sign the fake and give him some money.
His mates will be in a van round the corner which will follow you and then hijack when coast is clear.
Not only would i avoid, id be showing dibble the ad.
TroubledSoul said:
For the price, I'd not be too worried if I'm honest. If he sells it to me while it's in there, could I not remove it on regular insurance or is that a no no?
I dont think all policies cover removing it from the pound plus its not as straight forward as you buying it off him and then getting it out.I think he needs to get the policy and remove it, its done to stop anyone going along with their insurance to remove itwhilst still uninsured.
Its VERY dodgy!
TroubledSoul said:
Yeah it does sound very dodgy, but it may be with the coming 6 points he can't get insured, can't afford the release fee etc. If I went for it I'd be putting it in my van, not riding off on it. I'm 50/50 whether it's worth the risk tbh. It's probably not worth it.
The upside is, of course, a very good price. Take it away in a van - yes.
Take at least one (or even two) big friends with you to help you wheel it into the van - yes.
Make sure you live a good way away from the area that the current owner lives in (i.e. hundred miles or so) - yes.
Make sure that the current owner doesn't find out your address - yes.
In short, take lots of precautions. Let us know how you get on.
From the vendors point of view if he can't get insurance the vehicle will be scrapped/sold and he will get nothing. Presumably the sale price exceeds the impound fee which is raising daily, also there is the possibility that the pound will not release to you as the paperwork is in his name need to check this carefully.
Basically a few hundred quid for a bike worth around a grand. I live about 70 miles away. As far as I can tell, it was up for twice as much a few days ago. It gets crushed tomorrow... He'll have fees and disposal fee to pay still. I just can't quite understand how he doesn't have a mate or family member that would stump up the fee. Perhaps the cost of insurance on top is just too much, I don't know.
ETA: You also need a CBT to get the bike out. Maybe that explains why he hasn't got any help?
ETA: You also need a CBT to get the bike out. Maybe that explains why he hasn't got any help?
Edited by TroubledSoul on Wednesday 5th February 13:25
TroubledSoul said:
Basically a few hundred quid for a bike worth around a grand. I live about 70 miles away. As far as I can tell, it was up for twice as much a few days ago. It gets crushed tomorrow... He'll have fees and disposal fee to pay still. I just can't quite understand how he doesn't have a mate or family member that would stump up the fee. Perhaps the cost of insurance on top is just too much, I don't know.
ETA: You also need a CBT to get the bike out. Maybe that explains why he hasn't got any help?
I'd say that's likely what the problem is - they won't release it to him without it being insured, and he can't insure it for sensible money. His mates won't be able to insure it, even if they have a CBT.ETA: You also need a CBT to get the bike out. Maybe that explains why he hasn't got any help?
They'll be hounding him for however much the fee is for it being in the impound yard, incrementing daily, then they'll scrap it. Again he won't have the money.
Tbh it sounds like it might be worth the hassle if it's cheap enough. Take cash, and a sensible head.
Sounds entirely reasonable to me, I used to run building sites and this type of thing happened weekly.
Go in eyes open obviously, I doubt you can inspect it, let alone test ride until you've got it out.
Once it is out will the seller be as amenable to a discount... as long as it's local and the seller isn't too neanderthal, I'd take a chance.
Go in eyes open obviously, I doubt you can inspect it, let alone test ride until you've got it out.
Once it is out will the seller be as amenable to a discount... as long as it's local and the seller isn't too neanderthal, I'd take a chance.
A500leroy said:
you wont get more than half a mile before your hijacked.
You go to the police with insurance cover to get the bike released (which the seller cant afford)
he photocopies the v5 and gets you to sign the fake and give him some money.
His mates will be in a van round the corner which will follow you and then hijack when coast is clear.
Not only would i avoid, id be showing dibble the ad.
Is A500leroy a pseudonym for Enid Blyton.You go to the police with insurance cover to get the bike released (which the seller cant afford)
he photocopies the v5 and gets you to sign the fake and give him some money.
His mates will be in a van round the corner which will follow you and then hijack when coast is clear.
Not only would i avoid, id be showing dibble the ad.
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