What to do with insurance when switching vehicles?
Discussion
Hi, I have searched for this topic but nothing useful comes up.
In the past when I've switched vehicles, I've generally tried to time it so that I buy a new one when my insurance runs out, or do it through a dealer so that I can change my vehicle on insurance in an instant (part exchange to dealer).
Just wondering what others do, and if there's a better way round this when buying privately? What do you do for the period between selling your current vehicle, and purchasing your new one? In the situation where you need to sell your current vehicle to have the funds for your new one, you then can spend a week or two searching for your new vehicle.
You don't want insurance to remain valid for the vehicle you've sold, but you don't want to cancel to have to start your no claims build up again.
Is there a solution, or is it just the way it is?
In the past when I've switched vehicles, I've generally tried to time it so that I buy a new one when my insurance runs out, or do it through a dealer so that I can change my vehicle on insurance in an instant (part exchange to dealer).
Just wondering what others do, and if there's a better way round this when buying privately? What do you do for the period between selling your current vehicle, and purchasing your new one? In the situation where you need to sell your current vehicle to have the funds for your new one, you then can spend a week or two searching for your new vehicle.
You don't want insurance to remain valid for the vehicle you've sold, but you don't want to cancel to have to start your no claims build up again.
Is there a solution, or is it just the way it is?
Er, you have misunderstood the question. As they say on the railways. 'Mind the Gap!'
What insurable interest does the OP have in a vehicle he has sold to another party?
In 50 years it has never been an issue with any of the ones I have used. My entitlement has simply been reapplied to the new policy.
What insurable interest does the OP have in a vehicle he has sold to another party?
OP said:
What do you do for the period between selling your current vehicle, and purchasing your new one.
OP, why not speak to your insurer before assuming that you will have to start from scratch rebuilding your NCB?In 50 years it has never been an issue with any of the ones I have used. My entitlement has simply been reapplied to the new policy.
Sorry, I was unclear on my question. I know that NCB remains valid for up to 2 years (or however long) of no insurance, I meant more in terms of building up the no claims. Say I'm 8 months in to building up 5 years no claims, if I were cancel at that point, everything I'd built between 4-5 years would be lost, is that right?
So I'd end up going back to having 4 years no claims instead of 4 and 8 months, if that makes sense.
From what others have said, asking insurers to 'hold' the insurance seems to be an option, so I'll look into that! Thanks
So I'd end up going back to having 4 years no claims instead of 4 and 8 months, if that makes sense.
From what others have said, asking insurers to 'hold' the insurance seems to be an option, so I'll look into that! Thanks
chrispwill said:
Sorry, I was unclear on my question. I know that NCB remains valid for up to 2 years (or however long) of no insurance, I meant more in terms of building up the no claims. Say I'm 8 months in to building up 5 years no claims, if I were cancel at that point, everything I'd built between 4-5 years would be lost, is that right?
So I'd end up going back to having 4 years no claims instead of 4 and 8 months, if that makes sense.
From what others have said, asking insurers to 'hold' the insurance seems to be an option, so I'll look into that! Thanks
If you stop the policy, and don't start another, you will still have 4 years NCD.So I'd end up going back to having 4 years no claims instead of 4 and 8 months, if that makes sense.
From what others have said, asking insurers to 'hold' the insurance seems to be an option, so I'll look into that! Thanks
If you transfer the policy to the new car, then in 4 months you'll have 5 years NCD, assuming no claims are made.
In reality, the difference between 4 and 5 years NCD will probably be small.
mcflurry said:
If you stop the policy, and don't start another, you will still have 4 years NCD.
If you transfer the policy to the new car, then in 4 months you'll have 5 years NCD, assuming no claims are made.
In reality, the difference between 4 and 5 years NCD will probably be small.
My point was you cannot transfer the policy to the new car, if you haven't bought the new car. What do you do in that limbo period between selling the old car, and buying the new one?If you transfer the policy to the new car, then in 4 months you'll have 5 years NCD, assuming no claims are made.
In reality, the difference between 4 and 5 years NCD will probably be small.
It depends on your insurers view, as someone said you may be able to suspend the policy.
I would ring them as soon as you sell you old car, and tell them - this is important. See what they say, they may not care, if they want you to put another car on cover, tell them you are going to look at one tomorrow and you'll let them know. Then sting it out as long as you need. The likelihood is they will keep taking your money.
It's likely if the insurer want to forcibly cancel the policy they have to give you written notice, they can't just do it there and then.
I would ring them as soon as you sell you old car, and tell them - this is important. See what they say, they may not care, if they want you to put another car on cover, tell them you are going to look at one tomorrow and you'll let them know. Then sting it out as long as you need. The likelihood is they will keep taking your money.
It's likely if the insurer want to forcibly cancel the policy they have to give you written notice, they can't just do it there and then.
I've just been through all this myself. Pain in the arse.
Hate insurance with a passion. Loophole this loophole that.
Why can't it just be made easy!
In the end I switched cars to keep my NCB and put other car on temporary for 39 a month. May sell it in a couple of months but unsure. Bit of a pain...
Hate insurance with a passion. Loophole this loophole that.
Why can't it just be made easy!
In the end I switched cars to keep my NCB and put other car on temporary for 39 a month. May sell it in a couple of months but unsure. Bit of a pain...
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