Car insurance without a car
Discussion
I'm currently selling my car and will be without one for a few weeks while I await delivery of the replacement.
If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
a said:
I'm currently selling my car and will be without one for a few weeks while I await delivery of the replacement.
If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
Yes, but only if the new owner doesn't get their own insurance. Your insurer will be the sole insurer for the vehicle on the MID. If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
I would leave it insured if it's only a couple of weeks
Many people do this.
I wouldn't shout about it, though.
No claims is usually valid for 2 years after the last policy ended. However if you have say 11 months and 2 weeks of a policy and cancel it, you will get an additional years NCB for that year.
Many people do this.
I wouldn't shout about it, though.
No claims is usually valid for 2 years after the last policy ended. However if you have say 11 months and 2 weeks of a policy and cancel it, you will get an additional years NCB for that year.
Some insurance companies provide a function called "suspension" where you effectively pause the insurance which means you're no longer showing as insured against said vehicle and you can then resume the cover when you have the new vehicle. Keeps your policy intact and your NCD ticking over.
In regards to your question about if the new owner gets in to an accident, if the new owner doesn't take out new insurance or the MID takes a while to update and they have an incident then you will show as an insurance hit on Experian (this is an upgraded version of MID) when the registration of the sold vehicle is looked up.
I'd personally ask if your insurance provider offers suspension and if not, leave it running.
In regards to your question about if the new owner gets in to an accident, if the new owner doesn't take out new insurance or the MID takes a while to update and they have an incident then you will show as an insurance hit on Experian (this is an upgraded version of MID) when the registration of the sold vehicle is looked up.
I'd personally ask if your insurance provider offers suspension and if not, leave it running.
Some companies will let you have a couple of weeks 'off' if you are planning a replacement imminently. Talk to your company, tell them you plan to sell it and replace it in a couple of weeks, see what they say. I personally would not leave it insured after sale for the reason given above, do you want your insurance company to be liable if the new owner has an accident, bearing in mind it would affect your no claims?
Forgot to add, if they did have an accident and you showed up as the insured, if you provide evidence you had sold the vehicle and provide the new owner details then the claim would be rejected by your company.
Although you're down as the insured it's clearly not your car and your tie-ins with it have effectively ended.
Although you're down as the insured it's clearly not your car and your tie-ins with it have effectively ended.
Edited by Iambatman on Wednesday 19th April 13:52
thebigmacmoomin said:
Just speak to your insurer and explain the situation. You wont be the first person this has happened to so they should have something in place.
Nope, you can technically only insure a car you own. When you sell it, they will cancel your policy.I would tell the new buyer that it is not insured anymore and ask to see proof of insurance before you will let them test drive it, if you've not sold it already.
a said:
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
Fifteen quid, you say?http://www.visordown.com/news/general/biker-may-be...
TooMany2cvs said:
Fifteen quid, you say?
http://www.visordown.com/news/general/biker-may-be...
And loss of NCB...http://www.visordown.com/news/general/biker-may-be...
I'll ask about insurance suspension, that seems like the way to go if it's available.
a said:
I'm currently selling my car and will be without one for a few weeks while I await delivery of the replacement.
If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
Wouldn't do that - if the new owner either accidentally or purposefully drives without insurance and they're to blame for a multi-vehicle accident, who's insurer would pay out? Yours. Depending on the severity of the accident and injuries sustained by people, then that could easily be a 6-figure payout.If I cancel my insurance I think there's a £15 admin fee to pay. Also I'm not sure what happens to my no claims bonus if I have a period with no car?
Is it OK if I forget to inform the insurance company that I have sold my car for a couple of weeks? If the new owner gets in an accident could it somehow lead back to me?
xjay1337 said:
I would leave it insured if it's only a couple of weeks
caelite said:
I echo xjay, if it's only a couple of weeks I would leave it to avoid the fee and to gain the extra years NCB.
Madness.xjay1337 said:
Did that ever actually get to court?
I very much doubt that the Ombudsman would allow that to happen.
There was already a legal precedent, from 2001.I very much doubt that the Ombudsman would allow that to happen.
http://www.whitedalton.co.uk/motorbike-blog/2014/1...
Edited by TooMany2cvs on Wednesday 19th April 14:29
xjay1337 said:
Oops.
Fair enough - check they have insurance then in that case lol.
I wouldn't even advise that.Fair enough - check they have insurance then in that case lol.
Buyer shows up with a valid insurance certificate, takes the vehicle away, buyer cancels insurance policy under the 14 day cooling off period (or defaults on payment), seller of vehicle still liable if the the buyer has an accident and the 'old' policy is still in place.
Only way to prevent the above stories from happening is to cancel the insurance. A loss of one year's NCB is nothing compared to some of the horror stories above.
Just try and time it better next time.
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