Annoying insurance dilemma

[leighavfc123]

i picked up my new 1299 panigale yesterday and rang my insurance to try to swap my insurance from my ktm exc250f to the panigale as the ktm is now sold. i only had 2 months left of the policy and a payment of £30 due at the end of the month so thought swap it over and re asses things upon renewal.

Was told they will not insure me on the panigale as its over £12.5k value, i said no worrys i have got cheaper quotes ill go with another company,

Was then hit with a £50 cancellation fee!! on a policy with only £30 remaining. Had to cancel as i needed my no claims to be issued and iv now missed out on another years no claim discount by 2 months.

Cant help but feel annoyed being charged more than the policy was worth just to cancel because they wont insure me.

I got many insurance quotes so never seen this being an issue , live and learn i guess

[DuckSauce]

I would have left the insurance running and just gone without a bike for 2 months, or done some temp cover for when you ride? Seems mad lose a year no claims over 2 months.

Will your new insurer do some sort of deal if you explain the circumstances?

[leighavfc123]

i said i would just let the policy run and was told its illegal to insure a vehicle once you have sold it which i had as the ktm has now been collected. Im sure there would have been a better way i could have handled it but as i needed the no claims held against to ktm in order to insure the ducati i had no choice but cancel

[sooty61]

I had a similar story with the insurance company named after a south coast fishing port. I was 6 months into the policy and changed for the same model bike but newer. They refused to insure it (it had a 3% larger engine) so they kept all the premium arguing I had cancelled the policy (it is on page 17 of the policy document sir if you cancel after 6 months) and I also lost 6 months NCB. All they would budge on was not charging me £35 admin fee on top. Thieves.