Insurance - Sold Car
Discussion
I have just, around 20 minutes ago, sold my car. I just tried to call my insurance company to cancel the insurance (already done the Gov change of keeper bit) and they are closed. Only open until 13:00 on a Saturday and closed on Sunday.
This is a classic insurer, so I am not hugely surprised. I did leave a voicemail stating my policy, the car reg and the fact it has been sold and insurance should be cancelled.
However, where does this leave me? The chap who bought it claims he took insurance out before driving off, but I cannot confirm that (and he is an adult etc). If he has an accident tomorrow, since I can't cancel my insurance until Monday, will I/my insurance end up being liable?
This is a classic insurer, so I am not hugely surprised. I did leave a voicemail stating my policy, the car reg and the fact it has been sold and insurance should be cancelled.
However, where does this leave me? The chap who bought it claims he took insurance out before driving off, but I cannot confirm that (and he is an adult etc). If he has an accident tomorrow, since I can't cancel my insurance until Monday, will I/my insurance end up being liable?
- Why on earth would your insurance be liable? You are no longer the owner of the vehicle. The new owner is not on the insurance as a named driver.
If the police stopped him while driving it home and he had no insurance they’d impound it. They’re not going to let him on his way because you had insurance on it.
If the police stopped him while driving it home and he had no insurance they’d impound it. They’re not going to let him on his way because you had insurance on it.
NGee said:
Dog Star said:
If the police stopped him while driving it home and he had no insurance they’d impound it. They’re not going to let him on his way because you had insurance on it.
Probably very true, but that's not what the OP asked!Dog Star said:
Why on earth would your insurance be liable? You are no longer the owner of the vehicle. The new owner is not on the insurance as a named driver.
It doesn't matter who the owner is.If the only insurance policy on the car is the OP's it's that policy which will be claimed against if the new owner has a 3rd party clam.
OP's insurer might pursue him to recoup their loss but that's a separate issue.
disclaimer: I am not an insurance agent but my understanding is this:-
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
Mr Ted said:
disclaimer: I am not an insurance agent but my understanding is this:-
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
While technically it is illegal it is very common and perfectly normal for a couple of days during sale etc.If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
It's to avoid people car sharing by insuring the same car multiple times for whatever reason.
You have called to inform that's your duty done.
Wouldn't worry move on.
Mr Ted said:
disclaimer: I am not an insurance agent but my understanding is this:-
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
You can have as many insurance policies as you can afford to pay, but:If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
1. You must have a financial interest in the item being insured.
2. A claim can only be made against one policy.
Mr Ted said:
disclaimer: I am not an insurance agent but my understanding is this:-
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
It'a a good job you're not in insurance because you're wrong.If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
xjay1337 said:
Mr Ted said:
disclaimer: I am not an insurance agent but my understanding is this:-
If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
While technically it is illegal it is very common and perfectly normal for a couple of days during sale etc.If you sell a vehicle and the new owner insures it but your insurance is still running then, in the event of an accident, the fact that your cover is still in place means the new owners insurance is invalid as you can't have 2 policies covering the same vehicle so your insurer has to pay a third party claim BUT they can recover the cost from you as you have allowed an offence to be committed.
It's to avoid people car sharing by insuring the same car multiple times for whatever reason.
You have called to inform that's your duty done.
Wouldn't worry move on.
I thought that one of the principals of insurance is that you can’t cover anything that you do not have an interest in.
Car is sold you have no interest.
So car gets stolen you expect to get a pay out for it even though you have no interest in it as you sold it yesterday, I’m assuming you got paid for it
So your pride and joy gets stolen and is in volved in accident with thief at the wheel is your claim for the theft and the accident. I don’t think so it’s that what the industry fund is for?
Car is sold you have no interest.
So car gets stolen you expect to get a pay out for it even though you have no interest in it as you sold it yesterday, I’m assuming you got paid for it
So your pride and joy gets stolen and is in volved in accident with thief at the wheel is your claim for the theft and the accident. I don’t think so it’s that what the industry fund is for?
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