Ending/ cancelling / transferring insurance

[Santa-2512]

So looking at my current 2 bike dilemma,

It looks like the only way i can get things to work financially, without giving some CEO a wodge of free cash for nothing,

Is to run two separate policy's for the bikes

This means ending the current policy on the GS, and using the 11, sorry 9+ years of NCB on the new bike, and then starting a new 0 years NCB policy on the GS,

But I'm unsure how to go about it ,

Mention the C word ( cancelled) and it's red flag city. ( i don't want to cancel, i want to end - big difference)

Any of our more enlightened insurance persons suggest the best way to do things ?

 

[Ajay]

So looking at my current 2 bike dilemma,

It looks like the only way i can get things to work financially, without giving some CEO a wodge of free cash for nothing,

Is to run two separate policy's for the bikes

This means ending the current policy on the GS, and using the 11, sorry 9+ years of NCB on the new bike, and then starting a new 0 years NCB policy on the GS,

But I'm unsure how to go about it ,

Mention the C word ( cancelled) and it's red flag city. ( i don't want to cancel, i want to end - big difference)

Any of our more enlightened insurance persons suggest the best way to do things ?

The cancelled issue, is if the insurer does it, The insured can cancel, in fact if, for example you sold the bike, insurers would expect you to cancel, rather than continuing a policy on a vehicle you no longer own.
If you are mid policy term, talk to current provider, see what options are using current NCD on new bike. Insure your old bike with current provider, or shop around if you don't like the numbers

 

[Santa-2512]

The cancelled issue, is if the insurer does it, The insured can cancel, in fact if, for example you sold the bike, insurers would expect you to cancel, rather than continuing a policy on a vehicle you no longer own.
If you are mid policy term, talk to current provider, see what options are using current NCD on new bike. Insure your old bike with current provider, or shop around if you don't like the numbers

i'm not selling the bike, i want to take out a new policy on it i want to use the 11, sorry 9+ years ncb on the new bike

 

[wessie]

The cancellation penalty only applies if the underwriter terminates the policy due to breach of contract e.g. a failure to disclose a claim or penalty points on a licence.

You cancelling the policy under the T&C in the contract is a completely different matter. The process and percentage of premium to be returned should be listed in the policy document.

 

[Ajay]

i'm not selling the bike, i want to take out a new policy on it i want to use the 11, sorry 9+ years ncb on the new bike

Yes I get you're not selling the bike, & Wessie has explained the reason why YOU cancelling is not an issue, better than I did