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Thread: Insurance ... yawn!

  1. #1
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    Insurance ... yawn!

    Having sold my bike today, I thought I'd better cancel my insurance. That was a mistake.

    It's not much but, it cost me £55, less £11 for the unused month as a refund. £44 out of pocket for "admin" charges. If I'd done nothing and let it run, no cost. Bollox!

  2. #2
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    If you'd done nothing and let it run... the new owner could've made a claim on it...

  3. #3
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    Quote Originally Posted by Warlord View Post
    If you'd done nothing and let it run... the new owner could've made a claim on it...
    Or if the new owner failed to insure it then had a biggie guess who would be picking up a large legal tab.

  4. #4
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    Quote Originally Posted by Skippy View Post
    Having sold my bike today, I thought I'd better cancel my insurance. That was a mistake.

    It's not much but, it cost me £55, less £11 for the unused month as a refund. £44 out of pocket for "admin" charges. If I'd done nothing and let it run, no cost. Bollox!
    You are legally required to.

  5. #5
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    Afaik, you can keep insurance running on a bike or car that you have sold

    the chances of anyone else claiming on your insurance are lets be honest minimal -

    I get pissed off with insurance companys levying extortionate charges for something that at best is 10 minutes worth of work

    We out to give them the spiel when we phone them up,

    This call is being recorded, for enquiry & monitoring purposes

    You will by continuing with the call accept the charges involved.

    The charges are £5 per minutes etc etc

    lets see how they like it

  6. #6
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    A great deal of “ Sharp Practice “ goes on in the insurance world - in an effort to separate the punters from their wampum .
    Normal ,in an odd sort of way

  7. #7
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    Quote Originally Posted by Santa-2512 View Post
    Afaik, you can keep insurance running on a bike or car that you have sold

    the chances of anyone else claiming on your insurance are lets be honest minimal -

    I get pissed off with insurance companys levying extortionate charges for something that at best is 10 minutes worth of work

    We out to give them the spiel when we phone them up,

    This call is being recorded, for enquiry & monitoring purposes

    You will by continuing with the call accept the charges involved.

    The charges are £5 per minutes etc etc

    lets see how they like it
    A guy bought a bike in Dundee and never insured it, he then wrote it and as car off and possibly injured a third party (can't quite remember) and because the previous owner didn't cancel his insurance and the new owner never insured it, they insurance company came after the previous owner and his insurer washed their hands of it.

    This was relatively recently, ever since then I have cancelled my insurance after selling a bike.

  8. #8
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    If you do not cancel the insurance on a vehicle you have sold and the new owner fails to insure it the liability for a claim stays with youry insurer.

    It was never an issue to cancel when alterations/ cancellations did not incur an admin fee, now it is a cash cow for insurance brokers.

    No way would I risk losing my no claims, also the kind of person who buys a vehicle and does not bother to insure it is just the type of person to have an accident and use your details at the scene ( from the v5c they have your name and address)


    Last one I sold insurance was cancelled before new owner rode the bike away

  9. #9
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    I suspect the fact that insurance details are kept on a database that can be seen by the police and other insurance companies leaves the previous owner vulnerable if the new owner is involved in an accident.

    The insurance is seen as valid until cancelled even if you no longer own the bike.

  10. #10
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    You would have thought a "decent" Insurance company would waiver any such charges for insurance that was required from last year as most vehicles were probably only being covered for fire and theft as most of the time they were at a standstill.
    I see some ins companies are now doing a deal which takes account of lower mileage driven at this time.

    But back on point, yes not to formally cancel is taking an unknown risk.

  11. #11
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    If there is a live policy of insurance on an vehicle the insurer has a legal responsibility if a subsequent claim is made to consider handling the claim. They will of course try to evade this if possible but it’s not worth the possible hassle to you.
    A closed mouth gathers no feet.

  12. #12
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    Quote Originally Posted by Skippy View Post
    Having sold my bike today, I thought I'd better cancel my insurance. That was a mistake.

    It's not much but, it cost me £55, less £11 for the unused month as a refund. £44 out of pocket for "admin" charges. If I'd done nothing and let it run, no cost. Bollox!
    Just wait until you try and insure your e-bike
    2017 BMW R1200R Sport
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    2002 Triumph Bonneville 790 (Desert Sled)
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  13. #13
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    As an aside at one stage my Audi had two valid policies runnimg , I cancelled an auto renewal with Swinton both by phone and e mail and took insurance with Hastings Direct paying by debit card.

    Months later I found out when contacted by Hastings about my NCD, it is illegal to have two policies running on the same vehicle and I made sure Swintons admitted their mistake and cancelled the policy and refunded my monies but both brokers and insurance companies stated that in the event of a claim both policies would have been invalidated..

    What would happen if you keep an insurance running and the new owner of the vehicle takes out a policy and while both are running there is large value claim say involving injury to a third party ?

    Could be a cause of grief to both yourself and the new owner while it is sorted out.

  14. #14
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    My bikes/car are insured through Adrain Flux. They are able to transfer a current policy onto a 'dummy' registration (one which they provide) should you sell a vehicle and don't wish to cancel a policy. By doing this you get the full years NCB & you save any costs incurred by cancelling a policy

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