We have just sold the wifes bike and as she is not having another one we were going to cancel the insurance but - because of admin fees it will end up costing more than we will get back. I am thinking of letting the insurance run its course but don't know if this will have any effect on the new owner if he has to claim before then.
That's just stupid.. I have bought bikes and cars that are still insured as I had asked for this..allowing me to drive back 3rd party using my own insurance (that covers me to drive other cars or bikes) - until I can get home and get my insurance moved over.
Isn't that slightly different though, the article said driver had no insurance. The whole "who owns the vehicle whilst V5 is in the post" is an oddity
The rider was banned therefore cannot have insurance. You would have to see the new owners insurance to see they are covered before you let them ride it away and even then I wouldn't trust the ins companies not to try & wriggle out of it, it's a bag of worms.
Be safe and not sorry. Cancel the insurance and take the hit. Cost around £11 for me recently, a small price in comparison
Tried to transfer my sp1 insurance onto the blade, that will be £850 please sir, really? Blade has datatag, tracker, datatool alarm..... £800? Cancelled the insurance got refunded £30 was a few months into a £300 policy, insured blade elsewhere for £300 Kuntz is right
just let it run out.why give them any more money for the pleasure of not actually having any insurance? fuck that.
Because of the link in post 2, I read it a while back and was gobsmacked. http://www.visordown.com/motorcycle...r-banned-new-owner-has-fatal-crash/25470.html
yea i've seen that,and remember reading it last yr when it came out,however,i suspect it to be a load of bollox (not the story,just the fact he was made to pay) as there have been no follow up articles (that i've seen at least) about it. like i siad,if i had to pay more money to cancel my policy,then fuck that,why should you have to pay more money to cancel a service you have already paid for?
Inform your Ins Co' you've sold the Bike in question and that the Ins is to be suspended till further notice. Job done
The buying a bike and trying to use driving other vehicles cover is risky. If you have paid for the vehicle it is your item, the seller no longer has an insurable interest in the vehicle and in legal terms it is yours so d.o.c. cannot be used. The admin fees are a result of falling premiums and competition in the market place. It's annoying but they are entitled to charge admin fees which can eat into any refunds etc.
but thats not what is going on here.i understand if i'm entitled to some refund there will an admin charge,that happens everywhere now,but the op is saying they have to pay even more money,after they have already paid for insurance,to cancel the policy.how many "normal" people in thier right mind would do that? apart from those that swayed by the scare mongering news articles.
i sold my car a few months back and had the same problem when i went to cancel insurance, but got it sorted by suspending the policy, you still pay the monthly premium for the term of the policy but are not insured and if you don't reinstate the policy by the end of the term they refund you the money paid from when you suspended, with no admin charges. Give that a try, don't know if it is the same with every policy tho, but worth a try Daz
