Hi guys, I don't about you but I've done this once! I've sold a bike and didn't cancel the insurance on it to gain another year's no claims! I just read something pretty shocking so I thot I'd share it with you all! Although some of you maybe aware of the pit falls of doing that already! I've takin pics of the article from this month's Ride mag hope you can read it ok! Cheers Trev.
Unfortunately, this course of action has been open to insurers and claimants for years, and although not widely used, I do know of a few cases where an unsuspecting individual has been caught out and ended up with a major headache because the policy remained in force after the bike was sold, a crash occurred and the claimant was entitled to claim off the policy that was in force for that bike, even though the previous owner know nothing about the crash or the circumstances. That is why it always pays to make sure that as soon as you sell the bike, (or car for that matter) notify your insurers so that you are taken off risk. It may cost a few quid, but better that than the possible subsequent consequences.
I too was shaken when I read that exchange in Ride. Just goes to show you can't win with insurance. In my view, the motor insurance industry is the nearest thing in this country to legalised organised crime. If we fail to buy insurance, we're breaking the law. But they appear to get away with the most appalling scams and we just have to soak it up. One wonders what sort of backhanders are paid by the motor insurers to keep the legislators off their backs. With the kind of money they take in, you can be sure they've got very deep pockets. Has anyone thought of taken them to the European Court of Human Rights? Because you can be sure, it's too much of a nice little earner for any British government to want to change things.
Sorry mate get a life.............so you have never embelished a claim then on house, car etc etc.....
I find those comments quite offensive given I work for one of the UK's most prestigious insurers. It also shows how little you understand of the legislation UK insurance industry operates to. If everyone was honest on proppsalm forms, there were no staged accidents or fraudulent claims it would be easier for the industry to trust everyone 100%
It clearly states in your contract of insurance that you must inform them of any material changes........I would suggest selling the vehicle that is insured is a rather major change that the insurer would wish too know about.
Sorry guys, I just edited the thread as I had the first pic up twice but I posted this as I was shocked at what could have happened and just a heads up for those who don't realise the implications of not cancelling down your policy
I've kept a Policy going in past years when the vehicle in question has been sold on for the very same reasons the OP in the article did. Only MAJOR difference is I suspended the Policy so I still accrued the full extra years NCB but the insurance did not technically cover anything either. Taint Rocket Science is it?
hmm good to know ,but it can cost more to cancel the policy than it cost to buy it in the first place . i got a free classic insurance a few years ago ,but when i rang up to cancel it i was told it would cost me £40 to do it.
Guys, apologies for my rant yesterday - caught me at a bad time. Not that I disagree with anything I said but I shouldn't have articulated it in such an intemperate way. But here's a thought. If you sell your bike/car privately, you probably should demand sight of written evidence of insurance before you let the buyer ride it away, even after you've concluded the transaction. Chances are you won't cancel your policy instantly and if he has an accident on his way home, you could end up in the same situation as chummy. If he can't supply evidence of insurance (it's all done online these days after all), perhaps you should insist on first calling your insurer to cancel your policy before letting it go. I can't quite see why he's being dumped with the tab if he has evidence he sold the bike (a receipt, V5 posted to DVLA). But I will email White Dalton about that. There may be other undisclosed facts in this case. PS. "prestigious"? "insurers"? - the word 'oxymoron' springs to mind. Or perhaps the words 'Equitable' and 'Life'.
Would your insurer pay for divers to search for your Rolex dropped in a lake, not because it's cheaper but because of the sentimental value? Would your insurer spend a significant additional sum so that Porsche can manufacture discontinued panels to prevent the car your late wife gave you being written off? Does your insurer pay out if you get a hole in one to buy a round of drinks? If your home was totally destroyed do you get a few thousand extra to get photos reproduced where possible from family copies etc?
Well. Reluctant as I am to continue this, I feel obliged to respond to this heartwarming eulogy to the cuddly insurance industry. Did the cost of all this generosity come out of the pockets of the shareholders? Or did your chairman stump up the cash from his pension? Or your company's employees? Or did it come from thin air? Er - nope. As the saying goes, "where are all the clients' yachts?" And if you can do all that, why not let off the poor bloke whose only reason for failing to inform his insurer about the sale of the bike was the certainty that he'd be stuffed on the refund of premium on cancellation. It's fair to infer from his letter that if he'd had an expectation of a fair pro-rata refund, he might have been a bit keener to let them know.
I have recently been shafted by an insurance company, I like to pay my premiums in full, but after having my golf cover less than 200 miles & gathering dust I sold her, I felt defiled after the insurance company wanted another 38 quid off me, thought I was doing the right thing & got fkd over for it We need a revolution, or the addresses of the CEO's so we can give them a visit with a few of the boyz
