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Insured On A Car I No Longer Own.


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#1 JackJack

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Posted 18 June 2009 - 08:48 AM

Right, just sold my old car for something a bit cheaper to run, insure etc. But looking at my old insurance details when I was about to cancel it, i saw that I only had one payment left. Is it worth keeping both insurances running until I get the no claims bonus? Orrr is this illegal? :)

#2 Pooky

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Posted 18 June 2009 - 08:51 AM

I think you can insure a car you don't own (i.e. if you were going to test drive a car you were looking to buy).

Might be worth giving the insurance company a ring and see what they reckon. Have you already taken out insurance on the new car then?

#3 JackJack

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Posted 18 June 2009 - 08:53 AM

I think you can insure a car you don't own (i.e. if you were going to test drive a car you were looking to buy).

Might be worth giving the insurance company a ring and see what they reckon. Have you already taken out insurance on the new car then?

Yeah i'm now with Admiral where as the old insurance is with Kwik-fit. Just really need the no claims bonus as it's hard to afford insurance with no no claims'.

#4 Pooky

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Posted 18 June 2009 - 08:57 AM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once

#5 JackJack

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Posted 18 June 2009 - 09:02 AM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once

Sorry I'll try and re word it better.

I sold my old car which was a *woman of ill repute* to run and the insurance was sky high.
I then bought a smaller engined car which is better on petrol and I save alot on insurance.
When I was going to cancel the old insurance, I saw that I only have one payment left.
So as I currently have no no claims bonuses, would it be worth paying the last month to gain the bonus?
Or is it illegal to have insurance on a car I no longer own?

SOrry I hope thats easier to understand :)

#6 Jammy

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Posted 18 June 2009 - 11:28 AM

Yes, just pay the last month's and gain the years NCB. However, if you've already started a policy on your new car, or you're about to, your new insurance company might query why there is an overlapping period between your new policy and your last one.

#7 JackJack

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Posted 18 June 2009 - 11:35 AM

Ok thanks for the replies. I'm gonna go through with it until I get the no claims and hopefully the insurance companies won't make any noises :)

#8 spiguy

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Posted 18 June 2009 - 01:53 PM

Ok thanks for the replies. I'm gonna go through with it until I get the no claims and hopefully the insurance companies won't make any noises :)


But if you plan to use the 1 yrs no claims on your new policy, you will need to get a letter stating your no claims level issued by the old insurer, to give the new insurer. I guess you could tell the new insurer you have 1 yr no claims, and they might start your policy on that basis whilst waiting for you to send the letter to them, but I'm not sure.

As far as the other car goes (which you sold), assuming that the new owner insures it, then you should be OK as in the event of an accident, the new owners policy would pay out. However if the new owner does not insure the car, then it is at least possible that a claim could be made against the policy *you* still have on the car, in the event of an incident. It's pretty unlikely, but not impossible.

So I think there is an element of risk to what you are doing, albeit a small one.

#9 BGB

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Posted 18 June 2009 - 01:57 PM

Ok thanks for the replies. I'm gonna go through with it until I get the no claims and hopefully the insurance companies won't make any noises :)


But if you plan to use the 1 yrs no claims on your new policy, you will need to get a letter stating your no claims level issued by the old insurer, to give the new insurer. I guess you could tell the new insurer you have 1 yr no claims, and they might start your policy on that basis whilst waiting for you to send the letter to them, but I'm not sure.

As far as the other car goes (which you sold), assuming that the new owner insures it, then you should be OK as in the event of an accident, the new owners policy would pay out. However if the new owner does not insure the car, then it is at least possible that a claim could be made against the policy *you* still have on the car, in the event of an incident. It's pretty unlikely, but not impossible.

So I think there is an element of risk to what you are doing, albeit a small one.



phone the company and transfer the insurace onto your new car.

#10 Phaeton

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Posted 18 June 2009 - 02:32 PM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once


Not strictly true, I have 3 lots of no claims discount running on 3 separate cars.

To the OP, why have you started a new policy out for the new car, you would surely be better off swapping your existing policy over for the last month, then looking for a new policy.

Alan..

#11 Jammy

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Posted 18 June 2009 - 05:14 PM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once


Not strictly true, I have 3 lots of no claims discount running on 3 separate cars.

I think what Pooky meant is that generally you can't use NCB accrued on one particular car on several different policies. However some nice insurance companies (if they exist) will mirror NCB.

#12 JackJack

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Posted 18 June 2009 - 06:44 PM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once


Not strictly true, I have 3 lots of no claims discount running on 3 separate cars.

To the OP, why have you started a new policy out for the new car, you would surely be better off swapping your existing policy over for the last month, then looking for a new policy.

Alan..

About that, the company I was with, didn't allow it for some reason

#13 somecrapname

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Posted 18 June 2009 - 08:04 PM

Is this your first years no claims you're waiting for? You can't have the no claims discount on two cars at once


Not strictly true, I have 3 lots of no claims discount running on 3 separate cars.

To the OP, why have you started a new policy out for the new car, you would surely be better off swapping your existing policy over for the last month, then looking for a new policy.

Alan..


most insurers will charge a fee for a change of details/vehicle; i got hit with a £20 fee for change of address then several months later another £20 when I bought a new car! so with only one month left it would most likely be uneconomical to do this. The only information your new insurance Co. will ask for is the letter of renewal from the previous and you get that more than a month in advance (well, I did recently). So just pop that in the mail if required.

it's legal to insure a car you don't own, and most likely not allowed (dunno about the legalities) to say you have the NCD even a month before the previous finishes (I was told this by Adrian Flux when I changed), you will be taking your chances if you do it.

#14 ANON

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Posted 19 June 2009 - 08:50 AM

as far as i know you can't have insurance on a vehicle 'you have no financial interest in'

i tried to get a hire van on a traders policy a couple of years ago and this is what i was told, it's a bit different in your case though.
if you forget to cancel your policy though...:thumbsup:




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