Cancelling insurance after selling car

[AlpineF30]

My insurance is with 1st Central

I recently sold a car and it isn’t due for renewal until December and I am not sure when I will be replacing the car due to be away with work.

Should I let it run to get the NCB or just cancel it now?

 

[Paddy_R]

Cancel it now. You can still be held liable as the insured if something were to happen with the car.

Here's and example: I sold my bike but didn't cancel my insurance - White Dalton Motorcycle Solicitors

 

[scub]

you'll pay a fee for early cancellation usually worth holding on if you're planning on getting a new 1 soon.

 

[Paddy_R]

you'll pay a fee for early cancellation usually worth holding on if you're planning on getting a new 1 soon.

Unless it's tomorrow for a new car its definitely not.

 

[davey-dimples]

Ring them and make them aware you've sold the car... If need be is there another one you could swap it on to?

Even something in a friend's garage that isn't going anywhere in the meantime...

 

[scub]

Unless it's tomorrow for a new car its definitely not.

surely your liability for the car goes on the date the new buyer signs the change of ownership slip?

 

[Coog]

Central charge an arm and a leg for cancelling policies

 

[m00k]

surely your liability for the car goes on the date the new buyer signs the change of ownership slip?

Nope... if new owner hasn’t insured it and it’s involved in summat it’ll come back to bite you

Ring them and explain they might allow you some time to source a vehicle flux used to do that although it was about four weeks... December might be pushing it

 

[ossy2004]

Is it not 10 days and you either need to insure another car or cancel.

Guy I bought my motorbike off didn't cancel policy..week later I was smashed into by a van and with having duel policies on the bike at one time it kicked up alot of unneeded stress and hassle.

To be fair i usually let it run on and buy a car soon after and swap it over..mightn't be within ten days thou, due to not wanting to lose the potential NCB

 

[scub]

I was actually advised to keep it by the insurance Co. as it worked out cheaper. but slightly different as I was scrapping the car & looking for a new 1 immediately..

 

[soccersmyth]

I call that link out as bull****.

It states:
Under your policy of insurance you have permitted a non-insured driver to use the vehicle your insurers were still insuring so you are in **breach of your policy**, and yes they can come after you.

If you are in breach of your policy for any reason whatsoever, they will not pay out.

 

[stevieturbo]

surely your liability for the car goes on the date the new buyer signs the change of ownership slip?

Surely if someone steals your car and crashes into multiple things....you'd have no liability either...

Reality doesnt work like that, Insurance is not an honest or fair thing.

The policy is largely on the car...so doesnt matter who is driving it, the mug paying the policy can still be liable !

 

[Paddy_R]

I call that link out as bull****.

It states:
Under your policy of insurance you have permitted a non-insured driver to use the vehicle your insurers were still insuring so you are in **breach of your policy**, and yes they can come after you.

If you are in breach of your policy for any reason whatsoever, they will not pay out.

Incorrect I'm afraid. They are legally required to pay out for third parties, so yes they will pay out and come after you. As for the link that's only ones of multiple sources.

For example you insure your Glanza Turbo import as a Starlet Sportif (fairly common back in the day) and you are involved in an accident where you hit someone. The insurance company are legally obliged to pay for that persons losses and any compensation re injuries, they will not however pay out for the damage to you our your car as you committed fraud to get the policy and they can (and will) come after you for the costs they incurred.

Similar thing if your car is stolen. Its your policy that any claims will come off if its involved in anything. Though as you're insured for theft they won't come after you personally.

 

[soccersmyth]

Surely if someone steals your car and crashes into multiple things....you'd have no liability either...

Reality doesnt work like that, Insurance is not an honest or fair thing.

The policy is largely on the car...so doesnt matter who is driving it, the mug paying the policy can still be liable !

That's mad sir.

 

[Brennan]

You will need to cancel because that will break your connection with the car, anything happens it then you won’t be liable for it

 

[zafturbo]

I never realised that insurance worked like this .i wonder has anyone on here ever been involved in a claim against them by the insurance company after they pay out .thats mad .

 

[AlpineF30]

Cheers folks, policy cancelled just to avoid any stings further up the road

 

[Simon998]

What did 1st central charge to cancel the policy? I'm with them with the clio and I'm tempted to swap it onto the 106's policy (Admiral) as there's no point in the 106 being insured over winter when it's going to be locked up.

 

[AlpineF30]

What did 1st central charge to cancel the policy? I'm with them with the clio and I'm tempted to swap it onto the 106's policy (Admiral) as there's no point in the 106 being insured over winter when it's going to be locked up.

100 ****ing quid

Admin me fee of £50 and a cancellation fee of £50

 

[Simon998]

Hmm. That's steep alright. Was that in correlation to how many months you had left on your policy? I only took mine out in June so have ~9 months left on it.

 

[AlpineF30]

Hmm. That's steep alright. Was that in correlation to how many months you had left on your policy? I only took mine out in June so have ~9 months left on it.

I paid for it annually so they done it pro rata. I had 3 months to go so had a refund of 90 quid once the fees were took out.

 

[Brennan]

I would have kicked up a fuss on the phone, that’s shocking, did you ask if they would reduce the fee?

 

[AlpineF30]

I would have kicked up a fuss on the phone, that’s shocking, did you ask if they would reduce the fee?

Was clearly mentioned in the documents when I took the policy, so I agreed to their cancelling terms when taking the policy.

 

[Brennan]

Was clearly mentioned in the documents when I took the policy, so I agreed to their cancelling terms when taking the policy.

No harm in asking, all the same.

Central are a rip anyway, I’d never go with them

 

[Dave..]

I paid for it annually so they done it pro rata. I had 3 months to go so had a refund of 90 quid once the fees were took out.

Carole Nash tried to do that with my bike insurance, I complained via Twitter and FB and got a refund. I will never use them again.