Date: 29-11-21  Time: 06:02 am

Author Topic: Cancel insurance question  (Read 2257 times)

limax2

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Cancel insurance question
« on: 15 May 2014, 09:37:41 pm »
I've just fixed a bike and had it M.O.T. and now sold it for someone who still has a couple of months insurance on it. I will tell him to cancel the insurance even though there will be no money to come back. The question is if he didn't cancel it and just lets it run out will he be doing anything wrong in the eyes of the law?
Obviously the new owner is getting insurance himself so he can ride the bike away on Saturday. But it just got me thinking if the present owner didn't cancel the insurance and a new owner didn't get insurance it wouldn't register any problem on the police camera things. Am I missing something or should I stop thinking so much  :\ .

red98

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Re: Cancel insurance question
« Reply #1 on: 15 May 2014, 10:02:57 pm »
No, your not missing anything......the anpr will trace the insurance to your friend and it could end in a claim on his insurance..bestto cancel or put on hold Iif hes getting another bike  ;)
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richfzs

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Re: Cancel insurance question
« Reply #2 on: 15 May 2014, 10:06:02 pm »
He needs to cancel it, & quick. If the new owner doesn't bother insuring, and has an accident, then your pal there will be liable - and stuffed...

limax2

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Re: Cancel insurance question
« Reply #3 on: 15 May 2014, 10:09:25 pm »
Thanks for that Red and Rich  :thumbup . I'm pretty sure the new owner will be insured but I'll impress on the old owner the need to cancel.

Glesgatrucker

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Re: Cancel insurance question
« Reply #4 on: 15 May 2014, 11:17:23 pm »
When I changed my bike the insurance company put my policy on hold for maximum 49 days ? They said it would be better than me cancelling it then taking out a new policy for my new bike ? Cost me £25 I think for changing the bike details, but my policy now runs out 5 weeks later than original date...  :)
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slimwilly

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Re: Cancel insurance question
« Reply #5 on: 16 May 2014, 06:15:36 am »
Correct, if you sell a vehicle,,you MUST cancel the insurance straight away or the new owner will be a third party on your insurance ,there is a story on the web from not too long ago where a man lost his house after being sued because he left the insurance live on a car and the new owner had an accident and the claim went back to the policy holder.. :(
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Dave48

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Re: Cancel insurance question
« Reply #6 on: 16 May 2014, 06:41:23 am »
Its a ballache being charged by insurance companies for advising changes HOWEVER as said above you could stand to lose a whole lot more if you dont.
When you read their policy docs they always state that you must notify them of ANY CHANGES to the circumstances declared at time of taking out cover.
For the same reasons always fill in the V5C (reg document)  change of ownership at time of sale & send off to DVLA straight away(keeping a copy if like me you dont trust them!)
Dont give the insurance pirates any opportunity to say you havent complied with the terms of their contract. :eek

NorthWestern

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Re: Cancel insurance question
« Reply #7 on: 16 May 2014, 09:05:58 am »
When I sold my last bike I phoned insurance to cancel but they said just let it run out (only had 2 months left) as it is cheaper than cancelling.  You being insured on it has no bearing on the new keeper according to them.
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richfzs

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Re: Cancel insurance question
« Reply #8 on: 16 May 2014, 09:32:16 am »
As ever, don't believe what some idiot in an insurance company call centre tells you

See this link....

http://www.whitedalton.co.uk/motorbike-blog/2013/10/i-sold-my-bike-but-didnt-cancel-my-insurance/

NorthWestern

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Re: Cancel insurance question
« Reply #9 on: 16 May 2014, 10:42:09 am »
nice!


As luck would have it I got my fazer pretty much the next day and changed it over but that could have been a sticky wicket.
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unfazed

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Re: Cancel insurance question
« Reply #10 on: 16 May 2014, 11:44:46 am »
He needs to cancel it, & quick. If the new owner doesn't bother insuring, and has an accident, then your pal there will be liable - and stuffed...

 :thumbup

limax2

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Re: Cancel insurance question
« Reply #11 on: 17 May 2014, 09:25:39 pm »
Thanks for all the advice, been a bit of an eye opener how easy it would be to end up in the mire  :eek .
Anyway the new owner got insured and rode of on the bike today with a smile on his face. (Strange that because it was a BMW bike!) He did say that because it was Data tagged it reduced his premium quite a bit. And of course the previous owner has cancelled his insurance after my dire warnings gleaned from this site.  :thumbup [size=78%] [/size]

slimwilly

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Re: Cancel insurance question
« Reply #12 on: 17 May 2014, 09:33:01 pm »
Now we would not want you to FOC-UP now would we? :lol


It was a very good question you posted and will be a warning to other unsuspecting Foccers
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