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hmmm insurance.....what to do

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GetawayDj
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Joined: 19 Nov 2011
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PostPosted: 12:22 - 04 May 2012    Post subject: hmmm insurance.....what to do Reply with quote
So I just rang my insurance company after passing my test on Wednesday only for them to say that I'm on a 125 policy and cant upgrade it to the diversion but cant afford to insure the diversion without selling the cbf125.

Should I sell the cbf and buy a crappy 125 for dirt cheap just to whack on the insurance as to continue the policy until it ends in november (so I can get a years no claim), and use the money from the cbf to start a policy in the diversion from june until november, cancel it at the same time as th 125 policy, then start a new policy on it with a years no claim?

I've already paid for the insurance on the 125 policy upto november.
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CBF 125 (sold), XJ 600 Diversion (sold), RF900
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Alpha-9
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Joined: 19 Jan 2012
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PostPosted: 12:30 - 04 May 2012    Post subject: Reply with quote
Why can't you sell the CBF and just insure the div?
Unless i'm missing something here?

You've already paid off the insurance, just let it run out rather than paying £50 to cancel it or whatever Thinking
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GetawayDj
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Joined: 19 Nov 2011
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PostPosted: 13:03 - 04 May 2012    Post subject: Reply with quote
Yeah I meant let it run out but I would need a bike on the policy for the remaining 5 months (hence the dirt cheap 125).

The div would be insured for about 5 months on a different policy whilst the 125 policy is building up the 1 years ncb.

Then just start a new policy on the div with 1 years ncb and scrap the crappy 125 from the other policy.

If I canceled the 125 policy now and started one on the div, it would be another 12 months to build a years no claim so I would have wasted the past 7 months of the 125 policy.
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shereen
World Chat Champion



Joined: 15 Mar 2011
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PostPosted: 13:05 - 04 May 2012    Post subject: Reply with quote
GetawayDj wrote:
Yeah I meant let it run out but I would need a bike on the policy for the remaining 5 months (hence the dirt cheap 125).

The div would be insured for about 5 months on a different policy whilst the 125 policy is building up the 1 years ncb.

Then just start a new policy on the div with 1 years ncb and scrap the crappy 125 from the other policy.

If I canceled the 125 policy now and started one on the div, it would be another 12 months to build a years no claim so I would have wasted the past 7 months of the 125 policy.


Just leave the insurance running on the CBF, sell it and insure the divvy Thumbs Up
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GetawayDj
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Joined: 19 Nov 2011
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PostPosted: 13:13 - 04 May 2012    Post subject: Reply with quote
Didnt think I could do that? Wouldnt there end up being 2 insurance policys on the cbf then? Mine and the buyers?
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shereen
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Joined: 15 Mar 2011
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PostPosted: 13:16 - 04 May 2012    Post subject: Reply with quote
GetawayDj wrote:
Didnt think I could do that? Wouldnt there end up being 2 insurance policys on the cbf then? Mine and the buyers?


Yes, and there is no law that says you cannot do this. I have done it when I sold my NC30. And quite a few people have done it on this forum. It is not illegal Thumbs Up
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P.addy
Formerly known as
P.



Joined: 14 Feb 2008
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PostPosted: 13:32 - 04 May 2012    Post subject: Reply with quote
shereen wrote:
GetawayDj wrote:
Didnt think I could do that? Wouldnt there end up being 2 insurance policys on the cbf then? Mine and the buyers?


Yes, and there is no law that says you cannot do this. I have done it when I sold my NC30. And quite a few people have done it on this forum. It is not illegal Thumbs Up


Indeed I do it most times.
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Alpha-9
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Joined: 19 Jan 2012
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PostPosted: 13:41 - 04 May 2012    Post subject: Reply with quote
GetawayDj wrote:
Didnt think I could do that? Wouldnt there end up being 2 insurance policys on the cbf then? Mine and the buyers?


That's what I meant, it's fine, as long as everyone's insured for what they're riding.

One of the few things they're not anal about, really Thumbs Up
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arry
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Joined: 03 Jan 2009
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PostPosted: 15:00 - 04 May 2012    Post subject: Reply with quote
shereen wrote:
GetawayDj wrote:
Didnt think I could do that? Wouldnt there end up being 2 insurance policys on the cbf then? Mine and the buyers?


Yes, and there is no law that says you cannot do this. I have done it when I sold my NC30. And quite a few people have done it on this forum. It is not illegal Thumbs Up


It's misrepresentation. You have no insurable interest in a vehicle you've sold and it is your duty to disclose changes in circumstances. Technically it's fraud - an intentional deception made for personal gain. Therefore, a criminal offence.

Chances of being prosecuted for it, pretty much none. But if the new owner of the 125 doesn't insure it and bins it into the side of a building then the year's no claims built up will be irradicated and the claim will be registered against the policy to which it attaches as RTA insurer, which is our OP. Then I'm sure the 'how can I be responsible for someone else's accident' card would get played, but hey ho Laughing
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t121anf
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Joined: 23 Feb 2007
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PostPosted: 15:58 - 04 May 2012    Post subject: Reply with quote
or not buy a bike which your current insurer won't cover?

do people not make a quick phone call before handing over the cash?

i wouldn't dream of buying a new bike or car without knowing all the financial costs first. no point owning that £15,000 Ducati only to find out the insurance is £15,000 too.
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GetawayDj
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Joined: 19 Nov 2011
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PostPosted: 22:48 - 04 May 2012    Post subject: Reply with quote
I havent paid out for the diversion, its my dads bike that he's giving me but I want to sort out the 125 policy and that first and get the cash from the cbf so I can insure it.

Think rather than risk having any come back I'll just get a crapper to put on the policy, not going to be used so will most likely just start taking it apart and learning from it.
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Nick 50
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Joined: 24 Jul 2011
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PostPosted: 01:17 - 05 May 2012    Post subject: Reply with quote
For those that say sell the bike and keep the insurance going and say it's NOT illegal, I would disagree.

I'm not a legal bod, but will offer my interpretation.

Quote:
Road Traffic Act 1988

PART VI
THIRD-PARTY LIABILITIES
Compulsory insurance or security against third-party risks

147 Issue and surrender of certificates of insurance and of security.

(1) A policy of insurance shall be of no effect for the purposes of this Part of this Act unless and until there is delivered by the insurer to the person by whom the policy is effected a certificate (in this Part of this Act referred to as a “certificate of insurance”) in the prescribed form and containing such particulars of any conditions subject to which the policy is issued and of any other matters as may be prescribed.

(2) A security shall be of no effect for the purposes of this Part of this Act unless and until there is delivered by the person giving the security to the person to whom it is given a certificate (in this Part of this Act referred to as a “certificate of security”) in the prescribed form and containing such particulars of any conditions subject to which the security is issued and of any other matters as may be prescribed.

(3) Different forms and different particulars may be prescribed for the purposes of subsection (1) or (2) above in relation to different cases or circumstances.

(4) Where a certificate has been delivered under this section and the policy or security to which it relates is cancelled by mutual consent or by virtue of any provision in the policy or security, the person to whom the certificate was delivered must, within seven days from the taking effect of the cancellation—
(a) surrender the certificate to the person by whom the policy was issued or the security was given, or
(b) if the certificate has been lost or destroyed, make a statutory declaration to that effect.

(5) A person who fails to comply with subsection (4) above is guilty of an offence.


I would read that as saying, that if you do not follow the policy to the letter, and don't surrender the certificate within 7 days, then you are breaking the law.

I would bet that every policy will have written somewhere, something along the lines of:

"if you sell, relinquish owner or cease to have access to the bike you must surrender insurance certificate"

If you are caught, the least I would say is that you would get black-listed and find getting insurance incredibly difficult.
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Current Bikes: ZX7r 97 (Black Beauty), VFR400 NC24 (The banana)
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EazyDuz
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Joined: 11 Apr 2011
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PostPosted: 02:01 - 05 May 2012    Post subject: Reply with quote
I was in the same situation as the OP, all i did was cancel the 125 policy, in which i got refunded 40 quid as i had paid in full, then took out a new policy for my virago. It only cost £20 more for the year, and its 500cc...fuck no claims, not waiting around for that, when ive heard a lot of insurance companies get all pissy when giving you no claims anyway.
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Old Thread Alert!

The last post was made 13 years, 295 days ago. Instead of replying here, would creating a new thread be more useful?
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