insurance question

[TOM M]

basically ive sold me bike yesterday, at the moment ive got 2 years no claims which i dont want to lose. is it legal for me to carry on paying the insurance on me rs125 even thou ive sold it? i want to keep the policy running for a few weeks untill i can transfer it to the next bike that i buy but is it ok to do so?

if i have to cancel the insurance, is there a way of keeping me 2yrs ncb?

cheers
tom
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Now owner of a 1200 Bandit

[MarJay]

I don't think its illegal unless you make a fraudulant claim afaik.
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British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F; Cheap project: CBR900RR FireBlade
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.

[yambabe]

When was your insurance due to run out?

You usually pay for a whole 12 months in advance (pay monthly option is generally a credt facility arranged by your broker, not a monthly insurance plan) and most policies have prohibitive cancellation charges and clauses so if you are near the end of the policy you may not be able to cancel it anyway.
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Sod falling in love, I wanna fall in chocolate.

[Hennessy]

Well, you are not the owner of the bike anymore so the insurance is void anyway. You should tell the insurance company but it's up to you. I would have had to cancelled my policy with MC Direct if I sold the RS to get the R6 because I asked them about it. I don't know what the consequences are if you keep the policy running... If your near the end it shouldn't really matter and you'll get the NCB anyway, but if its like 6 months in then you should tell them.

-Hennessy
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"I Kick Into Fifth Gear and Tear The Roads Apart,
You'll Be Like Lil Jon Q and Get A Change Of Heart!"

[instigator]

I kept my policy running for about a month until I bought my next bike, all they wanted back was the old insurance certificate.

It depends really, on what documents they want at the end of the years policy. They may require some sort of proof of ownership?

I'm not too sure really, I've not got any NCB.

[dansuresh]

when i sold my bike i still had a months insurance to go before it ran out and i didnt tell them anything since they will prob prefer to keep your money anyway!

i just called up as normal at the end of the month and told them i would like to cancel it since i have sold it and transfer my no claims towards my new bike

HTH

Dan

[Mal]

Any NCB you accumulate is valid for 2 years after the policy finishes, ie if you either cancel your policy or let it run out normally, as long as you keep hold of your proof of NCB letter from your insurance company you can use it on your next policy as long it starts within 2 years of your policy finishing.

As to whether you cancel it or let it run, then you'll need to do some thinking and make some phone calls and do some maths. Try and find out the following:

How much you'd get back if you cancelled your insurance.
Get some quotes for your new bike (if you know what you're after) on both 2 and 3 years NCB.
Find out how much your current insurers would charge you to change your policy to your new bike (you can do this and the previous without owning the bike in question and without a registration number too).

If you're likely to get the bike before your policy is due for renewal and your current insurers want to charge you an arm and a leg for changing and/or your policy still has a long time to run, it might be cheaper to cancel it now and go with a cheaper alternative when you get the new one.

If you're not likely to, and/or you've only got a couple of months left and wouldn't get much money back if you did cancel, probably best to leave it run and shop around closer to your renewal date.

Hope this helps

Mal

[Dave H]

The only problem I can see is with the details on the Motor Insurers Database. If the police do a check on the bike it will come back as being insured twice (assuming that the new owner has insured it).

If it were me and you are planning on getting a new bike soon I would just let it run.

[Kirmit]

I would let it run. I've recently discovered that if I cancel my insurance (4 months to go) I will loose my NCB - As an NCB is only valid after a years no claims (sorry, stating the blindingly obvious)

And I can't transfer my insurance from my 600cc to the new 650cc because my policy is limited to 600cc.
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When riding fast, think fast. When riding slow.. speed up.
Grey Honda Cityfly 125 || Red Suzuki Bandit 600 & Blue Suzuki SV650SK5|| Red Honda VTR 1000-F2

[TOM M]

well i pay my insurance monthly and its due to run out next april.. but obviously im hoping to get a 400 in the next few weeks
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Now owner of a 1200 Bandit

[Mal]

[paulthewitt]