Insurance for a new bike

[Biker Alex]

Scenario:

insured my honda cbf 125 for £102 TP in march with Just motorcycle insurance

Picking up my Hyosung GT250R tomorrow

my insurer's quote for the 250: £276

Best price: Bennett's £200

I dont mind paying £176 as the difference but realistically life isnt always that easy and they have my signature on that contract and might rip me off here...

Even with this they win because that means I would have been driving a 125 for a few months whilst paying 250cc insurance

I reckon, they will completely forget I gave them £100 and then ask for the £300 :S.. and probably a £80 admin charge on top.

Any advice? If I cancel my insurance to go with Bennetts will I go back to march NCB wise? or am i risking all of the NCB? I had 2 years. They might give me back £50 because I have 9 months left, add that on to the £75 I save with Bennett's.. it might be worth it?

I havnt bothered to give my insurers a call yet. They will probably be like.. you passed your test? £80 admin charge for that and £80 when you get your new bike. good day.

I dont know if you lot would want to bother with this post which will save me money but whilst on an apprentice wage, I may as well give it a go You guys seem pretty helpful

[Jayy]

Just been in a similar situation apart from I had to cancel my policy 6 weeks before I got a 3rd years NCB as my current insurer couldn't give me a reasonable quote FC on the new bike.

If you cancel, you will more than likely have to pay their cancellation fee and you will lose the months you built up from March to now and start again for the 3rd years NCB if you go with Bennetts.

Work out the excess on both policies, old and new, and the admin charges and weigh up what's best to do. That's what I had to do and it made sense in the end but I do have a declared speeding ban which was rocketing the price of my insurance up anyway so the 3rd years NCB didn't really discount much anyway.

[Rogerborg]

It gets worse: your current policy may be with an underwriter who only covers up to 125cc. You're going to have to call them and ask.

As to any alteration / cancellation fee, unfortunately it appears that they can now charge whatever they like:

[iooi]

You need to make it clearer.....

Is that £276 for changing bikes on current policy or starting a new one.
If its a new one, then you will be starting year 3 ncb all over again. If its the cost of upgrading (and as someone else said. Often 125 polcies cannot be changed to a larger cc bike) then they will take what you have paid into account and your ploicy will end next march with 3 years NCB.
You will have to phone/email them to find out if you can swop bikes. If they won't then you have to weigh up the options. I would ask if you stay with them, will they waive any cancelation charges on the 125 policy. If they won't then I would be off to the cheapest quote I can find.

You could always take the opps I forgot route and not cancel the 125 policy and just take the 250 out with bennetts.
Remember this is not legal, as you could end up in trouble if the new owner fails to insure the bike and as a accident.... in effect you could end up paying for their errors.
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Just because my bike was A DIVVY, does not mean i am......

[G]

If it's for changing the policy, not adding to it, then also you've got a problem - because you won't be insured on the 125.

So you want it to be ADDED to the policy, rather than changed to it.