Insurance question

[gsmunn]

Might come across as stupid but hey, New to all this and some things still don't make sense.

Got nailed by a van a month ago, bike got written off, his liability, blah blah.

Basically, when I get a replacement bike, is it a new insurance policy, or do I tell my current insurers of the change of bike?

[map]

The old policy ended with the bike being written off. In theory you should get back any money left at the end of the policy. In practice this is usually wrapped up in the settlement money paid to you.

So, new bike = new insurance policy where you will have to declare your previous claim.

HTH
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...and the whirlwind is in the thorn trees, it's hard for thee to kick against the pricks...
Gibbs, what did Duckie look like when he was younger?

[gsmunn]

Cheers Map, do you have to declare if the third party took full liability?

[Turkish]

[map]

My understanding is that if a vehicle is written off by the insurance company then effectively you sign over ownership/v5/etc to the insurance company. Therefore the insurance becomes void as you do not own the vehicle.

So any months left you have on the policy should be repaid to you. As said this may be wrapped up in the settlement paid. However, I am sure some companies will allow you to transfer what's remaining to a new policy on a new vehicle as it ties you in with them.

Obviously if it's not written off then you still own it so insurance is still valid and runs until end of policy.


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...and the whirlwind is in the thorn trees, it's hard for thee to kick against the pricks...
Gibbs, what did Duckie look like when he was younger?

[Rogerborg]

[gsmunn]

I just find it interesting that their seems to be no clear-cut answer, typical insurance eh?

[thepuma]

If a total loss is incurred on the Policy, it ceases. If you get a new bike then its a new policy. (as a general rule)
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YBR125 (SOLD) - CBR250R(SOLD) - CBR650F(SOLD) Current - Street Triple
765 RS

[iooi]

[Rogerborg]

I'm going by what you can get away with, to your advantage. As near as I can see it, that's how insurers work, so turn about is fair play.

Here's a factual statement: a 3rd party is buying your bike off of you. You're going to use that money to buy another bike as soon as reasonably possible.

Does it matter who the 3rd party is? It's not your insurer, what do they care?
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[gaffa]

When your bike has been written off the insurance ceases as the insurance company will have settled your policy as they will have deemed it not viable to repair the bike and more cost effective to write it off and give you a settlement instead.
You can't have insurance on a bike that no longer exists and will have to take out a policy on a new bike.
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MOD 1 passed 30/07/12, MOD 2 passed 13/08/12. Current bike: 2008 Kawasaki ER6f

[gsmunn]

Cheers guys, I had a feeling that was how it was gonna be, mare pennies eh? Typical