Continuing insurance policies for vehicles no longer owned

[Fred3606]

Hi all,
I am looking to sell my 125 soon and will be able to claim back £19 from insurance now but this gets lower the longer I leave it.
Is it legal/allowed to leave the policy running despite selling the bike as the NCB is worth significantly more to me?
Any knowledge is appreciated
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[The Shaggy D.A.]

So if the current owner quadraspazzes a bus stop full of kids and they have no insurance of their own, you're happy taking the hit?
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Chances are quite high you are not in my Monkeysphere, and I don't care about you. Don't take it personally.
Currently : Royal Enfield 350 Meteor
Previously : CB100N > CB250RS > XJ900F > GT550 > GPZ750R/1000RX > AJS M16 > R100RT > Bullet 500 > CB500 > LS650P > Bullet Electra X & YBR125 > Bullet 350 "Superstar" & YBR125 Custom > Royal Enfield Classic 500 Despatch Limited Edition (28 of 200) & CB Two-Fifty Nighthawk > ER5

[M.C]

How long left to run on the policy? It isn't a good idea for the reason Shaggy highlights. There was a story of someone who sold their 125, the new owner didn't take out insurance, they hit someone and the previous owners insurer (being liable as there was a policy on the bike) pursued him for 20k iirc. He had a month left to run on his policy and wanted his NCB like you.

[Maimboy]

You can take the bike off cover but 'park' the policy - I'm doing that on a car at the moment, just needed to call the broker. Previously I'd sold a car one evening and the muppet crashed it on his way home, which caused me some bother I could have done without.

[stephen_o]

Ask about "suspending" the policy - it depends on whether they will give you the extra years no claims bonus or a credit against the renewal premium or neither or both.
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current scoot 2009 Yamaha YBR250 + Current Pootle 2013 Nissan Leaf

[Fred3606]

Thanks for all the help,
I'll have a look into parking/suspending the policy

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[Ste]

How long is left on the policy?

[Rogerborg]

If you decide to chance your arm, I'd get proof of postage for an empty envelope sent to your broker's address.

You did so tell them to cancel the policy.

It is properly risky though, as you're trusting another 125 owner, and you know what that sort's like.
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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

[stephen_o]

there is a third way which was practised by a few unscrupulous brokers when I was doing this - principally to try and get some cash back from an insurance company when the customer had defaulted on the premiums and the broker had cancelled cover to the customer but was left high and dry as far as the insurance company was concerned (the olden days where the broker allowed the customer to pay them in instalments on a gentlemans agreement or payment card ) not the current practice of signing you up for a loan!

however it has been complicated by various databases but essentially...find a lower cc lower group motorbike than the one you have sold which is scrap sorn or unlikely to hit the road in your time left on the policy - change your insurance to that.

You may get a small return of premium although admin fees can eat into or reverse that these days and you will get the ncb at the end of the policy.

This information is offered purely as something that some people may have done in the past and is as such without prejudice.
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current scoot 2009 Yamaha YBR250 + Current Pootle 2013 Nissan Leaf

[Jmoan]

[M.C]

[Octapode]

[stephen_o]

In the event of a claim insurance is not proof of ownership, ownerships proof is V5 in same name as insurance and receipt for purchase.
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current scoot 2009 Yamaha YBR250 + Current Pootle 2013 Nissan Leaf

[Analogkid]

I’m pretty sure you can only insure something which you have a financial or personal interest in, insurable interest is the phrase, once you no longer own the bike, you have No insurance interest in it, you can insure something that you don't own, but only if you have a financial interest, ie you can insure your spouse, or business partner, but if you have sold the bike then no.

You would be best to ask them to park it as said above.

[MCN]

[Ste]

[MCN]

[Rogerborg]

[stephen_o]

"V5 is not proof of ownership" Correct except for where it suits them.

Proof of ownership is "payment of" hence why I said V5 and a receipt of purchase - that is the requirements of an insurance company.

Insurable interest is the correct phrase. If you have an interest in the item because you bought it or you stand to lose financialy if it is damaged or total loss or you use it then you can insure it.

The reason V5 documents now have the statement on about not being proof of ownership is that the legal title of the goods - i.e absolute ownership is vested in the body that has paid for the item i.e a finance company on hp, or these common pcp deals where you are renting the car or bike.
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current scoot 2009 Yamaha YBR250 + Current Pootle 2013 Nissan Leaf

[Evil Hans]

[Fred3606]

thanks for the further responses
didn't realise it had kept going
Cheers
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