General Insurance Query!

LandanSam · Derestricted Danger Joined: 18 Sep 2005 Karma :

If i was to sell my rs125.. can i still run the policy under 1yncb so that when it runs out next May i have 2yncb while running a seperate policy on a different bike with 0ncb. Generally i just want to know if i can carry on running my rs125 policy even if i didnt have the bike and have the no claims for it?

ALSO..

If i take out an insurance policy to pay monthly.. does this mean if i cancel it at month 7 for example.. do i have to pay the remaining 5 months off there and then? Or can i stop payment all togeather?

I have attempted just to upgrade my policy but they shall not allow me to do that as my RS125 is apparently on a Scooter scheme so i cannot upgrade!

Thanks

Sam

..... · Quote Me Happy Joined: 15 Jan 2005 Karma :

If you pay monthly then ,no, you cannot cancel when you like. What you actually do when you pay monthly is sign a credit agreement, where you take out a loan for the insurance that gets paid back monthly.

MattEMulsion · World Chat Champion Joined: 29 Aug 2004 Karma :

If they can't upgrade your policy to whatever bike it is that you are choosing to buy then surely they are under obligation to cancel the policy and possibily provide you with a suitable policy for your new bike (maybe starting off with a new 12 month policy). They ought to look favourably towards the fact that you have 1 year & 4 months of no claims if they fix you up with a new policy.

If they won't do this then you have the rights to cancel the policy anyway, and you could just look around elsewhere for a new policy for your new bike. If the worst comes to the worst you will only lose 4 months worth of no claims anyway. You may think that 4 months of no claims is a lot to lose, but when you look back in a few years time you will realise that it isn't that much or that important to lose it.
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Yamaha YZF-R6

Gazdaman · I did a trackday!!! Joined: 12 Aug 2004 Karma :

In reality you could sell the RS, keep the policy going, and just reap the 1NCB at the end.

But probably in the terms and conditions you have to tell them, because if the new owner needs to make a claim I suppose there are potential problems.

BUT

You may aswell just upgrade this policy to your new bike.
i.e I had my MZ 125 insured with motorcycle direct, when I got my XJ600 I phoned them for a quote, and yes, they weren't the cheapest, but I went with them anyway, since they already had ~£300 of my money.

You'd be wise just to swap the bike.

Gaz

LandanSam · Derestricted Danger Joined: 18 Sep 2005 Karma :