Should I cancel my policy?

[cbrown1360]

I have just sold my motorhome and my new one is not due to be available until after the current insurance expires next May. So I have 6 months "unused" insurance (annual premium £350) on which I could request a refund which might net me up to £150 after "admin" charges. However against that I may lose out on accumulating additional months of no claims. Views please.

 

[tonka]

Motorhome insurers do generally offer no claims like they do in a car..
In 15 years I have never been asked to provide any proof.... Cash in, legally I think your are required to as when the new owner insurers it the database will have a conflict on there...
BUT... Sure someone with more info will be along soon.

 

[Speve]

When changing vans last year we were in same situation I didn't cancel as it was not a long time before it ran out, had to wait couple of months after for new van but contacted insurer Safeguard and they then gave me a new policy for new van and I kept my no claims etc they also gave me a new business discount around £80.so worth asking your insurer.

 

[lorger]

I had to wait a few months between vans and called Safegaurd to cancel my policy, i was told if i took new policy with them they would refund the admin fees through a discount on new policy which the did when I renewed

 

[Fletton]

If you do not cancel - and subsequently an accident occurs and the driver is uninsured... the claim will be made against your policy... as that is the current "live" policy.... followed by your insurance company recovering any losses directly from you...

Whilst lots do it... let insurance run for NCD etc... the above is the "risk" that you run...

It happened recently to a motorcyclist... it made the news... as there was a death involved i believe...

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[TheBig1]

i believe that safeguard will suspend the policy for you and restart it when you notify them you are collecting the new van. they offered me this when i recently changed motorhomes. then i just paid the difference for the remaining months of the policy

 

[zac]

I was told that i had to inform the insurance company of the sale of my then Bike as if not i was in breach of their terms and conditions. I am assuming this is the same with all insurance policies so i think you will have to let them know. Of course if you dont then nothing may happen but then again it may

 

[Langtoftlad]

Thread resurrection time .

I've just traded in my old van last weekend, but the new one won't be ready until [hopefully] May. There's no refund due.
I've just called to cancel my @AIBinsurance policy which they said I can do but it isn't necessary "as it becomes invalid due to new ownership " and I might as well let it just expire [but they'll make a note anyway?]

Is this true?

But now I'm concerned that what @Fletton says might also be true

If you do not cancel - and subsequently an accident occurs and the driver is uninsured... the claim will be made against your policy...

Given the policy is Markerstudy & the broker is AIB should I be belt'n'braces and officially cancel the policy by sending back the certificate with a covering cancel letter?
Is there any downside to properly cancelling the policy due to no longer having the vehicle?

 

[2657]

Thread resurrection time .

I've just traded in my old van last weekend, but the new one won't be ready until [hopefully] May. There's no refund due.
I've just called to cancel my @AIBinsurance policy which they said I can do but it isn't necessary "as it becomes invalid due to new ownership " and I might as well let it just expire [but they'll make a note anyway?]

Is this true?

But now I'm concerned that what @Fletton says might also be true


Given the policy is Markerstudy & the broker is AIB should I be belt'n'braces and officially cancel the policy by sending back the certificate with a covering cancel letter?
Is there any downside to properly cancelling the policy due to no longer having the vehicle?

I did not cancel my policy with Markerstudy through Campton's as no refund would be due and I would have been charged an admin fee for cancelling.

I did give the vehicle to my son though.

Incidentally when I renewed in January with the same broker and again with Markerstudy I compared with a few others and AIB could not come close to Campton's quote with the same underwriter, Markerstudy, I have no idea how or why!

 

[pappajohn]

Is there any downside to properly cancelling the policy due to no longer having the vehicle?

Only the extortionate cancellation fee charged by most insurers.
Almost bought a replacement car on saturday and the current insurance cancellation fee would have been £45.

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[magicsurfbus]

Safeguard cancelled our last policy, and refunded us pro rata, minus a £25 admin fee which they'd knock off our next policy if we went with them. No claims bonus is preserved and they send a letter stating the number of years for use with other insurers.

Having just done the new policy negotiations on the phone I can offer the following tips for Safeguard customers:

1. Go to Clubcare first and get an online quote.
2. Go to Safeguard and get a phone quote. Then tell Safeguard how much less the Clubcare quote is and see what discount they offer as a loyal previous customer. They are keen to compete.

Bear in mind that Clubcare's minimum excess per claim is £550, whereas Safeguard's is £200, and Safeguard offer roadside recovery.

Our discounted Safeguard quote for our new MH was less than our annual Safeguard premium for our old (11 years) MH. To get our business they knocked damn near £200 off their initial quote. The final figure was higher than Clubcare's but who wants a £550 excess?

Obviously it's each to their own with insurance priorities, but it's definitely worth haggling.

 

[Kingham]

....

But now I'm concerned that what @Fletton says might also be true

What @Fletton said earlier is correct

 

[Fletton]

@Langtoftlad @Kingham .... There you are.... The news clip...

Don't know if it went all the way or not....

But this was the case I was referring to...


http://www.dailyrecord.co.uk/news/scottish-news/scots-biker-insurance-hell-after-4141840

 

[Lenny HB]

It is illegal to have more than one policy on a vehicle, so if you have sold it to someone who has insured it you have no option but to cancel.

 

[Langtoftlad]

Thanks all - the wrinkle is that it was traded to a dealer... so presumably they will have some sort of all encompassing insurance for their stock - new & used... which would supercede or trump mine?
[I know one should never assume]

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[chaser]

All these posts go to show the farmers union isn't that dear when something like this crops up, I just go in the office and tell them to cancel and it's done while you sit there , no charge, all your unused insurance in a cheque before you leave the office they use your no claims off another vehicle, no problem

 

[Lenny HB]

All these posts go to show the farmers union isn't that dear when something like this crops up, I just go in the office and tell them to cancel and it's done while you sit there , no charge, all your unused insurance in a cheque before you leave the office they use your no claims off another vehicle, no problem

Cheaper to pay the £25 cancellation fee than pay NFU an extra £300 a year.