View Full Version : Odd question, can you have 2 seperate insurance policies at same time?
This may be a simple yes/no answer but I may have a major problem with regards to another thread where I planned to buy a new bike but not actually take it from the dealer for 2 months.
It occured to me today that they will need to tax the bike on the 'purchase date' of March 31st however I will not be insuring the bike until May 29th (when I have 1 yrs NCB) they will take my SV in on March 31st so I wont have a bike from March 31st to May 29th but I will leave the insurance running to earn the NCB.
The issue of the tax is concerning me so I did some looking about and have found an option to get a monthly policy (£70 per mth) on the new bike from March 31st and just renew this from Apr 30 to May 29th and then take a new policy with my 1 yrs NCB.
So my question is am I doing anything wrong (illegal) by potentially running 2 insurance policies in parellel, the one I have currently until the end of the policy (without having the bike anymore) and the new one for just the 2 months until I take a new standard annual policy out on May 29th???????
If anyone has a better idea then please let me know but dont suggest just cancelling the current policy and taking a new one as the price difference without a full year NCB is over £600!!
Dave20046
14-03-10, 08:43 PM
You can't have two insurance policies on one vehicle I'm afraid.
Edit - sorry,that didn't answer your question...got next to no sleep last night. as per drew's post.
Drew Carey
14-03-10, 08:49 PM
Can I just confirm, the old policy is on the SV? Yes? And the new policy would be on the new bike so that they can get tax? If thats the case, then yes, you can run both. Its no different from having say a bike policy and a car policy.
Can I just confirm, the old policy is on the SV? Yes? And the new policy would be on the new bike so that they can get tax? If thats the case, then yes, you can run both. Its no different from having say a bike policy and a car policy.
Yes exactly that. Thats sound positive then :)
My worry is continuing the current SV policy till May once I hand the bike over to the dealer though, is that also ok?
eviltwin
14-03-10, 08:51 PM
As Drew says, you can have another bike on a different policy but you'll have to insure the new bike on zero no claims discount - that can't be used on 2 separate policies
eviltwin
14-03-10, 08:53 PM
Ignore last post. Just seen that you are taking out a monthly policy to wait to earn 1 years no claims.
Villers
14-03-10, 08:56 PM
If the bike is signed over from you to the dealer there is also the issue of you insuring a vehicle you don't own. If the dealer sells it on sharpish and a new buyer insures it and subsequently bins it there may be a few questions to answer. Its unlikely but it could happen. Forgetting that though, there is absolutely no issue with having two insurance policies for two different bikes, although as someone has said, your NCB only counts on one policy and you would have to start from scratch with the monthly insurance.
Bluefish
14-03-10, 09:05 PM
If you want to insure your new bike with one years no claims then you need to keep. Your sv untill you have have had it for one year with no claims, bit obviouse really.
I have just had to keep mine for two weeks for .same reason
If the bike is signed over from you to the dealer there is also the issue of you insuring a vehicle you don't own. If the dealer sells it on sharpish and a new buyer insures it and subsequently bins it there may be a few questions to answer. Its unlikely but it could happen. Forgetting that though, there is absolutely no issue with having two insurance policies for two different bikes, although as someone has said, your NCB only counts on one policy and you would have to start from scratch with the monthly insurance.
You have hit the nail on the head, that is what concerns me, continuing my insurance when I no longer own the SV?
Drew Carey
14-03-10, 09:19 PM
I did that when I sold my SV to Girth. I called up the insurance company and they advised me that as I only had 2 months left on my policy, just to leave it running. Whether they should have advised that or not is another story.
Do you have a mate at all that will let you insure their bike? Or, if you have a bit of cash, buy any old banger, move your policy onto the banger for the remaining 2 months. Then sell it. Just a thought?!?!?
Personally, I would just leave it running. You can just plead ignorance if something happens and say that you forgot to cancel the policy.
I did that when I sold my SV to Girth. I called up the insurance company and they advised me that as I only had 2 months left on my policy, just to leave it running. Whether they should have advised that or not is another story.
Do you have a mate at all that will let you insure their bike? Or, if you have a bit of cash, buy any old banger, move your policy onto the banger for the remaining 2 months. Then sell it. Just a thought?!?!?
Personally, I would just leave it running. You can just plead ignorance if something happens and say that you forgot to cancel the policy.
I think this is probably my only option, it certainly doesnt seem to be 'illegal' although possibly as said above if the Insurance company wanted to cancel the policy before the end of the current term I guess they could (I am going to read the policy info to see what it says about it) Wish I hadnt been so analytical about this as they sometimes ignorance is bliss!!!
Villers
14-03-10, 10:35 PM
If you are going to be bikeless anyway can you not just transfer your insurance with a month remaining onto the new bike (even if it is just for the month)? Ring your current insurer and tell them the score and see what the charge is to swap!
Tried that but they wont insure me on the new bike at all!!!
Also just checked policy and it would cost me more than the remaining premium to cancel the policy due to a cancellation charge!!!! Also doesn't seem to require me to be the owner of the vehicle to insure it so does actualy appear it might be easier to just let the policy expire in May
Sure there's a reason but why don't you keep your bike and buy a new one when you've got your no claims!? Seems strange to spend money to not have a bike for 2 months?
Villers
14-03-10, 11:17 PM
Also just checked policy and it would cost me more than the remaining premium to cancel the policy due to a cancellation charge!!!! Also doesn't seem to require me to be the owner of the vehicle to insure it so does actualy appear it might be easier to just let the policy expire in May
Thats typical of the insurance companies I guess! Just remember they always ask "are you the registered keeper of the motorcycle?" when you apply, so technically you are in breach of contract if you sell it. However it is unlikely anything will go wrong, the bike could be in the stealers for a month without being sold. Just get the temp insurance and cross those bridges when you come to them!
Drew Carey
15-03-10, 08:47 AM
Sure there's a reason but why don't you keep your bike and buy a new one when you've got your no claims!? Seems strange to spend money to not have a bike for 2 months?
I was wandering that too. If it was me, there would be no chance in hell I would hand my bike to a dealer without getting the new one in exchange at the same time.
I was wandering that too. If it was me, there would be no chance in hell I would hand my bike to a dealer without getting the new one in exchange at the same time.
Yep, the finance deals runs out March 31st so need to register new bike by then, also am away for a lot of April and some of May so dont need a bike and because I didnt think I could get insurance until the May current insurance expiry I asked if the dealer would hold the bike for me until then.
Now I can get the insurance for March-May I will probably take the bike so that part of the problem goes away
wyrdness
15-03-10, 08:57 AM
Could you or the dealer SORN the new bike for 2 months until you're ready to collect it? Just buy the tax once you've got the insurance on the new bike. Leave the insurance on the old bike running until you've got your NCB. Would that solve the problem?
Could you or the dealer SORN the new bike for 2 months until you're ready to collect it? Just buy the tax once you've got the insurance on the new bike. Leave the insurance on the old bike running until you've got your NCB. Would that solve the problem?
Thats what I plan to ask, would be the best option really
muffles
15-03-10, 09:30 AM
Any chance your current insurance company will leave the insurance running for you (on the new bike) on TPO or something? Something that will enable them to cover you in some form (since the bike will be at the dealers/home anyway?)?
Any chance your current insurance company will leave the insurance running for you (on the new bike) on TPO or something? Something that will enable them to cover you in some form (since the bike will be at the dealers/home anyway?)?
I was told when I called that they will not insure the GSXR at all so I assume that means on any level of cover? I might give them another call to check if there are any other options?
muffles
15-03-10, 11:25 AM
It just seems safer than having the policy running on a bike you don't own...I think it might be a bit iffy doing that...worth investigating but I guess at the end of the day I'd probably leave it running if it was the only way (or maybe change it to an old banger - whatever's the cheapest I could find)
As long as you don't attempt to claim on the SV's insurance policy whilst it's not yours, no one will care.
As long as you don't attempt to claim on the SV's insurance policy whilst it's not yours, no one will care.
I think you have hit the nail on the head, just rang the Ins co. to check where everything stands and apparantly there is no issue at all, as long as there is no claim on the SV then they recommend leaving the policy running (there would be a £45 fee to cancel) so in effect the best option is to leave things exactly as they are.
The issue with the new bike is also resolved, I took on board the comments on not taking the bike at p/ex time and have gone for the pay monthly insurance which i will run for 2 months then take a full year policy out.
So all looks fine in the end. Thanks for all the comments/advice/suggestions :cool:
Biker Biggles
15-03-10, 11:42 AM
Insure new bike to get it registered then use your "cooling off" period to cancel the insurance and get refund.Come to arrangement with dealer to look after bike until you are ready to take it away.
Or-----Buy pre registered bike from dealer with same storage arrangement?
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