Insurance question

[DomP]

I've got my test booked for late September in Newport and I'm thinking of selling my 125 now and finding an SV650s as an incentive. If I sell my 125 before getting an SV how does that work with insurance?

[Heorot]

It depends onthe type of insurance policy taken on the 125. I discovered that when I passed my test and move to the SV650, that I had been sold a scooter insurance and couldn't transfer it to the SV. I had to start again with a new insurer and the old insurer wouldn't transfer my 2 years no claims to the new company.

[DomP]

That's what I'm unsure of and what if I don't get a new bike before selling my yzf? Phone call needed I guess

[s7even]

I passed my test in May and when i called Hastings they charged me £25 admin fee just for letting them know !!

They said my policy would be invalid if i had not advised them and i was lucky that the premium was not changing as it sometimes does , so two weeks after that i sold my 125 and i called to see if i could just carry on the policy so i could get a 2nd years no claims but they said i could not as you cant have two policy`s (mine and new owner`s) running at the same time.

They said they would keep my policy running for 14 days so that i could transfer it if i got another bike.. As i never got a bike they automatically cancelled the policy and took £60 out my account for the pleasure. I called them and they said this was a cancellation fee which i should have been advised about ... to cut a long story short i got the money back as they had not told me.

[Nutsinatin]

If you sell your 125 you need to either transfer the policy to your new bike (which you can't do in the above scenario) so would need to cancel your current policy. If you do not cancel your current policy and the new owner is involved in an accident your insurance can be held liable as if you yourself had been involved in an accident. Then your insurance company could take legal action against you for allowing an uninsured rider to use your vehicle to reclaim their costs e.g. http://www.whitedalton.co.uk/motorbike-blog/2013/10/i-sold-my-bike-but-didnt-cancel-my-insurance/

[Biker Biggles]

The best course is to try to change your bike at the same time as your policy is due for renewal.Not always practical but solves a lot of these issues in that you have a complete years NCD and they cant say you have to cancel a policy(with charges) then take out a new one for the next bike.

[DomP]

Hmm, insurance is a massive con in these scenarios. I really wanted to get an SV now while the days are long enough to go and viewone. I will have to see what MCE ininsurance say I can do.

[Bibio]

you wont be able to insure the SV on a provisional licence. best thing to do is sell the 125 and cancel the insurance policy or keep using the 125 till the policy runs out then sell it even tough you may have passed your test. good luck getting any money back if you pay by DD and you may find that they want the rest of the years policy as well due to some stupid 'loan' agreement that you never knew you took out.

best thing is to let the insurance run out and then sell/trade the 125 for an sv and get another policy. that way your insurance will already be in place for a full licence.

[PyroUK]

you wont be able to insure the SV on a provisional licence. best thing to do is sell the 125 and cancel the insurance policy or keep using the 125 till the policy runs out then sell it even tough you may have passed your test. good luck getting any money back if you pay by DD and you may find that they want the rest of the years policy as well due to some stupid 'loan' agreement that you never knew you took out.

best thing is to let the insurance run out and then sell/trade the 125 for an sv and get another policy. that way your insurance will already be in place for a full licence.


Pretty much this, you shouldn't be able to get the sv insured.

If you can, keep the 125 running and insured until renewal and swap the bikes over then.

Or take the hit by just changing the insurance when you pass and get the sv. If you do that I would suggest making as many of the changes that need to be made at the same time, just in case there is an admin fee

[DomP]

Thanks, all makes sense. 125 for a bit longer then :(

[PyroUK]

Hey, on the plus side at least you still have a legal vehicle on which to enjoy the summer.

In addition you might save yourself a little on bike buying later in the year towards the end of the season.

I wouldn't worry about a significant loss on the 125 as I think they tend to hold the value a bit better. Well at least they did till the Chinese bikes invaded the market

[DomP]

Yeah I'm quite happy about it really, I think I got my yzf for a fairly good price so I'm sure I will get most of it back. Just a bit impatient looking at thumping SVs to replace my angry Bee.