Insurance?

Im after a new bike but need to sell mine, so just wondering if anyone can help. If i sell my bike would insurance companies keep my policy going for a couple of weeks until a get a new one?

Originally Posted by dazzaboy

Im after a new bike but need to sell mine, so just wondering if anyone can help. If i sell my bike would insurance companies keep my policy going for a couple of weeks until a get a new one?

Not advisable as you'll prob still have your name attached to the bike you've just sold to keep the policy going, what happens if it's wrote off or gets nicked?

[pookie]

you'll have to speak to them..in a recent article in fast bikes andrew dalton talks about a case of a guy selling his bike and not cancelling his insurance.

To make matters worse the guy who bought it had an accident without insuring it himself.

The upshot was his insurance company footed the bill and could come after him for the liability.

Originally Posted by pookie

you'll have to speak to them..in a recent article in fast bikes andrew dalton talks about a case of a guy selling his bike and not cancelling his insurance.

To make matters worse the guy who bought it had an accident without insuring it himself.

The upshot was his insurance company footed the bill and could come after him for the liability.

Read that wouldn't be a good situation to find yourself in.

Also get it in writing from your insurance company better to be safe than sorry mate.

Yh i'll phone them, its a bugger because unless your doing a part ex if u need to sell your bike to be able to buy another your stuck in a hole.

[DaveRushton]

Will they not just put it on hold for you?

Thts what imhoping they will do, just so i can sell my bike then go bike hunting

[Tomor]

keep the insurance going until you find a new bike then sell and buy. just got to hope you can sell and buy quickly!

[Juju]

Originally Posted by pookie

you'll have to speak to them..in a recent article in fast bikes andrew dalton talks about a case of a guy selling his bike and not cancelling his insurance.

To make matters worse the guy who bought it had an accident without insuring it himself.

The upshot was his insurance company footed the bill and could come after him for the liability.

This is not entirely correct.

Under the Road Traffic act, and it's subsequent amendments, the vehicle appearing on MID (The motor insurers database) is sufficient for an insurer to be considered to be RTA Insurer. Ie you keep your policy going, the vehicle appears on MID, and your insurer is the first port of call for the third party. However, one of the rare exeptions to this, is when there is a genuine, proven transfer of ownership of the vehicle. If you sell the bike, get a signed and dated receipt, and hand over the larger portion of the V5 to the buyer, and retain the smaller part (perhaps copying and sending it off) then you would not be seen to have any insurable interest in the vehicle. The claim would then fall to be dealt with by the Motor Insurers Bureau as an uninsured driver.

I think the Andrew Dalton example must be missing a key fact, such as there being no proof that there was a transfer of ownership - ie seller didn't tell DVLA, so there was no formal or provable record of the sale to verify the sellers assertions. Otherwise we'd all just say "Sorry wasn't me, just sold it, er, to someone who I never seen before and who's name/address I didn't get, and I can't prove it with a bank transfer as I was paid in cash and blew it at the bookies".

I sold my bike in Octorber 2012 and it's still insured fully comp till end of August 2013.

They (my insurance company) wanted to charge me around £180 to cancel... where as if I kept the policy it would cost just over £200.

I'm sure there will be those who can't wait to start flaming me, so I'll be waiting for it.