Stay insured on a sold bike...?
 

Ok so I sold my sv last week and went to cancel my insurance. They sent me through a letter which i need to fill in to cancel it.

The letter explained that if I had an claim on the insurance within the year then you will not recieve any of the money back (I paid a whole years subs in one go).

The year is coming up to the end within a couple of months so wouldnt get anything back anyway as I did make a claim. There is also a £30 cancellation fee.

If I was to stay insured and let it expire in a couple of months could I get in trouble? I mean, if he has an accident on the bike, my name will flag up along side his... right?

Re: Stay insured on a sold bike...?
 

It would only be a real issue if he didn't take out insurance and had a major accident, while it wouldn't be your 'fault' (or even your bike anymore) the third party would be able to claim off your insurance. Same as if someone steals your car and kills someone, your insurance would pay out even though it wasn't your 'fault'.

If you're not after any money back I'd tell them to get stuffed on the cancellation fee.

Druid

Re: Stay insured on a sold bike...?
 

i had a similar situation 2 years ago, i got a new bike an let the inasurance run out with 5 months left on the old one.

suppose i had same doubts as you but all you are doing is insuring yourself to that bike, you are not saying you are the registered keeper illegally or nout.

Thats what i think, i may be wrong.

Re: Stay insured on a sold bike...?
 

Would you mind if i copy and paste you comment on to the letter ill send them.... Ha!

I shall just tell them to keep the money owed to me and take that as the cancellation fee. Cheers dude!

Re: Stay insured on a sold bike...?
 

IIRC you can't insure something in which you have no insurable interest, ie, it's not yours. I tried that on my daughter's car, which was registered in her name. I wanted to insure it in my name with her as a named driver. I couldn't.

So your policy is void anyway, I think

Re: Stay insured on a sold bike...?
 

Id just let it run and expire.If you dont pay them what they want you may end up on a bad credit list.

Re: Stay insured on a sold bike...?
 

Ooh, thats very true! Decision made, ill let it run out.

Re: Stay insured on a sold bike...?
 

I bought an er5 insured it for 12 months, sold it after 2 months did not cancel the insurance when i sold it. The insurance was £138 for the year and the cancelation fee was £100!!! I now have 3 lots of 2 years no claims bonus.

If i claim on one policy i take it they cant take the no claims bonus off the other policies?

Re: Stay insured on a sold bike...?
 

I am pretty sure that is not right. It is the person that is insured, not the vehicle. The person who was driving the stolen car would be driving without insurance, there no way the insurance company would pay out for the third party, only the person the car was stolen from.

I know someone hit by a stolen car and they got bugger all and had to claim through some goverment scheme, the person the car was stolenfrom had no further dealings.

As for leaving the bike insured you can't do that either, as you can't have two policies on one vehicle.

Re: Stay insured on a sold bike...?
 

I told Express insurance to shove the £50 cancellation fee up their 'you know what' when I sold my bike. A couple of months later I checked with them and the fee had been squashed. So I insured with them again for a seperate bike ( i'm now a proud owner of a gsxr 600 ).
I had also told them at the time that I had just been made redundant and the fee was extortionately high and that I would take it up with the Office of Fair Trading. NCB was not affected at all and I managed to get a good deal due to Suzuki doing a deal with them.

Ste.