stuart n

I sold my Escort Gti at the weekend and went to phone up elephant today to cancel the policy. However I noticed on the bottom of my insurance certificate that it's going to cost be £45 to cancel early

As the policy runs out in mid April it'll probably mean I'm worse off cancelling it. So the question is, is it illegal to keep the insurance policy even though I don't own the car anymore

All Torque

Freeze it untill you get a new car, if your not getting one in the near future let them decide what to do with it then you wont be canceling.

David_Dickson

I dont know about "illegal" bit it would be silly for a few reaosns...

1 - the new buyer has an accident. the claimants insurer will look up the reg and the claim may well proceed against your insurance.

2 - it will still be on the insurance database as insured. If the guy has his own insurance, this isnt a major problem, but if he doesnt bother then automated police checks wont show the car as being uninsured.

stuart n

Good point that I hadn't considered. Think I'll cancel it, the scoob is insured with someone else. Elephants quote was almost twice what I ended up paying

nooobyscoooby

Ask them to suspend it until "you get a new car". That way you keep your options open if you have earned NCB.

scoob_babe

I did the same thing a few years back. I didn't cancel the insurance as it only had 2 months left to run and wanted to keep the full NCB which was worth it in the long run for me.
I don't see why a new buyer having an accident would be an issue if the V5 has been sent off to show new owner but maybe I'm just having an off day as I didn't have any problems!

gpssti4

iTrader: (6)

Don't cancel it. You'll loose the extra year NCB! After all, you're not going to have an accident in it are you and you have sent off the V5 so it's not in your name any longer.