Keeping Insurance valid after bike sale

[scoobyears]

My bike insurance renewed in feb this year
for various reasons i've sold the bike, (only did 129 miles in 5 years).. i've not cancelled the policy, its scheduled to expire in feb next year
I will be returning to the uk next September 2025 with the intention of buying another bike...
will I have to restart my insurance from scratch, or is there a way to keep my no claims discount ??

 

[Wapping]

Most insurers will accept a lapse of up to 24 months. Ask your broker / insurer to give you confirmation of your current NCB and keep it in a safe place.

Do NOT keep any policy for a vehicle you have sold active.

 

[GreatScot]

You should cancel your policy, it's very unwise not to have done and could result in you being pursued for costs (by your Insurance company) in the event of the bike being involved in an accident.

NCD is often kept valid for 2 years, this might vary between companies.

 

[Oldrat]

You should cancel your policy, it's very unwise not to have done and could result in you being pursued for costs (by your Insurance company) in the event of the bike being involved in an accident.

NCD is often kept valid for 2 years, this might vary between companies.

Wot he said.

If the bike is involved in an accident, your policy is still active and shown as such.

Worst case scenario—
Bike crash
Serious third party injuries
Rider uninsured
Third party will be able to claim on your policy

You are then liable for any resulting increase in premium.

Why not just suspend it?

 

[Wapping]

Do NOT keep any policy for a vehicle you have sold active.

Other than the (possibly) rare occurrence of the new owner crashing the vehicle and a (potentially) huge liability claim (potentially) heading your way. The day-to-day problem is obvious. If the new owner ‘forgets’ to insure the vehicle, as some ‘forgetful’ people are prone to do, it will still be lodged as ‘insured’ on the database. This means that the vehicle will not ping up on ANPR cameras. The new owner will drive around, hassle free; you (in effect) having paid for their insurance.

In short, cancel the insurance from the moment you sell it. Don’t wait an hour, a day, a week or think to yourself, “It’s only got a while to run and I’ll not get any money back. Mate, take the vehicle and insure it when you get home”. Anything it costs or saves you will be small beer, compared with the (potential) tsunami of shite which (potentially) heads your way…. And you can be sure that ‘Mate’ will not be around with a life belt.

 

[Hartley]

I was chatting about this to someone recently. They’d sold their bike with a few days to run on the policy. Their insurance company or maybe broker wanted a significant “admin fee” to cancel the policy. Hardly encouraging the correct thing to do is it.

 

[Zoton]

I did this this year. Inform the insurance company that you’ve sold the bike but you want to keep the policy for the end of contract to get the extra no claims bonus. They will then issue a dummy number plate , which I had and was no reference to anything Then at the end or before end of policy pay the difference and look for a new policy when you have a new bike.

 

[Wapping]

I was chatting about this to someone recently. They’d sold their bike with a few days to run on the policy. Their insurance company or maybe broker wanted a significant “admin fee” to cancel the policy. Hardly encouraging the correct thing to do is it.

Unfortunately or not, the amendment / cancellation charges are spelled out at the start of the policy. Nobody listens to or reads them, as it is all dull bullshit. The only interesting bit is the lowest level of the premium at inception and even that is a rip-off.

 

[Wapping]

I did this this year. Inform the insurance company that you’ve sold the bike but you want to keep the policy for the end of contract to get the extra no claims bonus. They will then issue a dummy number plate , which I had and was no reference to anything Then at the end or before end of policy pay the difference and look for a new policy when you have a new bike.

It is an interesting and novel concept, whereby any kind of insurance contract, accrues a benefit around something that does not exist and therefore cannot be at risk.

That smells an awful lot like an awfully inventive intermediary of some sort. It’s certainly a new one on these pages. But hey, nothing is surprising in the cowboy world of moataaaaaah.

 

[er-minio]

I asked a similar question last year, but for my car policy.

Call the insurer/broker up.
In my case they agreed to keep the 10+ NCB for three years when I told them I was considering re-insuring a vehicle at some point.

 

[littleade]

As Wapping has said you must contact your insurer and tell them you no longer own the bike. I asked to suspend my policy back in 2020 while I waited the 2 months for my wankpanzer to be bullt, but my insurer ( through IAM Surity) was only prepared to suspend the policy for a couple of weeks so I had to cancel it.

 

[er-minio]

It is an interesting and novel concept, whereby any kind of insurance contract, accrues a benefit around something that does not exist and therefore cannot be at risk.

And still, generally, you can lose your NCB because someone drives a car into your *parked* vehicle.
Motor insurance regulator is a fucking joke.

 

[Wapping]

And still, generally, you can lose your NCB because someone drives a car into your *parked* vehicle.
Motor insurance regulator is a fucking joke.

At least let’s start from the premise that the ‘parked’ vehicle actually exists, which in the example of post #7, it doesn’t.

I am no apologist for moataaaah insurers, their customers or their intermediaries. By and large, they all deserve each other. The government needs to give all three a good kick up the backside but more pressing matters intervene, no doubt.

 

[Zoton]

It is an interesting and novel concept, whereby any kind of insurance contract, accrues a benefit around something that does not exist and therefore cannot be at risk.

That smells an awful lot like an awfully inventive intermediary of some sort. It’s certainly a new one on these pages. But hey, nothing is surprising in the cowboy world of moataaaaaah.

I get what your saying and understandable that it’s a bit of a ball scratcher but I would have lost a years no claims which was prepared to pay / suspend my policy for knowing I had a new bike on the way. The cost of cancelling is almost fraudulently thrown at you. Horses for course.

 

[er-minio]

It makes sense, but I guess how long the period is. If it’s just a month or two, seems decent.

But still they play by their own rules tbh.

I’m not saying they shouldn’t help you.
I’m just annoyed that they are helpful in that occasion, yet, shaft most people (not at fault accidents).

 

[EPG_19]

Unfortunately or not, the amendment / cancellation charges are spelled out at the start of the policy. Nobody listens to or reads them, as it is all dull bullshit. The only interesting bit is the lowest level of the premium at inception and even that is a rip-off.

That’s actually one of the most sensible things you have said, well done.

 

[Pukmeister]

Paul Duffy.............

Sold a bike? Cancel the insurance, or face a massive risk - White Dalton Motorcycle Solicitors

I've sold my bike privately, but am hanging on to my insurance for a few weeks as it'll gain me another year's no-claims bonus. A mate says he's read a

www.whitedalton.co.uk

Cancel your insurance.

 

[Hartley]

Unfortunately or not, the amendment / cancellation charges are spelled out at the start of the policy. Nobody listens to or reads them, as it is all dull bullshit. The only interesting bit is the lowest level of the premium at inception and even that is a rip-off.

I know they tell you about amendment charges, some make a point of telling they don’t have any. However, to end a policy I’m not so sure it should apply, let’s face it it’s in everyone’s interests to ensure everything is as it should be. There’s also the fact that many are not aware of the possible implications of a claim after you’ve sold a vehicle and just think, why pay 40-50 quid when I can just let it run.
Some very sharp practises within the industry that do warrant closer scrutiny.

 

[fizzer]

as said in previous posts the second a new owner takes the bike of your drive you must cancel the policy /tell your insurer .why
well i was told if the new owner does not insure it and has a crash and kills someone it can /will come back to your insurance company ,they will then in turn chase you for the moneys lost,its could in effect cost you a kings ransom.
a few years ago i got a call out of the blue of my insurance company asking me to take a picture of my bike and number plate and the v5 and email it to them straight away,so i called them ,and the fella on the phone told me the reason was because the previous owner still had the bike insured with the same insurance company as me.
so thats two people claiming to own the bike in the eyes of the insurance company.

 

[er-minio]

so thats two people claiming to own the bike in the eyes of the insurance company.

Insuring ≠ owning.

There can be multiple policies on a vehicle, is illegal to claim on more than one.