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https://www.boards.ie/discussion/2055940817/signature-rules

Quick Insurance Question (no claims and cancelling)

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  • 01-04-2014 11:43pm
    #1
    baldshin
    Registered Users Posts: 1,365 ✭✭✭


    Hi folks,

    Trying to find an answer for this and can't find it in my insurance documents so said I'd try here before calling my insurers tomorrow.

    Basically I sold my car today, with 29 days left on my insurance. I'm leaving the country on Thursday for a year so won't be transferring the insurance to another car. If I cancel/suspend my policy will I still obtain a no claims bonus for this year, despite only driving for 11 months? Or can I just not inform them and let the policy run out as normal? (Bit worried this might affect the new owners insurance)

    Cheers for any replies!


Comments

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    #2
    anthony4335
    Registered Users Posts: 1,028 ✭✭✭anthony4335


    Why bother, you cannot suspend the policy and you will not get any money back if you cancel it. So you are better off ringing and removing the car from the policy and letting it run out.


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    #3
    baldshin
    Registered Users Posts: 1,365 ✭✭✭baldshin


    I was wondering if that was allowed, as technically I'm not driving so can't earn the last months no claim. I'll be ringing tomorrow anyway and hopefully it's as simple as that!


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    #4
    coylemj
    Registered Users Posts: 25,346 ✭✭✭✭coylemj


    You mention that you're worried about this affecting the new owner's insurance, it won't.

    You can cancel the policy only by surrendering the disc and cert, otherwise it will run to the expiration date.


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    #5
    matt70iu
    Registered Users Posts: 415 ✭✭matt70iu


    Best thing to do as you only have a month left would be to instruct your insurer to let the policy lapse on your renewal date. That way your no claims bonus remains in tact and you avoid any possible cancellation fees.


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    #6
    coylemj
    Registered Users Posts: 25,346 ✭✭✭✭coylemj


    matt70iu wrote: »
    Best thing to do as you only have a month left would be to instruct your insurer to let the policy lapse on your renewal date. That way your no claims bonus remains in tact and you avoid any possible cancellation fees.

    +1 except you don't have to 'instruct' them to do anything, the policy will lapse when he doesn't renew it. As there's less than a month left and you'll get feck all of a refund, I'd preserve the 12 months NCB by doing absolutely nothing i.e. just let the policy run to the expiration date.

    Make sure to get the new owner to fill his/her name in the registration cert and do not hand it over, post it yourself to Shannon.


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    #7
    CiniO
    Registered Users Posts: 16,089 ✭✭✭✭CiniO


    Some policies state that they need to be informed straight away once insured vehicle is sold.
    However I can't really imagine what kind of consequences could policy holder suffer for not fulfilling this requirement.
    On the other side, there is full year of NCB to gain, so I myself would definitely let policy last to the end to earn this 1 year NCB.

    Also worth nothing, that some policies renew automatically, unless informed to do otherwise. I suppose that can only be the case if policy was paid by direct debit in instalments.


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    #8
    baldshin
    Registered Users Posts: 1,365 ✭✭✭baldshin


    CiniO wrote: »

    Also worth nothing, that some policies renew automatically, unless informed to do otherwise. I suppose that can only be the case if policy was paid by direct debit in instalments.

    I've instructed family to open my post and check up on this, just in case they try to automatically renew.


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