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Cancel insurance on a sold car?

  • 25-02-2012 8:17pm
    #1
    Registered Users, Registered Users 2 Posts: 1,411 ✭✭✭


    So here's the deal, I've just sold my car. There's 2 months insurance left on it. Am I legally required to cancel the insurance on it, and if so, will I lose this years no claims bonus as I haven't completed the year? I'm hoping to have a new car soon so was just going to transfer the remaining insurance to that, if that takes longer than expected should I just cancel the insurance altogether?


Comments

  • Registered Users, Registered Users 2 Posts: 73,544 ✭✭✭✭colm_mcm


    Bear in mind the extra years NCB lost if you aren't already on max level. If you cancel, you lose that.


  • Registered Users, Registered Users 2 Posts: 1,411 ✭✭✭baldshin


    Yeah I'm only on 2 years at the moment so don't wanna miss out on the 3rd. Just want to make sure there's no harm leaving myself insured even though I don't own the car anymore, like I'm not liable if it's involved in an accident.


  • Registered Users, Registered Users 2 Posts: 73,544 ✭✭✭✭colm_mcm


    maybe transfer it onto your parents car or something like that.


  • Registered Users, Registered Users 2 Posts: 1,411 ✭✭✭baldshin


    Neither drive and don't really have anyone I could do that with!


  • Registered Users, Registered Users 2 Posts: 85,505 ✭✭✭✭Atlantic Dawn
    GDY151


    baldshin wrote: »
    Yeah I'm only on 2 years at the moment so don't wanna miss out on the 3rd. Just want to make sure there's no harm leaving myself insured even though I don't own the car anymore, like I'm not liable if it's involved in an accident.

    The problem is you can't insure something you don't own. Did you leave the insurance disc on the car?

    Some insurers allow you to put the insurance on hold and then resume cover so you say put on hold for 2 months then buy a new car and insure that, then when the car is insured for 2 months you are then on your 3rd year claim free.


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  • Registered Users, Registered Users 2 Posts: 1,411 ✭✭✭baldshin


    No I made sure to remove the disc. That sounds like a great idea, will give them a call first thing on Monday to see if they offer that service. Cheers!


  • Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    baldshin wrote: »
    No I made sure to remove the disc. That sounds like a great idea, will give them a call first thing on Monday to see if they offer that service. Cheers!


    If the person ou sold that car too is not insured and your policy is still active on that car and they have an accident..... your policy is liable.

    You can choose to suspend cover on your policy if you so wish. Lay it up so to speak...


  • Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    I'd say you should suspend your policy until you buy new car.
    AFAIK most insurance companies only allow to suspend policy if it's for over a month, but this might actually suit you.
    You will most likely have to send them a letter asking to suspend a policy until further notice, and return disc and certificate.
    Then when you buy new car, you can just contact them, to reapply your cover, and then they will have to refund you for a period suspended. Usually it's something about 80% of your premium of suspended period which is refunded.

    At least that how it was with my experience with few insurance companies.


  • Closed Accounts Posts: 23,862 ✭✭✭✭January


    Write to your insurance company, as above, stating you want to suspend the policy as you have sold your car and are waiting to buy a new one. Return the certificate and disc also.


  • Closed Accounts Posts: 1,464 ✭✭✭furtzy


    Was in this exact same position a few months back. I sold my jeep and was looking around for a replacement but didn't want want to cancel insurance and loose any NCB. So all I had to do was ring the insurance company to inform them of the sale and told them to take the jeep off the policy but keep it active and I would inform them of the replacmeent cars details once I bought one. They had no problem with that at all. All I had to do was send them back the old cert and disc


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  • Closed Accounts Posts: 1,921 ✭✭✭Gophur


    MugMugs wrote: »
    ......


    If the person ou sold that car too is not insured and your policy is still active on that car and they have an accident..... your policy is liable.
    ............

    How could it possibly be liable?

    FFS, the car is sold, the seller has no insurance interest in the car, he/she cannot be held liable.

    Some of the "advice" in these forums defies belief.


  • Closed Accounts Posts: 29,472 ✭✭✭✭Our man in Havana


    If you leave a disc in the window, any badness comes back to that policy.


  • Registered Users, Registered Users 2 Posts: 17,875 ✭✭✭✭MugMugs


    Gophur wrote: »
    MugMugs wrote: »
    ......


    If the person ou sold that car too is not insured and your policy is still active on that car and they have an accident..... your policy is liable.
    ............

    How could it possibly be liable?

    FFS, the car is sold, the seller has no insurance interest in the car, he/she cannot be held liable.

    Some of the "advice" in these forums defies belief.
    Why don't you back yourself down there pal? If the. Insurance policy is still in place on that vehicle and the new owner isn't insured then under Insurer concerned the active policy takes the hit with the possibility to recover costs from the uninsured driver (which will never really happen)

    Some of the people willing to contradict the correct around here defies belief.....


  • Closed Accounts Posts: 8,223 ✭✭✭Nissan doctor


    Also....is it not the case that a car can't have 2 insurance policies on it?

    I.e if the OP still has their insurance on the car then any insurance the buyer takes out will, technically, be void.


  • Closed Accounts Posts: 29,472 ✭✭✭✭Our man in Havana


    Wrong. It is the other way round.


  • Registered Users, Registered Users 2 Posts: 1,411 ✭✭✭baldshin


    Just a quick update, contacted my insurance company who got me to send back the cert and disc as well as a written request to suspend the insurance. When I go to renew my policy they will deduct the value of the unused insurance off my new policy, result!


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