Insurance Letting insurance lapse

Discussion in 'Insurance & Breakdown Cover' started by caravanman, Wednesday 6th Jan, 2016.

  1. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
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    Hi, I currently drive a Peugeot 407 which is insured fully comp with Lloyds and the insurance runs out last day of January. I just bought a used Honda CR V which I collect around 13th Jan, the Peugeot is traded as part of the deal. I contacted Lloyds to see about insurance and they insist on a £25 transfer fee plus a new 12 month policy even though the current policy expires at the end of the month, total £254.00. Aviva will insure the Honda for a year from the 13th for £216. Can I take the Aviva deal and just let the Lloyds insurance on the P
     
  2. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    Hi, I currently drive a Peugeot 407 which is insured fully comp with Lloyds and the insurance runs out last day of January. I just bought a used Honda CR V which I collect around 13th Jan, the Peugeot is traded as part of the deal. I contacted Lloyds to see about insurance and they insist on a £25 transfer fee plus a new 12 month policy even though the current policy expires at the end of the month, total £254.00. Aviva will insure the Honda for a year from the 13th for £216. Can I take the Aviva deal and just let the Lloyds insurance on the Peugeot run till the end of the month even though I will no longer own the car from the 13th
    regards Mick
     
  3. ChrisKnottIns Site Partner Club Affiliate

    When you sell the Peugeot you'll want the existing cover to cease if you're going to switch to Aviva's policy for the new car. That's just a cancellation. At that late stage there'll probably be nothing to return to you premium wise and there may be a cancellation fee (maybe that's the £25 you mention). If you started a new policy with Lloyds for a further period I'd have thought they'd agree to waive the £25.

    You don't want the cover to continue on the Peugeot after sale as there may be implications if any new owner doesn't insure it, yet has a third party claim made against them.
     
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  4. ChrisKnottIns Site Partner Club Affiliate

  5. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    If you were a new driver like me with big insurance premium, you would have been better off in getting the Lloyds policy transferred to your new car as it would mean you complete a year's worth of NCD (if all went well). However the quote you have got suggest that you have plenty of NCD and switching will actually save you money. A friend of mine was in a similar situation but his insurance company gave him confirmation of 1 year's NCD before the final month was up and just cancelled the policy with no penalty.
     
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  6. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    The £25 is a transfer fee, they insist on having it even if I stay with them for another year. If I cancel they'll charge me a £25 cancellation fee. Can't win
    regards Mick
     
  7. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    urgh. so much fail! but if you go with them will they charge £25 on top of £254 or is that including?
     
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  8. ChrisKnottIns Site Partner Club Affiliate

  9. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    £254 for another year including the £25. Without the transfer fee I'd probably stay to cut down the hassle.
    regards Mick
     
  10. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    You might be better off staying with Lloyds no? It will end up being £13 more but atleast you won't be putting yourself in risk having to insure a car you don't own.
    Very shady of Lloyds no doubt..
     
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  11. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
  12. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    you will pay £25 to them in any case so I included that in.
    - - - Updated - - -
    £25 to cancel the policy so Aviva will end up costing you £241 and you have to make sure Lloyds give you the full year's NCD. If they don't you will lose some further discounts.
    £25 to renew get the policy updated to insure the CR-V
    You can't risk letting the policy continue with them so...
     
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  13. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    just checked on Lloyds site, cancellation fee is £55 even though I paid for the full year
     
  14. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    talk to them.. I am sure with a bit of persuasion call centre staff will put you through to a manager. They can't change your quote but they sure can do something about other fees.
     
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  15. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    Looks like that's the way to go
    regards Mick
     
  16. legend-ary Moderator Staff Team

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    Good luck!
     
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  17. caravanman Club Member ★ ☆ ☆ ☆ ☆

    United Kingdom mick sheffield
    25
    3
    Bonzer!! got a different call center operative and she immediately cancelled the fee and told me that if I start the new insurance on the 13th I'll be covered to drive the Peugeot to the dealer and as soon as I get the Honda the insurance will switch and the Peugeot is no longer insured,
    .
    regards Mick
     
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  18. legend-ary Moderator Staff Team

    United Kingdom Legend The Big Smoke
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    Fantastic result Mick! Glad to hear that you are sorted :mosh:
     
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  19. ChrisKnottIns Site Partner Club Affiliate

    Glad they saw sense. Why lose you for the sake of such a small amount?
     
  20. SpeedyGee Administrator Staff Team

    England Speedy Birmingham
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    Good going guys, great advice saved Mick some money there :clap:
     
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