Insurance while selling a car - Jes

Hi all,

Lined up a replacement for our 10 year old Yaris and hopefully pick it up in the next few days (not local to me so arranging logistics). I plan to sell the old Yaris privately so need have the car insured still. I have a car and my wife has a car already so for a period of time (not to long hopefully) we will have 3 cars between us.

I've quickly looked at short term insurance and so far the best i've been offered is £50 for 28 days cover by my current insurer (Churchill). The concern here is if the car remains unsold after 28 days then it will be another £50 (or more), so I was thinking of taking out an annual policy and cancelling it upon sale of the Yaris and claiming a refund. I'm aware there can be minmum periods that insurance companies stipulate (3 months perhaps) but given such a policy is around £170 is still works out cheaper than what Churchill have offered me.

Have I missed something ? Are there better options ?

John

Insurance while selling a car - Chris M

If the Yaris is priced correctly, I doubt it will take 28 days to sell.

Insurance while selling a car - Jes

Pricing it correctly isn't that easy (in my view). what would you value it as ?

2003 (Dec ) 53 reg, 5 dr in Silver 1.0 T3 with 48,000 on the clock. 6 months tax and MOT to Dec. Service book all stamped and all reciepts in the last 9 years we've owned it. One or two small marks on the bodywork (never had bodywork done). Very genuine car. Located in the Essex

Insurance while selling a car - leef

Between £2,100 and £2,650 seems to be the way.

Insurance while selling a car - Jes

I was thinking of starting at £2,400 .

Insurance while selling a car - Chris M

I've no idea what the correct price is, but you can look at what the competition is up for and judge accordingly. What you need to decide is if you put it up for £2,400 and someone comes along a week later with say £2,200, do you accept or hold out, perhaps for many weeks just to get £100 or so more.

A popular car like a Yaris won't be hard to sell at a competetive price. Some owners however feel that they can sell a car privately for similar prices as dealers charge. It's been a while since I've sold a car, but when I did, I was realistic on price and never took more than a week or two to shift.

Edited by Chris M on 12/02/2014 at 19:40

Insurance while selling a car - Jes

Well I need to shift it rather than let it gather moss on the drive, but I won't sell in desperation. It's been a while for me since I sold a car privately - looking forward to it actually!

Still hoping the purchase of the new car completes ok - wife quite excited!

Insurance while selling a car - Jes

UPDATE. Purchased the new car as planned , I took the insurance offer of £50 for 28 days from my insurer for the old car. Advertised the car late Friday night and sold to the first viewer for the full asking price this morning. When placing the ad in autotrader they give you a suggested price - thankfully I ignored the £2,125 it suggested , £2,395 seemed far more realistic !

Insurance while selling a car - Jes

UPDATE 2: I spoke to my insurer (Churchill) on Monday morning to ask if there was a cancellation fee for the temporary cover I took out and was advised that there wasn't but there was a pro-rata refund should I cancel. Advised them that the temporary cover was no longer required and was then told the refund would be in full due to it being in force for less than 24 hrs! Result!

So when it comes to Insurance renewal time (end of next month) I think I'll factor in admin charges and the like when deciding who to go with - not that I'm planning on changing car again, but you never know,

Insurance while selling a car - gordonbennet

Thats a nice little story, and many thanks for updating it.

Very handy that temp insurance cover and fair beans to The Bulldog for the full refund, i didn't think the Yaris would take long to sell, the right car with the right history, gone.

You're so right about insurer choice too, some of the really cheap ones stick huge admin charges on to bump up the headline figure. I only wish more insurers would take more care of their loyal long term customers (who don't claim unless absolutely necessary) at renewal time, instead of chasing new unknown customers with cheap offers and fleecing the loyal renewer.