Car insurance - to keep or cancel?

Honest John Back Room » Motoring discussion
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Sat 1 Sep 2007 02:14
Car insurance - to keep or cancel? - wazza
Have renewed my car insurance mid August. Will be picking up my new car in mid Sept. It will come with free insurance. They will not take my car in as part exchange because due to it's age and condition it will cost them to get rid of it.

My plan is to put the car up for sale after i collect my new car. I will let the current insurance run till i sell the car. It is taxed till end of this year. Will use it now and then for shopping where i sometimes come back with the car supporting a new dent. If i don't sell the car before end of Dec i will scrap it.

My question is should i cancel my insurance or transfer it to another car after i sold my current car? I know that the insurance companies have admin charges and a funny way of calculating how much to refund you when you cancel your policy. Normally i would just cancel it but my new car is through the mobility scheme which provides free insurance for the period of the lease which is three years. After the lease is finished i am uncertain whether to continue leasing a new car or buy one private. I am aware i will lose my full protected NCB if i don't insure a car for two years.

I feel like cancelling my policy after selling the car. Before the two year period is up i will have an idea whether i am going to continue leasing the car through mobility or to buy private. If buying privately i will buy a cheap runabout and insure it.

Can i insure a car which already has insurance on it? For example my sister's?

What would you advice?
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