Quick Question. A mate of mine is looking at buying a new bike for delivery on 1st March next year. The dealer is taking his existing bike as PX, however, the dealer has asked for the bike now. That isn't a problem, however where does he stand insofar as his insurance is concerned. He gets two years NCB in March next year but wont obviously have the bike for circa. four months. If the dealer was to sell the bike, technically it cannot be insured twice! Is there a way round this?
I was in a similar situation a couple of years ago in that I part exchanged a few months before I had built up 3 years NCB. When I took out the insurance on the new bike I could only claim 2 years NCB. He will have to cancel the old insurance and take out new insurance next year at which point the NCB entitlement will be only 1 year. That is my take on it. A phone call to the insurance company should give a definitive answer.
Just leave it insured. What harm will be done, not like its likely to have a claim if its insured elsewhere too. Its only to stop someone getting paid twice
Cheers guys. Both scenarios were discussed, apparently he may be able to change the insurance to the new bike based on it's chassis number and not registration.
I don't think you can leave your insurance running from what I know it's incase the new owner has an 'incident' then it would be your insurance could come up, plus I think on the insurers side it helps them prevent fraud as technically if you were that way inclined you could take out multiple policies on the same bike so could make multiple claims and make a lot of money from them.
buy a bike for cheap as you like (scooter), transfer your insurance to that bike. wait four months and then transfer to the new bike. job done. If you put it on a cheaper bike you may also be entitled to some money back too. Keeps your no claims going.
Then you would be paying another administration twice and no doubt new policies each time as very rarely you can transfer your insurance policy. Also your no claims bonus is still usable for upto two years if you don't use it on any other bike.
Of course you can transfer your insurance especially if you were downsizing you;d get money back, same as when you buy a car, yes you may get a small admin charge, but the OP, didn't want to cancel his insurance and end up with only one years NCB, thats why i suggested transfer it onto another bike!! Yes your NCB lasts for upto two years if you have proof that the bike was insured/or the policy ran full term. Read the rest of the posts, OP: dealer wants trade in now, whilst new bike only here in another four months.
