Best way to sell used car?

[JonathanRyan]

Anyway.. my main query is...what are the grounds for taking action for those who allow a vehicle policy to lapse despite having sold the vehicle ?

Insurers can cancel your insurance at any time they believe you have breached any of the terms. Having an insurable interest is one of the terms. So they can cancel your insurance if you don't cancel it. This is less fun than it sounds because for ever after when you try to buy insurance you will have to answer "yes" to "have you ever had insurance cancelled".

They are very unlikely to do this because, well, who cares? You'd probably complain about it and that gets expensive for them. Some insurers might do this (or at least call you up and ask if you want to cancel which is a much softer way around) because there are some risks involved in them insuring a car you don't own. It's quite unlikely but if the car were driven by somebody who wasn't the policy holder and caused a 3rd party injury they may be liable for some of the costs. If it's a big claim, the other insurers would certainly try to get some off them. remember "big claim" could be millions.

And yes, they know when you have sold your car. they have data.

TL;DR: If you no longer own a car you should cancel insurance. If your pro rata is less than the admin fee then they will usually call it quits.

 

[the black fox]

Hmmm it’s ALWAYS best to cancel your insurance and inform DVLA of sale of vehicle same day as a example , a few years ago I px’ed a Volvo estate ,the dealer knew it was coming in as it took a week to get my new car M.o.t and cleaned etc .
He already unknown to me had a buyer lined up for my car . Collected new car did all the paperwork etc , about 4 days later I received a solicitors letter from Chester CC demanding insurance details to pay for removal of car plus storage and including payment for a demolished lampost .
It seems a vicar bought it the day I sold it and crashed it a hour later,then did a runner from the scene .. it took a couple of weeks and lots of e.mails,phone calls and letters to prove that I had actually sold it . So ensure ALL paperwork is spot on when you sell your car .

 

[JohnC6]

Insurers can cancel your insurance at any time they believe you have breached any of the terms. Having an insurable interest is one of the terms. So they can cancel your insurance if you don't cancel it. This is less fun than it sounds because for ever after when you try to buy insurance you will have to answer "yes" to "have you ever had insurance cancelled".

They are very unlikely to do this because, well, who cares? You'd probably complain about it and that gets expensive for them. Some insurers might do this (or at least call you up and ask if you want to cancel which is a much softer way around) because there are some risks involved in them insuring a car you don't own. It's quite unlikely but if the car were driven by somebody who wasn't the policy holder and caused a 3rd party injury they may be liable for some of the costs. If it's a big claim, the other insurers would certainly try to get some off them. remember "big claim" could be millions.

And yes, they know when you have sold your car. they have data.

TL;DR: If you no longer own a car you should cancel insurance. If your pro rata is less than the admin fee then they will usually call it quits.

I've never seen that question. 'Have you ever had your car insurance cancelled ?. The question is "Have you ever been refused car insurance' Quite different.

I can't find any other definition of what 'Insured interest' actually means other than a prospective buyer of insurance. If you say you know that my circumstances would qualify then I'll accept that because,in the back of my mind, I recall reading a post by you a long tine ago and I think you're in the insurance business.

As I mentioned, charging policyholders £48-60 is just profiteering. The AA - Age UK and Acorn don't charge a fee so it can't cost much to do it. I'd have no objection to a £15-£20 admin fee.

The reason I cancelled the insurance as soon as I got home after leaving the car with WBAC was simply that I didn't own it any longer. The chances of what Jeff (above)outlined..and you mentioned it too, is unusual but clearly, it can happen. The registration document was left with WBAC and DVLA wrote to me soon after informing me that they had received the documentation from WBAC. I received a cheque for £3.30 for unused tax. I only paid £10 a year as the Prius is a hybrid. It was after being told by the customer care chap that I'd have to pay £48 I turned my mind to the lapse scenario. I was aware of a cancellation fee but the level of it annoyed..still does...as you probably gather, hence the following days I spent wondering if I should have just let it lapse.

 

[wyx087]

Insurance question:
how do I insure a new car without number plate registration?

I can select the make and model on insurance comparison websites and get a list of prices. Is it okay to go ahead and hit purchase? Or do I need to phone up the cheapest insurer and give them the VIN to be sure?

 

[JonathanRyan]

Insurance question:
how do I insure a new car without number plate registration?

I can select the make and model on insurance comparison websites and get a list of prices. Is it okay to go ahead and hit purchase? Or do I need to phone up the cheapest insurer and give them the VIN to be sure?

Personally, I'd give them a call and explain that the reg is tba and you can confirm on registration.

They should be used to doing this especially this time of year

 

[wyx087]

That means need to do a call on the day during delivery? Seems rather time consuming, and it's on a Saturday.

No idea on the discussion on insurance above, but I was just getting a quote with Directliine and there was this question:

In the last 5 years, have you or anyone on this policy had any insurance policy cancelled or declared void by an insurer for fraud or misrepresentation?

 

[Brentor]

If I remember correctly the dealership give me the registration no a few days before collection.

 

[Deleted sulking member 63079]

I've never seen that question. 'Have you ever had your car insurance cancelled ?. The question is "Have you ever been refused car insurance' Quite different.

I can't find any other definition of what 'Insured interest' actually means other than a prospective buyer of insurance. If you say you know that my circumstances would qualify then I'll accept that because,in the back of my mind, I recall reading a post by you a long tine ago and I think you're in the insurance business.

As I mentioned, charging policyholders £48-60 is just profiteering. The AA - Age UK and Acorn don't charge a fee so it can't cost much to do it. I'd have no objection to a £15-£20 admin fee.

The reason I cancelled the insurance as soon as I got home after leaving the car with WBAC was simply that I didn't own it any longer. The chances of what Jeff (above)outlined..and you mentioned it too, is unusual but clearly, it can happen. The registration document was left with WBAC and DVLA wrote to me soon after informing me that they had received the documentation from WBAC. I received a cheque for £3.30 for unused tax. I only paid £10 a year as the Prius is a hybrid. It was after being told by the customer care chap that I'd have to pay £48 I turned my mind to the lapse scenario. I was aware of a cancellation fee but the level of it annoyed..still does...as you probably gather, hence the following days I spent wondering if I should have just let it lapse.

It's not profiteering at all. I used to work in insurance, and the reason for the cancellation fee is that they invest your premiums to generate profit. The actual profit on your premiums is typically extremely low, 5% operating profit on premiums is seen as extremely good in the insurance world. The investments they make are based on the fact that you've agreed to pay them for 12 months, or you've given them 12 months worth of money already and withdrawing those funds from investments early would cost the company, so they have cancellation fees built into the policies.

The amount and rules will vary between providers, but they're all up front about it, they have to be. So you just need to factor that in to your choice of insurer.

 

[wyx087]

So I finally sold it to a not-so-local dealer. I showed Motorway price to him and he agreed to pay the motorway price.
2013 Skoda Octavia 2l diesel, sold for £5200 to a dealer just outside M25.

Unfortunately trying to sell it locally was fruitless. I live very close to North Circular, driving into it need ULEZ compliant car to avoid £12 per day. All enquiries were "is it ULEZ compliant". Can't you read it's a 2013 diesel......

I had it on Carwow for a week initially for £5250, no dealer bid on it. So overall happy with the price I got.
In summary, to get best price, have to do some legwork and talk to dealers if private sale is fruitless.


So overall cost for me to run this car for 30k miles VS running a similarly priced Nissan Leaf for 36k miles and very pessimistic resale value.

 

[cambsno]

So I finally sold it to a not-so-local dealer. I showed Motorway price to him and he agreed to pay the motorway price.
2013 Skoda Octavia 2l diesel, sold for £5200 to a dealer just outside M25.

Unfortunately trying to sell it locally was fruitless. I live very close to North Circular, driving into it need ULEZ compliant car to avoid £12 per day. All enquiries were "is it ULEZ compliant". Can't you read it's a 2013 diesel......

I had it on Carwow for a week initially for £5250, no dealer bid on it. So overall happy with the price I got.
In summary, to get best price, have to do some legwork and talk to dealers if private sale is fruitless.


So overall cost for me to run this car for 30k miles VS running a similarly priced Nissan Leaf for 36k miles and very pessimistic resale value.
View attachment 366900

Does that factor in the increased energy costs?

Not looking to change yet but a few months ago EV would probably have been the move when we do change. Have a feeling the increased prices negate the extra cost of the car?

 

[wyx087]

Does that factor in the increased energy costs?

Not looking to change yet but a few months ago EV would probably have been the move when we do change. Have a feeling the increased prices negate the extra cost of the car?

We were on Economy 7 tariff for ~8p back in 2017, slowly increased to 10p. When it hit 12p I got smart meter installed and moved to EV tariff that was 6p. Currently on EV tariff at 7.5p and they are still available for sign up. (https://octopus.energy/go/rates/)
The above table uses assumed flat rate of 12p/kWh.

All refuel are actual prices as recorded by Fuelly website/app. and a good period of £1.20 between 2018-2020 and I had to do a few long runs at £1 in 2020 as essential worker. As you can see from last 12 month rolling average, due to sky high fuel prices, this the diesel hasn't been driven much.