Quick Insurance question

njj1046

njj1046

njj1046

Associate
Joined
13 Nov 2007
Posts
369
Location
UK
Hi All,

I have an old Peugeot 406 that was too uneconomical to put through another MOT, so I bought a new car (and insured it with a different company), and the Peugeot is going to be scrapped.

I paid £244 for insurance for the Peugeot on 12th August last year, so the insurance runs until 11th August this year.

A quick calculation tells me that even if there were no fees involved, I would be owed less than £40 for the remainder of the insurance.

Unfortunately, the insurance company in question (Quote Me Happy) want a "£50 (plus Insurance Premium Tax where applicable) cancellation fee"

Just wondering if it's ok to let the policy run it's course, even though the car is going to be scrapped.
 
I would just leave it running personally.

Worst case, the insurance company contact you saying they have been informed the vehicle has been scrapped, and you say you don't want to cancel as it will cost me more than leaving it to run.
 
Don't leave it running. Whilst unlikely you don't want problems if the car isn't actually scrapped, the plate gets cloned etc.

It is your duty to inform the insurance company as otherswise you have a "fraudulent" policy insuring something that doesn't exist. If there were any problems you'd come off badly. Also if they realise and cancel your policy, you will have to declare that in all future insurance quotes.

They won't charge you a cancellation fee greater than the pro rata refund left.
 
Secondly, what NCD does this other policy have? Where did it come from as you can't have the same NCD on two policies unless explicitly matched, something which nobody does unless both policies are with the same insurer.
 
Thanks guys,

I have cancelled the policy for the Pug.

Thanks for bringing up the NCD issue muon, I genuinely didn't know that. Another lesson learned :)
 
You must log in or register to reply here.
Back
Top Bottom