pewe
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| posted on 29/10/12 at 09:06 PM |
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Suspending insurance?
I've reluctantly decided to SORN the Formula27 until the Spring with about 9 months left on the policy.
Not having been there before is it possible to suspend the insurance?
I realise it won't be insured and if the garage burnt down etc. etc. but what's the Insurance company's likely response to
suspending it?
Thanks in advance.
Cheers, Pewe10 
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ReMan
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| posted on 29/10/12 at 09:13 PM |
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My money is on them saying say sorry but no. Cancel it and re-insure when your ready
www.plusnine.co.uk
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Jimfin
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| posted on 29/10/12 at 09:30 PM |
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I suspect the insurer/brokers answer will be - no problem to change the cover to fire and theft only - but there will be an admin fee of £xx (often
30) to make a change to the policy.
When you come to take up full cover again - guess what - another fee will be due!
Cancelling a policy part way through the period will also incur an admin fee - and if this policy is contributing to building/retaining any NCB -
cancellation may impact that as well. It can be even more complicated/expensive if you are paying by monthly instalments!
Do your calculations carefully as continue to get fire and theft cover through the existing policy means it may well be cheapest just to leave it
alone as if it were on the road - all depends on how much you are payig though.
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JoelP
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| posted on 29/10/12 at 09:33 PM |
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I dont think the insurance company will mind at all - it means all the money they have had off you so far is all profit as there is now no chance of
having to pay out. Which is best for them, £100 profit or £400 turnover with another 9 months liability?
Ask em and see!
Assuming you mean cancel, not suspend. But im not sure what suspend would actually be, since i assume you want some money back, and dont want
cover?
[Edited on 29/10/12 by JoelP]
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ReMan
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| posted on 29/10/12 at 09:38 PM |
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But as you point out it will be completely uninsured. \
Unless your paying really big money to keep it insured, would in not be better just to mitigate the risk against the cost and keep insured? risk
losing a little money now against losing the whole car?
www.plusnine.co.uk
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ian locostzx9rc2
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| posted on 29/10/12 at 10:20 PM |
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If its on a kitcar policy I dont think your get any money back ,so you may aswell keep it insured....
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owelly
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| posted on 29/10/12 at 10:58 PM |
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I reduced my policy to a lay-up and then back up to fully comp five months later. I think I told them to keep any refund and put it to the next years
cover. IIRC, fully comp was £125 and when I came to renew I had to add about £75 for another 12 months fully comp.
http://www.ppcmag.co.uk
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pewe
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| posted on 30/10/12 at 07:54 AM |
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Thanks guys.
Laid-up sounds like a good idea - presumably gives a small amount of cover.
I'll contact the broker today//tomorrow and post up the results.
Cheers, Pewe10
Later....
£30 Broker's admin fee then Ins co will want 50% of policy value!
QED it's staying insured - at least I'll be able to put it back on the road when I want.
[Edited on 30/10/12 by pewe]
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