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Discussion Starter · #1 ·
Hi all, my insurance company have put my Triumph as a total lose after being knocked off before xmas.
They have since payed out and bought the bike as salvage (waiting for the payment for this) do you know what happens to my policy now as they are insuring me on a bike that i no longer own they do ???
I payed up for the year but i dont want to loose this years no claims (non fault accident) policy would have ran out mid Feb.
Need to know what will happen with it before i insure my AT.
Thanks for any help/.
 

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My understanding is your insurance ceases to exist as soon as they payou, but you best bet is to ask them directly.
 

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I wrote off my RD04 in May last year, insurance paid out, then when I got my CRF in October I phoned them to insure it and was told my old insurance was still valid because I had not cancelled it, so it would only be a change of bike on my original policy ( which runs till April), I queried them on this , as I didn't want any hassles , but was assured this was how it worked, strange as it seems.....
 

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This is how it should work (I have just done it).
When you cease to be the owner you are no longer the registered keeper and the DVLA must be notified of such. You will then get a refund of tax and written notification that you are no longer the registered keeper.The insurance company must be informed that you are no longer the registered keeper and they will cancel your policy. You may get a refund, you may get nothing , or you may have to pay a cancellation fee. It depends on how far through the year the policy is and your Insurance Companies terms.
The NCD will stay as it was at the beginning of the year if it is protected or its a no fault accident. The ins company should provide you with written proof of NCD to show to your next insurer. The NCD remains valid for 2 years from date of cancellation. Hope this helps.
 

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It varies

As a retired broker I know that each insurer has it's own rules on total loss claims, ranging from cancellation to allowing you to continue and add another bike up to renewal. If they cancel the policy and impose charges then these are recoverable from the 3rd party as part of your claim. These losses should be given to your solicitor or claims handler.

It is really best to speak to your insurers or broker to see what their policy is in your circumstances.

Best of luck - remember not to settle with the 3rd party insurers until all losses are known as settlement may be " full and final ".
 
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