insurance q

so...under FSA regulations insurance policies sold in the UK are
subject to a (I think) 14 day "cooling off" period, where you can
cancel without penalty.

How dodgy would it be to insure a bike, ride it somewhere, then cancel
the policy under this clause? I mean, presuming you don't get stopped
and asked for a producer or something.

 

Just did almost exactly that. Bought a bike on a Sunday so not many
insurers were accepting phone calls. Found a much cheaper quote via
broker later and cancelled the first policy. Did get stiffed for about
20 quids worth of "admin fees" though.

So that bit of the transaction was OK, at least. The bike itself is
somewhat less wonderful.

Nick

 

ISTR there's some sort of initiative to crack down on this going on at
the moment. Its main use, AIUI, is to get MOT and tax on a vehicle
then cancel the insurance.

Can't remember the details, though, and it may just be wrt tax/mot,
rather that the equally dodgy use which you're proposing.

--
_______
..'_/_|_\_'. Ace (brucedotrogers a.t rochedotcom)
\`\ | /`/ GSX-R1000K3 (slightly broken, currently missing)
`\\ | //' BOTAFOT#3, SbS#2, UKRMMA#13, DFV#8, SKA#2, IBB#10
`\|/`
`

 

better than riding it up the road un-insured, like I did at the
weekend...

 

I've done this several times for both cars and bikes. It's not dodgy,
not even morally questionable assuming you're prepared to pay a small
admin fee for their time - which is all they lose.

Just make sure you keep the cover note for any future claims or
speeding tickets that come your way.

 

I've done this several times for both cars and bikes. It's not dodgy,
not even morally questionable assuming you're prepared to pay a small
admin fee for their time - which is all they lose.

 

Ace banged the rocks together and said:

The scam you're thinking of is where they insure car/bike, get
insurance document, immediately cancel insurance but don't send
documentation back or bin it.

When stopped by plod they have a legit ins doc to show plod, who don't
bother checking and let them on their way.

Well, plod used to do that, they're wising up to the scam now and get
the ins policy checked, find out its cancelled, and impound vehicle.