insurance query

I'm thinking of changing my SV650s for a CBR600, but not sure what to
do about the insurance...heres the dillemma...

SV650 is ungaraged, and current policy wont cover the CBR600 ungaraged,
so i need to cancel it and take out a new one...BUT, policy isn't due
to expire until August so if i cancel it now then i will lose this year
as a 'no claims' year.

Anyone know roughly how much discount a no claims year gives (currently
got 2, so this would be losing my 3rd year)? If its not a great deal
then i'll just cancel it... otherwise, is it allowable to take out a
new one on the CBR and keep the SV650 policy (even though bike would be
sold) until August,
then cancel CBR policy and start a new one carrying on with my SV650 no
claims (which would then be upto 3 years). Bloke on phone at insurance
place said he *thought* this was illegal since i would no longer be
registered keeper on the SV.

Any other ways around this?

 

emerged from their own little world to say

The proposal form usually asks for the recorded keeper. You sign a
declaration stating that you will let the insurance company know if
there is a material change. Changing the recorded keeper is a material
change. It's not illegal just a breach of the terms of your contract
with the insurance company.

Have you checked the actual premium and if anyone would cover an
ungaraged CBR in your postcode? Run a few quotes through an online
insurer e.g. http://www.bennets.co.uk/ [1] to see what difference a 3rd
year of NCB makes.

Keep the SV. You'll get a much better deal on the CBR at the end of the
summer. Especially if you sell the SV privately and wave cash in their
face.

[1] or is it http://www.bennetts.co.uk/ ?

 

the latter plan would be a pain and not save you anything. I suggest
you get a quote for the CBR with 2 years NCB and if you can afford it,
then buy it and cancel the SV policy.

If you can't then wait till August. I think my NCB is rated at 10%
per year to 4 years and something less afterwards but it does seem
variable.

 

NCB discount will vary between insurers. My insurer, Equity Red Star give
25% for two years and 33.3% for three. To estimate a value based on these
figures, divide your last premium (minus extras such as legal cover etc) by
0.75 then multiple result by 0.677. Also remember your insurer may not
credit you prorata for unused months. Equity RS give no refund beyond 8
months into policy year. All figures should be detailed in your policy
booklet.

Another way around this would be to seek out a friendly neighbour with
garage space going spare until August.

Regards, Dave