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Discussion Starter · #1 ·
I'm asking as my current car insurance runs out at the end of July, new car should be late August.

I can

(1) Re-insure the car for 12 months, then when the new car arrives cancel the policy (admin fees of £50) and depending when you cancel (especially if a day or so into a month) get a percentage of the original money paid for the policy back

or

(2) Re-Insure the car then when the new car arrives change the policy details to the new car with a £20 admin fee (that's if they insure the new car) then pay any increase in the policy for the EV.

I also have the same problem with vehicle tax, do I renew for 6 months, then cancel and claim back the remainder.

Or Do I

I'm seriously thinking about not renewing the policy or the tax, taking the car off the road (Parked on my drive) and SORN the car.

The new owner can then Tax and Insure the car when he collects it so I get a little less hassle

This will probably be for less than a Month which I could live with

What do you think, any better ideas

Thanks

Phil
 

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If you do not renew the insurance then you will have no cover if something happens to the car whilst it is parked on your drive having gone the SORN route. Direct line were happy to quote for insuring the Ioniq 5. We will just transfer the insurance when the P45 arrives.
 

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GOLF GTE PHEV
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I'm asking as my current car insurance runs out at the end of July, new car should be late August.

I can

(1) Re-insure the car for 12 months, then when the new car arrives cancel the policy (admin fees of £50) and depending when you cancel (especially if a day or so into a month) get a percentage of the original money paid for the policy back

or

(2) Re-Insure the car then when the new car arrives change the policy details to the new car with a £20 admin fee (that's if they insure the new car) then pay any increase in the policy for the EV.

I also have the same problem with vehicle tax, do I renew for 6 months, then cancel and claim back the remainder.

Or Do I

I'm seriously thinking about not renewing the policy or the tax, taking the car off the road (Parked on my drive) and SORN the car.

The new owner can then Tax and Insure the car when he collects it so I get a little less hassle

This will probably be for less than a Month which I could live with

What do you think, any better ideas

Thanks

Phil
Any payment of VED is automatically returned by the DVLA when you notify them that you are no longer the owner. You do not need to claim it back.

For the insurance, usually when you change a vehicle the refund on the existing one is just transferred to the new one and you pay the balance and not always are charged a mid term adjustment fee.

If you ask for a refund and threaten to move to another insurer, you will probably find their quote is suddenly much more competitive. (be armed with genuine quotes from other insurers)
 

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GOLF GTE PHEV
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If you do not renew the insurance then you will have no cover if something happens to the car whilst it is parked on your drive having gone the SORN route. Direct line were happy to quote for insuring the Ioniq 5. We will just transfer the insurance when the P45 arrives.
Yes, definitely don't leave it uninsured even when sorned. If a meteorite hits, or in the event of a fire, break in etc etc you will regret cancelling.
 

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If you can afford to, it works out cheaper to pay for 12 months and claim back 11 than it does to pay for 6 and claim back 5. Though if it’s a low tax car the difference might not be worth it.

I sorned my car for the same reason but I stuffed it in my parents garage, wouldn’t have been comfortable leaving it on my driveway uninsured.
 

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Discussion Starter · #6 ·
What I eventually did was, I got new insurance with a company that I knew would cover the Ioniq 5 (my previous insurer would not cover electric cars), I took out a new 12 month policy, I eventually sold my previous car just over a month later but I did not cancel the policy on the sold car as I knew I would be picking up the Ioniq 5 less than 2 weeks later.

When I got my Ioniq 5 I called my Insurance company, changed all the car details over to the Ioniq 5. So with all the changes I got a slight refund for the difference in insurance costs for the Ioniq 5 compared to my previous car, so I was only charged less than £5 for the admin fees.

If I had cancelled the policy when I sold my previous car, and started another policy when I got the Ioniq 5 it would have cost me over £50 in admin fees (I checked beforehand costs for cancelling or just changing details with the Insurance company). So it was easier and cheaper to wait and just change the details when I got the new car.

In the end like most people said it was better to get another insurance policy for my old car instead of taking the chance of NOT having insurance and something happening to the car while not being insured on the driveway.
 

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I eventually sold my previous car just over a month later but I did not cancel the policy on the sold car as I knew I would be picking up the Ioniq 5 less than 2 weeks later.
Not cancelling insurance on a sold car is a really bad idea. If the new owner had an accident, you could be liable for all the third-party claim costs, as the car still has the legally required cover, but as you are no longer the owner, their contract with you is void.
There has been at least one case of this happenning :
 

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We had saga insurance on our previous Soul and had intended to swap the details over to the Ioniq 5 on collection/trade in. However I discovered getting just a new policy with saga would work out cheaper and I cancel the previous policy (which is fee free if you take out a new policy) so always worth checking which works out cheaper. We did check via price comparison site to discover they were still cheaper than another company.
 
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