Does insurance On Used Cars Transfer After Purchase?

[UKJASE]

i am buying a second hand car tomorrow from a german guy. he has first class insurance and it is valid for another six months

he said today that when we exchange tomorrow, the insurance will expire, as it is him that is insured and not the car

i always thought it was the car that was insured, and therefore i would still be insured when i bought it from him

do you guys know the situation pls? and if it does transfer, is there anything we need to do, like inform the insurers etc?

thanks in advance

[vspin134]

Once transfered insurance expires. Some people wait until insurance expires before making a transfer but then this only work when you buy from someone you can make sure they will make that transfer in 6 month time.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[AAInsuranceBrokers]

You are correct when you say the insurance is with the vehicle but if the seller wants to cancel the insurance when he passes the vehicle on to you then he can.

However it is perfectly normal to change the insured name on the policy to yours – then the insurance will continue to the expiry date.

If you need help with the transfer please feel free to send a PM to us.

[stevenl]

Once transfered insurance expires. <snip>

No, it does not but goes with the car. The seller can cancel though if he likes.

[funcat]

If it's a good value insurance,than try to keep it...offer the 'old' owner some money for it,that should be easier than shopping for the new policy...

[AAInsuranceBrokers]

If it's a good value insurance,than try to keep it...offer the 'old' owner some money for it,that should be easier than shopping for the new policy...

And if there are afew years NCB built in then it would be very good value

[UKJASE]

thanks for all the answers guys.

we bought the car today, and he said he wanted 5,000 for the insurance to be transferred (as he previously thought it could not be transferred, so has factored in the refund he will get from his insurers, into the final asking price)

i thought this was fair enough, and did not take the insurance, so he is due to cancel 2moro

i did not think of the no claims bonus mentioned above tho. would we be able to transfer the policy and retain the NCB you think?

it is a 250,000B chevvy (altho 940,000B 7 years ago when new, and still looks great, with low 55,000km mileage)

he said that the first class insurance he has, could be transferred for the remaining 6 months of the policy, but would not be allowed to be extended after this (as it is first class or something)..... i guess this means no NCB if he is correct

or am i better of texting him and telling him not to cancel the policy and offering him 5,000B ?

[funcat]

If there was no claims,give him the 5K and keep the insurance...you still can negotiate for the next year extension,even if you can't get the first class...that's normal thing after 7th year...

[PeterSmiles]

For 5000 Baht you can't get a 1st class insurance for 6 months anywhere.

[WarpSpeed]

But he may also be able to grandfather in longer coverage time, I did this before on a car that was on the cusp and was no longer going to be able to carry collision coverage..

[AAInsuranceBrokers]

thanks for all the answers guys.

we bought the car today, and he said he wanted 5,000 for the insurance to be transferred (as he previously thought it could not be transferred, so has factored in the refund he will get from his insurers, into the final asking price)

i thought this was fair enough, and did not take the insurance, so he is due to cancel 2moro

i did not think of the no claims bonus mentioned above tho. would we be able to transfer the policy and retain the NCB you think?

it is a 250,000B chevvy (altho 940,000B 7 years ago when new, and still looks great, with low 55,000km mileage)

he said that the first class insurance he has, could be transferred for the remaining 6 months of the policy, but would not be allowed to be extended after this (as it is first class or something)..... i guess this means no NCB if he is correct

or am i better of texting him and telling him not to cancel the policy and offering him 5,000B ?

Take it !!

[UKJASE]

hey guys, thanks for the responses

in the end we managed to sort some first class insurance through a broker in hua hin. we are paying about 10,500 and this includes roadside recovery and is from AXA

very pleased with the price and the fact that we managed to get first class even though the car is 7.5 years old