Automotive

Insurance Question

  • Last Updated:
  • Oct 17th, 2015 5:50 pm
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[OP]
Newbie
Apr 13, 2017
50 posts
3 upvotes
Edmonton

Insurance Question

Hi

I bought a new car today in a private sale and I am picking it up tomorrow. I still have my old car and for me to add the second car to my policy the insurance company are quoting me $1200 where as if I cancel the insurance on my old car and just update it to the new car its only 200 more. I am planning on selling my old car right away and I do not plan on driving it, I live in an apartment block and will be keeping it in an underground car park. If I cancel the insurance on my old car and while selling it a buyer wants to test drive the car would they be covered to drive it under their own insurance or would this be illegal? Is there any other way around this.

Thanks
4 replies
Deal Fanatic
Aug 15, 2015
6826 posts
2927 upvotes
ON
mjw071284 wrote:
Oct 17th, 2015 2:05 am
Hi

I bought a new car today in a private sale and I am picking it up tomorrow. I still have my old car and for me to add the second car to my policy the insurance company are quoting me $1200 where as if I cancel the insurance on my old car and just update it to the new car its only 200 more. I am planning on selling my old car right away and I do not plan on driving it, I live in an apartment block and will be keeping it in an underground car park. If I cancel the insurance on my old car and while selling it a buyer wants to test drive the car would they be covered to drive it under their own insurance or would this be illegal? Is there any other way around this.

Thanks
They can't test drive under their insurance unless they register the title in their name. Get them to test drive in underground parking or just keep it under your insurance until it sells. If they bring a mechanic to check it out and he has shop plates then he would be able to test drive it with those.
Deal Addict
Aug 16, 2003
3200 posts
627 upvotes
Have you tried shopping around for better prices yet? Among your options are online services, insurance brokers and soliciting quotes from companies that sell direct. You may be able to save a LOT of money by doing this. And, if you get a better price you can challenge your current provider to match the offer.
Deal Addict
User avatar
Jun 26, 2011
1671 posts
374 upvotes
Essentially it's the cost of insuring 2 cars vs 1 car. However, that's probably an annual price? If you're hoping to sell the car within a few weeks, that's really barely noticeable. I recommend keeping insurance on the car until you sell the old one.
Deal Addict
Sep 27, 2009
1765 posts
187 upvotes
Oakville, ON
I would ask my insurance company what they recommend. Probably something they encounter on a regular basis.

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