Prinpathetic Insurance 2 bikes to 1

[IanW]

Had a Honda as the main bike and a recently purchased VStrom as the second on a policy. Sold the Honda on Saturday. Rang the insurance company to let them know today - wished I hadn’t!  That will be £69 to pay! What refund if I cancel the whole policy and go elsewhere?
£8 - but it costs £10 to cancel so you wouldn’t receive anything.
Had to bite the bullet and cough up the £69.  I could have done nothing till renewal time next year and saved money.  Or is this illegal?

[2112]

Technically yes, you have a duty to notifiy the insurance company of any 'material changes' to the policy. I ran into this a few years ago, but I was only 10 days away from renewal and I wasn't going to go with the company I was currently with. I rang to see if there were any charges and they wanted £35 to take a bike off. I said but it's only 10 day until the end of the policy, can I not let it just run out ? They said no it has to be taken off the policy. Fair enough I said, I'll do it by post. Needless to say the 10 days passed and I heard no more from them...

[nigel s]

A problem with not cancelling is it shows on the MID database as insured . If the new owner doesn't insure it and does something silly , the other persons insurance comes after your insurance.

[The Doctor 46]

Also, I think it is illegal to have one vehicle insured twice so when the new owner insured it this could mean that that law is being broken, maybe. What does it all mean? The rich are getting richer and we have to put up with it because it's just not fair. 

Greed is the worst trait of mankind in my opinion.   

[UK_Vstrom650]

It's worse than what Nigel says. When your insurance company has to pay out, they can come after you for losses.

https://www.whitedalton.co.uk/motorbike-blog/2015/05/sold-a-bike-cancel-the-insurance-or-face-a-massive-risk/

Best to pay up.