Selling my car, when to deactivate insurance?

[sp0inK]

I'm selling my car to a dealer, when should I deactivate my insurance? Should I just wait for confirmed handover process to complete then cancel my insurance the following day?

 

[EJB]

I'm selling my car to a dealer, when should I deactivate my insurance? Should I just wait for confirmed handover process to complete then cancel my insurance the following day?

Terminate 1 day after you handover (physically) the car.

Before you do, check how much comes back to you. If nothing is coming back, don't bother terminating.

 

[kebinu]

cancel insurance when you get the e-letter from Lta that the car is successfully transferred to another party. you can inform days later and pro-rate from the day +1 of the letter.

 

[tyr9292]

Terminate 1 day after you handover (physically) the car.

Before you do, check how much comes back to you. If nothing is coming back, don't bother terminating.

Should have ba. all insurance will have 70% of unused prorated portion back

 

[EJB]

Should have ba. all insurance will have 70% of unused prorated portion back

Not really.

If your insurance is left with 3 months to renew, I'm kinda pretty sure there's 0 to return after the admin fees etc. Unless you're paying $10-20K worth of it.

That time I renewed for 1 year, 3 months in, I got back <50% after termination.

 

[IcYFl4mEz]

After u transfer the car to dealer, u can terminate liao.
No point paying for the insurance for dealer to use. As long as car nt under ur name anymore

 

[curious_moo]

Not really.

If your insurance is left with 3 months to renew, I'm kinda pretty sure there's 0 to return after the admin fees etc. Unless you're paying $10-20K worth of it.

That time I renewed for 1 year, 3 months in, I got back <50% after termination.

I cancelled my insurance with 2.5 months left, and got back ~$100.
my annual premium is around $750 that time.

so yes, i believe most insurance company will refund 70-80% of un-used premium.
its also stated in their policy wordings.

 

[EJB]

I cancelled my insurance with 2.5 months left, and got back ~$100.
my annual premium is around $750 that time.

so yes, i believe most insurance company will refund 70-80% of un-used premium.
its also stated in their policy wordings.

Okay, good to know.

 

[kebinu]

After u transfer the car to dealer, u can terminate liao.
No point paying for the insurance for dealer to use. As long as car nt under ur name anymore

Dealer cannot use the insurance of previous owner. They have their own trade insurance. If accident, can they go report with previous owner's insurance? Sure cannot.

I cancelled my insurance with 2.5 months left, and got back ~$100.
my annual premium is around $750 that time.

so yes, i believe most insurance company will refund 70-80% of un-used premium.
its also stated in their policy wordings.

Okay, good to know.

It depends on which insurer. Just read the policy as they will state on the refund policy. NTUC, if I'm not wrong, no refund for 3 months or less or less than 3 months etc.

 

[BrOwnTeddy]

I timed my insurance cancellation on the date that I handed over.

Didn't get any moola back though.

Anyway, if my car got a lucky buyer directly on that day, the fella would had coverage until 2359H only.

 

[EJB]

I timed my insurance cancellation on the date that I handed over.

Didn't get any moola back though.

Anyway, if my car got a lucky buyer directly on that day, the fella would had coverage until 2359H only.

I just let my buyer continue driving under my insurance until the car's 'birthdate', easier for him to renew the road tax and insurance in future, more in sync.

Of course, that also means I only transfer the car on that day itself to his name, but $ have to come in first to me

 

[mp4005 help]

I timed my insurance cancellation on the date that I handed over.
Didn't get any moola back though.
Anyway, if my car got a lucky buyer directly on that day, the fella would had coverage until 2359H only.

during hand over of cars , both party sign or during transfer time stamp is official handover period. means , anything happen after this time , new owner is responsible already.

this is the standard.

no one will ever let others use own insurance, first you bao everything , next ncd is yours.

unless is family member.