Scrapping an end of life vehicle can be surprisingly easy, if you work with the right people. At Take My Scrap Car, we go the extra mile to simplify all aspects of the process from start to finish.
However, we fully understand why many motorists have questions and concerns regarding some of the formalities. One of which being the small matter of insurance, as your car may still be covered by a policy at the time it is retired.
In which case – what happens to your insurance when your scrap your car?
Why it Pays to Contact Your Insurer
Realistically, your insurer isn’t likely to go mad at you or penalise you for failing to promptly notify them that you’re scrapping your car. Given that your car is no longer on the road, it’s no longer a liability for them.
Hence, if you continue to pay premiums against a car that no longer exists, it’s you that loses out – not them.
Informing the DVLA is something you need to do immediately, but that’s a different matter.
Nevertheless, it’s important to get in touch with your insurer just as soon as you intend to take your car off the roads. The reason being that it is only by notifying your insurer that you stand to benefit from at least some kind of refund, if there’s still a way left on your policy.
If your car has been scrapped and you’ve already paid to ensure it for the next six months, they should be willing to discuss a refund or rebate of some kind. Alternatively, you could simply switch the insurance policy to your new car, paying the difference if necessary.
Should I Switch to a New Insurer?
This is purely a matter of personal opinion, but there are instances where we personally wouldn’t hesitate to switch.
For example, if there’s still plenty of time left on your policy and your insurer is unwilling to discuss a full or partial refund, it’s probably not an insurer you really want to be working with. There are far more flexible and accommodating providers out there, so this would be a good time to switch.
Likewise, if you’re not convinced they’re offering you a decent rate for your new insurance policy (on your new car), comparing the market is advisable. There are so many insurers competing for the same business right now that they’ll often go to extremes to bring you on board.
If it means offering a quote that’s well below that of your current insurer, they’ll probably do it.
Ask the Experts…
As a trusted local business, you can count on Take My Scrap Car to provide the honest and impartial advice you need on all aspects of car scrapping and recycling.
For more information or to discuss your requirements in more detail, contact a member of the team at Take My Scrap Car today.
