If you're selling a vehicle and it's still registered in your name, you might be wondering if you can take out a short-term insurance policy for it. The answer is yes, it's possible to get a temporary car insurance policy for a vehicle you're in the process of selling.
Why Would You Need Short Term Car Insurance?
There are several reasons you might consider this type of cover. If the car is still in your possession, you might need to drive it occasionally, such as for viewings or test drives with potential buyers. Or perhaps you're selling the car to a family member who will be visiting soon and will need to drive the car home. Short-term car insurance could provide the flexibility you need in these situations.
What Are the Rules?
The Financial Conduct Authority sets out guidelines for insurance providers offering short-term car insurance. One of the key requirements is that the policyholder must have an insurable interest in the vehicle. In other words, they must stand to suffer a financial loss if the vehicle is damaged. If you're the registered keeper of the vehicle, then this condition is met.
What Are the Benefits?
There are a number of advantages to choosing a short-term policy in this situation. It allows you to be fully covered whilst keeping costs manageable, especially if you're unsure of how long you'll be needing insurance for. It also provides the potential buyer with reassurance that the vehicle is covered, allowing for test drives and a smoother sales process.
What Next?
Arranging short-term car insurance for a car you're selling is a straightforward process. The system is designed to provide quick and easy access to a range of competitively priced quotes from a panel of insurers, making it simpler than ever to find the right insurance solution for your needs. Remember, motorists can apply for insurance for vehicles they own or have borrowed, provided they have permission from the owner. So why not get started today and secure a short-term insurance policy for your vehicle in no time at all?