I've just recently sold my car. (yesterday)
I have yet to inform my insurance company.
I wonder if any BR's could advise on what I am thinking of doing?
I will shortly be getting a company car which will be insured by the company. However in about 12mths or so I am contemplating getting a Honda S2000 or similar.
Now I have 8 years NCB - I don't really want to loose that if I get the Honda. My father drives a Rover 600 which is insured soley in his name and is fully comp. Can I transfer my insurance to my fathers Rover?
So basically there would be two fully Comp policies on the car.
Is this allowed or would this cause lots of problems?
Any advice would be appreciated.
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306 2.0 SE Cabriolet
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NO ,but most companies except company car insurance as though it was your own so long as you have the documentation.
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Your current insurance company will keep your NCB open for at least 2 years (IIRC Liverpool and Victoria is four years). Call your insurers and ask what their policy is.
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Just suspend your policy and freeze your NCD. Most companies do it. My Daughter did it for 15 months whilst whe was in Japan then fired it back up on her return. Regards Peter
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Get a NCB cert from your expiring insurers and get the same from your fleet people when you get the Honda. Will save paying needlessly to maintain the policy on the Rover.
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IanS
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You don't need to do anything. NCB will remain valid for 2 years with most insurers so providing that you retain all the details and insure a car in your name within that period then there is no need to take any other steps. Do be careful about going over the two years, and if you're likely to then either buy an old banger to insure or check that the insurers that you will eventually go to will accept it more than two years old.
Company car insurance is NOT accepted by most insurers as equivalent to having your own NCD, although it is accepted by a few. However, even those few would only give NCB if you no longer had a company car. The best you would get otherwise would be an introductory discount which, depending on ages, history and experience of drivers etc., might be as little as 30%.
Note that you don't really have 8 years NCD. In the event of a claim most will reduce it to 2 or 3 years equivalent entitlement whether you have 4, 5, or 25 years claims free.
Having two policies on the same car is daft, pointless and you're not supposed to do it. There would also be some discussion as to whether or not the second policy was valid in the first place due to the lack of insurable interest. However, you would only be committing an offence if you tried to claim on the second insurance.
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Thanks for all the replies.
I've phoned my insurer. They have suspended my policy until my renewal date (in Jan next year).
I have 8 years NCD (guaranteed) I'm claim free for 8 years.
I don't really fancy losing it all especially when the Honda is a group 20 car!
I did ask them about insuring my dads car at the same time as my fathers policy they told me that you can't do that.
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Fiat Uno 60S, Rover 214SEi, 306 2.0 SE Cabriolet - Currently carless
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>>I have 8 years NCD
Really. Ask them what discount you would have got if you'd only had 7 years. Oh, is it the same ? How about 6 years then ? Still the same ? What about if it had been 18 years ? Really, the same not more ?
>>they told me that you can't do that.
You can do that, its merely pointless. Its not even against the law unless you do it with the intention of making a fraudulent claim or similar.
>>They have suspended my policy until my renewal date
Did you check whather it was cheaper to cancel ? And how old they would accept proof of bonus ?
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I understand that once you have more than 5 years - then most consider that as max NCB
They wanted £45 (Admin charge) to cancel the policy and I would get back whatever was left of the policy.
I'll ring them up nearer to the tiem maybe to resume my insurance on a banger then I'll get my proof of NCB.
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Fiat Uno 60S, Rover 214SEi, 306 2.0 SE Cabriolet - Currently carless
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>>They wanted £45 (Admin charge) to cancel the policy
That sounds like you spoke to the Brokers rather than to the insurer. Its quite common for brokers to charge quite unacceptable admin fees. If you think that's the case, they will sometimes reduce them if you argue, or one can sometimes do bettter speaking directly with your insurer.
To be honest there is usually little benefit to suspending a policy unless they are offering a credit note of significantly greater than the return premium you would get by cancelling.
If that is not the case you may well be better off cancelling. The proof of NCB lasts two years minimum anyway, so you're probably not avoiding any issue by keeping the policy at this time.
Whichever you do, make sure you have thought it through and compared the £s.
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My daughter suspended her policy and when when she came back from Japan she fired the policy back up using the unused portion of the suspended policy and paid the difference. It all depends on the insurance company and any charges as you mention. Regards Peter
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The £45 is stated on the back of the insurance certificate.
I spoke to the insurer - not the broker.
Not sure if I can name them here or not - They use the "Horatio Nelson" look for their advertising. Hopefully you'll know who I mean.
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Fiat Uno 60S, Rover 214SEi, 306 2.0 SE Cabriolet - Currently carless
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