Has anyone any experience of insuring themselves against loss of their driving licence? I see there are one or two companies on the internet offering these services.
Reason I ask is that I have a friend (not me honest!) who drives for a living and now has 6 points. Now has 3 years to go without getting another six. I know the answer will probably be "he should drive more carefully" and I agree, however losing the licence would mean loss of job and livelihood and I feel this is probably worth insuring against.
Of note these policies also cover the more honourable (if that's the right word) cause of losing your licence - i.e due to revocation for medical reasons.
I'd be interested in people's comments.
Thanks,
Andy.
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I remember these "St Christopher" policies being advertised 10-15 years ago but haven't seen them for a while.
I insure my pilots licence against loss (due to medical reasons) and pay around 1% premium per month for the cover.
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Colin,
"I insure my pilots licence against loss (due to medical reasons) and pay around 1% premium per month for the cover."
Does that mean to ensure a £1 million payout(for say a heart condition that barred you from flying for life) you pay £120,000 per year? or a premium of £12,000 per year for a mere £100K payout?
Or have I misunderstood?
C
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H&R insurance does this for their car and bike policies as standard.
Loss of licence cover
All our policies include within the price, Loss of Licence cover, whereby if through an accumulation of points for speeding, you lose your licence, you will be provided with up to £6000 to cover travel expenses between your home address and your normal place of employment.
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Cardew, my view is that there are hundreds of reasons I could lose my pilots licence but would not stop me being gainfully employed elsewhere. My employer provides £150k of cover which I didn't feel was enough (I'd like to pay my mortgage off to lessen the job hunting pressure for example) and so I took out my own top up policy for the same amount. The cover costs me £160 a month inc premium insurance.
There are other benefits (final salary pension, long term sick pay etc) that mean I am covered for other eventualities (probably worth) in the region of the sum you mention in real terms.
I think it would be irresponsible to insure yourself against risks you had a large element of control over (speeding, DD etc) with the motoring loss of licence policies.
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Colin,
Given how easily pilots can be grounded for medical reasons it obviously makes sense to take out your type of insurance. My query was merely the level of your premium, but obviously I do not understand the term "a 1% premium per month". I understood this to mean that a monthly payment of £160 insures you for £16,000 but you indicate it is for £150,000.
What does the 1% refer to?
C
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Oops, finger trouble. I meant the premium is around 1%, payable monthly!
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