Hi
I bought yesterday a second car and wonder what the best way is to insure it.
My 1st car is an old Escort, I got it insured Third PFT with 4 years NCD. The insurance renewal date is October. My fiancee has been always named as an additional driver, and I would like to keep this car so that she can still use it.
My new car is a Focus, and I would like to insure it comprehensive. I read in an earlier posting that probably I would start with 0 NCD on the new car.
What is the best way to insure the new car. Shall I sell the first car to my fiancee and carry my current NCD over to my new car. Would then my fiancee get any NCD's because she was a named driver for the past 4 years? Or should I tackle it in another way?
Would be great if you could give me some hints.
Many thanks
Hajunk
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Can't advise you on any of the other problems but she wouldn't get any NCD if she's only been a named driver. That's how I understand it anyway.
Hope that helps
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Adam
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She wouldn't get any NCD but may qualify for some form of introductory bonus.
Your best off using your bonus on the new car that will have a higher insurance cost than your old car eg 40% off £200 isn't much but 40% off £500 is quite a bit and therefore more worthwhile
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It would have made sense to insure the new car with the 4 years NCD, and have zero NCD for the policy on the old car. Reason being, the premium on a comprehensive policy on a new Focus is bound to be more than that on a TPFT policy on an old Escort, so the discount would be worth more. But as your renewal date is October that doesn't really help much now, unless you cancel the policy and start a new one.
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Oops, maybe I should read other people's comments before posting!
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Can I easily cancel a policy and get the remaining money back?
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There shouldn't be anything to stop you cancelling a policy, but there will most likely be a built-in penalty for doing so.
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Most, if not all, insurers will pay a return premium if you cancel a policy part way through the cover period. Usually this is pro-rata - i.e. 1/12 of annual premium per month but most companies (and brokers) also charge an admin fee for cancellation. This used to vary between £15 and £25 but that's going back 4 or 5 years.
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I'd ask if you could change the policy to a new car and fully comp. That way they may well be more generous if they insist on cancel and renew.
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>>Usually this is pro-rata
I would have said that it was virtually never pro-rata unless the insurer had declined the risk. And even then the broker will attempt to take an admin fee.
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It is quite possible to ask the insurer to release the NCB on your current policy. Obviously, you need to cough up the extra premium. They then write to confirm that you are entitled to an 'x' year NCB that is not currently in use. You give that to the new insurer.
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Try These people:
Peter Goord in Plymouth 01752 361888.
I was in an identical situation a while back and they took on two cars. I had full NCD on one and they mirrored that on a 2nd car policy for the other. Wife was the main driver on the 2nd and I was the main driver on the first.
Simple
H
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Try the NFU. I have no experience myself, but am told that they can be good for people with multiple cars.
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Had this same situation a couple of years ago, my wife was named driver on my policy for about 6 years. Bought her a car last year, and rang up several companies - and eventually came across www.girlmotor.com. Did an online quote which fairly competitive based on the other 0% NCD quotes. However had an automated email from them saying to ring as they could often do a better quote. Thought nothing off it, until I saw a footnote at the bottom of the email offering big intro discounts to named drivers.
Rang them up - they offered my wife an instant discount equivalent to 4 years NCD, and if she remained claim free in the first year they would give her 5 years NCD. She was claim free, usual story next renewal was too expensive, but true to their word, when we went elsewhere they sent notification of 5 years NCD to her which she took elsewhere. I will say the only caveat was to prove she had been a claim free driver on my policy, but that only involved telling them who insured me for the last 3 years and showing proof she was a current named driver.
Hope that helps.
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hajunk: Some insurers will certainly allow you to have the NCB on your first car for a second car, so they both get the NCB. Shop around.
frmarcus
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Would recommend changing your policy to the Focus and to Comprehensive at the same time. This is a standard policy amendment and shouldn't cause any problems.
You can then ask them to provide a quote on the Escort at TPF&T. Get a monthly policy if possible so that you can cancel it and move to a cheaper insurer in October.
'More Than' (part of Royal Sun Alliance) allow a big discount on a second car, so I'd also ask them for a quote now just to compare prices.
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