Insurance error.
Discussion
Evening all, hope I posted this in the correct forum.
I've tried trawling the internet for a while to get some information but drawn blank so far. My company has recently changed their policy on paying insurance on employee cars, they don't do it anymore. The previous arrangement was that you'd find your own insurance etc, and you'd then claim it back via expenses processes.
Simple enough. Nowadays, things have changed and we are liable for our own costs. They must have realised what a good deal we were getting!
My issue is, is that I've recently bought a new car and my NCD will only change at the end of August because my insurance expires on my previous car then. I purchased this car today and obviously need to insure it because I pick it up tomorrow (currently car pooling to work!) but wondering how to handle the NCD situation. If I insure today, I will have to put it down on my current NCD, so that I am not providing false information, but as far as I am aware you can't change your NCD mid policy? Should I insure with this company that is cheapest for this month, then cancel and go with another so that I can use my full NCD. Only reason I am asking is because it is a substantial discount. Enough to negate admin or cancelling fee unless they demand I pay a hell of a lot.
Hope I made some sense.
Oskar
I've tried trawling the internet for a while to get some information but drawn blank so far. My company has recently changed their policy on paying insurance on employee cars, they don't do it anymore. The previous arrangement was that you'd find your own insurance etc, and you'd then claim it back via expenses processes.
Simple enough. Nowadays, things have changed and we are liable for our own costs. They must have realised what a good deal we were getting!
My issue is, is that I've recently bought a new car and my NCD will only change at the end of August because my insurance expires on my previous car then. I purchased this car today and obviously need to insure it because I pick it up tomorrow (currently car pooling to work!) but wondering how to handle the NCD situation. If I insure today, I will have to put it down on my current NCD, so that I am not providing false information, but as far as I am aware you can't change your NCD mid policy? Should I insure with this company that is cheapest for this month, then cancel and go with another so that I can use my full NCD. Only reason I am asking is because it is a substantial discount. Enough to negate admin or cancelling fee unless they demand I pay a hell of a lot.
Hope I made some sense.
Oskar
Vaud said:
What does your current insurance company say? Most/all will change insurance on a car for an admin fee + increased risk cost? It's still you paying, what's the issue?
Oh and on the company paying your insurance, it's probably a BIK tax issue. Just hope HMRC don't come chasing...
I found a much better offer with another company so went with them for insuring the new car, paid the last month on my old one before selling the car to gain another year NCD, and I have my renewal letter stating that my full NCD which is effective as of the end of August. The new insurers say I must insure my current car with my NCD I have as of the insurance starting, which is a year less and for some reason the premium is substantially cheaper, more so than I expected with this extra year. I thought I could cheese it a bit by cancelling the policy within the cooling down 30 days period, so no fee, which would mean I could insure with my full NCD. Oh and on the company paying your insurance, it's probably a BIK tax issue. Just hope HMRC don't come chasing...
1OS said:
I found a much better offer with another company so went with them for insuring the new car, paid the last month on my old one before selling the car to gain another year NCD, and I have my renewal letter stating that my full NCD which is effective as of the end of August. The new insurers say I must insure my current car with my NCD I have as of the insurance starting, which is a year less and for some reason the premium is substantially cheaper, more so than I expected with this extra year. I thought I could cheese it a bit by cancelling the policy within the cooling down 30 days period, so no fee, which would mean I could insure with my full NCD.
I think you are making your life too complicated. Oh, and you will still incur a fee.You have two options here:
1. Insure the car on the outgoing policy (I assume it's not currently applied to anything else). You will have to pay a fee and any adjustment in premium.
2. Insure the car on a new policy that starts tomorrow but on the last year's no claims.
If you have 5+ years' no claims, option 2 is likely to be cheaper. Otherwise it's a maths question.
My instinct tells me that I would go with option 1 but that would very much depend on the figures and the figures alone.
1. Insure the car on the outgoing policy (I assume it's not currently applied to anything else). You will have to pay a fee and any adjustment in premium.
2. Insure the car on a new policy that starts tomorrow but on the last year's no claims.
If you have 5+ years' no claims, option 2 is likely to be cheaper. Otherwise it's a maths question.
My instinct tells me that I would go with option 1 but that would very much depend on the figures and the figures alone.
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