Relinquishing no claims from existing insurance policy help?
Discussion
Firstly, Am I correct in believing I can relinquish my no claims before the end of an existing car insurance policy?
I have around nine weeks left on a policy, let's say on car 'F', with five years NCD which I wish to use on another vehicle, let's say car 'C'. My insurance company have given me a price including admin fees that remains payable until the end of the policy on car 'F' which is VERY reasonable. (I was put on hold to check something and cut off before clarifying and going ahead hence my initial question).
I'm in the process of getting quotes for mid range sports car 'C' using these 5 years NCD.
However, I have another high power sports car, 'E' with a new policy using my 11 yrs NCD. I am now considering selling car 'E' before the end of June and would like to add the NCD accrued preferably to car 'C', and in turn swopping the 5 years NCD from car 'C' back to car 'F'.
Is this possible?
Or can I cancel policy 'E' when sold and add NCD to policy 'C' three months in giving 16 years? Leaving policy 'F' to renew with no NCD (will be low as just mid range car).
Thanks for bearing with me.
My head hurts.
I have around nine weeks left on a policy, let's say on car 'F', with five years NCD which I wish to use on another vehicle, let's say car 'C'. My insurance company have given me a price including admin fees that remains payable until the end of the policy on car 'F' which is VERY reasonable. (I was put on hold to check something and cut off before clarifying and going ahead hence my initial question).
I'm in the process of getting quotes for mid range sports car 'C' using these 5 years NCD.
However, I have another high power sports car, 'E' with a new policy using my 11 yrs NCD. I am now considering selling car 'E' before the end of June and would like to add the NCD accrued preferably to car 'C', and in turn swopping the 5 years NCD from car 'C' back to car 'F'.
Is this possible?
Or can I cancel policy 'E' when sold and add NCD to policy 'C' three months in giving 16 years? Leaving policy 'F' to renew with no NCD (will be low as just mid range car).
Thanks for bearing with me.
My head hurts.
Edited by Gretchen on Wednesday 9th April 00:02
No wonder you're baffled you're making this way too complicated.
NCD is effectively maximum at 5 years. You will get a nominal additional discount with some insurers but that is far less than having the NCD on your other car.
In any event you can't add NCD together so it's a moot point.
NCD is effectively maximum at 5 years. You will get a nominal additional discount with some insurers but that is far less than having the NCD on your other car.
In any event you can't add NCD together so it's a moot point.
Loon, quick question and sorry for the derail.
If 5 years is the effective max, what happens if you have say 11 as the OP does above and he has a minor shunt which would reduce it by say 2.
Does he go 11 to 9 or 11 to 3?
Secondly if there is no real benefit in having over 5, (if you have multiple cars) is it worth declaring nil and starting again so you have 2 lots available?
I currently have 2 lots, 1 at 7yrs and one at 8yrs. Don't have a third car but seems pointless racking them up if there is no premium benefit and I'll get bumped to 3yrs if I have a shunt regardless.
Thanks.
If 5 years is the effective max, what happens if you have say 11 as the OP does above and he has a minor shunt which would reduce it by say 2.
Does he go 11 to 9 or 11 to 3?
Secondly if there is no real benefit in having over 5, (if you have multiple cars) is it worth declaring nil and starting again so you have 2 lots available?
I currently have 2 lots, 1 at 7yrs and one at 8yrs. Don't have a third car but seems pointless racking them up if there is no premium benefit and I'll get bumped to 3yrs if I have a shunt regardless.
Thanks.
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