Two insurance policies on one car?
Discussion
Bought daughter 1 a nice little Yaris a couple of years ago when she passed her test. She got a policy on it with me as a named driver.
Daughter 2 will be (hopefully) passing her test soon and I'm in a bit of a quandary about getting her insured on the Yaris too.
If D2 goes on D1's policy as a named driver then she won't start accruing her own NCD.
If D2 takes out her own policy, it isn't illegal but all the insurance companies seem very much against it.
Is there a better way of doing this. Or is it just one of those things
Daughter 2 will be (hopefully) passing her test soon and I'm in a bit of a quandary about getting her insured on the Yaris too.
If D2 goes on D1's policy as a named driver then she won't start accruing her own NCD.
If D2 takes out her own policy, it isn't illegal but all the insurance companies seem very much against it.
Is there a better way of doing this. Or is it just one of those things
Find the cheapest main driver quote for your second daughter, then insure her as another named driver. Subtract the cost of the named driver quote from the full quote and put the difference in a high interest account.
After a year, I’d be fairly sure that the money in the bank would outweigh the effect that a year’s NCD would have had on the premium to then pay for a dedicated policy (which would be extraordinarily cheaper, due to the insurers wariness about drivers who have just passed their tests).
You can of course rinse and repeat with this strategy, but the main point is that NCDs aren’t necessarily the most important thing to worry about.
After a year, I’d be fairly sure that the money in the bank would outweigh the effect that a year’s NCD would have had on the premium to then pay for a dedicated policy (which would be extraordinarily cheaper, due to the insurers wariness about drivers who have just passed their tests).
You can of course rinse and repeat with this strategy, but the main point is that NCDs aren’t necessarily the most important thing to worry about.
No claims is a bit of a con, driving experience and record will count for as much. Do some predictive quotes for her in 2 years time with no NCB and 2 years good driving, and with 2 years NCB. You may be surprised, it is certainly the case for older drivers, may be very different for young drivers though.
boyse7en said:
Bought daughter 1 a nice little Yaris a couple of years ago when she passed her test. She got a policy on it with me as a named driver.
Daughter 2 will be (hopefully) passing her test soon and I'm in a bit of a quandary about getting her insured on the Yaris too.
If D2 goes on D1's policy as a named driver then she won't start accruing her own NCD.
If D2 takes out her own policy, it isn't illegal but all the insurance companies seem very much against it.
Is there a better way of doing this. Or is it just one of those things
It’s certainly not illegal but as you say not all Insurers will agree to it. Daughter 2 will be (hopefully) passing her test soon and I'm in a bit of a quandary about getting her insured on the Yaris too.
If D2 goes on D1's policy as a named driver then she won't start accruing her own NCD.
If D2 takes out her own policy, it isn't illegal but all the insurance companies seem very much against it.
Is there a better way of doing this. Or is it just one of those things
Does / will D1 own the car or do you ?
It might be possible to get D1 and D2 a joint policy but with D2 as the named driver but obviously that also depends on who will genuinely be doing the most miles.
The NCB thing is real and generally it’s about getting young drivers to that first year.
One reason we went with Admiral for all of ours as they give one year irrespective of when in the year the test is passed.
I would probably try and speak to a broker and let them do the work ( it won’t cost you ) and just explain the situation and let them find the right Insurer / right price.
The biggest problem with 2 separate policies is that in the event of a claim on one policy, both policies may pay out.
In ye olden days of paper claim forms there was always a question asking if the car was covered by another policy. These days they can check MID for dual insurance.
So what could happen is that there is a total loss of £10K and each policy pays £5k, less the excess on each policy. So your ONE accident has led to TWO claims on TWO policies and TWO lots of excess deducted. Note that this is different on day insure policies who take the who liability.
In ye olden days of paper claim forms there was always a question asking if the car was covered by another policy. These days they can check MID for dual insurance.
So what could happen is that there is a total loss of £10K and each policy pays £5k, less the excess on each policy. So your ONE accident has led to TWO claims on TWO policies and TWO lots of excess deducted. Note that this is different on day insure policies who take the who liability.
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