No Claims Bonus

[Camaro]

Bit of a back story but I've ran a 'daily' car since I first started driving until about April last year. Alongside this I've had separate policies for classic American cars.

Up until last year my daily was on a regular car policy and had accrued about 9 years worth of no claims benefit. Last year by brother in law was in an unenviable position of struggling to find work and because he'd relied on jobs with company cars had no mode of transport. I gave him my daily to use and has since become the registered keeper and main insured person using it. I ended the policy when I gave it to him and got the insurance company to give me a proof of NCB certificate. I now currently daily my American truck which is on a classic car policy which has use for commuting to work.

I'm led to believe the proof of NCB lasts for 2 years, is this correct?

I have already asked my current insurer for the truck if I can use the Proof of NCB towards my truck policy to which I was told, it would not contribute towards any discount and also if I was to at a later date want a more sensible daily car, this policy would not be able to be put towards proof of NCB as it is a classic policy.

I'm now at the point of wondering if it's worth getting another car and insuring it just to keep my NCB going, or does anyone have any other solutions?

[Dingu]

Pretty much accurate, some companies will allow it for 3 years these days.

Also once past this some may not allow any, others will reduce it by one year for each additional year since- though often count 5 as max.
So as an illustration if they allowed it for 3 years and you came with your proof of 9 after 3.5 years they might give 4.

[InitialDave]

Camaro said:

I'm led to believe the proof of NCB lasts for 2 years, is this correct?

In my experience, yes.

Camaro said:

I'm now at the point of wondering if it's worth getting another car and insuring it just to keep my NCB going, or does anyone have any other solutions?

Well, any excuse to buy another car!

Could buy a complete snotter and scrap it without surrendering the V5C, so it exists on paper, under SORN?

[SiH]

InitialDave said:

Camaro said:

I'm led to believe the proof of NCB lasts for 2 years, is this correct?

In my experience, yes.

Camaro said:

I'm now at the point of wondering if it's worth getting another car and insuring it just to keep my NCB going, or does anyone have any other solutions?

Well, any excuse to buy another car!

Could buy a complete snotter and scrap it without surrendering the V5C, so it exists on paper, under SORN?

I was in a similar position about considering whether to buy another car for the purpose of keeping a NCB ticking over. One of the other options is to look on eBay for people selling V5s and VINs (essentially a car identity) which would serve the same purpose as the way the previous poster mentioned. You'd have a 'car' to insure but not the hassle of having an actual car to look after!

[Dingu]

None of the above is advisable OP just as an FYI.

[scorcher]

Depends what kind of car you’re planning to insure with your ncb and how expensive your policies are in general. I haven’t had any ncb for the last 20 years as I was a named driver on my ex’s policy.
I bought a Saab 93 aero convertible and with zero ncb it was £245 fully comp for the 1st year
With one years ncb I have just renewed for £165 fully comp.
Buying and keeping a car wouldn’t have been a particularly good move for me just to retain my ncb when the insurance is next to sod all anyway.

[BertBert]

Dingu said:

None of the above is advisable OP just as an FYI.

And I doubt that it makes any commercial sense.
The other option is to move the truck to a policy/company that can use the ncb.

[Camaro]

BertBert said:

And I doubt that it makes any commercial sense.
The other option is to move the truck to a policy/company that can use the ncb.

Unfortunately that's not really possible, as most companies don't recognise GMC as a make on their computer screens, that kinda kills that idea, sorry.

[Gareth79]

Camaro said:

BertBert said:

And I doubt that it makes any commercial sense.
The other option is to move the truck to a policy/company that can use the ncb.

Unfortunately that's not really possible, as most companies don't recognise GMC as a make on their computer screens, that kinda kills that idea, sorry.

I haven't insured an American car for years, but some will let you accrue NCD (I was with MCE and Flux at the time, both accrued real NCD), some say they will "freeze" it where you can reuse it at a later date, but nothing accrues. Worth calling around for sure.

[BertBert]

Gareth79 said:

Camaro said:

BertBert said:

And I doubt that it makes any commercial sense.
The other option is to move the truck to a policy/company that can use the ncb.

Unfortunately that's not really possible, as most companies don't recognise GMC as a make on their computer screens, that kinda kills that idea, sorry.

I haven't insured an American car for years, but some will let you accrue NCD (I was with MCE and Flux at the time, both accrued real NCD), some say they will "freeze" it where you can reuse it at a later date, but nothing accrues. Worth calling around for sure.

That's my view too

[SiH]

Dingu said:

None of the above is advisable OP just as an FYI.

I don't have a particular dog in this fight; I ended up letting mine lapse, but what would suggest the OP does in this case? Just leave it, or do you have other ideas? Again, it's an open question, I'm not trying to be a dick.

[InitialDave]

Dingu said:

None of the above is advisable OP just as an FYI.

Out of interest, what do you think will happen?

[Dingu]

InitialDave said:

Out of interest, what do you think will happen?

1) what he is paying will be more than just leaving it to reduce after 3 years with many insurers.
2) in the unlikely event it comes to light he then answers yes to having insurance cancelled etc and pays huge premiums forever.

As a general note it’s car insurance, not Vin number insurance. So obtaining insurance on a phantom vehicle for the sole purpose of benefitting through lower premiums in the form of NCB is fraud. Whether posters here like it or not.

[Dingu]

SiH said:

I don't have a particular dog in this fight; I ended up letting mine lapse, but what would suggest the OP does in this case? Just leave it, or do you have other ideas? Again, it's an open question, I'm not trying to be a dick.

The former. It will be honoured for 3 years by many insurers and then as noted often reduce from 5 years by one year each year. So realistically it will be 8 years to 0.

8 years of premiums will take a long time to claw back through NCB discounts.

[jondude]

My experience is yes, the two years holds firm (I was still asked to explain why I had not driven for 18 months though) but the rest (11 years NCD or 8, 18 whatever) is a bit of a game played by insurers to keep you with them as it seems to me once you have 5 years that's all which matters NCD wise as it will get you the 65% bonus/full bonus rate.

Having 12 years will not get you a dime more in discount.

Indeed, I did have 14 years on file with an insurer but then when I changed it 'dropped' to 9. When I queried this they said 'we never give more than 9 years'.

I did run a few comparison quotes with 6 years NCD and then 16....came back same price.

Was a while ago though.

[Bob T]

My experience is that no claims bonuses are a marketing ploy to make people 'think' they are getting a good deal. What actually matters is the premium

I picked a random car for sale at a local dealer and got some insurance quotes on a comparison site:
Zero NCB was £241
7 years NCB was £196
So only a saving of 23%....which is somewhat less than the insurance companies would like you to think!

Also interestingly the car I chose was for sale at £12500 but came back with an insurance valuation of £9800....

[Dingu]

Bob T said:

I picked a random car for sale at a local dealer and got some insurance quotes on a comparison site:
Zero NCB was £241
7 years NCB was £196
So only a saving of 23%....which is somewhat less than the insurance companies would like you to think!

Also interestingly the car I chose was for sale at £12500 but came back with an insurance valuation of £9800....

You know the average NCB discounts are published right? Often in the policy booklet but definitely somewhere.

On your second point you are aware you can type in the box or enter your own value?

[sixor8]

I have 2 cars running on classic policies and both stipulate that I have to have a 'normal' car as well. Check the T&C of your policy; they often don't allow commuting in peak periods either, when the majority of shunts happen. It gets cost right down, my Triumph Toledo policy was £62.50.

[TriumphStag3.0V8]

I have built up several no claims bonuses over the years comma to the extent I actually need a spreadsheet to track where they are.

What I have discovered is that some of my classic policies will allow me to to hold a no claims discount against them, whilst this will not actually offer any discount on that policy it will keep the no claims bonus alive. OP: it might be worth you looking into this option

[Camaro]

Hi all,

Just to clear a few things up now having spoken to my broker.

They have told me I should be able to swap the NCB between policies, so one year have the 3 years that I have currently accurred, then swap it to the 11 years, it's a bit of faff but it saves losing them in the mean time.

I have since moved the 11 years over onto my truck policy, it hasn't reduced the premium as it is already at its max discount, but it does keep it current. I am no awaiting the proof of three years NCB that I can hold onto until it comes around to renewal.

With regards to the comment about using this 'classic' policy as a daily. I have read the policy booklet cover to cover as well as the certificate and cannot find any stipulating wording to the effect that I must have another main car and or that the truck cannot be driven at peak times. It simply has:

'Use for Social, domestic and pleasure use, including the drivers travel between a fixed place of work or study'