"Saving" Car Insurance NCD
Discussion
I sold my car nearly 2y ago. I think most insurers only consider no claims discount that is dated within the last 2 years.
There's a chance (depending on where I move) I'll require a car this year and I've generally been contemplating it as it's a nice-to-have especially with the dismal state of trains. There's some chance I'd just opt for a company car BEV too.
I did some quotes out of curiosity on my old car. With 9 years NCD quotes ranged £190-210. Without any NCD quotes were £260 with one insurer then a sudden jump with most quotes in region of £330-360. In percentage terms this is pretty big... ~70%. In pure monetary terms it's not huge.
Is it worth me trying to "save" the no claims from expiry somehow?
I doubt it's worth buying a banger and later selling it purely for the sake of saving NCD but perhaps I could insure a family member's car myself then cancel the policy after minimum time and ask for an NCD proof? Not sure if that's even allowed.
Are there many insurers that accept no claims from over 2y ago?
Perhaps I should forget about it and let it lapse unless I decide to actually buy a car this month. It would be useful for house viewings...
There's a chance (depending on where I move) I'll require a car this year and I've generally been contemplating it as it's a nice-to-have especially with the dismal state of trains. There's some chance I'd just opt for a company car BEV too.
I did some quotes out of curiosity on my old car. With 9 years NCD quotes ranged £190-210. Without any NCD quotes were £260 with one insurer then a sudden jump with most quotes in region of £330-360. In percentage terms this is pretty big... ~70%. In pure monetary terms it's not huge.
Is it worth me trying to "save" the no claims from expiry somehow?
I doubt it's worth buying a banger and later selling it purely for the sake of saving NCD but perhaps I could insure a family member's car myself then cancel the policy after minimum time and ask for an NCD proof? Not sure if that's even allowed.
Are there many insurers that accept no claims from over 2y ago?
Perhaps I should forget about it and let it lapse unless I decide to actually buy a car this month. It would be useful for house viewings...
Akz said:
I sold my car nearly 2y ago. I think most insurers only consider no claims discount that is dated within the last 2 years.
There's a chance (depending on where I move) I'll require a car this year and I've generally been contemplating it as it's a nice-to-have especially with the dismal state of trains. There's some chance I'd just opt for a company car BEV too.
I did some quotes out of curiosity on my old car. With 9 years NCD quotes ranged £190-210. Without any NCD quotes were £260 with one insurer then a sudden jump with most quotes in region of £330-360. In percentage terms this is pretty big... ~70%. In pure monetary terms it's not huge.
Is it worth me trying to "save" the no claims from expiry somehow?
I doubt it's worth buying a banger and later selling it purely for the sake of saving NCD but perhaps I could insure a family member's car myself then cancel the policy after minimum time and ask for an NCD proof? Not sure if that's even allowed.
Are there many insurers that accept no claims from over 2y ago?
Perhaps I should forget about it and let it lapse unless I decide to actually buy a car this month. It would be useful for house viewings...
Isn’t this a simple maths question?There's a chance (depending on where I move) I'll require a car this year and I've generally been contemplating it as it's a nice-to-have especially with the dismal state of trains. There's some chance I'd just opt for a company car BEV too.
I did some quotes out of curiosity on my old car. With 9 years NCD quotes ranged £190-210. Without any NCD quotes were £260 with one insurer then a sudden jump with most quotes in region of £330-360. In percentage terms this is pretty big... ~70%. In pure monetary terms it's not huge.
Is it worth me trying to "save" the no claims from expiry somehow?
I doubt it's worth buying a banger and later selling it purely for the sake of saving NCD but perhaps I could insure a family member's car myself then cancel the policy after minimum time and ask for an NCD proof? Not sure if that's even allowed.
Are there many insurers that accept no claims from over 2y ago?
Perhaps I should forget about it and let it lapse unless I decide to actually buy a car this month. It would be useful for house viewings...
Cost of losing NCD is a maximum of £170 using 360-190 as your high and low figures. That’s obviously just for one year, but does anyone ever look any further than that nowadays with all the other drains on finances?
Saving NCD will cost £190-210 based on your approx figures for this year’s insurance premium.
You’re looking at spending £20-40 therefore.
I know I’m assuming that you insure one car for the full year before buying one and probably a few other things, but it shows how little NCD is worth once you reach a certain age. I’ve just bought a car after a few years without and the difference was negligible overall in terms of with or without NCD.
Akz said:
...but perhaps I could insure a family member's car myself then cancel the policy after minimum time and ask for an NCD proof? Not sure if that's even allowed.
It's allowed so long as you are using with the insurer (if asked) about the fact that it's someone else's car that you're insuring - not all insurers will allow you to insure a car that isn't yours. However if you cancel after a very short time they may not give you a new proof of no claims discount and just send your old one back - which doesn't help you very much.Akz said:
Are there many insurers that accept no claims from over 2y ago?
To good approximation there are none. Co-Op used to be the exception among mainstream insurers in that they would accept it for up to 3 years, but they switched to 2 several years ago now. There are certainly no big insurers and AFAIK no small ones who will accept it for more than 2 years now.I'm in a similar situation and just to help others who may come across this thread, I sold one of my cars with the intention of buying a replacement, but it was part of a multi-car policy and had some NCD applied. I won't share the insurer's name but it's not Admiral.
Having spoken to one of their senior call staff, their offer was to "dummy" my sold car's insurance onto a ghost policy, such that I retained my NCD and, more importantly, my discount for the other car(s) on my driveway. It makes sense - I don't have to faff around with premium adjustments and admin fees, they don't have to spend an hour calling the various underwriters - so as long as I get a replacement car within the next 6 months, or before my policy expires, whichever comes first (coincidentally the two dates are only 4 days apart), I maintain my NCD and multi-car discount.
This doesn't help you at all OP, but perhaps my experience might be of interest to other PHers or people who find this thread via search engines in the future.
Hello future people.
Having spoken to one of their senior call staff, their offer was to "dummy" my sold car's insurance onto a ghost policy, such that I retained my NCD and, more importantly, my discount for the other car(s) on my driveway. It makes sense - I don't have to faff around with premium adjustments and admin fees, they don't have to spend an hour calling the various underwriters - so as long as I get a replacement car within the next 6 months, or before my policy expires, whichever comes first (coincidentally the two dates are only 4 days apart), I maintain my NCD and multi-car discount.
This doesn't help you at all OP, but perhaps my experience might be of interest to other PHers or people who find this thread via search engines in the future.
Hello future people.
Rick101 said:
Can insure something for a month and cancel. Ask for an updated NCD doc. Should be the termination of latest policy + 2 years.
Don't think that will work. Sold my car in April 21 and cancelled my insurance. The company did not update my NCB so I have just insured daughter's car to keep my NCB.I let my NCB lapse.
It didn't make much difference.
Different insurance companies set their prices in slightly different ways, and may change them over time.
So it's hard to know what 'saving' your NCB might be worth any time in the future.
But it's small numbers in terms of the cost of cars?
It didn't make much difference.
Different insurance companies set their prices in slightly different ways, and may change them over time.
So it's hard to know what 'saving' your NCB might be worth any time in the future.
But it's small numbers in terms of the cost of cars?
Second Best said:
I'm in a similar situation and just to help others who may come across this thread, I sold one of my cars with the intention of buying a replacement, but it was part of a multi-car policy and had some NCD applied. I won't share the insurer's name but it's not Admiral.
Having spoken to one of their senior call staff, their offer was to "dummy" my sold car's insurance onto a ghost policy, such that I retained my NCD and, more importantly, my discount for the other car(s) on my driveway. It makes sense - I don't have to faff around with premium adjustments and admin fees, they don't have to spend an hour calling the various underwriters - so as long as I get a replacement car within the next 6 months, or before my policy expires, whichever comes first (coincidentally the two dates are only 4 days apart), I maintain my NCD and multi-car discount.
This doesn't help you at all OP, but perhaps my experience might be of interest to other PHers or people who find this thread via search engines in the future.
Hello future people.
I'm not sure I understand. You sold one of the n cars you had insured. And rather than end up with n-1 cars insured with a reduction in premium offset by admin fees and reduced multi car discounts, the insurance co kept n cars insured for you one being a dummy as it were.Having spoken to one of their senior call staff, their offer was to "dummy" my sold car's insurance onto a ghost policy, such that I retained my NCD and, more importantly, my discount for the other car(s) on my driveway. It makes sense - I don't have to faff around with premium adjustments and admin fees, they don't have to spend an hour calling the various underwriters - so as long as I get a replacement car within the next 6 months, or before my policy expires, whichever comes first (coincidentally the two dates are only 4 days apart), I maintain my NCD and multi-car discount.
This doesn't help you at all OP, but perhaps my experience might be of interest to other PHers or people who find this thread via search engines in the future.
Hello future people.
Sounds very strange! Did you pay an admin fee for the change anyway?
LeoSayer said:
Admiral allows a 3 year gap.
Only you can answer whether buying a car to keep NCD is worth it but if you're looking for an excuse to buy a car then maybe you can makes the man-maths work that way.
Nice. I had to run through most of the quote wizard to find that. Didn't seem to be documented elsewhere on their site besides an old blog that said 2 years.Only you can answer whether buying a car to keep NCD is worth it but if you're looking for an excuse to buy a car then maybe you can makes the man-maths work that way.
You're not wrong -- this might be a burning desire to just get something and finding an excuse
I can remember insuring my car after 18 months break and I then got a stroppy letter warning my policy could be cancelled if I did not within 5 days explain 'this extended break in insurance'. This was from a broker who clearly said they did not accept NCD more than 2 years old, so I thought I was fine.
Anyhow, I just said I had decided to give cycling and public transport a go but now was going back to cars and all was well.
OP: Have you tried running quotes on the comparison sites? There is such a fight to be in the top 5 quotes you often get an introductory bonus that is worth more than any NCD. This will be claimed back at renewal but you can then repeat the process, now with 1 year's NCD (hopefully).
Anyhow, I just said I had decided to give cycling and public transport a go but now was going back to cars and all was well.
OP: Have you tried running quotes on the comparison sites? There is such a fight to be in the top 5 quotes you often get an introductory bonus that is worth more than any NCD. This will be claimed back at renewal but you can then repeat the process, now with 1 year's NCD (hopefully).
BertBert said:
I'm not sure I understand. You sold one of the n cars you had insured. And rather than end up with n-1 cars insured with a reduction in premium offset by admin fees and reduced multi car discounts, the insurance co kept n cars insured for you one being a dummy as it were.
Sounds very strange! Did you pay an admin fee for the change anyway?
I don't pay any admin fees and they're all insured via various underwriters. I could definitely have cheaper insurance but I pay a bit extra (about £150 on a ~£2000 policy) to be able to park my cars where I like - e.g. if they're insured for the driveway or street, they're insured for both - and I'm also fully comp on other cars I drive. Sounds very strange! Did you pay an admin fee for the change anyway?
I changed numberplates twice in the last (insurance) year - one was for a plate change that got delayed and another for taking a plate off the car that I'd sold. No admin fees, not expecting one for the replacement car either.
I might be naive but when I worked the costs out it was marginal by going with cheaper companies, versus paying a little extra for the peace of mind to do what I want and the insurance company just saying "certainly sir" - to some extent. Naturally if I bought a Veyron there might be some small insurance adjustments.
Until recently, I had 2 cars insured & as you all know they had to be independent policies with independent NCD.
One had 1 year & one 13 years.
I have just sold the car that had 13 on & changed the car that had 1 on, so ditched the 1 year NCD policy & renewed on the 13 year policy.
Total difference £60.
One had 1 year & one 13 years.
I have just sold the car that had 13 on & changed the car that had 1 on, so ditched the 1 year NCD policy & renewed on the 13 year policy.
Total difference £60.
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