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swapping car insurance + NCB?

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The_robmeister
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2007/06/15 18:06:08 (permalink)
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swapping car insurance + NCB?

I have brought a new car so i need to swap the insurance from my old car which is now sold to my new car. does anyone know anything about this?
if i stay with my current insurer will i pay the same as if it was a new quote with them? also if i am not happy with the price they quote, can i look somewhere else and cancel my current insurance, even tho it is halfway through my year?
thankyoooo
post edited by The_robmeister - 2007/06/15 21:21:42

5"7 tall
Currently 158 pounds, 14% bodyfat and cutting
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    freak_in_cage
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    RE: experience swapping car insurance? 2007/06/15 19:46:47 (permalink)
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    more complicated than you may think m8

    if you call your insurer they can swop you over. prob a £10-£25 admin charge. you may get a refund if the new car is lower insurance risk (although if its worth more this may balance out). if new car is wrth more + higher insurance group you may owe them money. obviously the longer you have until your policy runs out the more its gonna cost you.

    you could start again and find the cheapest new insurer. HOWEVER, you will have lost x months NCB as your prev insurer will obviously cancel your policy (again you will get a rebate here, prob less admin fees!)

    basically it all depends on how much NCB you have, how old you are, how long until your policy runs out.

    EG 1 Your 20 with 1 yr NCB. Paying £700 on prev car, they want another £30 to cover you for the next 2 months until your policy ends. Worth staying with them? probably (or you loose 10 months NCB)

    eg 2 Your 28 with 4 yrs NCB (so 1 extra year wont make much difference to your premium anyway, IME age counts up until 25-30, NCB makes the biggest difference in 1st 3 yrs

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    The_robmeister
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    RE: experience swapping car insurance? 2007/06/15 20:19:37 (permalink)
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    thanks freak. just rang them. they really have me bent over a barrel.

    For the new car fully comp a new policy will cost me £100 a month.
    To upgrade my current policy the exact same spec as above will cost me £160 a month for the rest of the term.
    So i can either cancel, pay the one months notice on a car i dont have, lose what is nearly a years no claim and start my new policy OR i can upgrade and pay 60 extra a month for the rest of the term
    seems like a joke

    5"7 tall
    Currently 158 pounds, 14% bodyfat and cutting
    #3
    The_robmeister
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    RE: experience swapping car insurance? 2007/06/15 21:21:20 (permalink)
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    does anyone know about no claims bonus?
    if you claim does it start building up again straight away, or do you have to wait till the next year when you renew for it to start again?

    5"7 tall
    Currently 158 pounds, 14% bodyfat and cutting
    #4
    freak_in_cage
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    RE: experience swapping car insurance? 2007/06/16 00:29:33 (permalink)
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    how long do you have until your years policy is complete?

    not sure about the NCB thing- i would guess it has to be the start of a new policy. if you pay DD and you make a claim half way through, you have to comopete the rest of the payment.

    you could of course just keep your new car parked away and not insure it until you have completed your prev years NCB

    OR you could start a NEW policy with a different insurer with NO no claims but limit the mileage to 1000 miles/year (so its v low) and then in a couple of months when your other policy is complete you can transfer your NCB over (and increase your annual mileage) which should mean your monthly payments decrease.

    that make sence m8?
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    freak_in_cage
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    RE: experience swapping car insurance? 2007/06/16 00:37:22 (permalink)
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    oh- just thought, most companies wont let you use current NCB on 2 cars at once. HOWEVER- admiral & elephant (same company) DO let you do this. SO, say you have 2 yrs CNB (and a 3rd year in 3 months):

    start new policy with new car with elephant, mileage 2000 miles, 2 yrs NCB. after 3 months add 3rd yr NCB and increase mileage

    finish current policy in 3 months then cancel

    MAY work out cheaper!!

    if you have 3 or more NCB, it may be worth loosing the current 9 months NCB you have, phone up companies for new quotes (or try confused.com and insuresupermarket) and enter a quote with 3 and 4 yrs NCB and see how you will save. is it worth the extra £60 for a few months?
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    Sprite Goblin
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    RE: experience swapping car insurance? 2007/06/16 01:08:43 (permalink)
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    NCB starts when a new policy starts.

    I had 2 years NCB when I crashed my mothers car one August, about 4 months in to my policy. I let the policy run it's course, but I effectively didn't lose my NCB until the time came to renew (didn't have to pay the company any more money just because I made a claim) until that time comes when your current policy expires, and all of a sudden prices are sky high.

    Basically at this time it's been more than 3 years since I made that claim, however I only have 2 years NCB

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