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    • diynotmything
    • By diynotmything 3rd Sep 17, 11:36 AM
    • 5Posts
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    diynotmything
    Suggestions for cheap insurance while we rent car to friend while we are away
    • #1
    • 3rd Sep 17, 11:36 AM
    Suggestions for cheap insurance while we rent car to friend while we are away 3rd Sep 17 at 11:36 AM
    Hi there

    Really hoping anyone can help.
    My partner and I will be away for about 4 months. A friend of ours will be moving houses during this period and we are planning for him to use our car while we are away. We were looking at the cheapest way for insurance to work. Btw our car is not worth much. Market value on a couple of websites puts its at ~ £2000.

    1. Friend buys temporary car insurance : These are only for max 30 days and our friend will need it for 4 months. its about ~£ 200 for a month. So working out pretty expensive.
    2. We add friend to our insurance policy - Still have to check how much it will cost.
    3. We transfer the ownership of the vehicle in our friends name and he reverses it when we get back.

    I hope there are cheaper options available. Do you have any suggestions ?
    Would be greteful if you can offer any advice ?

    Thank you in advance.
Page 1
    • Quentin
    • By Quentin 3rd Sep 17, 11:54 AM
    • 33,318 Posts
    • 17,241 Thanks
    Quentin
    • #2
    • 3rd Sep 17, 11:54 AM
    • #2
    • 3rd Sep 17, 11:54 AM
    If you add friend to your policy this will be the cheapest option. But bear in mind if you have any NCD and friend has a fault claim you will lose some NCD if it's not protected.

    And any claim he has (fault or non fault) will impact your premium for up to 5 years
    • diynotmything
    • By diynotmything 6th Sep 17, 2:31 PM
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    diynotmything
    • #3
    • 6th Sep 17, 2:31 PM
    • #3
    • 6th Sep 17, 2:31 PM
    Hey

    (Sorry didn't have an internet connection for the past couple of days)

    Thanks for getting back to me.
    i agree - adding the friend to my existing policy was way cheaper .

    What do you think of option3 though , even if its tedious.

    Thanks again
    • Quentin
    • By Quentin 6th Sep 17, 2:37 PM
    • 33,318 Posts
    • 17,241 Thanks
    Quentin
    • #4
    • 6th Sep 17, 2:37 PM
    • #4
    • 6th Sep 17, 2:37 PM
    It's a solution.


    (Means you have 2 extra keepers on the "log book" if that is any concern)


    You would have to cancel your policy (insurers won't normally let you have a policy with no vehicle on cover for so long) with cancellation fees and loss of any NCD for the current year.
    • agrinnall
    • By agrinnall 6th Sep 17, 2:55 PM
    • 18,547 Posts
    • 14,274 Thanks
    agrinnall
    • #5
    • 6th Sep 17, 2:55 PM
    • #5
    • 6th Sep 17, 2:55 PM
    Don't forget that if you do go for option 3 the VED will end when you transfer the car to your friend and they will need to re-tax it, and the same when it's transferred back.
    • takman
    • By takman 6th Sep 17, 3:34 PM
    • 2,826 Posts
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    takman
    • #6
    • 6th Sep 17, 3:34 PM
    • #6
    • 6th Sep 17, 3:34 PM
    What's the point of option 3?

    Your friend can still insure the car even when they are not the registered keeper. It may also be cheaper for them to take out a policy for a year and cancel it after 4 months (depending on their age).

    Also it's worth pointing out that the owner and registered keeper are not the same thing. So you could give the car to your friend and they will become the owner but you will still remain as the registered keeper.
    • forgotmyname
    • By forgotmyname 6th Sep 17, 7:38 PM
    • 26,053 Posts
    • 10,386 Thanks
    forgotmyname
    • #7
    • 6th Sep 17, 7:38 PM
    • #7
    • 6th Sep 17, 7:38 PM
    Cynical me is wondering... what if said friend sells your car and claims it was stolen and heres the £50 the insurer paid out.. Or says the insurer paid nothing.

    No car and 1 ex friend?
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
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