Car Insurance & selling car

qaiq

Hi all,

I'm after a bit of advice as to what to do here.
My wife & I each have a car, we want to 'downsize' as we're starting a family and only have the one car (hers). So I want to sell mine.

What I don't understand is how the insurance works. I'm insured on mine with her as named driver, and she's insured on hers (and I'm not on her policy). She has 7 years no claims & I have 1 (been driving for just under 2 years).

So, I would need to become a named driver on hers, and sell my car.
My insurance renewal is in November and hers is in January. Tax is December for me and May for her.

If I become a named driver on her car, her insurance premium would increase to roughly what our two combined currently are (figures: me £45/month, her:75/month, me as named driver on hers: 110/month)

But what do I do about my insurance? Can I cancel it? If not, can I transfer mine to her car? I don't want to be paying £110/mo for insurance plus the existing £45/mo for a total of £155/mo as that would be way too expensive, and would wipe out any profit I made on selling mine.

I'd like to sell mine before its 6 month tax runs out in May as well (not wanting to tax it again for another 6 months). She's with the Post Office and I'm with M&S

Thanks in advance for any info!

Quote

1. Sell you car.
2. Cancel your insurance.
3. Get road tax refund.

To be honest there's not really enough information to give you too much advice. Although the idea that it costs that much more to have you on her policy is laughable. Get yourself a decent quote with the pair of you on there. I'm sure you could find one for less than £1200.

qaiq

Hi,

Thanks for the info - actually I should have rung my insurance co first - I had assumed that because I was paying monthly (and therefore some third party had paid it in full, and I was paying them back monthly + interest) I couldn't actually cancel it.

Turns out I can and it will cost (if I sold it now) £69 to cancel, increasing by about £10 a month for each month I keep it.

Good advice re getting a better quote, but as she has only just renewed it would mean cancelling hers first. The £110 is what the Post Office would put her insurance up to if we added me as a named driver on her current policy.

Reason it is high (I presume) is she has 7 years no claims, been driving since she was 17, and has a 2 litre saab turbo, while I have 1 year no claims, had a car license for just under 2 years (bike license for 8, but this doesn't count apparently!) and drive an old astra.

We actually wanted to sell both, and buy a cheaper to run car, but the money we'd get for both cars wouldn't be enough to buy a reasonably decent one (even at trade prices which we can get), so it works out better to keep the car that is newest & most useful (and it is in a lower tax band than mine).

dogbot

Worth finding out how much it is to cancel both insurance policies now - also do some quotes for a new policy with both of you on.

As she only renewed in January she will only 'loose' 1 or 2 month NCD build up - might work out cheaper overall.

Make sure you work out who will be the main driver on the car (e.g. if it will now change to you) and insure as such.