No claims - Keeping it without a car.

jamesjenkinsyates

Hello,

I have worked hard to build up two years no claims discount from my policy that expired last August. It does not look like I shall be getting a car before August as I am moving to London but I would like to keep my no claims discount and potentially grow it for when I will get a car in the future. Does anyone know a cost effective way of doing this?

EDIT: I want to do this because I am a young driver.

jobdone1

Your no claims discount is valid for 2 years from the end of you last policy date. After this point they become invalid the only way to maintain is to get car insurance inside the two years of your last policy. That is how i am aware of it.

forgotmyname

Buy a car insure it for a month or 2 and sell it and cancel the policy?

Pincher

I was a member of Zipcar.co.uk, and this bit in FAQ has always amused me:


Can a Zipcar membership help me get discounts on personal auto insurance?

Yes. Should you ever choose to leave the world of free fuel and insurance behind and opt into car ownership, it's good to know that your time spent at Zipcar could help you qualify for lower rates on personal auto insurance. You see, as a Zipcar member, you are an insured driver. And since prior coverage is one of the factors that insurance companies consider in determining your rate, you may qualify for a discount. To request a Letter of Insurance Coverage certifying your driving history with Zipcar, please email us at [EMAIL="insurance@zipcar.com"]insurance@zipcar.com[/EMAIL].
Back to FAQs



Would anyone who actually tried this care to comment?

Pincher

I was young once, and couldn't let go of my precious NCD either.
I bought a rusted through Vauxhall Viva and left it on the drive, to the consternation of my parents. Obviously it couldn't pass MOT, and eventually I had to pay for it to be towed away.

Looking back, it was just stupidity that created nuisance and cost me money. The money I wasted could have paid for the extra in premium easily, because I was several years older.

kingstreet

jamesjenkinsyates wrote: »

Hello,

I have worked hard to build up two years no claims discount from my policy that expired last August. It does not look like I shall be getting a car before August as I am moving to London but I would like to keep my no claims discount and potentially grow it for when I will get a car in the future. Does anyone know a cost effective way of doing this?

EDIT: I want to do this because I am a young driver.

You have until August 2014 to insure another vehicle before your NCD goes stale as jobdone has said. In fact, there may be the odd insurer which will accept NCD up to three years old, but this would severely affect your choice and likely premiums.

So, make sure you insure another vehicle before the NCD goes stale, two years from the expiry of your last insurance.

luci

Co-operative Insurance will accept NCD up to 3 years old.

thenudeone

Easiest way (if possible) is to alternate insurance every year between you and a partner

It is technically possible to insure a car you don't own and aren't the keeper for, such as a friend's car which you occasionally drive (After all - that's exactly what most short-term insurance is), but many insurers won't insure under those circumstances, or will charge a hefty loading which might cost more than you might save in NCD.

You could agree to insure a friend's car for 1 year with you as the policyholder and them as a named driver AND main driver, which saves them the cost of getting their own insurance, but you must be scrupulously honest with the insurer about the situation.