Car insurance - changing cars, what do i need to do?

d70cw6

Hi

I'm changing jobs in a few weeks time and will lose my company car.

In my new job i will use my wife's current car (it will effectively then be mine) and I am buying my wife a "new" car (which is actually her mum's 2013 reg car, as my mother in law is buying herself a new new car).

Effectively a trickle down of cars from MIL -> wife -> me if you get my drift.

We currently insure my wife's car (the one that I'll be getting in a few weeks) and i am a named driver in that policy.

Obviously we need to amend my wife's current policy to include the 2013 reg car that we are buying from MIL.

What do we need to do about her old car that I will use?

What is the road tax implications?

Can i avoid any annoying admin charges for changes in policies etc?

Thanks

lizziesharples

You could have a look at which companies accept company car no claims discount and take out a new policy on your wife's car as the main driver. You would then need to amend your wife's policy to change car where you will occur an admin fee (depending on the company.)

The alternative is to change your wife's policy so you are the main driver (a potential admin fee again) and then take out a new policy for her on her new car. The downside to this is your wife won't be able to use her no claims discount again on this policy so option 1 is probably best.

Hope this helps.

d70cw6

lizziesharples wrote: »

You could have a look at which companies accept company car no claims discount and take out a new policy on your wife's car as the main driver. You would then need to amend your wife's policy to change car where you will occur an admin fee (depending on the company.)

The alternative is to change your wife's policy so you are the main driver (a potential admin fee again) and then take out a new policy for her on her new car. The downside to this is your wife won't be able to use her no claims discount again on this policy so option 1 is probably best.

Hope this helps.

cheers

For your option 2, why would my wife lose her no claims discount on this new policy?

lizziesharples

She wouldn't but it would be in use on the original policy so she couldn't use it again.

It's usually easier to leave the no claims where they are and transfer cars around them, if that makes sense?

ninetyfables

Not all companies will go for company introductory bonus. You may find you can mirror NCB from your wife subject to criteria. Always ring an insurer when it's not your own NCB you're looking to use, it's better than buying a policy through a comparison site then finding out they don't accept your NCB.

It's a good idea to ring your wife's insurance company. If you aren't in renewal stage you are likely to incur administration charges.

Depending on the company, they could do several things:
Keep your wife as the policyholder on her current car, and because you're married, you can stay as a second driver, but be changed to the main drIver (not the policyholder). Then subject to criteria, your wife can start a new policy on her new car, and hopefully mirror her NCB from the old car to the new car to give a similar discount.

Another option is they could cancel and replace your wife's current policy in to your name. I'm not sure if all companies do this, I think it's more of a broker thing. Your wife's NCB is then free to use on her new car. They may allow you to mirror from her, or use company car discount.

You can cancel your wife's policy and start afresh. She gets a new policy on her car with her NCB. If you don't meet mirroring criteria, you start a new policy with 0 NCB.

Good luck!

ninetyfables

I've missed one off �� your wife changes her current policy to the new car. Her old car is now free for you to insure, bearing in mind the NCB criteria in my previous post, always ring around and explain the situation and see what help they can give you. Your wife's NCB will just carry across.

caliew

Hi I have worked in insurance for a number of years but have just left due to childcare reasons.

Is your mum in law registered keeper still? If your wife is buying this then she will become registered keeper and she can change the vehicle on her existing policy and your mum in law can change the vehicle on her existing policy in those incidents admin change fees occur which could be potentially around £25 each and then pro rata underwriter charges or refunds may occur depending on risk eg. type of vehicle as well as many other underwriting factors this then would not shift existing renewal dates.

You would have to start your new policy with your wifes old car if you become registered keeper however you will have to start your own audit trail of no claims bonus (if you have not had your own private motor policy within the last 2/3 years)

Unfortunately admin charges in these circumstances may be unavoidable, if you cancel mid term then there could be mid term cancellation charges so its weighing it up ie. if you start off three new policies and cancel existing mid term cancellation fees/admin fees on existing (including pro rata charges or refunds depending risk data) versus if you change the vehicles on the existing policies (admin change fees and pro rata risk change refunds/charges depending on data etc) and start one brand new plan off for yourself.

Its probably best to get the change and settlement figures with your existing providers (each policy holder party would probably need to call) and then key in new quotes on aggregator sites (comparison sites) where the discounts are normally maximized for you to compare which is the most cost effective between changing existing or new policies.

Hope this helps

nimbo

Road tax is now cancelled when a car changes ownership.

According to the leaflet I received with my new reg documents yesterday monies are refunded and it is the new registered keepers responsibility to tax the car. May be worth waiting til the first of April if possible to change registration as you can only buy road tax in whole months.

d70cw6

Thanks all

We decided to amend her car policy to the new car for £34 fee and I've taken out a separate policy in my name for her car that I'm using for £206. Not counting the hopeful cashback from topcashback of £30.