No longer have to delcare DR10 to insurance company.

JoeyJoe

5 years ago I was caught drink driving. Stupid thing to do, but at the time I had no choice. All besides the point now.

I've been paying £900 + insurance a year for 3 years now. due to the conviction, however I no longer have to declare this to the insurance companies.

I am now 3 months into my insurance policy that cost me £900. Would it be a good idea to cancel my insurance policy, which would return around 60% of the remaining months, and get a new policy that I've been quoted £500 and less for?

Also how likely would my insurance company (Fresh insurance) be to give me some money back since they by law can't use the conviction against me anymore?

Just wondering what others do in this situation.

uknick

Have you asked your current insurer what the refund will be? It's not always linear with regard to the time the policy has been in place.

JoeyJoe

uknick wrote: »

Have you asked your current insurer what the refund will be? It's not always linear with regard to the time the policy has been in place.

I mentioned in my post it's around 60%. My documents say the following:

Length of time cover in force - Percentage of premium payable
Up to 1 month - 25%
Up to 2 months - 40%
Up to 3 months - 50%
Up to 4 months - 65%
Up to 5 months - 70%
Up to 6 months - 75%
Up to 7 months - 90%
Up to 8 months - 90%
Over 8 months - 100%

JohnM5206

odd, I understand that DR10 stays as an endorsement on licence for 11 years?

JoeyJoe

JohnM5206 wrote: »

odd, I understand that DR10 stays as an endorsement on licence for 11 years?

11 years on your driving licence, but it becomes spent after 5 years and no longer has to be declared to insurance companies.

Billy_Bullocks

JoeyJoe wrote: »

I mentioned in my post it's around 60%. My documents say the following:

Length of time cover in force - Percentage of premium payable
Up to 1 month - 25%
Up to 2 months - 40%
Up to 3 months - 50%
Up to 4 months - 65%
Up to 5 months - 70%
Up to 6 months - 75%
Up to 7 months - 90%
Up to 8 months - 90%
Over 8 months - 100%

So you're going to get £315 back and take out another policy for £500?

JoeyJoe

The idea behind it is that I can then go fully comp and be able to drive other fully comp cars (the new policy states this).

Aretnap

JoeyJoe wrote: »

11 years on your driving licence, but it becomes spent after 5 years and no longer has to be declared to insurance companies.

This is correct - the Financial Ombudsman's view on the matter is here.

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/25/25-disclosure-of-spent-motoring-convictions.htm

For legal geeks, the case law confirming that the conviction becomes spent after 5 years is Power v Provincial Insurance, Court of Appeal, 1997.

Herzlos

JoeyJoe wrote: »

The idea behind it is that I can then go fully comp and be able to drive other fully comp cars (the new policy states this).

Ah, if it's to get a higher level of coverage, then it's presumably worth doing. You're going to be paying more money in, but if you're getting fully comp / DOC then it might be worth it.

mad_rich

Don't forget - you will lose this year's NCB. Sounds like it's worth it though.

AdrianC

JoeyJoe wrote: »

I am now 3 months into my insurance policy that cost me £900. Would it be a good idea to cancel my insurance policy, which would return around 60% of the remaining months, and get a new policy that I've been quoted £500 and less for?

GET QUOTES FIRST. And make sure you give them your driving licence number, so they discover the offence on your record sooner rather than later.

Also how likely would my insurance company (Fresh insurance) be to give me some money back since they by law can't use the conviction against me anymore?

Zero. You accepted that was the premium for the full year's policy, calculated knowing that was the offence date.