Car Insurance switching

KC1995

Hi,

I currently pay for my insurance monthly and have my last payment to make next Friday. My insurance policy finishes on the 26th of August. The car that is insured under this policy has gone into the garage and unfortunately is too expensive to repair therefor I am going to get a new car. My first question is;

1. To move my insurance over to the new car they will charge me £ 120 to fit a new black box.. When my policy ends in august I don't want to continue with this insurance provider as I have found cheaper insurances, which to me seems like a waste on money for no reason.

2. If i start a new policy with another insurance company for my new car they will want proof of my no claims bonus which i wont receive if i a) have to cancel my original insurance, i will loose the no claims bonus for the year just gone as i will have cancelled early. b) I wont receive the no claims bonus until my original insurance policy is over which will be a month later?

Someone please help me

AdrianC

You might pay monthly, but that's simply the finance you took to cover the annual premium for the annual policy. That policy ends on 26th August.

If you cancel that policy before then, you will not get the year's NCB, because you won't have completed a full year's insurance. Your eligibility to a year's NCB doesn't start until the end of the year's insurance... If you leave the policy running, then you run a risk of being held liable for any incidents should the garage return the car to the road and sell it on to somebody who fails to insure it in their own name.
https://www.visordown.com/news/general/biker-may-be-forced-pay-thousands-after-banned-new-owner-has-fatal-crash

The cost of transferring your insurance, and any black box that goes with it, is part of the decision you need to make as to whether it's worth fixing your old car or replacing it.

KC1995

Thank you for your reply!

I understand completely where you are coming from and agree.

However I do have another question - what if i started a new policy on my new car and didn't sell or use my old car until the old policy has run out?

Quentin

You will have zero NCD to use on your new policy

And even if you keep your current policy till it completes its policy year without any claims and you are awarded a years NCD you won't then be able to get your new insurer to amend your premium

The only way to use the NCD will be to not start a new policy until the end of the current policy year

AdrianC

KC1995 wrote: »

However I do have another question - what if i started a new policy on my new car and didn't sell or use my old car until the old policy has run out?

You'll be starting a new policy with 0 NCB.

Ant555

I had a similar situation and I rang the new insurance company I was hoping to start a policy with to explain that I had an existing 7 year NCB policy and had one month left on that policy.

I was trading that car in for a new one to be picked up almost immediately and wanted to use the NCB for the new vehicle, but as the NCB can only be used on one car at a time I asked if they would accept it under these circumstances - I didnt want to cancel the other policy as I would lose a years NCB for the sake of keeping it running for 3.5 weeks.

Call centre person had a word with his supervisor and they agreed that all was fine - apparently its up to the individual insurance co whether they accept your NCB and it was not the first time that they had been asked to do this.

I asked them to confirm in an email and they did.

You should receive your renewal and proof of NCB around a month ahead of renewal date so you should have your 'proof' soon - I explained this to my potential new insurance co and they said they would put a note on the file. I recorded names and times

All was fine.

hope this helps

KC1995

Thank you that is so helpful! Do you know what insurance this was with?

Ant555

I just checked - I switched to Diamond at that time.

I ditched a family car for a Picanto so I could add my son as a named driver onto my car for occasional use.

if it helps...
Since then my son has had his own car and insurance for >1 year - initially with a black box through Smart Wheels £1200/year but in year 2 it is now £630 with Admiral +1Year NCB and no black box. Age nearly 19. Although note that his own insurance was not the one that I rang diamond about - that was my own insurance getting him on my car for a few months as an occasional driver just over 2 years ago.