Joint car with Son, best way to do insurance....

lindos90

My son is learning to drive and has a test in December, he is considering buying a car and doing extra practice in it before his test (With me and his Dad being named drivers on his insurance, and either of us being the full driving licence holder in the car when he drives).

My car is about to have an MOT, I know its likely to fail on a few things and considering buying a replacement before the MOT is due.

Due to this, we've had a bit of a brainwave about pooling resources and maybe buying a car between us. Once he passes his driving test, he only has a small commute, and I only use the car for shopping and part time work (which wouldn't clash with his work) so it seems a very practical solution, however it's thrown up a few questions reguarding insurance and I'm not sure which direction to go in.

Personally I want him to feel it's 'his car that I occasionally borrow' so would like it to be registered in his name, and for him to be the main driver with insurance, so he starts accumulating his own NCb once he has passed his test. I know that if I am a named driver, that I could also drive it under his insurance. However I've just read that if I cancel my own insurance if I sell my car, and just become a named driver on someone elses insurance, that after 2 years my NCB goes back to zero. I have 30 years NCB presently, so I would hate to lose that, especially as its likely iwe will want our own cars again in the future at some point (ie when he moves out)

What if we went ahead with the above plan, and he got his own insurance with me as named driver, would I be able to keep my current insurance and transfer it to his car too? I know it seems ridiculous in a way, to 'double insure' and I'm not even sure if it would be allowed, but my insurance is so low (£100 fully comp) in the grand scheme of things its not that much money, if it enabled me to keep my NCB.

Incidentally, my current insurers are LLoyds, and I've just run through a confused.com quote for my son, and the best quote was also with Lloyds £325 fully comp. (Obviously I know this will be adjusted and increase once he passes his test though)

Does anyone have any advice or suggestions about the best options, whats possible, whats not allowed etc please?

tacpot12

Is he sure he can afford the insurance when if goes upafter he has passed his test? My step-daughter is about to take her test and insurance prices seem to have risen for quite steeply for her in the last four months. 

I don't believe that all insurers will regard your NCB as zero after two years of driving as a named driver. I think you should call a few of the bigger insurers, e.g. Hastings, Churchhill, Direct Line and AXA, to check this.  

lindos90

tacpot12 said:

Is he sure he can afford the insurance when if goes upafter he has passed his test? My step-daughter is about to take her test and insurance prices seem to have risen for quite steeply for her in the last four months. 

I don't believe that all insurers will regard your NCB as zero after two years of driving as a named driver. I think you should call a few of the bigger insurers, e.g. Hastings, Churchhill, Direct Line and AXA, to check this.  

Thank you so much for replying. We will run another quote through and see what it comes back at if he was a newly qualified driver to get an idea. Yes I think he could afford it. I would be paying for half the car, so what he would be saving with that he could use when his premium goes up after passing his test.

I will take your advice and look into the main insurance companies, and see if the 2 year limit is across the board or not (although I wouldnt want to be restricted to just a few at renewal times)

Very much appreciate your suggestions x

missimaxo

Have a look at marmalade for your son, he gets his own policy and you buy 500miles at a time. He builds his own no claims and it operates via an app and a tag in the car. You can insure yourself on your own policy and keep your no claims. Marmalade cover him both as learner and when he passes apparently.

I'm looking at this for my daughter and wish I did 2 years ago when she passed. She has had an accident,  I'm the main driver (genuinely, she's at uni I use for work - no fronting here) but now my policy will increase on renewal. Having her on my insurance first year put it up more than £1,000 when she passed and about £800 second year.

My son also turns 17 in December so I'm hoping to have them both on marmalade. If they claim, it doesn't affect me. 

lindos90

missimaxo said:

Have a look at marmalade for your son, he gets his own policy and you buy 500miles at a time. He builds his own no claims and it operates via an app and a tag in the car. You can insure yourself on your own policy and keep your no claims. Marmalade cover him both as learner and when he passes apparently.

I'm looking at this for my daughter and wish I did 2 years ago when she passed. She has had an accident,  I'm the main driver (genuinely, she's at uni I use for work - no fronting here) but now my policy will increase on renewal. Having her on my insurance first year put it up more than £1,000 when she passed and about £800 second year.

My son also turns 17 in December so I'm hoping to have them both on marmalade. If they claim, it doesn't affect me. 

Thankyou, I'd not thought about doing it the other way round like that, sounds good especially if they start to gain their own NCB whilst learning. Appreciate your suggestion  

lindos90

Just a little update in case it helps anyone else in the future. Called my current insurers Lloyds, they suggested the best option would be to transfer my current insurance to a new car, and have son as a learner/named driver. However it would cost £650. I explained it was a none starter as my son had his own quote with me as his named driver for half that price!

It is apparently not possible me to have my insurance transferred over as well as him having his own insurance, as we couldn't both be the main/regular driver.

The 2 year preservation of NCD is an industry standard, so we are going with the option of sons insurance and me as named driver, understanding that before 2 years is up, or if circumstances change, we go back to a car each, (one if us buying the other one out of the 'joint' car at that point). Hopefully he will have a bit if NCD himself by then too.

Lloyds were keen to explain the difference between the owner, the registered keeper, the regular driver and named driver, which initially gave me a headache trying to work out, but thankfully now all sorted, and looking forward to getting the new car in a couple of days! 😁

We know his insurance will go up once he passed his test, but we did a 'mock' quote to test the waters and it's doable at around £800 if it were a full year with the same insurer, so fingers crossed he passes! Thankyou for all your advice!