One or Two Policyholders

Hillfoot1945

My wife & I are both retired and have recently changed from 2 cars to 1.Our car insurance is due in August and we are unsure if we both can be named  as policyholders for the 1 car which is a joint purchase and we both live in the same house. Can this be done and are there any drawbacks?

DullGreyGuy

There will be a single policyholder for a Motor policy. The other person can be added as a named driver

Downsides in theory of joint policyholder is that there are certain scenarios that lead to insurers having a right of recovery from the policyholder so if there were two of you they'd be chasing both of you for monies. 

Hillfoot1945

I note above but what if the policyholder passes away. Does the partner then have to takeout a new policy in their name  with no driving history or no claims discount taken into consideration? 

XRS200

Hillfoot1945 said:

I note above but what if the policyholder passes away. Does the partner then have to takeout a new policy in their name  with no driving history or no claims discount taken into consideration? 

In those circumstances, most insurers will change the policyholders name. Or give a new policy with same NCD.

400ixl

The other option is to alternate the policy holder as any No Claims will be valid for 2 years. So one year you are the policy holder and main driver, the next year other half is the policy holder and main driver. Works if both of your policy quotes are around the price for the same vehicle.

This way you both keep your no claims should you want to go back to 2 cars or the scenario you describe happens.

Slightly more admin but nothing major. Just don't lose the NCD evidence when on the other persons policy.