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Worth buying cheap car to keep NCD?

I’m a company car driver…
I have a letter from Admiral that I could use to maintain my multiyear protected NCD that expires in a month. This dates from the time I cancelled my personal policy almost 3 years ago. 
I’ve not had any notifiable incidents while driving my company car. 
I also have multiple years of protected NCD on my remaining personal car insurance policy. 

Is it worth getting a cheap car for a few months to keep the policy “live” or is NCD in this circumstance not really worth much. 
Would another insurer accept a statement from my employer (car leased through Arval)?
thanks. 

Comments

  • cw8825
    cw8825 Posts: 618 Forumite
    500 Posts First Anniversary Photogenic Name Dropper
    Surely the cost of the car + insurance outweighs the savings you will get from keeping the ncd alive?

  • On-the-coast
    On-the-coast Posts: 651 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    Possibly, but a few times I’ve picked up cars for next to nothing with a few months MoT left on them.   One I kept for 5years….  
    If the NCD truly saves 60% it might be worth it. But I’m suspicious it doesn’t. 
  • cw8825
    cw8825 Posts: 618 Forumite
    500 Posts First Anniversary Photogenic Name Dropper
    Do a quote with 0 ncb and one with full
    you will then gave your answer 
    I would personally think it’s only worth it if your soon giving up the work car

    It’s not going to save you the cost of 3-4 years insurance 
  • DullGreyGuy
    DullGreyGuy Posts: 18,613 Forumite
    10,000 Posts Second Anniversary Name Dropper
    Possibly, but a few times I’ve picked up cars for next to nothing with a few months MoT left on them.   One I kept for 5years….  
    If the NCD truly saves 60% it might be worth it. But I’m suspicious it doesn’t. 
    At almost 3 years you can only buy your insurance from Admiral, almost everyone else only recognise NCD for 2 years.

    Secondly, multiple insurers will give you credit for your company car driving if your employer will confirm X years claims free so depending on when you go back to a personal car you may not be at 0 NCD.

    NCD used to be 65-70% discount at maximum however even back then anyone who was a good risk with no NCD would get a 30% discount so only poor risks with multiple claims would be paying full premium (the vast majority have max NCD). Some insurers do still give that level of discount but for many others they are less open about what the discount actually represents. Two forum members on here now have said they discovered if made £5 difference if they have over 10 years or 0 years NCD. 

    Unless you know you are coming out of a company car in a few months I doubt it would stack up economically to try and save it but ultimately you need to run your own numbers.
  • Aretnap
    Aretnap Posts: 5,811 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    How much NCD saves you is a moveable feast and depends on insurer and your own profile. "Up to 60%" does not mean "60%". Some insurers do publish the average discounts their NCD adds up to, here are Admiral's for example. 


  • On-the-coast
    On-the-coast Posts: 651 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    Interesting. Thanks for the responses everyone. I think I’m going to leave it to the point at which I hand my car back in a years time. I am allowed to take a cash equivalent which I have done at various points.  Currently the EV BIK regime is pretty attractive. 
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