Car Insurance NCD Question

olliechallis

Good Morning all, hope everyone is well. 

I am buying a new car and I am quite confused on how NCD works. 

I have just taken out insurance again for the new year, on my current vehicle knowing I would be buying a new car about this time. I am starting to look at cars, and will buy one within next few weeks. As I am currently using my 1 year NCD on this current policy, how would I go about transferring it.

As well known, starting the policy in advanced will save alot of money. So I am hoping to buy the policy next week, to start in 20 days time. As I will still be using my current car with the NCD, would I be able to transfer this, as my current insurance will still be running till the day my new insurance starts. So I will still have the insurance till the day I start insurance on the new car. 

What I have gathered is I can use the NCD as long as my current insurance is canclled and my new one started, as this is when the new insurer will ask for it? 

Hopefully someone is able to help,
Cheers. 

DullGreyGuy

So you are trading the car in? 

A 1 day overlap isnt going to be a concern to anyone, you just have to make sure the existing policy is cancelled on the day of the new policy comes into force. 

Also speak to your current insurers about 1) the cost of canceling this policy and 2) what they'd charge to transfer the vehicle on cover. You may find its cheaper to stay with your current policy than pay cancellation charges and take another policy elsewhere. 

sheramber

When I changed my car I advised my insurance of the change over date and they covered my existing car  until the change over and the new one from the change over. 

olliechallis

DullGreyGuy said:

So you are trading the car in? 

A 1 day overlap isnt going to be a concern to anyone, you just have to make sure the existing policy is cancelled on the day of the new policy comes into force. 

Also speak to your current insurers about 1) the cost of canceling this policy and 2) what they'd charge to transfer the vehicle on cover. You may find its cheaper to stay with your current policy than pay cancellation charges and take another policy elsewhere. 

Hi,

Cheers for the reply. So as long as my other insurance isn't valid I will be fine? When will my new insurer ask for my NCD, once the policy date is started? Or when I pay for the policy? 

It's much cheaper to change, otherwise yeah I would use same policy,

Cheers, 

olliechallis

sheramber said:

When I changed my car I advised my insurance of the change over date and they covered my existing car  until the change over and the new one from the change over. 

Assuming the NCD Just came with you? So I can still put down on my insurance that I have NCD ?

DullGreyGuy

olliechallis said:

DullGreyGuy said:

So you are trading the car in? 

A 1 day overlap isnt going to be a concern to anyone, you just have to make sure the existing policy is cancelled on the day of the new policy comes into force. 

Also speak to your current insurers about 1) the cost of canceling this policy and 2) what they'd charge to transfer the vehicle on cover. You may find its cheaper to stay with your current policy than pay cancellation charges and take another policy elsewhere. 

Hi,

Cheers for the reply. So as long as my other insurance isn't valid I will be fine? When will my new insurer ask for my NCD, once the policy date is started? Or when I pay for the policy? 

It's much cheaper to change, otherwise yeah I would use same policy,

Cheers, 

Not all insurers ask for proof of NCD, there is now a database they can check so some will self serve, some only randomly sample, some only at claim stage and others do each and every policy as soon as it incepts/starts. 

In an ideal world you'd go to the garage, hand them the keys of your old car, call up your old insurer cancel their policy, call your new insurers and ask them to start theirs from "now" meaning there is no overlap at all. In practice as long as the old policy ends no later than the day the new one starts 99.9% of insurers won't have a problem, there are just 2 brokers that would likely pick up on it because its part of their business model (vicious rumour) given they charge people circa £250 when they submit their V5C and it turns out they bought the car 3 days later than what they put on the quote form. 

daveyjp

The NCD is the policyholder's, not the particular vehicle so your new quote will be based on 1 year NCD.  You sort the new insurance cover and that policy comes into force when you change your vehicle.  

You will need to check with your insurance company whether 20 days between buying and swapping vehicle is acceptable as it is usually only a few days between buying a new car, arranging insurance and collecting it.

sheramber

You will not be able to insure your new car until you are buying it as you will need the registration number and car model details. 

What details did you use to find out the new policy would be much cheaper?

olliechallis

sheramber said:

You will not be able to insure your new car until you are buying it as you will need the registration number and car model details. 

What details did you use to find out the new policy would be much cheaper?

I have a car I know I want, have the reg etc and its reserved for me. 

I've done quotes for the same car, and my insurance is beaten by about 300 quid.

Kind Regards, 

400ixl

What is the cost of cancelling your current insurance? is that included in the £300?