Insuring a car not using

oliel

my son is getting a company car but would like to keep his own car in case he changes jobs in the future his insurance is very expensive as he's 19 which would be the best way to insure it? its unlikely he will use it maybe occasional use - it will be kept on the street or in a garage.

Keep_pedalling

Makes no financial sense to keep it, apart from the cost of insurance it will just keep depreciating in value.

Bigphil1474

If he keeps it in the garage, he can SORN it and doesn't need to insure it (or Tax/MOT). Insurance would just be in case it gets nicked or the garage burns down. If on the street, I expect the insurance would be just as much. He could maintain everything and run it at weekends. Unless it's a special car , I'd agree with above, just sell it.

Mildly_Miffed

His insurance is SO expensive, he'd like to keep paying it for a car he's not using, just in case he loses or leaves his job…

Nope, can you explain?

If he's worried about the small amount of no-claims he has, then remember it "lives" for two years unused. But many insurers will give a discretionary discount for ex-cocar users anyway.

If his current car is a cheap shed, then leaving it unused is likely to see it pretty much worthless in short order, so just flog it now.
If his current car is more valuable and depreciating, then jump off that cost.
Either way, it'll be easy to buy stop-gap transport if he finds he needs it.

chrisw

Plus he'll hopefully be a few years older if he needs to take out his own insurance again so it should be a lot cheaper anyway.

facade

Depends on what the car is worth, and how secure his job is. (You can be dismissed without reason within 2 years, provided it is not discrimination)

If the car is worth £30K and losing money fast, best to sell it now, bank the money and immediately pick up anything that moves if he loses his job/company car and needs transport.

If it is worth £3K, it is in good condition and he doesn't need the £3K, it might be worth MOTing it on a dry day without corrosive salt on the road, and putting it in the garage on SORN without insurance if you feel lucky (or just get "laid up" cover for fire + theft) theft is the main risk, I'd take the battery off to make theft less likely.

Then if he were to lose his job within the next 12 months he just insures & taxes the car and drives it. Any longer and he would have to drive it to an MOT before he can tax it and use it.

I wouldn't anticipate any major problems with a car dry stored for 12 months in a garage (put a couple of moisture absorbers inside to prevent mould and keep the tyres inflated) except maybe rodents nesting inside.

Eventually if his job & company car work out well for him, the car will only be worth scrap money and you will end up having it collected, so he/you will be down the value of the car and the space in your garage.

Not exactly moneysaving tbh, but provides a fallback if he is worried.