Double Discount Car Insurance Loophole!

moolah_2

LionKing, my NW policy covers "Social, Domestic and Pleasure and use by the policyholder and spouse/partner, if a named driver, in connection with their businesses".

nads

Hi,

Does anyone know, how nationwide are for bonus accelerator schemes? Elephant are about £200 cheaper with 10month bonus accelartor but only about £20 without.

moolah_2

Nationwide don't offer a bonus accelerator scheme and wouldn't accept a 10 month policy as being equivalent to theirs for the double the difference offer I reckon. Or are you asking if NW accept the bonus accelerator NCD as being valid?

SamDude

I've had a letter confirming that my claim has been accepted!

I used Admiral, insuring myself and the wife. Admiral's quote was £605(ish) and the NW policy I bought was for £1420!

They will be sending me a cheque for approximately £1630, so that's one years car insurance for a grand total of...
-£210 :beer:

mobbonkhouse

Hello all,

I'm pretty new to car insurance but not so new to the idea of saving a bit of the hard earned so I would be very grateful if someone could have a quick look at this for me. I have read through the whole thread but would appreciate a bit of specific advice.

Ok, off we go.

The Situation

I am buying a car from my friend. It needs an MOT.

Question 1: Can I insure a car before it is reigatered to me?
Question 2: Can I insure a car before it is MOT'd?

Basically, can i get the insurance ball rolling before the sale has been completely sorted?


The Insurance

Right, the science bit!

For this I will be using Nationwide and Admiral for my comparisons.

I have put the exact same details in the quote engines for these two companies.

Nationwide came up with a quote of £675 for 3rd Party F&T cover

Admiral came up with £522 for the same cover.

Neither of these specified any compulsory or voluntary cover on the quote screen.

Question 1: Is the Admiral insurance a like for like policy from what people have learned so far?
Question 2: If I have entered all my details the same, that should be cool, right?
Question 3: From what I gather, let's say I pay for the insurance today, I can get the policy to start on 1oth November, after the offer has expired and still get the refund?

Payments and Refunds

So, What I am going to do now (well, after people have had a chance to reply!) is:

1. Buy insurance online from Nationwide
2. Print the screen with the Admiral quote
3. Use the claims form to send off for my refund
4. Wait and worry
5. Receive cheque.
6. Whoop with joy.

Can anyone see a problem there?

One last thing though. If this goes tits up, and I am left with expensive insurance, how do I get out of the contract?

Thankyou so much in advance to anyone who replies to this!

SamDude

You can insure it before you own it - just state that the policyholder (you) is not the registered owner of the car (your friend - for now).

The insurance bit:
- Admiral is a like for like policy (I used it!)
- You can vary the compulsory and voluntary excess to match (within £25 for NW to compare). Be careful to use the higher combined excesses for you and any other drivers - see below.
I had:
Admiral - £150 compulsory (wife is 24 yrs old) and £100 voluntary = £250
NW - £250 compulsory (same as above) and £0 voluntary = £250

I could have used a lower compulsory excess for Admiral but took into account the fact that my wife fell into the 21-24 rate and quoted the policy accordingly.

You need to start the policy by 31 Oct - that is the last date for this offer. This is because you need to send a competing quote AFTER the policy starts - so if the Admiral quote starts after 31 Oct, then you're stuffed!
If you wanted to be extra sure, start it today!

Your timetable is right - if you do find it doesn't work out, then you have 14 days from the policy start date to cancel and refund your money.

The refund will not apply to the Legal cover, so you'll be approximately £20 short...

mobbonkhouse

aass11 wrote:

You can insure it before you own it - just state that the policyholder (you) is not the registered owner of the car (your friend - for now).

The insurance bit:
- Admiral is a like for like policy (I used it!)
- You can vary the compulsory and voluntary excess to match (within £25 for NW to compare).
You need to start the policy by 31 Oct - that is the last date for this offer. This is because you need to send a competing quote AFTER the policy starts - so if the Admiral quote starts after 31 Oct, then you're stuffed!
If you wanted to be extra sure, start it today!

Excellent stuff, thankyou.

Just a couple of things.

Neither Nationwide nor Admiral give the option to change the voluntary / compulsory excess for 3P F&T...the boxes are greyed out, so this should be ok I guess.

So I basically need to get the Admiral quote after the Nationwide policy starts, but before the 1st November, right? I'm assuming it doesn't matter if they receive the claim form after the 31st, as long as the policy has been taken out and the quote is printed out with the right start date before then.

Wouldn't normally be this trepadicious, but you know how it is!


Edit: One more thing...I have just clicked through after the admiral quote page to the 'add-ins' page. Do i need to select the 'car hire cover' for £29 to make the policies compatible?

SamDude

Can't commend on 3PFT and excesses...

The offer ends on 31 Oct and the last day for them to recieve claims (I think) is 28 Nov.

Another tip: What I did was start the policy three days after I bought it - that gave it time to arrive in the post and for me to post the claim the same day it started!
It cut down the 14 day 'window' in case I needed to cancel it later...

simon_lse

My insurance ends on 5th November. Having spoken to a customer service agent, they said my claim would be fine as long as I purchase the policy before October 31st. Looking in their T&C it states

'This offer applies to Nationwide car insurance purchased by 31 October 2005 and any claim subsequently made up to and including 28 November 2005'

This would suggest that I could purchase their insurance before the end of the month and still be eligible for the discount as long as I submitted the claim before 28 November.

Why do people think that this would not be possible?

mobbonkhouse

aass11 wrote:

Can't commend on 3PFT and excesses...

The offer ends on 31 Oct and the last day for them to recieve claims (I think) is 28 Nov.

Another tip: What I did was start the policy three days after I bought it - that gave it time to arrive in the post and for me to post the claim the same day it started!
It cut down the 14 day 'window' in case I needed to cancel it later...

Thanks again, any idea about the car hire cover?