Car insurance - Surrender no claims?

Vince

Vince

Vince

Man of Honour
Joined
30 Oct 2003
Posts
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Location
Essex
Afternoon all,

That time of year has come again where I am looking at car insurance for my vehicles. As always seems to be the case for me my Privilage renewal on the Porsche was a great deal, falling a good chunk from last year even with a fault claim against my name. But that's probably for another thread, what I want to know is a little info on what the nice girl on the phone told me.

I have two cars, one is my 911 for which I have 7 years protected no claims and is the car that I was talking to Privilage about, the other car is a Corsa 1.4 for which I have 5 years no claims bonus with Admiral and my partner on the car as a second driver.

Now here is the thing, she is out doing her test today so I was discussing with privilege about a multi car policy with them having me and my partner able to drive the Corsa and only me able to drive the Porsche. What came next was a surprise, the nice girl on the phone advised me that she could surrender my no claims on the Corsa and re-allocate it to my partner which would bring the quote down significantly and also have the added bonus of giving my partner a good start when it comes to the cost of car insurance.

So my question... Has anybody ever done this?
 
I have never heard of such an option, if it is the case, then it will be the most cost effective as the loading is always on the most expensive person. Is NCB transferrable??
 
Looks like this may well be an option then, cant believe that this is actually possible. So a new driver (whos test today got cancelled due to weather) can have 5 years no claims (protected) on the day they pass their test. The mind boggles... Saves me a load of cash though.
 
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Yes it's possible to do this, i used to work for Direct Line group of which privilege is part of.

They will only allow you to transfer it to a spouse or partner living at the same address however.
 
ci_newman said:
This piece is key too:
Click to expand...

This wasn't mentioned on the phone and she was aware that my partner is still on a provisional. Ill double check this with them though.

Cheers for this. Should they let me I am going to do this for sure, the savings are pretty massive.
 
'How many years NCD do you have?'
5

'For how many years have you been Driving?
0

Will give a differnt price to:

'How many years NCD do you have?'
5

'For how many years have you been Driving?
5
 
it is something that is offered on multicar policies normally and its not unheard of on single car policies.

Different per insurer some allow Named drivers to take the NCB and others will only do it for spouse and partners

You pass the NCB on to your partner however they wont allow you to swap them back at a later date. They normally advise its for the number of years they have been driving for, if you have 5 years and partner been driving for 3 years, im not too sure what happens with the two years difference.

how does it affect the price of your Porsche with 0 years ncb ?
 
It doesn't they are separate policies :) Mrs has held a licence for 6 years and has been insured as a named driver during this period of time.
 
I also used to work a Direct Line and this was a great tool for selling policies. It has the benefit too that once the year is up she'll get a renewal letter showing 5 years "proper" ncb.
 
My partner got a great deal from Esure if this helps anyone. I insure the Fiat SUV as it is my main car and then we got the Alfa.

Her NCB had expired as we only had 1 car for about 3 years. Insuring the Alfa with no NCB was discounted to £399 which sounded bad as for me it was only £200 with 5 years NCB. However if she remains accident free they will match my 5 years NCB for her on policy renewal.

Seemed to be the best of both worlds as she got a massive initial discount and the added accelerated NCB.

If she went to a company other than mine they wanted like £700.
 
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Never knew that was possible.

Closest thing I'd seen was friend of mine worked for an insurance company and as a company perk got an extra 2 years NCD if he insured with the company. He's with a different insurer now but still has more NCD than years he's been driving for
 
Third Opinion said:
My partner got a great deal from Esure if this helps anyone. I insure the Fiat SUV as it is my main car and then we got the Alfa.

Her NCB had expired as we only had 1 car for about 3 years. Insuring the Alfa with no NCB was discounted to £399 which sounded bad as for me it was only £200 with 5 years NCB. However if she remains accident free they will match my 5 years NCB for her on policy renewal.

Seemed to be the best of both worlds as she got a massive initial discount and the added accelerated NCB.

If she went to a company other than mine they wanted like £700.
Click to expand...

Just be careful exactly what they have actually offered. I believe, although its some time since I worked in insurance, that there is an agreement that limits enhanced NCD.
E.g the policies you see that offer say 1 years NCD after 10 months normally will not generate a 1 year NCD if you move to another ins co after the 10 months.
What they often do is for their own quoting engine they apply an in effect boosted NCD but at the end of the policy it will revert to whats actually been earned.
Where I saw people caught out was execting such in there circumstances a 5 year NCD at the end of the year go off and get a new cheaper quote elsewhere based on 5 years NCD then they get a letter saying 1 year. The new ins co will then recalculate the premium and if they are a co that doesnt like say less than 4 years NCD they could be very very expensive.
 
Yeah that is a concern, however as the discounted quote was by far the cheapest I am willing to take the risk.

Even if the NCB is only applicable to Esure It should make a huge difference at renewal time. I should state I am 40 and my partner is in her late 30's so one insurance company is pretty much the same when you have 1 years NCB. I tend to stay with one because I can really only reduce my premium by £10-£20 by moving about.
 
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