No claims bonus

[Nevman]

I have now got almost 4 years of NCB, but as I sold my VR4, I am going to drive the company car only.
Do I loose my NCB earned on private vehicle?
Or do I earn more on the company car?

Can anyone explain to me how does it work?

Also, As I sold my car, I am going to cancel my private insurance which means that I will be 1 month short to full 4 years. Is it worth to pay that extra month to have full 4 years?

Cheers

Marcin

[Davezj]

i don't think you can have a policy running on a car that you no longer own. you not the registered keeper.

not sure about the other stuff, i know a lot of insurance companies will recognise the company car to private car transition so i don't see why it would not work the other way round. but this is just reasoning on my part.

[elnevio]

From what I understand, and to some extent from experience, your NCB lasts for up to two years, after which it is no longer accepted by insurers.

It will depend on when you are likely to have insurance again I suppose. But I would pay for the last month to get the full four years, although there is an argument that you shouldn't because you have no car to insure!

Some insurers will accept no claims gained on a company car towards no claims on a private policy. I had this when I went back to private ownership from a company car. The company provided a letter stating that I had had no claims in five years, and Direct Line gave me a discount matching the same as having 5 years no claims discount. The following year, I had 6 years no claims - i.e. it had 'converted' to 'proper' NCB.

[TAR]

Yup as Nev says

NCD will keep for 2 years, if not used it is lost.
You are not allowed to keep insurance on a car you dont own.
Most company car scheme's will provide a driving history when going back to a private car insurance, this is generaly accepted by insurance companies.

:happy:

[noelweston]

My understanding was as above - NCB lasts for a couple of years.

A friend with one company car and one private in the household simply used to swap the named insurer of their private car between the two of them every 2 years, to preserve both of their NCBs.

[sky insurance]

Just to confirm, NCB will be lost if not used after a 2 year period. Some companies will however give you an introductory discount based on claim free (and proven) company car driving experience, my company quite often work with this. You will not build up private NCB on a company vehicle.

[Scanny]

you dont have to own a car to insure it do you?

[sky insurance]

you dont have to own a car to insure it do you?

Yes you do, unless it is your spouses generally. You cannot have an insurable interest in something which doesn't belong to you.

[elnevio]

Surely you would be insuring against losses incurred by your driving? Almost like having public liability insurance!

I insured myself fully comp on my friend's Impreza a few years ago while I was borrowing it for a few days. I ensured that all details re the ownership of the car were clarified.

[Nevman]

Thanks for all the info guys.

I just rung Sky to cancel the policy and I was told that I still need to pay the last instalment of my insurance which is due at the end of March!
Regardless that I have sold the car, and the policy expires around end of April, they still want me to pay for it!!!

That doesn't seems right, does it?

Maybe Ollie (Sky Insurance) got something to say about it?

[orionn2o]

Surely you would be insuring against losses incurred by your driving? Almost like having public liability insurance!

I insured myself fully comp on my friend's Impreza a few years ago while I was borrowing it for a few days. I ensured that all details re the ownership of the car were clarified.

I was just about to make a similar comment Nev.

While my car is being serviced I've been offered an Impreza or an Evo 4 to drive. However the impreza isnt insured by anyone at the mo as it just sits on my mates driveway.

Does this mean I cant insure it for a short period?

[TAR]

I think you will find that your mate will need to add you to his insurance if you want to drive it.

I think the main point is that you cant have 2 lots of insurance on a single vehicle.

Marcin - Insurance by installment is no different from buying it yearly. You owe the whole amount from day 1 its just they let you pay over the course of a year. If you cancel, there might be a refund, but you will only get it after you have settled your debt to the insurance company.

:happy:

[elnevio]

I definitely added the use of another specific vehicle to my insurance for a week, and a small fee.

[sky insurance]

Thanks for all the info guys.

I just rung Sky to cancel the policy and I was told that I still need to pay the last instalment of my insurance which is due at the end of March!
Regardless that I have sold the car, and the policy expires around end of April, they still want me to pay for it!!!

That doesn't seems right, does it?

Maybe Ollie (Sky Insurance) got something to say about it?

Hi,

yes it is right, you have used an external finance provider to pay for the insurance (most people go down this route). You are paying the finance company back for the money which they have paid us for your insurance.

Thanks

Ollie
Sky Insurance

[Nick Mann]

This intrigues me too now! When I started doing work on these 'ere VR4's, I decided I needed insurance. One of the insurances I have is trader insurance - covers me to drive anything. They are happy for me to have it with mobile mechanic as a part time proffession, covering me for social domestic & pleasure as well as kitchen fitter/electrician on my van. As Vicky drives customers cars too from time to time she has been included on the policy too, with the same deal - her main job is at Uni.

So presumably, Vicky is now about to lose her NCB?

If I ever stop having trade insurance, will insurance companies look at Vickys driving history on my trade insurance? That could end up being a stumbling block!

And one other thing - if you can't have an insurable interest in something you don't own, how does it work if I crash a customers car? I'm not planning to, but I thought that was what trade insurance was covering me for?

[Nevman]

Hi,

yes it is right, you have used an external finance provider to pay for the insurance (most people go down this route). You are paying the finance company back for the money which they have paid us for your insurance.

Thanks

Ollie
Sky Insurance
Well... In that case I can expect a refund from SKY for unused term of insurance?

EDIT: Just spoken to SKY office and they have told me that the CANCELLATION FEES will probably be around or equal to the refund hence no refund to expect. They have also advised that in this circumstances, it is worth to keep that last month on to earn full 4 years NCB and that is what I will do.

BTW: This is nothing personal but: What the hell is that CANCELLATION FEE??? Probably another way to rip the money off the people... This is similar to soon-to-be-introduced £1 for the toilet use on Ryanair planes!

[Spirit]

Well... In that case I can expect a refund from SKY for unused term of insurance?

Doubt it being so late into the policy, you'll probably find there's a cancellation fee or something. Also, by not completing the year you won't get the benefit of this on your NCB I assume ?

[Nevman]

Doubt it being so late into the policy, you'll probably find there's a cancellation fee or something. Also, by not completing the year you won't get the benefit of this on your NCB I assume ?

That's right Peter, explained in edited message above which was edited just few moments before/after you posted your message.
I'll keep it to the end.


Anyway, case closed for me.

Thanks everyone for their input.

[elnevio]

Marcin - cancellation charges are pretty standard fare, I'm afraid. When cancelling insurance, it usually runs something like this:

First column=complete months remaining
Second column=percentage of whole premium refunded
(NB: These are made-up figures by me, but should give you an idea)

11 - 80%
10 - 65%
9 - 50%
8 - 40%
7 - 30%
6 - 25%
5 - 20%
4 - 15%
3 - 10%
2 - 0%
1 - 0%

This is something in the insurance T&Cs to do with Short Term Premium Rates, or something, which are applied if YOU cancel the policy. If your insurer cancels the policy, then I think the refund has to be much closer to the pro-rata amount, although probably not if the insurance was obtained in a fraudulent fashion - but I digress.

[Nevman]

Standard fare but unfair (:D) in my humble opinion...
I just don't like to pay for something I do not use, full stop. Even if it's legal, it still does not make it fair.
Anyway, I won't make a fuss as at the end of the day it will get me full 4 years NCB which I can use for next 2 years.

Just to make it clear, I would still recommend SKY to everyone. Especially for their very good, quick and informative customer service.