Kit and tin top insurance options?
Locost? - 26/10/05 at 03:58 PM
Hello all, i'm looking for some advice. This is the situation: I sold my tin top October 2004 and cancelled the insurance (having 17 years no
claims). We only run one car now and I am now insured as a named driver on my wifes policy. I have just been told that with most insurance companies
your no claims lapses after 2 years usually and you have to start from scratch which would be very expensive when I buy a new ferrari in a couple of
years time 
.
Seriously though I am part way through my build and so I am thinking of starting a policy on my part built locost to keep my no claims
'alive'.
The questions are does anyone know if you can keep your no claims by doing this, approximately how much would insurance be on a part built locost, how
long can you keep insurance on a part built car (its been in the making for over 4 years now) if there is a limit, can anyone suggest a good insurance
company and can anyone suggest any other solutions.
David Jenkins - 26/10/05 at 04:02 PM
I can't speak for others, but my Adrian Flux limited-mileage policy has N/A in the 'no claims bonus' section.
They ask what your driving record is prior to giving you your first policy, and ask you if you've had any incidents in the preceding year when
you renew, but don't give you any bonus. I doubt whether it would count for 'NCB maintenance'.
David
pajsh - 26/10/05 at 04:53 PM
I'd second that, policy I got was fully comp and ncd was not considered.
Why don't you do alternate years with your wife's policy to keep both current.
colibriman - 26/10/05 at 05:16 PM
I buy a 'laid up' policy when I want to keep a policy no claims for a road car Im not using. costs about 6 quid a month.(tesco)
JoelP - 26/10/05 at 05:37 PM
my kit insurance doesnt use NCB either, i believe its a standard thing.
Not sure what this laid up thing colin mentions is, but it sounds useful?! details please!
pajsh's idea sounds good too. 
im trying to maintain 2 policies at once, as i have 2 and 3 years NCB on each respectively
[Edited on 26/10/05 by JoelP]
colibriman - 26/10/05 at 09:30 PM
quote:
Not sure what this laid up thing colin mentions is, but it sounds useful?! details please!
here goes...hope you understand this...
basically if you have a car you dont use you can insure it as 'laid up' - ie not covered for road use but covered parked at home. not sure
what cover you actually have on it (I never asked because It's on a low value car).
I did this at their (tesco) suggestion because I wanted to cancel a fairly new policy for a second car. I had been insuring 2 cars for about 4
months(Alfa 145 and the Citroen Xantia.I also don't NEED 2 cars but like one as back up) I decided I didnt want to keep shellin out for a
no NCD new policy ( £560) so when I called tae cancel it Tesco suggested this way of starting the build up of no claims.
So I figured if it costs me 60-70 quid a year and earns me 1 years no claims bonus (30%) it's not money totally wasted.. I see it as money well
spent.
I have just reinsured the Alfa today for road use for the remainder of the policy
hope this helps!
cheers
Colin
Strolls - 26/10/05 at 10:42 PM
quote:
Originally posted by Locost?
We only run one car now and I am now insured as a named driver on my wifes policy. I have just been told that with most insurance companies your no
claims lapses after 2 years usually and you have to start from scratch which would be very expensive when I buy a new ferrari in a couple of years
time .
Looks like the answer is to insure the car in your name with your wife as named driver this year, then alternate back to her next year.
Stroller.
Snuggs - 27/10/05 at 12:26 PM
quote:
Originally posted by Strolls
quote:
Originally posted by Locost?
We only run one car now and I am now insured as a named driver on my wifes policy. I have just been told that with most insurance companies your no
claims lapses after 2 years usually and you have to start from scratch which would be very expensive when I buy a new ferrari in a couple of years
time .
Looks like the answer is to insure the car in your name with your wife as named driver this year, then alternate back to her next year.
Stroller.
A lot if insurance compaies are getting wise to this trick and are only allowing 1 year (or less in some cases)