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Author Topic: Insurance. What economies are possible?  (Read 319 times)

w3526602

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Insurance. What economies are possible?
« on: July 01, 2022, 08:27:41 AM »

Hi,

Barbara has surrendered her driving licence. She doesn't know if she will ever get out of bed again, let alone walk, or drive. She told her (our) insurers to take her name off her insurance, but remained the Policyholder, with me as the named driver, and was rewarded with a an increase in the premium.

My Freelander is insured with the same company. Our house is insured with the same company.

Would there be any financial advantage in transferring Barbara's car to me, making me the Registered Keeper of both vehicles, with no named drivers?

I'm 83 years old, clean licence since mid-1960s, and full NCD (one claim, in 1964, when the driver behind had a heart attack, of which he had no prior warning, so could not be held liable).

When new car sales return to normal, we will probably buy something brand new, and reduce the fleet to just one car. On the other hand, the iX20 is about three years old, with sub-10,000 miles on the clock, but with a silly engine, it is high insurance, so probably would have to be sold, or traded, at a big loss.

The Freelander cost me £2000 about 18 months ago, plus £1,500 (I think) for a new clutch and remove noise from transmission. Otherwise, it has been faultless ... but boring. It will carry all the extended family .. but will Barbara ever get out of bed.? Expensive VED and insurance.

If there is a financial penalty for only insuring one vehicle ... would a Honda Melody moped count as a second vehicle? Or can the house insurance be brought into the equation?

Dutch Uncle type comments and advice please, from someone who knows about these things.

602
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Gibbo103

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Re: Insurance. What economies are possible?
« Reply #1 on: July 01, 2022, 09:01:29 AM »

John, if you can live with just the freelancer, it may be worth looking at selling the ix20 now rather than waiting to trade it in. Second hand cars are getting high prices at the moment, so why not get an online quote from someone like we buy any car - you don’t have to commit to anything, but you would know it’s value.
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w3526602

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Re: Insurance. What economies are possible?
« Reply #2 on: July 01, 2022, 09:38:33 AM »

Hi Gibbo,

Good thinking.

I tried it once, before the current situation with "New verses Used", and got a very unacceptable offer ... about £3,000 (I think) for a two year old car.

One retired civil servant, female, non-smoking, no-cosmetics, disabled, owner.  FSH. OK, its now three and a half years old, odometer reading 9,231 miles (today). I can't remember how long a warranty comes with a Hyundai. 7 years?   

No cosmetics?  A friend in London told me that members of one particular minority group did not want to buy cars from members of the same group ... something to do with their hair gel (or something) causing headaches in subsequent owners.

I might drop into the auction place on Wattling Street ... I have seen a notice saying WE BUY ANY CAR.  At least it will give me a price to "get over".
We owe nothing on it.

Question. Insurers charge extra to cover cars less than a year old, as ANY damage would result in an "economic write off".   But do they reduce the "base" premium the following year?

602
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Wittsend

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Re: Insurance. What economies are possible?
« Reply #3 on: July 01, 2022, 10:21:49 AM »

John – Please read your current copy of “Boundless” (the CSMA inhouse magazine) page 65.
All about alternative ways of buying a (new) car. Lots of food for thought there.

More and more people are buying through online virtual car dealers like Cazoo
There are others, indeed, the CSMA have their own discount scheme.
We used Kazoo  :first
Excellent door-2-door service. They bring your new car in a van, off load it and take your old car away.
They spend an hour or so taking you through all the controls.
They would explain and show you how the trip and fuel displays work and pair your phone to the vehicle systems.
You don't have to buy a new car - there are plenty, or there were before the pandemic, of good nearly new new cars, just a few months old with only a few thousand miles on the clock. As good as new car.
The used car Markey has gone bonkers and my own car is worth far more now that it was a couple of years ago. Sadly the price of new cars (if you can get one - there is a long waiting list on popular models) keeps increasing and I can't afford a replacement.
I don't need a new car, mine is 6 years old, no road tax and 60 mpg cost peanuts to insure  :first


Get your car registered in your name only.
There are lots of way you can reduce the premium.
Reduce your annual milage.
Don’t dive at night.
Increase your voluntary excess, and more.

What happened to you in ’64 wouldn’t happen today.
If someone runs into your rear then they are at fault – end of – matters not what their excuses are. This is why we now have Legal Protection.
Dashcams are the thing now, and you can get rear facing cameras.
Very useful if you have (or see) an incident.

I don’t think insurers penalise buying a new car. You have to consider if you are buying like-4-like. For most/all new car purchases you can make an extra insurance payment (not much) and dealers offer this – which means if your car is written off within 3 years you get a brand new replacement at no extra cost to you.

If you are buying a new car then you need to consider what tax band it will be in.
There are plenty of zero tax rated cars to choose from, which might meet you needs.

I think you need to speak face-2-face with an insurance broker – make an appointment.
Everyone’s insurance circumstances are different and whilst our replies are made with good intentions, our advice might/will not necessarily be correct and best for you.

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Eve

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Re: Insurance. What economies are possible?
« Reply #4 on: July 01, 2022, 11:40:48 AM »

John, looking on Autotrader the asking price for ix20s similar in year and mileage to Barbara's is in the region of £13k to £14k.

I've never used We Buy Any Car or similar but I understand they quote a low price anyway and when they come to inspect and collect the car they knock off excessive amounts for every minor stone chip and paint blemish such that you get virtually nothing for your valuable motor.

I suppose some folk use We Buy Any Car simply for the convenience of their service, but it comes at a price.
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The Shed

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Re: Insurance. What economies are possible?
« Reply #5 on: July 01, 2022, 03:27:12 PM »

We buy any car are a good guide but what they offer online will reduce when they see the car, no matter how honest you where with the description.
All similar companies do the same, heard it many times.
I shop around for my dads insurance, like you accident free now aged 84 worked as a driver all his life. HGV/PSV then vans. All counts for nothing with insurers I'm afraid.
Loyalty does not work, he currently with Esure. His last quote shot up when changing from a long time owned 1.8 Mondeo to a 1.1 Fiesta.
I did manage to speak to a friendly broker in Southampton, I think, who explained that many factors affect insurance quotes. One that surprised me was the change of car.
Not what it was from-to but just the change ! Apparently insurers do not like change  ???
Give as many online comparison sites as you can a try.
Some new cars on contract finance have insurance included. Just a thought, but would Barbara be eligible for disability ? Many cars available on the scheme with insurance included.
As has been mentioned, now is a good time to sell but not buy.
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[email protected] FLUX

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Re: Insurance. What economies are possible?
« Reply #6 on: July 01, 2022, 08:52:39 PM »

Hi.
If you do need any help with insurance at all then please feel free to drop me a line.
Regards,
Dan.
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Genem

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Re: Insurance. What economies are possible?
« Reply #7 on: July 01, 2022, 09:15:03 PM »

John, my advice would be to reduce the fleet to 1 car, in your name, the Freelander, dull though it is.

Don't touch "We buy any car" with a barge-pole. As others have said they will turn up and haggle you down - after having offered a price that is already below the "trade" price. Prices for ALL second hand cars are currently high, take advantage of being in a sellers market.

Use the proceeds of selling Barbara's car to hire disabled friendly Taxi services as and when you need them. Say hello to her, we spoke once about your membership renewal !

With all you have on your plate I'd think that making life as simple as possible should be the underlying aim ?

Cheers,

Gene.
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w3526602

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Re: Insurance. What economies are possible?
« Reply #8 on: July 02, 2022, 05:36:37 AM »

Hi,

Thanks for your thoughts, which included stuff that I knew, but had forgotten that I knew.

As said, Barbara has surrendered her licence. We do not anticipate her ever driving, or even walking, again. Social services provided a very posh (stainless?) engine crane, which being on little castors, was reluctant to roll over carpet (Not a problem, the only carpet in the bungalow is in the bedroom ... probably laid by the original occupant in mid-1980s. We are happy to replace it with laminate. She has a Social Services "hit squad" (usually 2, but sometimes 4) call four times a day ... I don't know what they do ... they order me out of the room. I bought an EXTA black wheelie bin (circa £80) to contain the "clinical waste" sacks. The following week, the LA stopped emptying black bins, said to just leave black bags by the gate. I now use the black bins just for storage, to avoid scattering the bag's contents by magpies, and presumably rats. But that means taking both bins to the front gate, and decanting the bags, EARLY on bin day morning. It has been several weeks (months?) since Barbara has left her bed.

SS provided her with a hospital bed. (Three dimensional articulation). As I now spend long periods sitting in the bedroom, Barbara OK'd buying a less clever hospital style bed (still several hundred quid).

At one time, my declared ambition was to live till I was 90, then be shot by a jealous husband. Joking aside, growing old is neither pleasant nor fun.

Back on topic. Thanks for the advice about how the Motor Trade is working nowadays. I'll get Barbara to don her old "DVLA Contracts Manager Hat"
(mandate of Biblical proportions), and phone the local main dealer that we bought her car from, to see what they have to say.

But my original question re-phrased ... "Will a named driver only, with no access to another vehicle" be regarded as "Unclean" and "Premiumed" accordingly?

At present, my Freelander is insured in my name, but I can't remember if Barbara is a named driver. Barbara's Hyundai is still insured in her name, but with me as the ONLY named driver, which is probably not the most efficient way of doing things, but I suspect that it is better than cancelling her policy, and me taking out a second policy. We have till the end of the year to sort that out.

Both cars, and the house, are currently all insured with the same company.

602

PS. When Barbara was Press Officer at DVLC, she used to bring home several motoring (including HGV and Police) magazines, every evening, for me to troll through, looking for anything of interest to DVL. I wonder if they routinely prowl through various internet forums?

OT. Police Review printed an officer's story ... He was admonishing the driver of car, with the Perp trying to interrupt ... to tell him that the police car, with no driver, was rolling down the hill.

 

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The Shed

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Re: Insurance. What economies are possible?
« Reply #9 on: July 02, 2022, 03:10:20 PM »

😀 Ha ! Runaway Police Car  :shakeinghead

I work with a couple of folks who have both sold Ford Kuga's back to the dealer less than two years after purchasing new for more than they paid.
Certain cars are sought after.
Motor Insurance is a black hole of conundrums ? Each insurer or broker has their own particular set of rules regarding cover, NCB, renewals etc.
Some have 9 years max NCB others virtually unlimited. Some say driving other cars earns a discount, others not. Some say lower miles are better, but not to low  ???
Have a car or two in mind and check their group ratings. Then spend a few hours trawling comparison sites.
It is tedious but will pay dividends in the end. O. And turn on In Private Browsing so they don't know you keep looking.
Also do not be surprised if the same company throws up different quotes. It depends on what algorithm is in place at that time.
A friend once worked for a broker back in the day when it was in person or on 'phone. He was an enthusiast and helped many a customer find cover but those people are thin on the ground.
Good luck I hope you find a suitable option.
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w3526602

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Re: Insurance. What economies are possible?
« Reply #10 on: July 04, 2022, 04:55:37 AM »

Hi,

Many thanks for the thought provoking suggestions.

Currently (as in yesterday and today) I'm glad we have two cars. I haven't used the Freelander for two or three weeks. Yesterday I hit the starter. Low moan. Hit it again. Low moan. Hit it again. Death rattle from the solenoid. So I used Barbara's car.

See my EMERGENCY STARTING discussion, in a few minutes.

602
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