Delaying insurance renewal

Thoie

My insurance (comprehensive) will be up for renewal mid September. No-one will be driving it from a few days before the renewal date until some unknown date in November. During that time it will be in a garage (at home).

As I see it, I have a few options:

1. Renew as normal
2. Renew with just 3rd party/fire/theft then "upgrade" cover when it will start being driven again
3. Don't renew any cover until it will be driven again. I understand that there's a risk it could be stolen/catch fire during the uninsured period.

With option 2, are there likely to be pro-rata savings by doing that, or will I end up paying the same amount as fully comp for the full year anyway?

With option 3, would having a gap of a few weeks/up to 2 months make a difference to NCB or cost of renewal? Are there any special rules that state your NCB is only valid for immediate renewal?

With option 3, if someone else (with their own drive any car cover) wanted to take the car out for an hour, would they be covered if my car wasn't insured? I can't see that situation arising, just asking in case it came up.

Liam McPoyle

Thoie wrote: »

My insurance (comprehensive) will be up for renewal mid September. No-one will be driving it from a few days before the renewal date until some unknown date in November. During that time it will be in a garage (at home).

As I see it, I have a few options:

1. Renew as normal
2. Renew with just 3rd party/fire/theft then "upgrade" cover when it will start being driven again
3. Don't renew any cover until it will be driven again. I understand that there's a risk it could be stolen/catch fire during the uninsured period.

With option 2, are there likely to be pro-rata savings by doing that, or will I end up paying the same amount as fully comp for the full year anyway?

With option 3, would having a gap of a few weeks/up to 2 months make a difference to NCB or cost of renewal? Are there any special rules that state your NCB is only valid for immediate renewal?

With option 3, if someone else (with their own drive any car cover) wanted to take the car out for an hour, would they be covered if my car wasn't insured? I can't see that situation arising, just asking in case it came up.

Option 1 and suspend the policy from renewal date, you can leave fire and theft cover on it while its parked up if you want. You would then be entitled to a pro rata return for the duration of the suspension once it exceeds 30 days.

Option 2 won't work because an insurer will not allow you to increase to comp mid term unless you are doing a permanent substitution.

Option 3 is doable but there is no guarantee that the price for the insurance as a new business will be the same as the renewal. You would also be subject to new business criteria.

Option 1 ie renew and suspend is the best IMO.

Thoie

Saul T Nutzz wrote: »

Option 1 and suspend the policy from renewal date, you can leave fire and theft cover on it while its parked up if you want. You would then be entitled to a pro rata return for the duration of the suspension once it exceeds 30 days.

Option 2 won't work because an insurer will not allow you to increase to comp mid term unless you are doing a permanent substitution.

Option 3 is doable but there is no guarantee that the price for the insurance as a new business will be the same as the renewal. You would also be subject to new business criteria.

Option 1 ie renew and suspend is the best IMO.

Thanks, option 1 with a suspension looks good then - can you renew a few days in advance and tell them to suspend it immediately, or do you usually have to phone on the first day of the suspension?

In terms of option 3, I've found for the last few years that the renewals are ridiculous, and I've got much better prices by changing company and becoming a new customer somewhere else. In the past going to your existing insurer with a better quote often got them to match it, but last time I suggested that the person on the phone just said "that's much lower than us - you should go with the other crowd". Thankfully switching insurer is a lot easier these days.

Liam McPoyle

Thoie wrote: »

Thanks, option 1 with a suspension looks good then - can you renew a few days in advance and tell them to suspend it immediately, or do you usually have to phone on the first day of the suspension?

In terms of option 3, I've found for the last few years that the renewals are ridiculous, and I've got much better prices by changing company and becoming a new customer somewhere else. In the past going to your existing insurer with a better quote often got them to match it, but last time I suggested that the person on the phone just said "that's much lower than us - you should go with the other crowd". Thankfully switching insurer is a lot easier these days.

If you are renewing with your existing company you can tell them just to not issue a cert and disc when you arrange payment.

They will probably require something in writing but a scanned signature should suffice.