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Company car & future insurance

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  • 20-05-2017 12:01pm
    #1
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭


    A quick one. I'm in a position to get a company car with my work. However, my concern is if I let my own private car insurance lapse than when the time comes that I go back to needing my own car again, I'll effectively be starting all over again in terms of insurance pricing.

    Is there any solution to this bar keeping my private car insured?

    Thanks


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    #2
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sully wrote: »
    A quick one. I'm in a position to get a company car with my work. However, my concern is if I let my own private car insurance lapse than when the time comes that I go back to needing my own car again, I'll effectively be starting all over again in terms of insurance pricing.

    Is there any solution to this bar keeping my private car insured?

    Thanks

    Keep your car insured and suspend the policy at every renewal.

    Basically means that you will get the full premium back at the end of the policy year as well as keeping your ncd operative.

    There are no other options to keep your own bonus live.


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    #3
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    Rod Munch wrote: »
    Keep your car insured and suspend the policy at every renewal.

    Basically means that you will get the full premium back at the end of the policy year as well as keeping your ncd operative.

    There are no other options to keep your own bonus live.


    How do you mean suspend and get the full premium back? Like renew today and cancel tomorrow? Surely you're then classed as uninsured?

    Thanks


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    #4
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    Sully wrote: »
    How do you mean suspend and get the full premium back? Like renew today and cancel tomorrow? Surely you're then classed as uninsured?

    Thanks

    Basically, you (or anyone) can suspend their policy at any time.

    That means that all cover is frozen on the policy however it still stays active so your NCD does not stop being earned.

    You still continue to pay the insurance then at renewal date, a rebate for the money that you paid will be calculated as there was no cover in place so you will be due the money back.

    You can then resuspend your policy on renewal date.

    Essentially you pay the annual premium, remove all cover but keep the policy going (purely from a keeping your ncd active point of view) then at the end of the year your insurer will owe you the full amount you paid.

    It's all 100% above board.


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    #5
    cplwhisper
    Registered Users Posts: 797 ✭✭✭cplwhisper


    It's not full refund. 30-40%!is retained and the refund amount is the cost of the 3rd party liability

    You earn the NCB and keep fire and theft damage for the vehicle(if u don't sell on- be sure to get SORN if keeping )


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    #6
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    cplwhisper wrote: »
    It's not full refund. 30-40%!is retained and the refund amount is the cost of the 3rd party liability

    You earn the NCB and keep fire and theft damage for the vehicle(if u don't sell on- be sure to get SORN if keeping )

    You do not have to retain fire and theft cover.


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    #7
    Vittu
    Registered Users Posts: 311 ✭✭Vittu


    Keep your insurance policy, I am 37yrs old, clean licence, never made a claim in 20 yrs driving. Driving a company car since 2013 and sold my own car. Thought about getting a sunday driver for myself and I cannot get a quote from insurance companies. Car is a 2000 bmw and have been told car is too old, engine too big, have no years no claim bonus, €9,000 was the only quote i could get from 1 of 6 companies. I sure wish i kept my old policy now as my last premium was under €400.

    Also been told that because i have full use of a company vehicle AxA cannot offer me a policy, I asked for a further explanation but the quite rude girl just repeated it was not possible because I drive a company vehicle grrr


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