Any option to keep no claims?

Get Real

Appreciate any help or guidance.

The pandemic made me realise how little I use my car, even in normal times.

Sold it last week. My insurance is due up for renewal in August, but am unsure if I will renew. I do however, want to keep my 5 years no claims bonus.

If I go without a car/insurance for a year, is there a way I can pay a proportionally reduced sum to keep my ncb? Or can I "freeze" it for a year and take up my renewal in August 2021.

I do love driving/having the car. Was just thinking of giving it a miss and trying cycling/saving a chunk for the year to help myself financially.

Just wondering will I lose my 5 years no claims or are there methods to keep it? I'm with Axa

Many thanks.

biko

You get to keep it for 2 years without a car, then it lapses.

glomar

buy a little micra or similiar just to have it there

El Gato De Negocios

Get Real wrote: »

Appreciate any help or guidance.

The pandemic made me realise how little I use my car, even in normal times.

Sold it last week. My insurance is due up for renewal in August, but am unsure if I will renew. I do however, want to keep my 5 years no claims bonus.

If I go without a car/insurance for a year, is there a way I can pay a proportionally reduced sum to keep my ncb? Or can I "freeze" it for a year and take up my renewal in August 2021.

I do love driving/having the car. Was just thinking of giving it a miss and trying cycling/saving a chunk for the year to help myself financially.

Just wondering will I lose my 5 years no claims or are there methods to keep it? I'm with Axa

Many thanks.

You have two options.

1)Let your policy lapse at next renewal. Your bonus stays live for two years. When taking a new policy you will have to complete a gap in cover letter but other than that, getting a new policy should be painless.

2)Buy a new car, transfer your existing policy to it and renew the policy as normal. On renewal date, tell the insurer to suspend your policy. This essentially freezes your policy. Some insurers will completely freeze it meaning no cover whatsoever exists, some will freeze it excluding third party cover meaning it is still covered for fire and theft. You will still have to pay the renewal premium this year however at renewal 2021 you will be entitled to a rebate of the premium you paid in 2020. The amount will depend on what kind of suspension it was ie if it was full suspension you will be entitled to all of it back or most of it less any admin fee. For partial suspension ie keeping the fire and theft cover, the rebate is generally around 75% of your premium, again, subject to any possible admin fee the insurer has.

Get Real

Thanks for your advice everyone. Appreciate it. My options are a lot clearer now.