This may be a bit confusing, so sorry in advance if I ramble. Will try to keep as simple as possible.
So I currently have a car which I insured in October with a really high premium due to my partner (named driver) having points. Payments are £200 a month.
We are getting a new car in the next few days and I will also be the main driver on this. So to cancel my existing insurance and get both cars insured on a multi car policy, it's £150 a month. Seems a no brainier, extra car insured and for cheaper payments each month?
So I rang my current insurance company to see if they could at least match this. They said that they cannot adjust the premium I have on the current car, but they can add the new car on a pro rata between now and October (renewal) for £63 extra month. This would mean the insurance payment for both cars would be £263 per month. Over £100 more per month than cancelling and restarting.
However, the catch is that if I choose this option, when it comes to renewal, they will give me 1 years no claims bonus on the second car even thought I will have only had it for 8 months. (Given that I don't actually claim)
If I cancel now, and start a new policy I will have to start my current year again and won't have the no claims bonus on the new car.
For what it's worth, I have had my license between 3-4 years and have 1 years no claims on my current car.
I'm pushing towards cancelling and starting with a new policy as
- There is no guarantee I won't make a claim in the next few months
- Cheaper payments in the short term
So my question is- do no claims bonus make a huge difference at renewal and would I be worth sticking my hand in my pocket for a few months in the hope that the insurance drastically decreased at renewal?
Sorry if this doesn't make sense but I am stuck!!