Insuring second (laid-up) car

Hello

I know this issue has been raised before, but I could not find any info with a successful resolution on the board.

I have bought a second car, but want to keep the old one for summer use (not an official classic, but a slightly leaky 93 mx5). The insurer will only allow one NCB so I would need to pay full insurance on a car that would be garaged for 48 weeks a year.

I tried Carole Nash as suggested by an earlier post, but they do not offer anything different.

Is anyone aware of an insurer who will insure a car for a low rate based on it being laid up, and not used at all? That way, perhaps it would be economic to keep it off-road for a couple of years and build up its NCB.

Can anyone in the insurance business explain the logic of attaching a NCB to a car rather than a driver? I understand the named driver argument, but why not restrict the policy to main driver only?

thanks for any advice

Donncha

Hi,

You could try First Ireland - they operate a scheme where you sign a limited mileage declaration and the policy is reduced as a result. - Im not sure if they deal direct with the public - you may need to go through a broker.

As for the bonus issue - this is an age old complaint. In terms of restricting it to policy holder only, most insurers will give a large discount which comes close to matching the discount given as a result of NCB if you have insurance in your own name on another vehicle and free of claims, points, accidents etc.

Another aspect which I can see coming into Ireland in the not too distant future is insurers willing to mirror the discount accross for the 1st year on the new policy and thereafter the car having its own NCB in its own right from the 2nd year onwards. This is common in the UK market.

hope this helps.

just a thought...if you were to transfer ownership of the MX5 to somebody else (not spouse) and you had a "driving other cars stipulation " on your own original insurance, this would allow you to drive the MX5 on a 3rd party only basis

briancbyrne said:

..."driving other cars stipulation " on your own original insurance, this would allow you to drive the MX5 on a 3rd party only basis

Click to expand...

Thought had crossed my mind.

Is there anything in the fine print requiring the "other owner" to have an insurance policy themselves?
Not sure where that idea has come into my head from, don't believe I've ever seen it in any of my own documents.

no...not as far as I know - - simple way to put your mind at ease is to ask your insurer if there anything in the fine print requiring the "other owner" to have an insurance policy themselves...note who you were talking to and the time and date of call as all calls are recorded or a log is kept of people who enter the policy.

Satanta said:

Thought had crossed my mind.

Is there anything in the fine print requiring the "other owner" to have an insurance policy themselves?
Not sure where that idea has come into my head from, don't believe I've ever seen it in any of my own documents.

Click to expand...

Setanta - on reflection def not - - the 3rd party DOC is an extension of your policy and has absolutely nothing to do with a 3rd partys cover

briancbyrne said:

Setanta - on reflection def not - - the 3rd party DOC is an extension of your policy and has absolutely nothing to do with a 3rd partys cover

Click to expand...

Not sure where the idea came into my head that it might have been needed.

Seems crazy you can drive a strangers car 3rd party no problem with simply permission from the owner, but not your own 2nd car!?!?

Update: As you are the owner and you do give yourself permission, would you still be 3rd party on your own second car? (Again, this would be a question for my insurer was I considering it, simply asking out of interest since the topic is here)

the reason that they dont allow it on your own car is so that it isint done across the board.... afterall not many people would allow someone else to drive thier car on a 3rd party basis regularly...I certainly wouldnt...even if it is a heap!

I think the wording on most policies is " if the car is not owned by you or hired or leased to you" ....

i expect the "other owner" needs a policy anyway, otherwise no cert, no windscreen disc?
Thanks for advice, I will call a few brokers and see what they say.
The simplest thing will probably be to swap over the policy during the summer months.

Donncha,

You also have the option of taking out a policy and suspending it immediately or reducing cover to fire and theft only if you want. You are allowed a return of premium for this. I believe 75% for the reduced cover, but recommend you confirm with Insurers first. This will allow you to reinstate cover when you wish to drive the vehicle. A word of note though is that returns are only calculated when the cover has been suspended for over 30 continuous days from the time when the certificate is received by their office. Hope this might help.

Also First Ireland do deal directly with the public.

Regards,

Michael

Called First Ireland - low-miles policy applies to classics over 20 yrs only.

Michael, thanks for your tip, might be worth investigating.