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3 months additional insurance thoughts?

KXL

KXL
Dec 15, 2016
1,397
146
London, UK
Dear all,

So my lease company has given me 3 additional months 'free' to keep the car till at the end of the 2 years, my question to you all is, any advice on what I should do insurance wise? Perhaps some of you who also lease might be offered this, or you can ask if they would (I know for a fact Ford did this on all new financed cars).

Would you say it's best to:
1. take a new insurance cover for a year and change cars mid-way, which means I will always be left with 3 months left somewhere
2. Take temp insurance for 3 months and see it out and start again.

Or perhaps I will be the first and be the guinea pig and tell you all which worked out better!

Thanks!
 

Hag

Active Member
Sep 15, 2018
354
161
It will be cheaper to take it for a year and change cars than to try and find a sensible temporary cover


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KXL

KXL
Dec 15, 2016
1,397
146
London, UK
It will be cheaper to take it for a year and change cars than to try and find a sensible temporary cover
Sent from my iPhone using Tapatalk
Thanks @Hag . would you know if when changing cars, would it be the remaining 9 months from the original 12, or it would usually be another 12 from start with the new car?
 

motty225

B9 S4
Sep 11, 2008
877
178
Ashby De-La Zouch
Will be the remaining 9 months on the new car, 8 lease every 2 years and the new car date never matches the insurance renewal date, but the policy just continues with the new car details
 

seatgraham

Active Member
Feb 14, 2012
385
31
Thanks @Hag . would you know if when changing cars, would it be the remaining 9 months from the original 12, or it would usually be another 12 from start with the new car?
Might be worth checking for any charges for cancelling or changing policy within the 12 months. The cheapest cover I had previously had an admin charge at the outset and again when I cancelled - still cheaper to cancel and go elsewhere and insurance was much cheaper initially. But still not that happy about admin charge, which meant no refund on the old policy. Saga Insurance has admin charges - cheapest for me on mk2, but back to Aviva for mk3.
 

KXL

KXL
Dec 15, 2016
1,397
146
London, UK
Will be the remaining 9 months on the new car, 8 lease every 2 years and the new car date never matches the insurance renewal date, but the policy just continues with the new car details
I will be an old man by the time the cycle next falls in line and aligns with new car / insurance renewal date.
 

KXL

KXL
Dec 15, 2016
1,397
146
London, UK
Might be worth checking for any charges for cancelling or changing policy within the 12 months. The cheapest cover I had previously had an admin charge at the outset and again when I cancelled - still cheaper to cancel and go elsewhere and insurance was much cheaper initially. But still not that happy about admin charge, which meant no refund on the old policy. Saga Insurance has admin charges - cheapest for me on mk2, but back to Aviva for mk3.
Thanks, I'm currently with Aviva, I did ask them, they said they won't extend 3 months, need to get another one, and swap cars over...although on their website they do also do 'temp/short term' insurance. Didnt do any quote yet for that. Just not sure if 3 months is considered that short or temporary or not..
 

[email protected] FLUX

Active Member
Forum Sponsor
Sep 27, 2016
194
36
HI.
You may find the cost of a 3 month policy saves you very little over an annual premium. If you'd like a quotation for either then please feel free to drop me a line.
Regards,
Dan.
 

SRGTD

Active Member
May 26, 2014
1,021
436
Short term car insurance cover tends to be very expensive compared to annual cover. It’s OK to take out short term cover for a few days and that’s really what it’s intended for. If you were to take out short term cover for three months, it’s highly likely to cost you much more than the equivalent of 25% ( 3 months) of the premium you’d pay under a 12 month annually renewable policy.

@KXL - I’ve never leased a car, so don’t know if a typical leasing contract states you need to take out a new insurance policy when you get a new lease car - I’m assuming it doesn’t, and the only stipulation would be that the vehicle needs to be insured on a fully comprehensive basis.

In your position, I’d treat the insurance and car lease completely separately, and from the insurance angle I’d either;
  • renew your existing policy when you receive your renewal invite if the renewal price is acceptable to you. If it’s not, it’s worth getting some alternative quotes on a comparison site and then contacting your current insurer if there are cheaper competitor prices to see if your existing insurer will reduce their price - they often will.
or
  • if your current insurer isn’t prepared to reduce their renewal price, lapse the policy at renewal date and take out a new annual policy with another insurer offering a better price.
Then in three months time when your car goes back to the lease company and you get a replacement car, get your insurer to do a mid term vehicle substitution under your existing policy. If there’s any change in premium as a result of the change, they’ll adjust the premium to reflect this.

In 43 years of driving, changing my car has never coincided with my insurance renewal date. Whenever I’ve changed my car, I’ve just informed my current insurer at the time of the vehicle change and they’ve substituted the old car with the new one under my policy and adjusted the premium.
 
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