When it comes to perks of a job, many of us will envision having access to a company car as one of those benefits, but what happens when you move on from the job or no longer need to use the business’ vehicle?
For those who have spent multiple years driving a company car and haven’t owned their own motor during that period, moving back to having your own four wheels may bring some complications when it comes to insurance.
All those years of driving safely may not mean you get a no claims bonus for your private car cover and this can be incredibly frustrating for drivers.
What exactly is a no claims bonus?
When an insurer looks into your claims history and, if you’re eligible as a result of a claim-free period or history, gives you a reduction or discount on your car insurance premium cost, this is a no claims bonus (NCB). Who doesn’t enjoy saving a little cash, right?
What makes someone eligible for a no claims bonus?
The opportunity for a NCB arises every year and you’ll get it if you haven’t made any claims in the past. the discount gets bigger every 12 months if you continue not to make any claims. This discount can be as much as 60% off after five years or more.
How can you get proof of your no-claims bonus?
This won’t always be the case with every insurance provider, but some may want proof of your NCB as well as checking your claims history.
Many will receive these details when their policy ends or they leave an insurer, but if not, you can contact your old insurer and ask them to send over the correct information you may need to give to your new provider. It may be best to ask beforehand to avoid any hassle.
Can you transfer a no claims bonus to a new policy or insurance provider?
The years of NCB you save up can actually be transferred over if you then go to a new insurer or end up buying a new car. More specific scenarios, like transferring a company car NCB may just require a few more steps.
Always check with your insurance provider if you’re unsure what you can carry over and what their policies may be.
Is there a no claims bonus expiration?
Your NCB will typically expire after two years if you decide to take time off driving. After two years, many insurance companies won’t accept your expired no claims bonus, which is where the issues with previously driving a company car for years can arise.
Adrian Flux, as an insurance broker, can treat each case individually; which means you may still get the discount, even if your NCB is expired or was from a company car.
How can you transfer your no claims bonus from a company car to your private car?
As always, it is best to ask yourinsurance provider what their options are, because not all will let you transfer your NCB over. When you go through the process with an insurance broker like Adrian Flux, you’re more likely to have luck with this.
For those that do allow it, typically, as long as you’re the sole user of that company car, named on the insurance policy and can provide proof of this, it should just be a case of askingyour provider to transfer it over.
What makes Adrian Flux different when it comes to no claims bonuses?
At Adrian Flux, we understand that being a responsible driver should be rewarded, whether you’re driving a private or company car.
Our approach to insurance for ex company car drivers is simple (whether they had company car insurance or their employer did); we work with insurance companies that will accept your company car no claims bonus so you get a fair deal on your private car insurance.
When we receive confirmation from your employer or former employer, stating how many years of company car insurance NCB you have earned, we can then apply an appropriate discount to your quote for your personal car.
Call 0800 369 8590 for a quick and easy quote or book a callback at a time that suits you.