Ex-company Car Insurance

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Ex-Company Car Insurance

If your employer provides insurance for your company car, your safe driving record may not be contributing to a personal no-claims bonus. This can be frustrating, as those incident-free years on the road can lead to significant savings on your own car insurance policy.

But there are ways to make the most of your spotless driving history, even when behind the wheel of a company car. This article explains how to leverage your impeccable record to lower your personal insurance rates.

Discover tips on notifying your insurer about your company car usage and ensuring any claims impact only your employer’s policy.

With the right strategy, you can maximise savings and rewards for your stellar driving – whether on personal or company time. Don’t let a work vehicle stop your no-claims bonus from working for you.

Car insurance for ex-company car drivers

If you’re transitioning from driving a company-provided car to insuring your own personal car, you may find insurance quotes to be higher than expected. This is often because your years driving a company car did not contribute to a no-claims discount on your personal policy.

While this gap in your no-claims record can lead to pricier premiums, the situation is not hopeless. If you have a long history of claim-free driving under your belt, be sure to emphasise this to potential insurers when shopping for quotes.

Good Driving History Car Insurance

Many will still factor in your consistent, safe driving as a positive element, even if the previous vehicle was not your own.

Don’t let a company car hold you back from securing the best rates possible. Your stellar driving history is still an asset. Shop around, compare cheap car insurance quotes, and highlight your experience to find an insurer who offers discounts for your years of incident-free driving.

With the right policy, you can leverage your driving record and keep premiums affordable.

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Ask if your insurance provider will accept claim-free driving

If you had an assigned company car that you drove safely for years without any claims, can that history provide savings on your personal car insurance policy? The answer is maybe.

Claim Free Driving Discount

Some insurers will factor in your claim-free driving record, even if it was in an employer-provided vehicle. However, there are a few requirements:

  • You need proof from the prior insurer that insured the company car, verifying your spotless history.
  • You must have been the sole driver of that company vehicle for both business and personal use.
  • Details will be needed on the duration you drove claim-free and when you stopped using the company car.
  • Insurers will want to confirm you own the new personal car being insured.

Meeting these stipulations may qualify you for no-claims-like savings, but not necessarily the full discount. Importantly, don’t assume this offer is automatically the best deal.

Compare car insurance quotes and cover from multiple insurers before deciding. Leverage your safe driving history, but make an informed choice that gets you the right policy at a competitive rate.

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Could the no-claims discount on an old policy still be valid?

If you previously had a personal car insurance policy with a no-claims bonus (NCD), using a company vehicle for a period can impact that discount. Here’s what to know:

In many cases, your prior NCD will still be valid if you return to personal car insurance within 2 years. But if the gap is longer, you may lose the benefits of your NCD. Some insurers allow 3 years, but 2 is the typical cut-off.

No Claims Bonus From Company Car Insurance To Personal Car Insurance

Also, NCD is calculated in full policy years. So if you had a 6 month policy before switching to a company car, that time would not contribute to an NCD later on.

The specifics vary by insurance provider. When getting quotes for new personal car insurance, ask questions about your situation to see if your old NCD can still be applied. Emphasising your long history of safe driving may help negotiate the best rate.

With some research into policy fine print, you can maintain your claims-free discounts even after time away driving a company vehicle.

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How can I get cheaper ex-company car insurance?

Transitioning from a company car to personal insurance can seem daunting, but strategic steps can help you secure an affordable policy:

  • Opt for a modest, low-risk vehicle model. Sports cars or luxury brands often have higher insurance rates due to increased accidents and repair costs. A practical sedan or hatchback can net significant premium savings.
  • Adjust your driving patterns to reduce mileage. Using public transportation when possible, carpooling, consolidating trips, and working from home even one day a week all lower your time on the road, reducing risk and insurance costs.
  • Accept a higher voluntary excess. This means you pay more out-of-pocket for a claim, but your premium will be lower. Evaluate if the savings outweigh the potential outlay.
  • Pay annually rather than monthly to avoid financing fees that inflate the overall cost over time.
  • Add anti-theft devices and park securely to reduce the risk of theft claims. Insurers may provide discounts for such preventative measures.
  • Complete advanced driving courses to hone skills and demonstrate safe driving habits. Some insurers offer reduced premiums for qualified courses.
  • Compare car insurance quotes. Look for companies that offer discounts tailored to your situation as a previous company car driver with evolving insurance needs.

With the right policy choice and proactive optimisation, you can find personalised cover at competitive rates, even without a long no-claims history on a personal vehicle.

See more ways to save money on your car insurance.

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Frequently asked questions

When your employer provides a car for work use, they often also supply insurance cover. This company policy will protect you when driving for business purposes.

However, you’ll want to verify with your employer that you are also covered for any personal use of the vehicle.

If instead of a company car you receive a car allowance to get your own vehicle, you will need to arrange personal car insurance yourself.

In this case, you can maintain your existing no-claims discount on this new policy, which can help secure lower premiums based on your safe driving history.

The key things to clarify are:

  • Does the company insurance allow personal use of the car, or solely business driving?
  • If getting an allowance, will you need to get your own insurance to also cover personal driving?
  • Will your prior no-claims discount apply on a new personal policy?
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Checking these details will ensure you get comprehensive cover, leveraging any safe driving discounts, whether insuring through your employer or independently.

Making a claim on your employer’s insurance policy for a company car should not directly impact your personal no-claims discount (NCD). However, you still need to notify your own auto insurer about any claims, even if filed through your company’s policy.

While your personal NCD may remain intact, submitting a claim for your work vehicle can cause your personal insurer to view you as a higher risk. This means after a company car claim, your personal policy premium could still increase at renewal time.

Insurers may see you as more likely to file a claim on your own policy if you submitted one through your employer. So be prepared for potential rate hikes, despite your personal NCD being unaffected. Maintaining a clean driving record remains important, even if driving a company-provided vehicle.

To keep personal premiums low, avoid claims if possible and clarify how company car claims get communicated to your own insurer. Safe driving habits will be your best asset for affordable insurance, no matter what car you drive.

Any driving convictions you receive while driving your employer’s company car can drive up the cost of your personal car insurance, even if your work vehicle was insured through your company’s policy.

Violations like speeding tickets, driving under the influence, or other infractions impact your overall driving record regardless of what specific vehicle you were using. Therefore, personal insurers will still view you as a higher risk and likely raise your premiums if you accrue convictions in a company car.

Having recent driving convictions may also limit your insurance provider options, as some companies may decline to cover high-risk drivers. Even minor violations can cause rate increases, so maintaining a clean driving history is crucial.

The takeaway is that you should be just as vigilant about safe driving practices in a company car as with your own vehicle. Any convictions will be visible to personal auto insurers checking your full motor vehicle record. Making smart choices behind the wheel keeps personal insurance affordable even when driving on the job.

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