Insurance question - am I missing something?

tnegun

Hey guys, Am toying with the idea of not re insuring our second car when it falls due in a couple of weeks price has gone to over €700(10 plus years NCB) and I don't have it right now. The policy on the main car covers myself and the OH and allows me to drive another car 3rd party so was thinking that would suffice for cover.

So the things I've though of

Value of the car is €2000-€3000 on a good day so I'm not too concerned re somthing happening in it.
I won't have an insurance disc but will be covered so potentially a €60 fine if stopped - will carry my cert of ins from the other car and the car is driven 60k per week tops so am hoping this will lessen the chance of that happening!

The NCB on the other policy will expire in 2 years so to keep would need to take out a policy with in before then.

What am I missing?

Dr Turk Turkelton

To use third party extension the car can't be owned by you or your wife.

Reputable Rog

tnegun wrote: »

Hey guys, Am toying with the idea of not re insuring our second car when it falls due in a couple of weeks price has gone to over €700(10 plus years NCB) and I don't have it right now. The policy on the main car covers myself and the OH and allows me to drive another car 3rd party so was thinking that would suffice for cover.

So the things I've though of

Value of the car is €2000-€3000 on a good day so I'm not too concerned re somthing happening in it.
I won't have an insurance disc but will be covered so potentially a €60 fine if stopped - will carry my cert of ins from the other car and the car is driven 60k per week tops so am hoping this will lessen the chance of that happening!

The NCB on the other policy will expire in 2 years so to keep would need to take out a policy with in before then.

What am I missing?

A day in court.

tnegun

Dr Turk Turkelton wrote: »

To use third party extension the car can't be owned by you or your wife.

I thought of this but it doesn't state that anywhere on my cert of insurance just that myself or my employeer can't own it. Or that it belong to any motor trade related business that I have a professional relationship with.

Cracker86

The driving other cars extension excludes cars you have a financial interest in, and is only meant for infrequent use.

Its not a solution to your problem.

However as you are comfortable driving the car with reduced cover (TP) have you looked at stripping the level of cover on your policy down to the most basic level of cover available?

tnegun

Reputable Rog wrote: »

A day in court.

My policy covers me to drive another car so long as I have the owners consent.

Scienceless

Reputable Rog wrote: »

A day in court.

Correct.

tnegun

Cracker86 wrote: »

The driving other cars extension excludes cars you have a financial interest in, and is only meant for infrequent use.

Its not a solution to your problem.

However as you are comfortable driving the car with reduced cover (TP) have you looked at stripping the level of cover on your policy down to the most basic level of cover available?

Where can I find more on the financial interest bit? From memory last year I looked at the 3rd party option but there was very little in it. I haven't started to shop around yet so was exploring the option of leaving it uninsured. I only need it for the winter really and quite infrequenty at that(days I can't cycle to work because of the weather really)

irishgeo

3rd party extension only covers another car if it has valid insurance cover. In your case you won't.

CeilingFly

€700??

Assuming no penalty points you should be able to get insurance for about €400 or less if tpft is sufficient.

Currently liberty and aig are pushing in the market.

If you have home insurance it with them it saves about €50, if you put both drivers as named on policy it saves with aig, if you increase the excess to €500 it saves

And then once you get a good quote, ring them and ask if they could knock any more off.

Most will have ability to apply a discretionary discount of € 50.

Cracker86

tnegun wrote: »

Where can I find more on the financial interest bit? From memory last year I looked at the 3rd party option but there was very little in it. I haven't started to shop around yet so was exploring the option of leaving it uninsured. I only need it for the winter really and quite infrequenty at that(days I can't cycle to work because of the weather really)

Trust me from an insurance point of view, your wife owning the vehicle would be recognised as you having financial interest,

Some insurers offer very little reduction when moving from comp to third party and others offer a much more beneficial price for the cover reduction, so my advice would be to shop around. Also if you rarely use the car make insurers aware of that as some offer reductions for low milage users.

tnegun

irishgeo wrote: »

3rd party extension only covers another car if it has valid insurance cover. In your case you won't.

I heard this too but can't find any evidence of this either

Del2005

I was renewing insurance for both my mother and father recently and both have cars over 10 years old. The quotes for 3rd party where double or triple the fully comp quotes.

OP you and your spouse jointly own everything. So you own the car and won't be able to drive on 3rd party extension. You will most likely get by the Gardaí but you won't get past the insurance company when you need it.

Eggs For Dinner

We need a sticky on this subject. There is at least one thread a week on it and it always descends into misinformation

tnegun

CeilingFly wrote: »

€700??

Assuming no penalty points you should be able to get insurance for about €400 or less if tpft is sufficient.

Currently liberty and aig are pushing in the market.

If you have home insurance it with them it saves about €50, if you put both drivers as named on policy it saves with aig, if you increase the excess to €500 it saves

And then once you get a good quote, ring them and ask if they could knock any more off.

Most will have ability to apply a discretionary discount of € 50.

I did all this last year and got it down to about 550 no penalty points or convictions etc for either driver haven't called around yet but the renewal that arrived Friday was for €695 sub €400 I would jump at. Car is 11 years old if it makes any odds

tnegun

Del2005 wrote: »

I was renewing insurance for both my mother and father recently and both have cars over 10 years old. The quotes for 3rd party where double or triple the fully comp quotes.

OP you and your spouse jointly own everything. So you own the car and won't be able to drive on 3rd party extension. You will most likely get by the Gardaí but you won't get past the insurance company when you need it.

I hear what you're saying but if that's the case I can just put the car in one of the kids or another relatives name?

Del2005

tnegun wrote: »

I hear what you're saying but if that's the case I can just put the car in one of the kids or another relatives name?

Yes. A relative would be better.

pearcider

irishgeo wrote: »

3rd party extension only covers another car if it has valid insurance cover. In your case you won't.

This is wrong. The other car does not need insurance cover. In fact the third party extension usually states the opposite ie the other car must not have its own insurance cover. Ring your insurance company.

CiniO

OP if I were you I would disregard most advice from this thread.
Imo what you're planning to do should work fine.
Just make sure with your insurance company that your driving other cars extension includes a car owned and registered in your wife's name.
I used to do it a quite bit and had no problems.
Allianz and 123 make no problem allowing your spouse's car to be driven under driving other cars extension.

coylemj

irishgeo wrote: »

3rd party extension only covers another car if it has valid insurance cover. In your case you won't.

pearcider wrote: »

This is wrong. The other car does not need insurance cover.

Neither of you is 100% correct. Aviva and Liberty both state that in order to be covered (under your own policy) when driving a borrowed car, that car must have a policy of it's own. It's precisely to stop the situation the OP is describing. The car's own policy doesn't have to cover you, it just needs some class of a policy to be in force.

pearcider wrote: »

In fact the third party extension usually states the opposite ie the other car must not have its own insurance cover.

That is a misinterpretation of the clause in a lot of 'driving other cars' sections of insurance policies where they state that your own policy will only cover you if the car's own policy does not. It does not mean that the car you borrow must have no policy.

pearcider wrote: »

Ring your insurance company.

No, read the policy. What a call agent tells you on the phone counts for zero.

coylemj

CiniO wrote: »

Allianz and 123 make no problem allowing your spouse's car to be driven under driving other cars extension.

Cinio, I don't know about Allianz but you are correct with regard to 123.

There was a recent thread in this forum (link below) on the same subject. The OP in that case is insured with 123 and there appears to be no reason why he couldn't drive his girlfriend's uninsured car while she could drive his car because she was a named driver on his policy.

https://www.boards.ie/vbulletin/showthread.php?t=2057901193

CiniO

coylemj wrote: »

Cinio, I don't know about Allianz but you are correct with regard to 123.

There was a recent thread in this forum (link below) on the same subject. The OP in that case is insured with 123 and there appears to be no reason why he couldn't drive his girlfriend's uninsured car while she could drive his car because she was a named driver on his policy.

https://www.boards.ie/vbulletin/showthread.php?t=2057901193

I just listed Allianz and 123 as those are two insures I got this information from in writing.
I assume others should be similar, unless it's stated in their policy that driving other cars excludes spouses/partner's car which some do.

Bogwoppit

coylemj wrote: »

irishgeo wrote: »

3rd party extension only covers another car if it has valid insurance cover. In your case you won't.

pearcider wrote: »

This is wrong. The other car does not need insurance cover.

Neither of you is 100% correct. Aviva and Liberty both state that in order to be covered (under your own policy) when driving a borrowed car, that car must have a policy of it's own. It's precisely to stop the situation the OP is describing. The car's own policy doesn't have to cover you, it just needs some class of a policy to be in force.

pearcider wrote: »

In fact the third party extension usually states the opposite ie the other car must not have its own insurance cover.

That is a misinterpretation of the clause in a lot of 'driving other cars' sections of insurance policies where they state that your own policy will only cover you if the car's own policy does not. It does not mean that the car you borrow must have no policy.

pearcider wrote: »

Ring your insurance company.

No, read the policy. What a call agent tells you on the phone counts for zero.

This right here ^^^
You will not be insured in any way.

pearcider

Bogwoppit wrote: »

This right here ^^^
You will not be insured in any way.

Wrong. I’m with axa and have checked it out. The stipulation that people may have a problem with is you cannot own the car. Therefore you must sell the car for it to work. Putting it in the name of someone who is named on the policy also will not work. It will clearly only work with cheap cars too as you will have third party cover only.

Eggs For Dinner

What nobody ever considers on this topic is the liability the car owner can have in the event of an accident. Driving of other cars will cover the drivers actions while driving. However, if the vehicle is defective (even if unknown to anyone) and that is the cause of the accident, then it is likely the car owner will be joined in the action.

When you insure your own car, the policy covers your liability for both the ownership and driving of the vehicle. If there is no policy in place, the registered owner could be in bother

Del2005

CiniO wrote: »

I just listed Allianz and 123 as those are two insures I got this information from in writing.
I assume others should be similar, unless it's stated in their policy that driving other cars excludes spouses/partner's car which some do.

Because insurance companies change their policies and level of cover regularly you can never rely on what happened last year being valid this year. So the only way to do it is to call every year to confirm.

coylemj

Del2005 wrote: »

Because insurance companies change their policies and level of cover regularly you can never rely on what happened last year being valid this year. So the only way to do it is to call every year to confirm.

If the terms and conditions change, they will update their policy document which every insurance company has on their wesbsite to download.

CiniO

Del2005 wrote: »

Because insurance companies change their policies and level of cover regularly you can never rely on what happened last year being valid this year. So the only way to do it is to call every year to confirm.

Allianz haven't made changes to their policy document since 2012.

tnegun

Thanks for all the input guys, I'm just off the phone with the insurance company and there's no issue doing this the only problem the agent made me aware of was that I should remove the disc from my own car and display in the second to avoid any issues with AGS. He referred me to the terms set out on the cert of insurance and said to go by those and there is no mention of the other car being, insured, financial interest etc. so looks like I'm good to go. In any case I'll probably renew the insurance on the second in the New Year when money isn't as tight!

Eggs For Dinner

It is an offence to display an insurance disc on any vehicle other than the one it is issued for

coylemj

Eggs For Dinner wrote: »

It is an offence to display an insurance disc on any vehicle other than the one it is issued for

Bu the OP will be insured and that's the important part.

Yes, there are issues about ownership that you raised above and the disc will be an issue but the OP will have third party cover and that is what really matters. OP can deal with the disc issue any way he pleases, it's between him and the cops.

To those posters who confidently said that he would not be insured, you cannot make such a statement without knowing which company the OP is insured with because the terms and conditions vary considerably with the conditions attached to their 'driving other cars' cover.....

Some companies say 'occasional use' others do not. Some companies exclude a car owned by your spouse or partner. Some exclude a car owned by anyone in your housheold. Some companies just say that it cannot be leased by your employer. The only common condition is that it cannot be a car owned or rented by you.

The answer as always is this: read the policy document.