10 Month Insurance Policies

[Jamie]

any catch?

im currently shopping around for insurance and with admiral and the 10month policy is far cheaper. now what i want to know is, whats the catch? will the 10 month policy not be recognized by some companies as a full years no claims or what?

btw i have 3 yrs no claims and didnt want to have the hassle of not being able to protect mine next year (touch wood)

 

[Daz]

Nope, full year after the 10 months

 

[Don]

I think that the 10 month 'Accelerator' policies are only recognised by the company that provides them , rather than other companies so example Bell, Admiral and Elephant are same group of companies, so they may accept them, whereas the no claims may not be accepted by say Direct Line or Norwich Union.

Thats what I think, but Paddymph may be the best man to speak to as he works in insurance.

Donny

 

[Jamie]

cheers donnyo, this is why i was asking as someone mentioned that to me in the past and i thought that was how it would work.
yer i may pm paddy then

cheers

 

[Daz]

Erm, I have a NCD proof from Elephant and it says "1NCD". (Well, it says 2NCD 1 x 10mo, 1 x 12mo now.. )

It's not just limited to certain companies.

 

[Don]

Daz,

I know it used to be, as when getting my last quotes, Bell wanted £650 whereas everyone else wanted £750-800...so phoned Bell and he said it was a 10 month accelerated quote, so I asked if that would have same benefits as a 12 month policy in terms of no claims discount, he said No, not with all companies, so I asked for a 12 month policy with same details I'd already given, and they wanted £925 (or thereabouts!) - This was in September 2005.

Jamie,
Just make sure you cover all options, as what might seem cheap for now, may not be long-term.

Donny

 

[Revels]

My first policy was a full year, 2nd was 10months with Elephant. Told Adrian Flux I had 2years no claims and the last was from Elephant, they asked if it was 10months or 12, told them it was 10, no problems at all!

 

[Ads_172]

I've gone with a 10month accel from Admiral, as it means that I'll have my 4 years and can start protecting it with some companies. I've heard that some insurance co's don't accept the 10month accelerator, but I'll deal with that when I come to that hurdle.

 

[G_F]

My first policy was a full year, 2nd was 10months with Elephant. Told Adrian Flux I had 2years no claims and the last was from Elephant, they asked if it was 10months or 12, told them it was 10, no problems at all!

Why did he ask you if it would have no impact on the quote they were giving you.

All i remember from reading auto express about a year or so ago is that 10 month insurance policys are a con, i.e 2 years NCB (10month) is still more expensive than 2 years NCB (12 month) with the same insurance company also different companys dont see it as a full NCB so bump the price up, thus not saving any money in the long term, infact, probably paying much more.

Insurance companys arnt their to sort anyone favours...

 

[G_F]

Also people who have the 10 month, read the small print, its in their someware, i know this from experience

 

[McBunny]

i had mine denied about 5 years ago when i tried one

 

[M1TCH]

I understood that all the 10month ncds are only useable with the company you received them from....might be wrong but thats what norwich union said to me.

seemed pointless too, there quote was something like 1200 for 12 months say and the 10 month bonus thingy was like 950.

so was actually very close to the same price, but with one your insured for 12 months and the other 10 month then you have to pay again so theres not much in it.

 

[Daz]

All I know is this,

I have a Proof of No Claims and it says 2 years..

There's no way of even telling it was a 10mo policy!

 

[ant]

when you get your renewal through they send your proof of no claims and it states 1 year ncb, or 2 years whatever. doesn't mention the months.

you just send your new insurer a copy of this and bobs your uncle.

 

[iarno]

i know other companies arent supposed to but tesco said they would accept my 10 months NCB.

think most of them will, just need some light persuading!

 

[Ads_172]

As above, I'd imagine you just tell a potential new insurer you have X years NCB. they ask for proof so you send them the piece of paper saying "Mr Smith has X years NCB"...

 

[jwarren2k2]

why don't you just stay with the same company that gave you the 12 months, cos it's usually the cheapest, then you've got no worries cos its their own policy?!!

when i got mine with bell, i asked if it would be recognised with everyone, he said yes.

but as has alreay been said, when ur on the phone, just say you've got X years NCB, then when they ask you to post the proof, send ur certificate and they can decide what to do. Im pretty sure they won't bother with the hassle of the 10 months as they've already got ur money, so if they contact you saying its only 10 mths, you can say "i dont want the policy then", and that way they think they're gona lose a customer and £X00!!!