Elephant '10' Month Insurance

[RSteve]

Hi guys,

I've got a renewal coming up in a month or two, and I've already started shopping around. Anyway, Elephant seem to be the cheapest I can find for my 172 cup (£750, compared to my first year at £1600). However, it's been pointed out that they have a '10' month policy in which you only insure your car for 10 months but still gain a full years no claims bonus.

Has anybody had experience with the 10 month policy? Bar the fact that it only lasts 10 months rather than 12, I see it as being quite a good deal, for this policy I've been quoted in the low £600's!

Thanks

 

[Adam.]

Price is relative to a 12 month policy. But you build up your NCB faster worth it imo.

 

[AK]

Is there not some clause that you have to used them for x amount of years before the bonus 10 month becomes a years worth that other companies will accept?

I may have just completely made that up...

 

[Laura]

i had one and my next company wouldnt accept it as a years NCB so i had to drop that year

 

[RSteve]

I did read that when 'renewal' comes around I'll have an extra years no claims even though I only insured for 10 months. But the question I wonder is does that only apply to renewing with Elephant as opposed to insuring with a different provider? If I were to insure for 10 months and claim the full years no claims, and find out at the end that other companies wouldn't accept it, it would be a waste!

 

[RSteve]

Price is relative to a 12 month policy. But you build up your NCB faster worth it imo.

I had a quote of £750 for the 12 months and £660 for the 10 months!

 

[AK]

Think that's exactly it mate, only Elephant will accept it.

They way round it is to get 1 x 10 months and then 1 x 12 month with Elephant after that, but if they're not the cheapest at renewal then you're fucked,.

 

[_sj_]

The NCB certificate from Elephant mentions nothing about a 10 or 12 month policy.

 

[Cliotoby]

The NCB certificate from Elephant mentions nothing about a 10 or 12 month policy.

This. Ive had a few ten month policies and my certificates clearly state the number of NCD I have, and nothing about policy lengths.

 

[RSteve]

So there should be no reason other insurers wouldn't accept it, if the certificate didn't mention policy lengths. If I took a 10 month policy and gained '1' year no claims, then the certificate from Elephant after that policy ends will display the 1 more years NCB too. Amiright?

They way round it is to get 1 x 10 months and then 1 x 12 month with Elephant after that, but if they're not the cheapest at renewal then you're f**ked,.

Thats just it, if Elephant were cheaper come renewal then it's go time for another year, but I won't know that until it's renewal time which mean's it would be a huge risk.

 

[AK]

There's a couple of insurers on here, Sky Insurance etc maybe just drop them a PM and see if they accept them?

 

[_sj_]

Admiral were cheapest for me after my 1st year (10months) with Elephant. So I got a 12 month policy with Admiral for my 2nd year. Just do it.

Saying "We don't accept NCD acquired on the bonus accelerator policies" is probably just a convenient excuse/cover up to say "We don't want your business" ... like when policy quotes come into the thousands of pounds!

 

[Slinkey]

Not sure if its worth it to be honest I did a 10 month on my last policy. My insurance for my Cup cost me 1500 this year with 1yr, 10months driving and 2 years NCB. Now if I had 2 years driving and 2 years NCB it would have cost me 1200, saving 300 quid. Sneaky buggers.

 

[Wick]

I have been on admiral 10 month policies for the past 17 odd months.... I wonder if only admiral honour them, but even so they always come out cheapest for me.

 

[Steven103]

Also, do the maths. The 10 month policies can work out quite a bit more expensive per month than the 12 month policy.

 

[SC03OTT]

Four of my NCB is from bonus accelerators from Admiral/Bell/Elephant. Aviva accepted them no bother.

 

[Wick]

Also, do the maths. The 10 month policies can work out quite a bit more expensive per month than the 12 month policy.

Definitely a consideration to take, I factored this into price negotiation. Make sure they don't charge you for the privilege of 10 months!

 

[mattg]

I did the 10 Month policies for 5+ years with admiral, then got it protected and moved to Aviva last year anyway. As someone has already said, they accepted it no problem as the Proof of No Claims does not specify the type of policy that was held.

 

[Steven103]

As also said whether it's good for you just depends on your quote. Once upon a time I was offered:

• 10 months at 1350 = 135 per month
• 12 months at 1500 = 125 per month
• A difference of £10 per month, which over 12 months adds upto £120
• I knew from doing a mock quote where I said I was a year older and had a year more NCB that 1 year more NCB would save me £300 (£25 a month) on my next policy.
• Therefore it was not worth paying £120 now to save £50 later even if other insurance companies did accept the earned-over-10-month NCB (which this thread seems to prove that some do and some don't)

Financially it's just like a phone contract. The shorter the length of time, the higher the price for the same phone & contract.

It seems as if insurance companies are offering these 10 month policies because it gets them more money AND more business from people who fall for it, not because they're being kind and want us all to have higher NCB.

Maybe it works out better for those with higher risk quotes, those who frequently make claims in months 11 and 12, or those who already have some NCB, I don't know.

 

[Austin-182]

Exactly as above, i explained it that way to the guy trying to sell me it and he was pissed off with me.i wasnt eing an arse, i was just doing general math wotking out whats best for me...
Why would they try and sell this service...to save us money.i dont think so, insurance companies are the biggest robbers going!