Transferring money and no claims bonus
#1
Forum Regular
Thread Starter
Joined: Aug 2009
Posts: 127
Transferring money and no claims bonus
Dear All
Two quick related questions.
1) I need to transfer funds initially around $5,000 but then maybe $100,000 or so. I tried Caxton but found their rates not much better than Natwest. Anyone got any recommendations?
2) I have a seven years no claims level over here (although it may be problematic as I had a two year away break). Are there any US insurance companies that recognise UK no claims discount levels and how easy is it to get them accepted. I will probably be living in Hawaii.
TIA
Steve
Two quick related questions.
1) I need to transfer funds initially around $5,000 but then maybe $100,000 or so. I tried Caxton but found their rates not much better than Natwest. Anyone got any recommendations?
2) I have a seven years no claims level over here (although it may be problematic as I had a two year away break). Are there any US insurance companies that recognise UK no claims discount levels and how easy is it to get them accepted. I will probably be living in Hawaii.
TIA
Steve
#2
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: Transferring money and no claims bonus
Dear All
Two quick related questions.
1) I need to transfer funds initially around $5,000 but then maybe $100,000 or so. I tried Caxton but found their rates not much better than Natwest. Anyone got any recommendations?
2) I have a seven years no claims level over here (although it may be problematic as I had a two year away break). Are there any US insurance companies that recognise UK no claims discount levels and how easy is it to get them accepted. I will probably be living in Hawaii.
TIA
Steve
Two quick related questions.
1) I need to transfer funds initially around $5,000 but then maybe $100,000 or so. I tried Caxton but found their rates not much better than Natwest. Anyone got any recommendations?
2) I have a seven years no claims level over here (although it may be problematic as I had a two year away break). Are there any US insurance companies that recognise UK no claims discount levels and how easy is it to get them accepted. I will probably be living in Hawaii.
TIA
Steve
No one will recognise your no-claims bonus. Insurance salesmen are like car salesmen here - they will say anything to get you in the door - so don't be fooled.
#3
Re: Transferring money and no claims bonus
plenty of recent threads on moving moeny around, as mentioned, xe.com is a pretty good one.
No claims count for nothing, you'll be starting over.
No claims count for nothing, you'll be starting over.
#4
Forum Regular
Thread Starter
Joined: Aug 2009
Posts: 127
Re: Transferring money and no claims bonus
I found one post talking about transferring no claims. Surprised no company has made the leap.
Steve
#8
Lost in BE Cyberspace
Joined: Jun 2005
Location: Oz -> UK -> San Diego
Posts: 9,912
Re: Transferring money and no claims bonus
Our insurers (State Farm) accepted my no-claims history and my previous driving record.
#9
Re: Transferring money and no claims bonus
Allstate were very good. To be honest though, a lot depends on the person you end up speaking to. (As with many such instances)
#10
Re: Transferring money and no claims bonus
Some say they do, but it's just a sales pitch...at best, showing a clean driving record puts you at the 18 year mark rather than 16 year mark.
#11
Re: Transferring money and no claims bonus
IIRC, when my husband was added to my insurance, we gave the agent his no claims certificate and I do think it was transferred in (he wasn't treated as a new 16y/o that just got his license). However, this was almost 6years ago and I don't know if they would do that now. I was with Traveler's at the time.
#12
Just Joined
Joined: Jun 2010
Posts: 4
Re: Transferring money and no claims bonus
To get this, I had to provide them with proof that my license had no Endorsements (i.e. tickets, points etc.), and the year of issue of the license. Both are on the paper counterpart of a British photocard license. Sent them a scanned copy, got a great discount.
Another thing they may ask for is a letter from the DVLA confirming when your license was issued, can do this by calling the DVLA and getting your Certificate faxed to you. There is a £5 fee that you can pay over the phone by debit/credit card.
Last edited by welshgirlincali; Jun 4th 2010 at 10:55 pm.
#13
Forum Regular
Joined: Mar 2008
Location: East Bay Area, CA from Hampshire UK
Posts: 88
Re: Transferring money and no claims bonus
Just coming on here to post about our car insurance! so will reply here instead.
We have just today taken out an auto insurance policy for two cars and renters insurance with State Farm. We showed them the UK licence and paper counterpart and they used this to prove our driving history. They also accepted the two letters from our previous UK car insurance that stated our no-claims. The discount was huge despite the fact my husband had a sp30 on his UK licence. Even slightly tarnished UK driver history is better than no history at all it seems!
I got a number of quotes from other companies who claimed to take UK driver history into account but they couldn't touch the State Farm quote.
hth
N
We have just today taken out an auto insurance policy for two cars and renters insurance with State Farm. We showed them the UK licence and paper counterpart and they used this to prove our driving history. They also accepted the two letters from our previous UK car insurance that stated our no-claims. The discount was huge despite the fact my husband had a sp30 on his UK licence. Even slightly tarnished UK driver history is better than no history at all it seems!
I got a number of quotes from other companies who claimed to take UK driver history into account but they couldn't touch the State Farm quote.
hth
N
#14
Re: Transferring money and no claims bonus
Was it better than Geico - that's who we're with and we're always interested in finding a better quote. I insured with State Farm when I first moved to the US 20 years ago with no no-claims history, and they were the best deal I could find then.
#15
Forum Regular
Thread Starter
Joined: Aug 2009
Posts: 127
Re: Transferring money and no claims bonus
Thanks all this is all very useful - keep em coming!
Steve
Steve