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Transferring money and no claims bonus

Transferring money and no claims bonus

Old Mar 26th 2010, 12:47 pm
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Default 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
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Old Mar 26th 2010, 1:33 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Steve Homer View Post
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
I use xetrade.com for transferring money from UK-to-US accounts. Is that the type of service you're after? I think there's a form you need to fill in for anything over $10,000.

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.
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Old Mar 26th 2010, 7:30 pm
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Default 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.
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Old Mar 26th 2010, 7:36 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Bob View Post
plenty of recent threads on moving moeny around, as mentioned, xe.com is a pretty good one.
You are right sorry searched for no claims and then thought of the money.

Originally Posted by Bob View Post
No claims count for nothing, you'll be starting over.
I found one post talking about transferring no claims. Surprised no company has made the leap.

Steve
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Old Mar 26th 2010, 7:40 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Steve Homer View Post
You are right sorry searched for no claims and then thought of the money.



I found one post talking about transferring no claims. Surprised no company has made the leap.

Steve
They do things differently here. Best to just accept it.
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Old Mar 26th 2010, 7:46 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Sally Redux View Post
They do things differently here. Best to just accept it.
I still live in hope and await a helpful posting to an expat-friendly insurance company any second now :-)

One can but hope.
Steve
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Old Mar 26th 2010, 7:57 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Steve Homer View Post
I found one post talking about transferring no claims. Surprised no company has made the leap.
Why? They make more money the way it is which is what everything is about here.
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Old Mar 26th 2010, 8:16 pm
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Default Re: Transferring money and no claims bonus

Our insurers (State Farm) accepted my no-claims history and my previous driving record.
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Old Mar 26th 2010, 8:23 pm
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Default 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)
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Old Mar 26th 2010, 8:51 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Steve Homer View Post

I found one post talking about transferring no claims. Surprised no company has made the leap.
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.
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Old Mar 26th 2010, 9:00 pm
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Default Re: Transferring money and no claims bonus

Originally Posted by Steve Homer View Post
I still live in hope and await a helpful posting to an expat-friendly insurance company any second now :-)

One can but hope.
Steve
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.
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Old Jun 4th 2010, 10:50 pm
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Thumbs up Re: Transferring money and no claims bonus

Originally Posted by Bob View Post
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.
Statefarm recognised my clean license from the UK, 10 years no claims. They gave me a significant discount on their rate and stated the 10 years on my insurance.

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.
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Old Jun 4th 2010, 11:44 pm
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Default 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
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Old Jun 6th 2010, 12:13 am
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Default Re: Transferring money and no claims bonus

Originally Posted by budleigh View Post
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
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.
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Old Jun 11th 2010, 9:38 pm
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Default Re: Transferring money and no claims bonus

Thanks all this is all very useful - keep em coming!

Steve
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