Insure your ride only till you need to. Compare temporary car insurance quotes today!
- Flexible cover to suite your temporary needs
- Same day coverage for immediate situations
- Why overpay when you can compare and save in minutes
What is temporary car-insurance and how does it work?
Equity release is a financial scheme that allows homeowners, typically those aged 55 or older, to access the equity tied up in their properties without having to sell their homes. There are two primary forms of equity release: lifetime mortgages and home reversion plans.
Lifetime Mortgage: With a lifetime mortgage, you take out a loan secured against your property. You can receive a lump sum, regular payments, or a combination of both. The loan and any interest accrued are repaid when you (or both you and your partner) pass away or move into long-term care. The house is then sold, and the proceeds are used to settle the loan. If there’s any money left after repaying the loan, it goes to your estate.
Home Reversion: In a home reversion plan, you sell a portion or your entire home to a home reversion provider in exchange for a lump sum or regular payments. You can continue to live in the property, often rent-free, until you pass away or move into long-term care. When the house is sold, the proceeds are shared between you and the provider based on the proportion of ownership you’ve sold.
Can I choose the tenure for my temporary car insurance?
Your eligibility for equity release depends on these 6 key factors:
Hourly Insurance
The minimum age for equity release is typically 55 or 60, but it can vary depending on the specific plan and provider. It’s essential to check with your chosen equity release provider for their age requirements.
Daily Insurance
Your home must meet a minimum value threshold of at least £70,000 and it’s in reasonable condition.
Weekly Insurance
In most cases, equity release plans typically allow a maximum of two applicants. These applicants are usually the homeowners who jointly own the property for which the equity release is being considered
Weekend Car Insurance
You must be the owner of the property, and it should be your primary residence for over 6 months of that year.
28 days to a month
Generally, your home should be in England, Scotland, or Wales, although some lenders may consider Northern Ireland and other islands.
Types of temporary car insurance that you can choose from:
Comprehensive
With our lifetime mortgage, your treasured home remains in your possession. You retain full ownership while accessing the funds you need.
Third party only
With our no negative equity guarantee, you can rest easy knowing that you'll never be required to repay more than the amount your home fetches upon sale, as long as it's sold at the best price reasonably attainable.
Your financial security is our priority!
Temporary Car Insurance Checklist*
What does Temporary Car Insurance cover?
- Standard feature: Provides protection against unexpected damage caused by natural events such as heavy rainfall or river overflow.
- Buildings insurance: Provides cover to structure and permanent fixtures.
- Contents insurance: Covers items inside your home, including clothing, electronics, furniture, and carpets.
- Most standard buildings insurance policies provide coverage for damage caused by subsidence, but this applies only if your property hasn’t experienced such issues before.
- Some policies may also include coverage for losses or damages to belongings due to subsidence and offer temporary accommodation if you need to move out during repairs.
Fire coverage is a standard inclusion in both buildings and contents insurance. If you have both types of coverage, it should safeguard the structure of your home as well as all the contents within it, from furnishings and appliances to jewellery, electronics, clothing, and books.
You almost certainly have coverage for damage resulting from storms under your buildings and contents insurance. This coverage can help mitigate financial losses caused by a storm, such as roof tiles being blown off. However, it typically applies only to your residence and any additional structures like sheds, excluding damage to fences, hedges, and gates.
Most standard buildings insurance policies encompass damage resulting from sudden water leaks or burst pipes, often referred to as “escape of water” coverage. Check with your insurer if your policy covers the repair or replacement of burst pipes, as some policies may only cover the damage caused by the leak. Note that gradual leaks, seen as a maintenance issue, are typically not covered.
Theft coverage is a standard inclusion in contents insurance but typically applies to items stolen from inside your home.
What is excluded from a short-term car insurance?
Your home insurance typically won’t cover the natural ageing or wear and tear of your belongings. So, if your favourite sofa is showing its age or your appliances give out, you’ll need to budget for replacements.
It’s important to notify your insurer if you plan to be away from your home for an extended period, usually beyond 30 days (some policies might allow up to 60 days). An unoccupied home can present higher risks, so you can browse quotes and help tailor your coverage or explore specialised options.
Standard home insurance doesn’t include specific asbestos coverage. However, if asbestos concerns arise after an insurable event like a fire or flood, your buildings insurance may assist with removal costs.
Accidentally spilling coffee on your laptop or causing mishaps to your belongings isn’t typically part of standard contents insurance. To safeguard against such incidents, you can usually add accidental damage coverage to your policy for a small extra cost.
Claims tied to issues stemming from inadequate home maintenance may be denied. For example, if a leak occurs due to neglected roof tile replacement or if dampness arises from poor ventilation, these could be viewed as maintenance-related and might not be covered.
When might I need to get temporary car insurance?
Usually single-trip policies are the cheapest options, however, several important factors will influence your premium, including:
Moving home or moving furniture
The cost of travel insurance can vary significantly based on your destination. Some countries or regions with higher healthcare and service costs may have pricier policies.
Waiting for your car to be repaired
Longer trips typically incur higher insurance costs. The duration of your journey directly affects the risk and potential expenses.
Learning to drive
Age plays a role in determining your premium. Younger travellers usually pay less for coverage than older individuals due to a lower perceived risk.
Taking a test drive
Pre-existing medical conditions can impact your travel insurance cost. You might need specialised coverage, which can be more expensive.
Getting your new car home
Pre-existing medical conditions can impact your travel insurance cost. You might need specialised coverage, which can be more expensive.
Borrowing your someones car occasionally
The cost of travel insurance can vary significantly based on your destination. Some countries or regions with higher healthcare and service costs may have pricier policies.
Sharing the driving
Longer trips typically incur higher insurance costs. The duration of your journey directly affects the risk and potential expenses.
Emergency
Age plays a role in determining your premium. Younger travellers usually pay less for coverage than older individuals due to a lower perceived risk.
Staying with friends
Pre-existing medical conditions can impact your travel insurance cost. You might need specialised coverage, which can be more expensive.
Business use
Pre-existing medical conditions can impact your travel insurance cost. You might need specialised coverage, which can be more expensive.
When would a temporary car insurance not be useful?
The right amount of life insurance depends on your circumstances, such as dependents, their needs, and available income sources.
At Monefi, we empower you to make an informed choice in picking the most suitable policy for your situation and to avoid overpaying. Our approachable experts guide you through assessing your financial obligations, and create a customised policy that meets your family’s unique needs.
How much does temporary car insurance cost?
Life insurance offers either a one-time lump sum or a series of regular payments, offering vital financial support to your loved ones when they need it most. It also covers income replacement, debt repayment, and estate planning. The pay out amount is determined by the coverage you choose.
Personal details:
Monefi helps you choose a life insurance policy that suits your needs and you invest regular premiums towards the policy.
- Personal details:
- Choice of car you'd like to insure:
- Your cover requirements:
Choice of car you'd like to insure:
We then discuss with you if you’d like the policy to be for a specific amount of time or your entire lifetime.
- The car's value
- The car's insurance group
Your cover requirements:
Designate one or more beneficiaries or trustees when you purchase the policy. These are the individuals that will receive the lump sum amount – death benefit.
- Policy tenure
- Purpose and estimated mileage
- Excess amount you are willing to pay
How to get cheap temporary car insurance?
Exclusions in travel insurance policies depend on the insurer and policy chosen. Nonetheless, several common exclusions or optional coverages may apply:
- Customise it to your immediate needs
- Pay a higher excess amount
- Avoid add-ons
Latest news:
When might I need short-term car insurance?
Typically, you can expect to receive between 20% and 60% of your home’s market value (or the portion you decide to sell). When contemplating a home reversion plan, it’s essential to consider:
– The possibility of releasing equity in multiple payments or as a single lump sum.
– The minimum age requirement for initiating a home reversion plan.
Will claiming on a short-term policy affect my no-claims discount (NCD)?
Although there aren’t inherent dangers or pitfalls, it’s vital to recognise that equity release will diminish the inheritance you can pass on to your loved ones. Similar to conventional mortgages or borrowing arrangements, you’re obliged to repay the borrowed amount, along with the accumulating interest, at a later date. It’s a financial commitment to be aware of.
Can I insure a car multiple times in a year?
Typically, the repayment of the lifetime mortgage occurs when the house is sold. If you decide to move into long-term care, you or your solicitor will oversee the sale process. In the event of your passing, if you have a will, an executor will handle the sale, or if you don’t, administrators will manage it. Any remaining funds from the sale belong to you or your estate.
