Do you insure your no claims bonus?

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  • Do you insure your no claims bonus?
  • unovolo
    Member

    I always pay the extra for protected no claims does not cost me much extra so don’t mind.

    Premier Icon Daffy
    Subscriber

    NCB should be transferable.

    Neil F
    Member

    No claims is transferable, all you need to do is show the new company your renewal notice, which will have details of your no claims.

    Premier Icon Drac
    Subscriber

    You won’t even need to do that as they share a database for claims.

    Junkyard
    Member

    If you insure you only get one claim per two years IIRC.
    I tend to

    Does a claim nock it back to full price or just increase it a but?

    andyl
    Member

    some are now doing normal protected ncb and then a higher level of protected. Just one of the ways they like to make more money.

    My insurer also seems to have different compulsory excesses depending on what protection you have.

    ie they make you pay twice to protect it.

    b r
    Member

    It’s all a bit pointless IMO as the only company who’ll accept the ‘protection’ is your current one and they will still load the premium to cover your claim, so the most you’ll save is whatever the percentage it is that they take off for a claim.

    But, I’m old also and there was zero cost to protect, so I took it anyway – £168 comp with business cover and £0 excess. 🙂

    andrewh
    Member

    Never bothered until this year, but I have 7yrs now and I think adding it and legal cover, which I’ve never bothered with before either, added a tenner.
    31yr old with a Transit insured for £204 fully comp 😀

    nealglover
    Member

    …and they will still load the premium to cover your claim, so the most you’ll save is whatever the percentage it is that they take off for a claim.

    That’s not really how it works.

    They will load the full premium “because of your claim” not “to cover your claim”

    As someone who has claimed, statistically you are now a higher risk (talk to an actuary for further details of how and why) and as premiums are calculated from actuarial risk tables, higher risk means a higher full premium.

    Then once the full premium has been calculated, they will apply the NCD, if you had it protected. Of just charge the full premium if you didn’t have it protected.

    So although your insurance will rise after a claim. It will rise by a lot more if you didn’t have your NCD protected.

    Of course it makes sense , you should also take out insurance against losing your no claims on your insurance insurance . You can’t have too much insurance , I love it so much I’m going to gratuitously write it down a few times , insurance insurance insurance insurance insurance insurance insurance insurance . There I feel great now .

    Premier Icon ampthill
    Subscriber

    being old and boring car insurance is cheap for me.

    I don’t insure my no claims bonus as I just think that if I claim it will count for nothing. I’ll still have to declare a claim and that will bump up the premium. I’ll also have to stay with the same insurer as its not transferable, that also pushes up the premium.

    Or am I talking rubbish. Opinions please

    I found out my protected no claims gives me three “strikes” i keep thinking I might shunt that big fancy merc or whatever now just to see the look on their face. Dont let me in when the road narrows, take that posh boy BAM!!!!

    Other than these inane musings I cant see the point.

    Premier Icon ampthill
    Subscriber

    Then once the full premium has been calculated, they will apply the NCD, if you had it protected. Of just charge the full premium if you didn’t have it protected.

    So although your insurance will rise after a claim. It will rise by a lot more if you didn’t have your NCD protected.

    That bit I understand. But usually the renewal quote from my current insurer way higher than starting again on confused.com. So although my renewal quote will still have NCB presumably only if I stay with my current insurer

    I think I’m under £200 with a fairly large excess.

    I suppose I have to see what it will add tot he premiums

    Oh finally presumably I can be main driver on both cars. My wife never commutes in them, I do. That has brought down the premiums as she has less NCB and has had collision within 5 years

    Premier Icon dannybgoode
    Subscriber

    Yes a claim regardless of what status your NCB is will bump you premium but a full NCB is worth 60-75% and you lose 2 years for each claim if it is not protected.

    A 3 year NCD is worth around 40-50% depending on the insurer and so you will get premium increase plus around another 20-25% loading due to loss of NCD and then another 10-20% the year after when you are at 4 years NCD.

    An NCB usually survives 2 claims so if you had a second claim the year after you would be down to 1 years NCB and that would hurt financially.

    I use to work in a car insurance call centre and was under huge pressure to upsell all kinds of useless add-ons and protected NCB was the only thing I really believed had any value.

    Cheers

    Danny B

    Premier Icon ampthill
    Subscriber

    cheers Danny

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