Protected No Claims

[FaldosJumper]

Is it worth the extra to protect them? Granted it looks to be about £20 odd but I wonder if it makes a difference if you claim when the renewal comes round.

I've 12 years no claims so am not sure what they'd reduce to if I made one claim but I do tend to think I'll get it but wonder what other people think? It's a bit like do I say the car is on the drive or the garage... I say the drive as it wouldn't get in for golf equipment

 

[brendy]

From what I remember, if you have full NCB (usually 5 years), your first claim unless it is a whopper removes 5% off your no claims bonus. if 5% is less than your saving, then dont bother would be my advice.

 

[FaldosJumper]

From what I remember, if you have full NCB (usually 5 years), your first claim unless it is a whopper removes 5% off your no claims bonus. if 5% is less than your saving, then dont bother would be my advice.

so 5% of 12 would be 6months... is that what you mean?

 

[brendy]

No, not quite say your policy was £1000 and you had full ncb which usually amounts to 65% this would mean that you pay £350 a year. if you had an accident and you lost a years ncb over it, usually 65% back down to 60%. you would be paying 400 the next year. if your option to protect your ncbs was £20 extra then it would be worth doing, if it was over $50 then you might as well just take the 5% hit on the next years policy. You might even be able to negotiate a better deal elsewhere as new business.

Insurance NCBs dont quite step up equally per year, ie first years ncb might be 25%, next year 30%, next year 40%, next year 60% up to a maximum of 65% on the 5th year, some companies like John Lewis do offer 75% but read the small print.

Some companies offer protected no claims but when you do read the wee print, they guarantee that you will only lose 30% maximum rather than 0% loss which is a little underhanded with how they word it, icertain companies should call it partial protected NCB's.



(Maths were never my strong point so someone might need to run their eye over my figures just to make it 100% numerically correct! haha but that is the general jist of it.)

 

[RGDave]

It's a sort of insurance on an insurance.....a kind of gamble, if you like.

£20 says I won't crash this year, so I wouldn't bother.

The first claim doesn't seem to be that costly, but if your car is expensive and a claim bumps it up £100+ then maybe.

http://forums.moneysavingexpert.com/showthread.php?t=80209

 

[jammag]

Usually protected NCB will add between 5-15% onto your price. Now what you have to understand (and a lot of people dont) protect no claims bonus is exactly as it says. It is NOT protected against claims. So if you have an accident you are still going to get the 20-30% load on next years price but you keep your full ncb and also get the 50-65% final ncb discount. If you dont protect ya bonus you get the 20-30% load but obviously no final discount. If its only £20 means your probably only paying £250 for insurance so it probably is worth it. If it was an extra £100 then I wouldnt bother.

 

[FaldosJumper]

No, the quote is 383.45 with the protection added it's 408.34, seems worth it then based on the above....

 

[bladeplayer]

No, the quote is 383.45 with the protection added it's 408.34, seems worth it then based on the above....

Like fully comp insurance .. waste of money unless you crash & it your fault , the protection usualy IS worth the bit extra .

 

[FaldosJumper]

No, the quote is 383.45 with the protection added it's 408.34, seems worth it then based on the above....

Like fully comp insurance .. waste of money unless you crash & it your fault , the protection usualy IS worth the bit extra .

Now there's a thought 3rd party and fire and theft... Wonder what the difference would be...

 

[bladeplayer]

No, the quote is 383.45 with the protection added it's 408.34, seems worth it then based on the above....

Like fully comp insurance .. waste of money unless you crash & it your fault , the protection usualy IS worth the bit extra .

Now there's a thought 3rd party and fire and theft... Wonder what the difference would be...

wouldnt know as insurance is totaly individualy assesed , we call that "get by the cops insurance" if there is not a major difference always go fully comp , just on a different tangent from what i said above if you get hit by drunk driver, stolen or un insured car or hit & run etc trying to get your car sorted can be a nightmare with insurance companies.. at least with the fully comp you have the option get it repaired by your own insurance & chase it up from there , if it is not sorted before your policy is due to be renewed it will affect the renewal price as the claim will be still against you, , this is where the step back protection is good to have ,

 

[FaldosJumper]

Yeah, thanks for that. I probably wouldn't have the b@lls to do it