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Protected no claims
lynseydee
Posts: 1,810 Forumite
Since I could I have always protected my no claims. I currently have seven years. Last year I unfortunately made two claims, one which wasn't my fault and the other that I took partial blame with the other driver. It has meant that my insurance premium for this year has jumped up by £80.00 which has made me think that maybe it isn't worth protecting them. I have gotten a quote without the protection and have managed to get my policy down from £348.00 to about £181.00. Does it really make a difference? These are the only two claims I have made during the whole time I have been driving but do drive more nowadays getting to work than I used to. Part of me does think it would be worth not protecting them and hope that if I do make another claim in future my premium for the next year won't be extortionate.
Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 2010
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Comments
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We also have the protected NCD with 7 years claim free up to last year.. I had to make a claim (first in over 40 years that was my fault!) and this year the premium went up about £60 to £380.
When I asked about this I was told it was because their max NCD was for 9 years and as I had a claim we stayed at 7 years for another year. The increase was therefore due to general insurance costs rising. The policy was with Liverpool Victoria.
I then shopped around and got a similar policy with Norwich Union through M&S for about £50 less. Still with prtected NCD. LV declined to price match so we are now with NU.
But I do think the protected bonus is good. It seems to cost about £30 more for the same cover, but no doubt there is a big variation. The policy you found for £181......what would that insurer charge with a protected NCD?0 -
Have just checked and they would charge about £100.00 more if I protected the no claims which actually still works out cheaper than my current provider. Plus I think my current provider has charged me for breakdown this year whereas last year it was free. Have noticed that the Post office works out cheaper that my current provider and they are offering £50.00 cashback. I wonder if I can get additional cashback by going through a cashback website?Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 20100 -
Protecting your no claims bonus doesn't stop the initial premium increasing - so for example, pre accident your premium is £100, reduced to £50 because you have 5 years NCD. You have an accident and the next year your premium goes up to £160 you'd get it reduced to £80 becasue of your NCD.
Does that make sense?0 -
Protecting your no claims bonus doesn't stop the initial premium increasing - so for example, pre accident your premium is £100, reduced to £50 because you have 5 years NCD. You have an accident and the next year your premium goes up to £160 you'd get it reduced to £80 becasue of your NCD.
Does that make sense?
No it doesn't, why would the premium rise by 60% if the NCD is protected? I see that the NCD is reduced by the same 50%,as in your example, but to rise by 60% suggests the ins co is just recouping/loading by a different route, due to the claim. It suggests that your premium will rise if you have a fault accident so which ever way you look at it your premium will rise!
NCD protection in my opinion is a scam by ins co's to get more money, personally I would never take it!Don`t steal - the Government doesn`t like the competition0 -
I have managed to get a reduced quote from my current provider after getting a good price from someone else that they managed to match. It still includes protected no claims but seeing as the price was £120 less than the price they quoted me for this year and about £40.00 less than they quoted me last year :eek: it seemed like too good an opportunity to miss.Did owe £9,951.96
Now helping hubby pay off loan. Finally paid off :j
Owe Virgin [STRIKE]£5,950.00 [/STRIKE]at 0% til June 2009 £3,427.89. Owe HSBC [STRIKE]£5,460.78 [/STRIKE]2.9% til May 2010 £3,703.07. Owe Post Office £1,676.62 at 0% til September 20100 -
No it doesn't, why would the premium rise by 60% if the NCD is protected? I see that the NCD is reduced by the same 50%,as in your example, but to rise by 60% suggests the ins co is just recouping/loading by a different route, due to the claim. It suggests that your premium will rise if you have a fault accident so which ever way you look at it your premium will rise!
NCD protection in my opinion is a scam by ins co's to get more money, personally I would never take it!
Paying to protect your NCD is protecting your discount entitlement, not your premium against rising. So whilst your premium may go up after a claim your NCD stays the same.
If you don't protect it and have a claim you obviously lose some of the NCD.
After a claim your renewal is likely to go up but that doesn't stop you shopping around.:heart2: Love isn't finding someone you can live with. It's finding someone you can't live without :heart2:0 -
as shelly has said, your protecting the discount, not the current premium - the base premium will rise if you are in an accident whether you protect the NCD or not.0
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And as I said, "a scam by ins co's to get more money"Don`t steal - the Government doesn`t like the competition0
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And as I said, "a scam by ins co's to get more money
Not sure I agree.
No-one has to take this, it's optional.
If your no claims is protected it can save a lot of money even though you may still get the basic premium loaded.
FWIW - I am currently trying to reclaim a loaded premium for 3 years (no fault accident).
The total cost of the loading for 3 years is about £35.
MUCH smaller than the losses people can see from loss of NCB.
But at the end of the day, no-one get a gun held to their head, so if people think it's not worthwhile then they don't have to take it.
It may be more worthwhile for some people than others.0 -
And as I said, "a scam by ins co's to get more money"
As lisyloo said, its optional, you don't have to have it.
Personally we think its worth having. We pay to protect our NCD and in 06 I had a fault claim. Had we not paid the quite small amount to protect our NCD we probably couldn't have afforded to insure our sports car after the claim as we would have lost some of our NCD entitlement.
It would be a scam if you paid to protect your NCD then had a claim and lose some of your NCD you have paid to protect.
I guess we all have different views on what a scam is :rolleyes::heart2: Love isn't finding someone you can live with. It's finding someone you can't live without :heart2:0
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