Car Insurance: 10 Month Bonus Accelerator Policies

Ian85

Hi,

I took out a 10 month bonus accelarator policy with elephant about 5 months ago. I recently read somewhere that hardly any insurance companies accept it as a full years no claims even though I was assured on the phone before I took it out that insurers would accept it as a full year.

My insurance will be due in 5 months time, so I don't know whether to hold on till then and either renew with elephant (with 1 years no claims) or start looking from scratch (with no no claims).

(or) try to see if elephant would extend the policy to a full year if I pay the extra (I doubt it though).

(or) cancel the policy now, and get a full 12 month one? Would I get any money back if I did this, or would I lose it all?


Thanks in advance for any ideas.

dunstonh

These plans are designed to keep you with them as not many will accept 10 months as a full year. Some people have got away with it in the past. Usually if you are not asked to supply the proof of no claims. But then you run the risk of obtaining insurance on fraudalent terms. Again, may get away with it, may not.

I dont think they would extend it to a 12 month one. Although you could try.

Ian85

If I had 20 months no claims (2 years in elephants eyes), would this class as 1 year for all other insurers or not? as I would not have got the 12 months no claims “in 1 go” if you see what I mean – I would have got it over 2 10 month policies.

losgiganteskid

The 10 month for 12 month No Claim bonus discount is only usually available for new policyholders without entitlement to NCB. ie first time insurance in own name. Policy effective for 10 months intially then renew for 12 months from thereon in with 1 yr ncb granted (provided no claims of course !!) - so 2 periods of insurance equals 22 months ie only one year NCB. Its a marketing trick to get you to sign up then lock you in. :xmassign:

Ian85

losgiganteskid wrote:

The 10 month for 12 month No Claim bonus discount is only usually available for new policyholders without entitlement to NCB. ie first time insurance in own name. Policy effective for 10 months intially then renew for 12 months from thereon in with 1 yr ncb granted (provided no claims of course !!) - so 2 periods of insurance equals 22 months ie only one year NCB. Its a marketing trick to get you to sign up then lock you in. :xmassign:

Hmmm. I was told you could renew for 10 months after your first 10 months. Would I have any comeback if they've provided me with incorrect information about this?

I don't know whether it's just going to be better to cancel the insurance now and look for a "proper" policy.

---lee---

dunstonh wrote:

These plans are designed to keep you with them as not many will accept 10 months as a full year.

dead right. 11 months is 0 years NCB. 1 year 11 months is 1 year NCB.

Some people have got away with it in the past. Usually if you are not asked to supply the proof of no claims. But then you run the risk of obtaining insurance on fraudalent terms. Again, may get away with it, may not.

That's called fraud. When you claim the insurer will ask for proof of NCB and your policy will be void.

scheming_gypsy

losgiganteskid wrote:

The 10 month for 12 month No Claim bonus discount is only usually available for new policyholders without entitlement to NCB.

i had 2 years NCD and got a 10 month accelerator with Elephant no problem, they even suggested it to me

blacksta

Thank you for all your remarks. I have 3 year NCB and recently went 4 a 10 month as it was a more cheaper. Reading all your comments i have come to the conculsion the matter is a grey area until the insurance companies come clean.

funkymonkey

i am now coming up to the end of my 3rd year at 10 months switching between elephant and admiral. so i will have four years no claims which i can protect and i will go elsewhere. it is a slightly grey area but one thing i have noticed on my renewal with admiral last year it stated that i had 3 yrs no claims discount and mentioned nothing of a ten month bonus accelerator. so when an insurance company asks for it you send it to them and thy are none the wiser!

Ian85

funkymonkey wrote:

i am now coming up to the end of my 3rd year at 10 months switching between elephant and admiral. so i will have four years no claims which i can protect and i will go elsewhere. it is a slightly grey area but one thing i have noticed on my renewal with admiral last year it stated that i had 3 yrs no claims discount and mentioned nothing of a ten month bonus accelerator. so when an insurance company asks for it you send it to them and thy are none the wiser!

funkymonkey: Do you know whether you can renew for 10 months after the 1st 10 months or whether the 10 months accelerator is just for the 1st year?

SamDude

Ian85 wrote:

funkymonkey: Do you know whether you can renew for 10 months after the 1st 10 months or whether the 10 months accelerator is just for the 1st year?

No.

I have just started my 'third' car insurance year on the 10 month policy.
10 months - Admiral
10 months - Elephant
and now started:
10 months - Admiral

On the policy schedule/renewal it doesn't state that my NCB is for an accelerated policy - simply that I have 2 years NCB.

You can renew/requote at the end of the policy for as long as the Admiral group (inc Elephant/Bell) offer the 10 month accelerator policy.