Issues with Admiral car insurance - help needed

Quentin

You can cancel and start again, though you are unlikely to get all your money back.

Ask them how much it will cost to cancel and then decide if this is cost effective.

LittleMax

dacouch wrote: »

Without protected no claims, you will lose two years of your no claims bonus for any claims the Insurers cannot recover their outlay. You may still have loading applied for having a claim but the premium will normally be substantially lower than without protected no claims bonus.

That is assuming you stay with the same insurer - most years I change insurer to get a lower premium, so I would also lose that advantage as many companies will not transfer the protected no claims discount. If you move companies they will only give a certificate for the true no claims figure.

I take your point about it being worth it if you have two or my claims, but for me that is a very low probability. As with any insurance, it is for each individual to do their own calculation for their own circumstances and based on their own willingness to take risk.

bouncydog1 wrote: »

To be pedantic, there is never any guarantee that the premium will remain the same.

Personally I would always choose to protect my no claims. 60% off £1000 is a lot better than 40% off a £1000!

But 60% off £300 compared with 40% off £250 (if you shop around) is only 30 quid ... I'm happy to cover that

dacouch

LittleMax wrote: »

That is assuming you stay with the same insurer - most years I change insurer to get a lower premium, so I would also lose that advantage as many companies will not transfer the protected no claims discount. If you move companies they will only give a certificate for the true no claims figure.

I take your point about it being worth it if you have two or my claims, but for me that is a very low probability. As with any insurance, it is for each individual to do their own calculation for their own circumstances and based on their own willingness to take risk.

I hear that all day long and it's really not unusual to then see the same people have a couple of incidents and their premium to go through the roof


But 60% off £300 compared with 40% off £250 (if you shop around) is only 30 quid ... I'm happy to cover that

That sounds a good example, however the premium they deduce the no claims discount is much higher than that. If your annual premium is £250 the gross premium is massively higher than £300. probably nearer £800. As an example a £400 net premium would have a gross premium before NCD of circa £1000. So if you lose part of your no claims bonus the premium will jump to £600 before any loadings for claims. If you have two claims in the same year and lose all of your no claims bonus the premium is then £1000 before any loadings for claims which is a jump much higher than your £30 example. With protected no claims bonus the loadings would remain based on the £400 premium.

LittleMax

Doh! ... that is true!

However I still think they load the premium more if you stay with the same company and you will get a much better deal if you shop around. I really don't recall my premium going up that much after my claim. I shall have to dig my paperwork out and let you know.

shelly

LittleMax wrote: »

That is assuming you stay with the same insurer - most years I change insurer to get a lower premium, so I would also lose that advantage as many companies will not transfer the protected no claims discount. If you move companies they will only give a certificate for the true no claims figure.

I must have gotten lucky to never have come across these companies you speak of!
We shop around every year and I have never had a company tell me they won't recognise/we can't use/they won't transfer my husbands protected NCB.
Also after our 2 claims our proof said we still had full NCB (whatever their max is/was) because you have (usually) 2 lives with protected NCB before any of that NCB is lost in the event of a claim.