No claims bonus capped at 9 years?

steve-L

forgotmyname wrote: »

Unless the new insurer offer discounts for no claims over 9 years then its pointless bothering with it.

It might make a difference when you leave though....at least ensure that you get it written as you don't know when it might make a difference.... although my experience is as you said, after 5-7 yrs it makes almost no difference on total policy cost....

Sam03_2

Thanks for the information.

One other point of confusion I have is - when i seek a new quote in the future what would be the NCD years I would enter for the quote. Would it be 9 years from my current renewal or would it be 13 years (12 years originally + 1 year from current insurer who only accepted 9 years)

steve-L

Sam03 wrote: »

Thanks for the information.

One other point of confusion I have is - when i seek a new quote in the future what would be the NCD years I would enter for the quote. Would it be 9 years from my current renewal or would it be 13 years (12 years originally + 1 year from current insurer who only accepted 9 years)

That's the point....
Firstly it won't make much difference (or very unlikely) but even so you should supply the current insurer with proof of 12 years....
They will only accept 9....
Then when you change you will have a small battle to get them to confirm or find another way around it!

Wig

steve-L wrote: »

That's the point....
Firstly it won't make much difference (or very unlikely) but even so you should supply the current insurer with proof of 12 years....

Agreed, but between years 5 - 9 it is important, and after that you are just keeping an accurate record -incase you need it- to get the best quote.

They will only accept 9....

They have to accept what ever your previous letter says, if it says 12 they will have to issue 13 when you leave. Their pricing policy may have a maximum discount for "9 years or more" but that is a different subject

Then when you change you will have a small battle to get them to confirm or find another way around it!

You just ask them to give you a letter saying +1 "No claims" from the proof letter you supplied them with. They have to comply. You don't ask them for a letter saying + 1 "no claims discount" or "no claims bonus" because they can only issue that wording up to the max of their discount policy so you ask them to word the letter as "xx years no claims"

I have 15 years or so now and I swapped around during years 5- 13 and I had no problems getting the correct letters, well, I say I had no problems..... what I mean is I had no problems with them agreeing that yes they could issue such a letter if they could find the letter I supplied as proof. The worst one was Principality or Prudential (can't remember which 'P' it was), they sent me a 5 year letter and when I phoned.... said they had lost the proof I supplied but were good enough to telephone Nationwide and obtain confirmation of '11 years' from the Nationwide. Then the 'P' agreed they could issue what I wanted but then I had 5 letters issued saying "5 years" each time I was phoning up to say "it should say 12 years, you've sent me yet another '5 years letter' " until eventually the call centre manager wrote me a 12 year letter herself.

iolanthe07

I haven't made a claim since I passed my test in 1963 - fifty years ago this year. But I still only get 9 years NCB.

InsideInsurance

Also dont get sucked into the marketing ploy of NCD

Company 1:
1 year : 30%
2 years: 40%
3 years: 50%
4 years: 60%
5 years: 70%
6 years: 70%
7 years: 70%
8 years: 70%
9 years: 70%
10years: 70%

Company 2:
1 year : 30%
2 years: 40%
3 years: 50%
4 years: 60%
5 years: 65%
6 years: 66%
7 years: 67%
8 years: 68%
9 years: 69%
10years: 69%

The above are (or at least were) the percentage discounts given based on the number of years NCD for a mature/ experienced driver. Company 2 had a big marketing campaign about how they reward you all the way up to 9 years NCD where as most insurers stop at 5 years

Company 1 actually gives their customers a bigger discount at 5 years than the other company ever does.

With all companies, that I know of at least, if you have a fault claim when you have 5 or more years you still drop to 3 years. At the moment there is no insurer that gives any credit above 9 years so tracking above it is somewhat pointless.

Wig

InsideInsurance wrote: »

Also dont get sucked into the marketing ploy of NCD

Company 1:
1 year : 30%
2 years: 40%
3 years: 50%
4 years: 60%
5 years: 70%
6 years: 70%
7 years: 70%
8 years: 70%
9 years: 70%
10years: 70%

Company 2:
1 year : 30%
2 years: 40%
3 years: 50%
4 years: 60%
5 years: 65%
6 years: 66%
7 years: 67%
8 years: 68%
9 years: 69%
10years: 69%

Yet company 2 was the cheapest quote, and you would only have got the cheapest from them if you had a 9 year+ letter, so walking away from Company C with a 5 year letter even though you were entitled to 9 year letter is stupid.

InsideInsurance

Company 2 may be a lower quote as ultimately it is only a discount and therefore the bottom line is a combination of the top line price and the discount applied.

It is sensible to keep track of your NCD up to 9 years, at present it is pointless to track above 9 years and if any insurer were to offer a 20 year NCD scale they will have to create a business solution to the fact they know almost no insurer count into double digit NCDs

Wig

I think More than go up to 9 for new customers but then go up to 11 or 13 for customers who stay with them.... dont they?