no claims bonus 'for life'

vix2000

Can anyone tell me what the difference is between More Thans 'no claims for life' and insuring your no claims with other companies. I am currently insured with more than and, out of curiosity, did a search on confused and money supermarket, and found quotes over £100 cheaper. I just want to know if the no claims for life is worth paying the extra money, which amounts to 25% of the cost. Thanks.

nickmack

vix2000 wrote: »

Can anyone tell me what the difference is between More Thans 'no claims for life' and insuring your no claims with other companies. I am currently insured with more than and, out of curiosity, did a search on confused and money supermarket, and found quotes over £100 cheaper. I just want to know if the no claims for life is worth paying the extra money, which amounts to 25% of the cost. Thanks.

It means even if you have an accident, your no claims bonus will remain at the same level instead of losing 2 years.

This is all fine and good except it doesn't mean your premium won't increase. Also if you go to another insurer, you will be required to declare any accidents, therefore potentially increasing the policy cost.

vix2000

but if you insure your no claims bonus you are allowed so many claims without it affecting your no claims bonus? So with 'more than' surely if you're claiming every month they would have to do something.

nickmack

vix2000 wrote: »

but if you insure your no claims bonus you are allowed so many claims without it affecting your no claims bonus? So with 'more than' surely if you're claiming every month they would have to do something.

There probably is a limit somewhere, I don't know what it is.

If you did claim every month at renewal time, your premium would be sky high, no matter who you insured with!

MarkyMarkD

All no claims discount gives you is a discount on the gross premium.

Protecting your no claims discount means that the amount of that percentage discount doesn't fall due to one accident (or two in five years, or whatever). It does NOT mean that the gross premium won't increase.

This is no different for More Than than any other insurer. If you have an accident, your gross premium will increase. But your percentage discount won't fall. Your net premium will increase, but not by as much (in £) as if you hadn't protected your no claims discount.

I wouldn't personally pay £100 more to have More Than's "protection for life" than someone else's "protected no claims discount". But I'd probably pay a little bit more.

In fact, my wife has been insured with More Than for a good few years, because they are good value AND they give her no claims discount guaranteed. I am NOT insured with More Than, and nor do I pay to protect my NCD, as with esure it is not really (IMHO) worth paying to do so as their NCD percentages go up to 75% and don't fall by much for each accident.

vix2000

thanks for the advice.