NCD Caps are a scam !!!!!!

David_InsDef

To be fair, you do have a valid point - assuming you have no claims, however many years you stay with that insurer should be added to whatever NCD you took to them and that's what should be confirmed back to you when you leave.

Some (but not all) insurers give (albeit incrementally small) additional discounts for NCD years of 10+.

Like everybody is saying, it should be an easy task for the insurer to resolve for you. Good luck with it.

InsideInsurance

David_InsDef wrote: »

Some (but not all) insurers give (albeit incrementally small) additional discounts for NCD years of 10+.

Can you name any?

David_InsDef

InsideInsurance wrote: »

Can you name any?

Both Zurich and Axa.

InsideInsurance

David_InsDef wrote: »

Both Zurich and Axa.

Thats strange, trying to do a quote on Zurich's website they only allow you to enter 0-9 years NCD so how do you gain benefit from having 23 years NCD if you can only tell them you have 9??

Axa declined to quote so cannot test their pricing.

David_InsDef

I work with their broker-market products. Guess their direct offering is a more limited footprint.

InsideInsurance

David_InsDef wrote: »

I work with their broker-market products. Guess their direct offering is a more limited footprint.

So whats the ceiling of their broker distributed discount? Clearly they wont keep discounting forever

Quentin

David_InsDef wrote: »

I work with their broker-market products. Guess their direct offering is a more limited footprint.

Irrespective of how many "extra" years NCD brokers can sell these policies with, moneysavers will be able to get better and cheaper cover elsewhere using the MSE guide even if they only have 5 years NCD.

David_InsDef

InsideInsurance wrote: »

So whats the ceiling of their broker distributed discount? Clearly they wont keep discounting forever

They go into the 70%s. Don't get me wrong, the bulk of the discount value still sits in NCD years up to 9. It's not so long ago that everybody topped out at 5/6 years but most are now 9. Given that Aggregators allow for data-capture for double digit years it shouldn't come as a surprise that insurers are using it.

InsideInsurance

Quentin wrote: »

Irrespective of how many "extra" years NCD brokers can sell these policies with, moneysavers will be able to get better and cheaper cover elsewhere using the MSE guide even if they only have 5 years NCD.

Who's put you in such a sour mood recently?

They certainly may be able to get cheaper and/or better via other channels than a broker but based on the number of posts we get here of people asking "have you ever heard of XXXXXX because they're coming out the cheapest?" and 95% of the time XXXXX turns out to be a broker it certainly does seem our friends there get it right some of the time.

InsideInsurance

David_InsDef wrote: »

They go into the 70%s. Don't get me wrong, the bulk of the discount value still sits in NCD years up to 9. It's not so long ago that everybody topped out at 5/6 years but most are now 9. Given that Aggregators allow for data-capture for double digit years it shouldn't come as a surprise that insurers are using it.

No, ceiling as in number of years not percentage.

Given you've given the percentage though, there is a fair number of providers, in the direct space at least, that give 70% discount for just 5 years NCD.