Protected no claims discount

bashful

Doesn't matter that's it an old thread. All the info still seems relevant!
My question about a protected NCD is that, if you have made a fault claim and then shop around at renewal time, are you able to put on the quote forms that you have x years NCD from your current insurer?
You will have to give details of the claim so how can you know what, if any, part of your protected NCD is applied?
I may not have phrased that very well but I hope "someone that knows" about these things will get my drift!
Brian

AdrianC

bashful wrote: »

My question about a protected NCD is that, if you have made a fault claim and then shop around at renewal time, are you able to put on the quote forms that you have x years NCD from your current insurer?

Yes.

You will have to give details of the claim so how can you know what, if any, part of your protected NCD is applied?

It'll tell you on your renewal from your current insurer how much NCD you have.

But, before you get too excited, I posted the other day about what %age discount those years actually translate to...
https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages

AdrianC wrote: »

Zurich's average %age discount per year of NCB...

One year - 23%
Two years - 35%
Three years - 45%
Four years - 50%
Five years - 51%
...then an extra 1% per year up to...
Nine years - 56%

How much is the protection costing you...?

bashful

Thanks for the speedy reply. The PCND extra is £32.29 with LV.
Having read your information it's not worth paying for!
Many thanks
Brian

FreddieFrugal

Oh, yes moneysaver I was at maximum NCD, but my renewal was still lower.

However last year was the first year that our premiums were higher. But our renewal quote from direct line still undercut all of the competition even taking cashback into account where available.

At least in our experience DL do seem to value existing customers and want to retain them.

BATLEYBOY

My son has just reached 4 years NCD with Diamond so rang up to find how much it would cost to protect them and was quoted £88, does anybody think this is a fair price as reading up on it i was expecting nearer £25-£40

AdrianC

BATLEYBOY wrote: »

My son has just reached 4 years NCD with Diamond so rang up to find how much it would cost to protect them and was quotes £88, does anybody think this is a fair price as reading up on it i was expecting nearer £25-£40

<points up a bit>
https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages

AdrianC wrote: »

Zurich's average %age discount per year of NCB...

One year - 23%
Two years - 35%
Three years - 45%
Four years - 50%
Five years - 51%
...then an extra 1% per year up to...
Nine years - 56%

What's his premium?
Four years down to two will cost him a little over 20% of his premium over the two years it'll take to get back up to the flattening out he's just reached. Is that more or less than £88? How likely is he to claim?

BATLEYBOY

His premium is £422

AdrianC

After the 50% discount?

Then if he think's there's a better-than-evens chance of a claim, he should take it.

fred246

There was a long thread about this recently and everyone disagreed with me. I stopped paying for NCD protection about 20 years ago. I decided I was a very low risk and as insurers are desperate for you to protect your discount they obviously make a lot of money out of it. I had plenty of savings so could cope with any increase. I haven't made a claim for a total of 29 years so must have saved a bit. So it seems that if you are a low risk and can cope with paying a bit extra don't protect your NCD. If you pay a lot and are poor and can't cope with an increased premium protect it. I just max the excesses and take everything off and pay what most people consider amazingly low premiums. Insurance is there for the whopping bills not the comparatively small ones.

dacouch

AdrianC wrote: »

<points up a bit>
https://forums.moneysavingexpert.com/discussion/6094792/ncb-percentages


What's his premium?
Four years down to two will cost him a little over 20% of his premium over the two years it'll take to get back up to the flattening out he's just reached. Is that more or less than £88? How likely is he to claim?

The majority of Insurers work on a percentage of around the following

1 Year 30%
2 Years 40%
3 Years 50%
4 Years 60%
5 Years 65%