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Is Protected NCD a con?
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Yes I do have very cheap insurance year after year because I take off all the unnecessary extras!0
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If everyone pays for protection who wins? The insurance industry or the customers?
You know well that the answer to that is the insurance industry, and the tiny minority of customers who have claims.
Insurance is a colossal waste of money if you don't claim.
The general rule (except where The Law requires it) is "If you can afford to replace it, don't insure it"
I don't insure my mobile 'phone because
a) I could buy another from Argos with disposable income (less sweets and drugs though that month)
b) So many people drop their 'phone down the toilet when a new one comes out that the premium is high.
I do insure my house, because if it burns down I can't afford to replace it.
I insure my no-claims bonus because if I lost it, I can't really afford the extra payments to replace it, and the cost of the insurance is a small percentage of what I would recover.
Our whole society is based on getting people to want to buy stuff that virtually all of them don't actually need, so by not falling for their tricks, and risking paying back your no-claims discount over several years, I guess you are ahead of the herd. I want to go back to The Olden Days, when every single thing that I can think of was better.....
(except air quality and Medical Science)0 -
Indeed, even a momentary lack of concentration parking a low slung sporty thing could easily be a very expensive bill. It was about £30 for my ncd protection, to each their own.I insure my no-claims bonus because if I lost it, I can't really afford the extra payments to replace it, and the cost of the insurance is a small percentage of what I would recover.Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.Would be interesting to hear if anyone has direct experience?Why? So you can argue with them?0 -
We seem to have opposing views here fred990. You must be confusing the people that think we are the same person.0
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You do wonder why they bother to use the money saving expert site though.
Fred - You're on the wrong site. You're looking for spendaslittleaspossible.com - it's different from Money Saving - money saving is about spending wisely and getting good value, you just don't like spending at all. A tiny fee to protect your NCD might be worthwhile. And as usual with insurance, you're always hoping it WILL be a waste of money!Maybe people on this forum need to look at ways to improve their driving. If you're crashing all the time who have to ask why. For those that don't crash all the time there is no need to protect your no claims bonus.
You do know many claims are made all the time when the car's empty?0 -
I had an at fault collision recently. My first claim since 1974, and in that case the other driver was successfully prosecuted for driving without due care and attention. So, 45 years no claims record sadly ended, but I'm very glad I protected my NCB, though I know I will (rightly) take a hit at my next renewal.I used to think that good grammar is important, but now I know that good wine is importanter.0
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So you have paid the insurance company extra premium every year for 45 years just to stop your premium increasing a bit after an accident. And you think that is sensible or clever? At least half the population would benefit from not protecting their no claims.0
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We do indeed have opposing views on this, it's whatever works.We seem to have opposing views here fred990. You must be confusing the people that think we are the same person.
You're not confused, I'm not confused but its been fun to watch them getting bent out of shape about it. No doubt they'll be along soon to bang on (not about ncd prot btw) but about how they knew all along you didn't really use two id's....:rotfl:Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.Would be interesting to hear if anyone has direct experience?Why? So you can argue with them?0 -
So you have paid the insurance company extra premium every year for 45 years just to stop your premium increasing a bit after an accident. And you think that is sensible or clever? At least half the population would benefit from not protecting their no claims.
No, I have never included no claims bonus protection until my last renewal, when I omitted to tick the box declining it. I intend to included it from now on, though.I used to think that good grammar is important, but now I know that good wine is importanter.0 -
Now that's the kind of forward planning that even fred would be proud of :money:iolanthe07 wrote: »No, I have never included no claims bonus protection until my last renewal, when I omitted to tick the box declining it. I intend to included it from now on, though."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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