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No Claims Bonus

edited 29 December 2020 at 11:57AM in Motoring
43 replies 871 views
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  • AdrianCAdrianC Forumite
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    Are there any insurance companies out there who give beyond 9yrs? As this seems to be a common figure for this.
    Unlikely.
    So I have 9yrs with my current insurer. This caps out their max. So when I complete my current year and have another year NC and I switch company... I still have 9 years? Not 10?
    Correct. You will have your insurer's max NCB. And they recognise a max of 9yrs.
  • Biggus_DickusBiggus_Dickus Forumite
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    Are there any insurance companies out there who give beyond 9yrs? As this seems to be a common figure for this.

    So I have 9yrs with my current insurer. This caps out their max. So when I complete my current year and have another year NC and I switch company... I still have 9 years? Not 10?

    AXA offer up to 20 years max NCD apparently;...quite how that affects the all important  premium quote and ultimately the £££ in your pocket isn’t clear though.

    https://www.axa.co.uk/car-insurance/tips-and-guides/guide-to-no-claims-discount/


  • fred246fred246 Forumite
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    So if you have 20 years no claims bonus with Axa and then go to a company that only gives you 5 then move back to Axa it will take 15 years to get back to where you were. So the company that only gives you 5 can seriously damage your wealth? They should have to carry a Wealth warning when you take out their insurance.
  • AdrianCAdrianC Forumite
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    Are there any insurance companies out there who give beyond 9yrs? As this seems to be a common figure for this.

    So I have 9yrs with my current insurer. This caps out their max. So when I complete my current year and have another year NC and I switch company... I still have 9 years? Not 10?

    AXA offer up to 20 years max NCD apparently;...quite how that affects the all important  premium quote and ultimately the £££ in your pocket isn’t clear though.

    'course, it's still academic - because you'd be a captive customer, unable to move to another insurer...
  • AdrianCAdrianC Forumite
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    When one has maximum NCB, as I do, the premium reduces almost to a notional sum.  I can't think my insurer makes any profit on my £250 odd annual premium.  Expecting it to reduce further is absurd; I wouldn't want to pay less than I do because, knowing financial services, I'd know that corners would have been cut.  The most basic administrative work costs a company a couple of hundred a year; in real terms I'm probably paying almost nothing for the actual insurance.  
    Excuse the gentle thread-revival...

    I've just had the renewal through for our main car.

    £175 from a big-name.
    A quick poke of a meerkat has found a couple of name-brand insurers offering £135-140, with another couple £140-150.
    That's full comp, 6yr NCB.
  • Biggus_DickusBiggus_Dickus Forumite
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    AdrianC said:
    When one has maximum NCB, as I do, the premium reduces almost to a notional sum.  I can't think my insurer makes any profit on my £250 odd annual premium.  Expecting it to reduce further is absurd; I wouldn't want to pay less than I do because, knowing financial services, I'd know that corners would have been cut.  The most basic administrative work costs a company a couple of hundred a year; in real terms I'm probably paying almost nothing for the actual insurance.  
    Excuse the gentle thread-revival...

    I've just had the renewal through for our main car.

    £175 from a big-name.
    A quick poke of a meerkat has found a couple of name-brand insurers offering £135-140, with another couple £140-150.
    That's full comp, 6yr NCB.

    Blimey O’Riley, on the face of it those premiums look amazingly low;...if you had 10-years NCB they’d be paying you!  :D

     


  • AdrianCAdrianC Forumite
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    The joys of being old but not too old; living in the back end of nowhere; driving a lowish value car that's unlikely to get nicked...
  • Grumpy_chapGrumpy_chap Forumite
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    AdrianC said:

    £175 from a big-name.
    A quick poke of a meerkat has found a couple of name-brand insurers offering £135-140, with another couple £140-150.
    That's full comp, 6yr NCB.
    I had much the same prices, and I went with the lowest quote.  The customer service has been appalling.  I shall never go with RCIB again.
  • edited 20 January 2021 at 2:49PM
    AdrianCAdrianC Forumite
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    edited 20 January 2021 at 2:49PM
    AdrianC said:

    £175 from a big-name.
    A quick poke of a meerkat has found a couple of name-brand insurers offering £135-140, with another couple £140-150.
    That's full comp, 6yr NCB.
    I had much the same prices, and I went with the lowest quote.  The customer service has been appalling.  I shall never go with RCIB again.
    They are indeed the lowest. By a quid. Despite a considerably higher excess.

    Oh, hold on. By taking the excess down, the premium comes down. Under £130 now.
  • fred246fred246 Forumite
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    Prices are certainly much cheaper at the moment. I paid £100-120 for years. Just remove everything from the cover and don't bump it. Going back to my original question though if I selected 30 years NCB no insurance company gives out certificates with 30 years on. Well not easily anyway. So there must be loads of people like me who just add 1 extra year on to their record. And insurance companies mustn't ask for proof. There are loads of questions asked that you don't provide proof for. Never sent a marriage certificate in for instance. I just say I am married. Obviously they could deny a claim if I wasn't but I am. So if an insurance company said I didn't have 30 years they would have to prove when they thought my claim was.
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