Protected NCB for life?

V_tricky

missile wrote: »

Ok not a "scam" just clever marketing hype

Well not really, if you didn't have a protected bonus, your premiums would increased by the full loading and premium increase, plus 20% to reflect the reduction in your no claims discount - so

Your £1200 policy, instead of being £360, would now be £660.

jeanette251978

It is not a scam but it is a clever way of making the customer think they are getting more, any company will protect your bonus for life if you :-

A) stay insured with them for life!

never have a claim for life!

Most companies allow 2 to 3 claims before they dont allow you to protect any longer!

jeanette251978

jeanette251978 wrote: »

It is not a scam but it is a clever way of making the customer think they are getting more, any company will protect your bonus for life if you :-

A) stay insured with them for life!

never have a claim for life!

Most companies allow 2 to 3 claims before they dont allow you to protect any longer!

And forgot to add

You of couse need to pay the additional premium each year for protected!

missile

V_tricky wrote: »

Well not really, if you didn't have a protected bonus, your premiums would increased by the full loading and premium increase, plus 20% to reflect the reduction in your no claims discount - so

Your £1200 policy, instead of being £360, would now be £660.

Your numbers are missleading, please be advised:
1.Most insurers one accident does not put you back to zero no claims.
2.More than charge "more than" many others to start with so ..........

IMHO it is marketing hype. I would suggest by adding 20% to the premium one could get the same or better deal elsewhere, so you are paying an extra premium up front for very little (if any) potential benefit.

jeanette251978

missile wrote: »

In my case, my insurer would deduct 1 year in the event of an accident. Thus instead of 65% I would have 60% NCD. You do the maths

Insurers step back 2 years ncb per claim and that is the first time ive heard of an insurer stepping back just 1 year! but sounds good to me!

Its not that simple to calculate an insurance premium im afraid, alot more goes in to it.

V_tricky

Yes indeed a whole lot more goes into it.

When I did that vague calculation to illustrate, I hadn't taken into account the cost of NCDP (which iirc, R&SA used to charge by calculating your premium at 65% instead of 70% - for their Morethan product it has changed)

I also used their NCD step back page in their policy booklet - showing that if you have a maximum 65% ncd and make one claim, it will step back to 45%. If you have two or more claims it will reduce to zero.

(incidentally, when I was looking at their policy document it does say that they wont cancel your policy as a result of the number of claims on the policy. Although it's not very clear whether that would include not inviting renewal)

I've also not heard of any insurer stepping back NCD by only one year

missile

65% ncd and make one claim, it will step back to 45%

or we increse the premium 20% and you keep your NCD where is the difference?

R&SA used to charge by calculating your premium at 65% instead of 70%

That is a reduction of 1 years NCD and IMHO it is a better deal

V_tricky

Well I hear what you say, I don't see how you are working it out, but hey

I think the OP was actually asking whether anyone was aware of any other companies that offered NCDP4Life though, presumably having considered the costs vs benefits and decided that that is what they wanted to have.

If YOU choose not to have NCDP or NCDP4Life, then that's up to you! But what might work for you, might suit you might not suit another person.

Are you aware of any other companies that have NCDP4Life (in case this thread does ever get back on topic)

jeanette251978

Each insurer has its own bonus scale so some might not even give 70% discount as a maximum bonus.

when you make a claim its not just the ncb that is effected.

If you have max protected ncb and make a claim then the ncb will still remain the same but the premium can and will still increase as you are protected the ncb NOT the premium. Although it wont increase as much as if you hadnt protected them.

But as V_tricky pointed out, this isnt what the OP asked, and i think the question has been answered lol.

missile

V_tricky wrote: »

Well I hear what you say, I don't see how you are working it out, but hey

I think the OP was actually asking whether anyone was aware of any other companies that offered NCDP4Life though, presumably having considered the costs vs benefits and decided that that is what they wanted to have.

If YOU choose not to have NCDP or NCDP4Life, then that's up to you! But what might work for you, might suit you might not suit another person.

Are you aware of any other companies that have NCDP4Life (in case this thread does ever get back on topic)

I did not quote any figures, I stated your figures are missleading.
I am not the only one to go off topic, I was merely adding my comment as were you. I believe it is called friendly debate?
The OPs question had already been answered. However for the record, I do not know of any company currently offering "NCDP4Life", however many offer NCD protection, which is pretty much the same thing by another name. As you have already pointed out More than have exclusions, which allow them to cancel - so is it really NCD4Life which as another poster commented and IMHO it is nothing special.