Protected no-claims - waste of money ?
23 September 2002, 11:57 AM
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When ringing round for insurance quotes, I always get asked whether I've made any claims in the last 3 years (sometimes 5).
So what's the point of protection then ? Do companies really take any notice of it ? or is it only worthwhile if you stick with the same company ?
Imagine "I have full no claims but wrote my car off last year" - "Oh well we'll just pretend that never happened then shall we ?" - I think not........
So what's the point of protection then ? Do companies really take any notice of it ? or is it only worthwhile if you stick with the same company ?
Imagine "I have full no claims but wrote my car off last year" - "Oh well we'll just pretend that never happened then shall we ?" - I think not........
23 September 2002, 01:23 PM
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I have been insured with Greenlight.
I had protected no-claims and have just written my car off. They now won't insure me on a new vehicle. Well out of order...barstewards
Phil
I had protected no-claims and have just written my car off. They now won't insure me on a new vehicle. Well out of order...barstewards
Phil
24 September 2002, 01:02 PM
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The discount will still apply, but the premium will increase, e.g.
* Pre-claim Full Premium £1000 60% NCD; Payment = £400
* Post-claim Full Premium £2000 60% NCD; Payment = £800
or without NCD
* Post-claim Full Premium £2000 30% NCD; Payment = £1400
Thus the NCD could have saved you £600 quid in the above example. So it can be worth it - just have to work it out for yourself.
* Pre-claim Full Premium £1000 60% NCD; Payment = £400
* Post-claim Full Premium £2000 60% NCD; Payment = £800
or without NCD
* Post-claim Full Premium £2000 30% NCD; Payment = £1400
Thus the NCD could have saved you £600 quid in the above example. So it can be worth it - just have to work it out for yourself.
30 September 2002, 10:36 AM
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It is just as Nigel says. An insurance company tried to tell me I really didn't need it as I'd got such a good record (8+ years NCB) and that sounded stupid to me. In the event of a claim, you still get your discount but the initial premium will have shot up. Can u imagine what that'd be like with reduced NCB? 1 word: Ouch
09 October 2002, 11:21 AM
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How much NCD do you lose if you have a claim? If you lose all of it then it's worth the protection. If you only lose 1, 2, 3 years then you have to work out how much is lost per each year lost VS the extra in protection costs.
Also, will they load the premium regardless of protected ncd or not?
Also, will they load the premium regardless of protected ncd or not?
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