NCB Question..

West

West

West

Soldato
Joined
22 Dec 2004
Posts
9,173
Location
Rugeley, Staffs
Alright All,

As some of you may remember, I had a bump earlier this year in April.

Now my renewal comes round in February, now obv I wont have a full years NCB back, how does it work when it comes to April, will they refund the difference the NCB makes or wont I be able to use it till the next renewal?
 
Assuming you know you have lost it, at your renewal date you will have 0NCB and will have to buy a policy reflecting that. Nothing happens now.
 
Jez said:
Assuming you know you have lost it, at your renewal date you will have 0NCB and will have to buy a policy reflecting that. Nothing happens now.
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So it will be effectivley another year at 0 NCB, unless I quit the Policy? correct?
 
A renewal is simply them re-quoting you trying to maintain your business. Their quote will reflect the fact that you will have 0NCB, the same as any other companies will when you come to do your comparisons :)
 
Jez said:
A renewal is simply them re-quoting you trying to maintain your business. Their quote will reflect the fact that you will have 0NCB, the same as any other companies will when you come to do your comparisons :)
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Cheers me dear!
 
To clarify, a years ncb is given for every year of claim free policy not claim free driving. You only get it after holding a policy for 1 year without claiming. Each year is seperate.
 
So, if you had to make a claim near the beginning of your policy, you could then cancel it and start a new one, thus having less NCB 'down time' ?
 
Clarkey said:
So, if you had to make a claim near the beginning of your policy, you could then cancel it and start a new one, thus having less NCB 'down time' ?
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You could indeed do that, but you would need to do the maths carefully. Remember that canceling straight away will mean you are re-buying with 0NCB and will thus be paying a high premium. If you just kept the old one you would still get the remaining 11 months at the low rate.....
 
I’ve just had a fault claim and was thinking about cancelling and getting a new policy to start rebuilding NCB again quicker.

In the end I decided to wait until the end of my policy since it’s already paid and I would loose the money. Then have to pay out again on a new insurance policy.
 
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