Bonus Accelerators

PiKe · 13 Aug 2008 at 13:01

What's the catch with these? Is the NCB non-transferable to other insurers or something like that?

johnny6 · 13 Aug 2008 at 13:07

Aren't they 10 month policies? and if I'm right the price you pay is not equal to 10/12ths of a normal 12 month policy. So they cost more (when averaged) but counter act the extra cost with more no claims earned.

PiKe · 13 Aug 2008 at 13:09

johnny6 said:
Aren't they 10 month policies? and if I'm right the price you pay is not equal to 10/12ths of a normal 12 month policy. So they cost more (when averaged) but counter act the extra cost with more no claims earned.

Oh, I see.

johnny6 · 13 Aug 2008 at 13:13

I've no idea which way would work out cheaper in the long run though

Tesla · 13 Aug 2008 at 13:14

I have had 10month policies for 2 years and have found them to be proportionally cheaper than 12month policies.

I double checked with my insurer, Bell, before taking out the policy that they would honour a fully written proof of NCB for a full year if come renewal I had to move elsewhere and they said yes.

Jez · 13 Aug 2008 at 13:21

johnny6 said:
Aren't they 10 month policies? and if I'm right the price you pay is not equal to 10/12ths of a normal 12 month policy. So they cost more (when averaged) but counter act the extra cost with more no claims earned.

While they can be marginally more expensive, because you renew sooner at a lower rate due to extra age/experience/NCB the total cost when young is significantly lower when averaged over several terms.

Septh · 13 Aug 2008 at 13:26

I did it for my first few years of driving, the cost per year was cheaper than a 12 month policy, plus you get NCB quicker, all a bonus!

PiKe · 13 Aug 2008 at 13:28

Isn't it really hard to calculate if there's going to be a saving?

bad_ass_neil · 13 Aug 2008 at 13:30

all a bonus when i did mine for 2 years with elephant,
i have heard of some companies being funny when you move on as they ask you if they were a 10 month one but there is no way for them to know as your certificate just says how many years so just say nothing if they ask.

PiKe · 13 Aug 2008 at 13:34

It's £813.20 vs £697.50 with Bonus Accelerator.

Jez · 13 Aug 2008 at 13:36

PiKe said:
Isn't it really hard to calculate if there's going to be a saving?

No

PiKe · 13 Aug 2008 at 13:37

Jez said:
No

Well, you don't know how much discount 1 year ncb constitutes on the renewal price and age factors in to it as well.

Jez · 13 Aug 2008 at 13:39

PiKe said:
Well, you don't know how much discount 1 year ncb constitutes on the renewal price and age factors in to it as well.

You can do quotes using online systems to estimate the costs fairly accurately...

Maccy · 13 Aug 2008 at 13:39

Sadly, with the Bonus Accelerator plans, I'm 99% sure that they're only transferable between the 4 companies owned by the Admiral Group - Admiral, elephant, Bell and Diamond. Most other leading insurers won't accept them as proof of a full years' no claims.

Gilly · 13 Aug 2008 at 13:40

PiKe said:
Well, you don't know how much discount 1 year ncb constitutes on the renewal price and age factors in to it as well.

I took a bonus accelerator because for the past 2 years it has been cheaper for me to do so, without factoring in the next year's bonus.

I wouldn't pay more in the short term to possibly save in the long term. Be a false economy.

Maccy said:
Sadly, with the Bonus Accelerator plans, I'm 99% sure that they're only transferable between the 4 companies owned by the Admiral Group - Admiral, elephant, Bell and Diamond. Most other leading insurers won't accept them as proof of a full years' no claims.

My insurance renewal last year said X amount of years no claims. Nothing about a bonus accelerator scheme.

How would your new insurance company be able to tell?

Berger · 13 Aug 2008 at 13:42

Maccy said:
Sadly, with the Bonus Accelerator plans, I'm 99% sure that they're only transferable between the 4 companies owned by the Admiral Group - Admiral, elephant, Bell and Diamond. Most other leading insurers won't accept them as proof of a full years' no claims.

I didnt have a problem with mine when i moved from elephant to another group.

Dr Jack · 13 Aug 2008 at 13:43

Maccy said:
Sadly, with the Bonus Accelerator plans, I'm 99% sure that they're only transferable between the 4 companies owned by the Admiral Group - Admiral, elephant, Bell and Diamond. Most other leading insurers won't accept them as proof of a full years' no claims.

I had absolutely zero trouble transfering them to a different insurer. And even if there was hoping across from, say, Elephant to Admiral will remove all evidence of your rapid earning.

I think they're worthwhile for getting a couple of years no claims, but not beyond that, and only if the insurer offering it is already offering a good deal for you.

Maccy · 13 Aug 2008 at 13:44

Gilly said:
My insurance renewal last year said X amount of years no claims. Nothing about a bonus accelerator scheme.

How would your new insurance company be able to tell?

And does it actually say "xyz" years' no claims?

Interesting to hear that actually, because I was told by elephant (who I'm with) that it's highly unlikely that I could transfer to someone like Direct Line and use 10 months as a year's no claims. Also, when speaking to other insurers they told me to be wary of bonus accelerators because they didn't accept them (think it was Direct Line/Churchill).

Burnsy2023 · 13 Aug 2008 at 13:45

Gilly said:
How would your new insurance company be able to tell?

What if you've got more years NCB then you have years driving?

Burnsy

Jez · 13 Aug 2008 at 13:48

Maccy said:
And does it actually say "xyz" years' no claims?

Interesting to hear that actually, because I was told by elephant (who I'm with) that it's highly unlikely that I could transfer to someone like Direct Line and use 10 months as a year's no claims. Also, when speaking to other insurers they told me to be wary of bonus accelerators because they didn't accept them (think it was Direct Line/Churchill).

The admiral group proof letters state it in years.