Does 10 Month Accelerator count as proper NCB?

TS7 · 15 Nov 2011 at 19:17

I'm thinking of opting for the 10 Month Accelerator term policy with Elephant. I just wanted to know that if after the 10 months I wanted to go to another insurer would that count as a proper full one year NCB?

Clown · 15 Nov 2011 at 19:18

It did for me. Had 20 months with Admiral and then went to Swift cover with 2 years NCB. Then I stayed there for a year and went back to Admiral with 3 years NCB.

Confused · 15 Nov 2011 at 19:20

Yes.

After 10 months you will receive your proof of no claims bonus which will state "1 year"

LukeTW · 15 Nov 2011 at 19:34

As above yep, I'm doing 10 months with Admiral and getting 1yr NCB

ins0mn1ac · 15 Nov 2011 at 21:07

LukeTW said:
As above yep, I'm doing 10 months with Admiral and getting 1yr NCB

Same.

Ricochet J · 15 Nov 2011 at 21:54

It's more expensive per month than a 12 month policy. You need to deduce if the increase in price per month for a ten month policy will produce a lower premium the following insurance year compared to a full 12 month policy.

You can only estimate. Don't expect an accurate numerical solution no matter how much math you do.

Maccy · 15 Nov 2011 at 21:56

I did it for the first 2 years since passing my test, helped to build up no claims and on your certificate it will state 2 years NCB, no mention of 10 month policies.

TS7 · 15 Nov 2011 at 22:04

Thanks all.

SlyReaper · 15 Nov 2011 at 22:05

I swear this question gets asked every other week.

ShadowMan · 15 Nov 2011 at 22:17

Did this for a few years and it helped to offset my insurance, MOT, Tax etc which all landed in the same month. Doing 6 months tax once also helped move them all to different months for budgeting.

B@Th*nG · 16 Nov 2011 at 10:31

Ricochet J said:
It's more expensive per month than a 12 month policy. You need to deduce if the increase in price per month for a ten month policy will produce a lower premium the following insurance year compared to a full 12 month policy.

You can only estimate. Don't expect an accurate numerical solution no matter how much math you do.

this

B@

Jonny ///M · 16 Nov 2011 at 10:52

I just received my NCB from Bell today and that was from a 10 month policy. It does state one year on it as per this thread.

Malc · 16 Nov 2011 at 11:04

Ricochet J said:
It's more expensive per month than a 12 month policy. You need to deduce if the increase in price per month for a ten month policy will produce a lower premium the following insurance year compared to a full 12 month policy.

You can only estimate. Don't expect an accurate numerical solution no matter how much math you do.

Exactly. When I got my last insurance policy with Admiral, they tried to push the 10 month accelerator policy on me as I'd get my 2nd years no claims quicker. I'd already ran quotes with 1 years and 2 years no claims and the extra amount for having the accelerator policy for over the year was greater than the amount a 2nd year of no claims reduced my policy by.

It's not always the best option. With Admiral I found that any extra no claims above a year has a reducing effect on policy cost.