How does protected no claims work?

schnipps · 12 Apr 2006 at 15:35

I understand the principle of it but is it worth the extra money as surely if you have to claim you are fine until renewal time when you would in theory have to stay with the same insurance company, as if you go elsewhere you would have to tell them about your claim. Can somewone explain it?

needmorespeed · 12 Apr 2006 at 15:52

but your NCB is protected so you dont lose any even if you switch companies but your insurance will still go up if you've claimed

rs125 · 12 Apr 2006 at 16:07

needmorespeed said:
but your NCB is protected so you dont lose any even if you switch companies but your insurance will still go up if you've claimed

No you still have your NCB but still have to tell a new insurance company about an accident or claim etc..
I protected my NCB last year and it said i could have 2 (might of been 3) fault claims in one year.

Dogbreath · 12 Apr 2006 at 16:22

rs125 said:
No you still have your NCB but still have to tell a new insurance company about an accident or claim etc..

which will almost certainly increase your premium. Protected NC is a bit of a con in that respect.

rs125 · 12 Apr 2006 at 16:27

Dogbreath said:
which will almost certainly increase your premium. Protected NC is a bit of a con in that respect.

Coarse its not...Go and do an online quote using say 5 years ncb with 1 fault claim then go do one with 1 fault claim and 0 ncb!!

Dogbreath · 12 Apr 2006 at 16:30

Of course it is. Use your example...and then add in the extra you have paid for protected no claims for 5 years. Insurance companies simply don't offer these type of schemes unless it nets them more money on balance.

merlin · 12 Apr 2006 at 16:35

rs125 said:
Coarse its not...Go and do an online quote using say 5 years ncb with 1 fault claim then go do one with 1 fault claim and 0 ncb!!

One fault claim would put you down to 3 years 50% from 5 years 65%.

As to whether it's worthwhile or not - it depends how much you are paying in the first place, how much extra prot ncb is costing and what the insurers NCB scale.

rs125 · 12 Apr 2006 at 16:39

merlin said:
One fault claim would put you down to 3 years 50% from 5 years 65%.

As to whether it's worthwhile or not - it depends how much you are paying in the first place, how much extra prot ncb is costing and what the insurers NCB scale.

Well its worth it for me...

Group 20 modified car i need all the NCB i can get!!..only cost me £60odd to get it protected!!

lordrobs · 12 Apr 2006 at 16:47

I'm in two minds wether to keep my protected no claims come renewal time. My gf (a junior underwriter) keeps telling me how its not worth it and how i'm paying more in the long run etc etc.

I think as my cars value is rapidly dwindling away I might not bother. And if I have a minor bang and no other party is involved not bother claiming and doing a cheepy scrap yard fix... would also be the perfect excuse for some phase 3 bumpers

aztechnology · 12 Apr 2006 at 17:05

merlin said:
One fault claim would put you down to 3 years 50% from 5 years 65%.

As to whether it's worthwhile or not - it depends how much you are paying in the first place, how much extra prot ncb is costing and what the insurers NCB scale.

Merlin is exactly correct in this.

Whether it worth it depends on how much it costs to add, and how much you will loose if you loose it, and whether you actually do use it.

Like all insurance, it's a waste of cash until you have to use it.

quackers · 12 Apr 2006 at 17:12

Can you only protect your ncb if your fully comp? IF yes, after how many years?

iv-tecman · 12 Apr 2006 at 17:15

I’ve never had protected NCB. If I’d paid for the protection for the last 9 years (9 years bonus now) even if I do have a mishap, the money saved from not having protection is perhaps more then what my premium would go up by.

It all depends on your circumstances etc.. But I’m pretty sure there is a financial edge for the insurance group. There has to be, or they wouldn’t offer the scheme.

lordrobs · 12 Apr 2006 at 17:21

quackers said:
Can you only protect your ncb if your fully comp? IF yes, after how many years?

Some insurers will give you protected no claims on a third party policy but the majority won't. Genrally you have to have 4 years although I've had quotes from company's before that wanted more before they would protect it.