worth getting protected no claims?

koooowweeee

koooowweeee

koooowweeee

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Joined
13 Jan 2010
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Manchester
hey

my insurance is up for renewal shortly,

is it worth having protected no claims if you have a crash? when i do a quote with a new insurer they will know ive had a crash. so IMO if i was a insurer, that wouldn't stand for nothing.

ive not had protected before and only been driving 6 years so i dont know anything about it really.

having protected puts my premium up by £100 (£638-739 with 4 years no claims) (i know thats high its the same for everyone around Manchester)

thanks for any advice
 
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No it's not worth it. I've just got 5yrs no claims in March and they wanted an extra £100 ontop of my 1k policy to protect it :eek:
There's all sorts of loop holes were they still take them off u sometimes so I would rather take my chances.
If u don't have protected u will only lose a couple years worth anyway in worse case scenario
 
Hey I heard you like to have insurance for your insurance so I sold you insurance insurance so you can insurance while you insurance.
 
theone8181 said:
If you don't you will lose all your ncb. Imo only a fool would not protect.
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No he won't I have 5 I would go down to 2yrs if I total my car he will probably go from 6 to 3yrs which would only make it increase a couple hundred anyway. I would rather save 100 and take a chance
 
You don't lose all your NCD if you claim anyway. But it generally doesn't add much so you may as well.

Remember the NCD is a discount. So your risk profile will have a price associated with it. Say that price is £1000 but your insurer offers a 50% discount for your no claims, your price is £500.

Now if you claim, you have to declare it regardless so your premium will go up. Let's say it goes up to £1500 but you have protected no claims, you still get 50% discount so you'd pay £750. If you don't protect it, you might lose some of your discount so the price would still be £1500 but with only 25% discount meaning you pay £1125

Nothing will prevent your premium rising if you claim, regardless of fault - protecting your NCD just reduces the impact by maintaining your discount
 
It's a waste of money if you've got a decent amount built up anyway and been driving a few years.

My no claims makes very very little difference to my premium(at least between 3 and 5 years) accident has much more of an impact (and even that only adds about £30

The theory above should work, but in practice - at least in my case it doesn't stack up
 
Or just save the hundred quid, and you'll likely be better off. They don't offer you it out of the goodness of their hearts!
 
£100!? That's pricey, for me it's more like £20! But I guess it depends how expensive your premium is. What's the quote and how many years NCD do you have?

As Zefan says, clearly the insurance company wants you to take it, they've worked it out to make them money. If you really think it's worth 100 quid then go for it but it sounds dubious - if it's that expensive then it probably means your quote is a lot of money because you don't have much NCD to protect in the first place
 
Dav4 said:
No he won't I have 5 I would go down to 2yrs if I total my car he will probably go from 6 to 3yrs which would only make it increase a couple hundred anyway. I would rather save 100 and take a chance
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Or not. One of my mates didn't protect his. Crashed his motor. Lost ALL his NCD, and the next year he jumped from around £400 to £1200 per year for insurance.

Zefan said:
Or just save the hundred quid, and you'll likely be better off. They don't offer you it out of the goodness of their hearts!
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See above. I wouldn't not protect my NCD. It's generally only 10% of the policy price to protect.
 
yes its worth getting protected no claims, when I had 3 years NCB, I had an accident, and lost it all and my price doubled to insure my car, cost more each year without it until I got back to 4 years when I could protect it
 
xs2man said:
Or not. One of my mates didn't protect his. Crashed his motor. Lost ALL his NCD, and the next year he jumped from around £400 to £1200 per year for insurance.



See above. I wouldn't not protect my NCD. It's generally only 10% of the policy price to protect.
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You're missing the fact that his premium would have gone up anyway, even if he kept all his NCB.

I have a theoretical mate who protected his no claims for 10 years @ £100, and never claimed. We could argue like that allllll day.

I also know someone who works for an insurance company, who earns a wage. That's because they're not a charity.
 
koooowweeee said:
ahh thats well explained jaind, might as well get it for the sake of £100
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The most sage advice I've ever been given about insurance is, never insure anything you can afford to lose. This is because the premiums are always set at a level so that, on average, the insurer wins and the customer loses.

For example, I will never insure my mobile phone, because if it was destroyed, it would be annoying, but I could just buy a new one without it really impacting my life. The same logic applies to insuring your insurance. If you had a crash without protecting your NCD, it would be a bummer, but it wouldn't be a financially devastating event. Therefore, you're better off leaving it unprotected.
 
For the cost I think it would be foolish not to.

I had two separate policies with 7 and 10 years no claims, firstly I had an accident which wrote off my boxster and kept all my no claims which was nice and made insuring the 911 weirdly cheaper after the crash.

Not long after my mrs was out and about in my other car (2006 Corsa 1.4) and she managed to write it off by putting it under a lorry, again my insurance covered all the costs and there was seemingly no hit when it came time for renewal on the replacement 2011 Clio GT-Line.

I have now joined them together in a multicar policy and insure both the 911 for me and me & mrs on the clio for around 650 quid. The crazy thing is of all that £650 it only costs £150 to insure the 911 fully comp.

There seems to be no logic with insurance so my philosophy is to go belt and braces.
 
iaind said:
£100!? That's pricey, for me it's more like £20! But I guess it depends how expensive your premium is. What's the quote and how many years NCD do you have?

As Zefan says, clearly the insurance company wants you to take it, they've worked it out to make them money. If you really think it's worth 100 quid then go for it but it sounds dubious - if it's that expensive then it probably means your quote is a lot of money because you don't have much NCD to protect in the first place
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£638 without 739 with and 4 years no claims

that price isn't that bad compared to other people in my area. im guessing the more years i have the cheaper it will be as there's less risk.

my last years premium as around £650 without protection and im still on the hunt for something a little cheaper. it i get it to £600 without and £700 with ill be happy.

the insurance is for a vauxhall movano 2.5 cdti 2004 and is business insurance. but my ford focus 1.6 on the same year is similar priced so i don't think business insurance is that much different.

ah another thing i forgot to mention is that i had a non fault claim almost 5 years ago so that goes against me i would imagine
 
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To protect mine was like 20 quid, what is 20 quid? It is all relative I guess.

100 quid on a 1k policy above says to me you aint shopping around hard enough for your insurance deals.

Weigh up the cost to protect with your chosen insurer and make your own mind up instead of listening to the above.
 
Stormster said:
To protect mine was like 20 quid, what is 20 quid? It is all relative I guess.

100 quid on a 1k policy above says to me you aint shopping around hard enough for your insurance deals.

Weigh up the cost to protect with your chosen insurer and make your own mind up instead of listening to the above.
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you dont live where i live. my price is decent compared to other people in my area no matter the age or how many years NCD.

http://www.motorcarinsuranceuk.co.uk/post-code-ratings.php

ol10 post code
 
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