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Motor Insurance: NCB and policy change question

  • 01-02-2007 11:14am
    #1
    fluppet
    Closed Accounts Posts: 232 ✭✭


    I am insured on my parents car (comprehensive). I am a 20yo male so it costs quite a lot. I have just passed my driving test. I think I should now be removed from the insurance because I do not think I will be driving anymore for quite a few years. My father says that we should keep me on the insurance so that I build-up a no claims bonus (NCB). I am currently in university and afterwards plan to do my masters and PhD, so it is likely that I will not be driving again until I am almost 30. I know that you can (with Hibernian anyway) only have a maximum of 5 years NCB, and I currently have about 2.5 years. What do you think? When I do eventually start driving again, to claim my NCB with my previous insurer does that insurance have to have been active within a certain amount of time - i.e. if I take myself off the insurance now and then sign-up for insurance again in 8 years can I reclaim my 2 years NCB? If I have moved to another country by then (e.g. the US), will they recognise my NCB with an Irish insurer?

    My second question is regarding charges for policy changes. I believe Hibernian has a charge if you make a change to your policy. As I have now passed my driving test I will tell them that which will reduce the premium (so they will owe us money the next time we renew the policy), but will there be a charge to change my license type? If I subsequently decide to remove myself from the policy in a few days it will have been a waste of the fee to change the policy for my new license type.


Comments

  • #2
    FrCrilly
    Closed Accounts Posts: 528 ✭✭✭FrCrilly


    Hi,

    Firstly, if your named on your parents policy, you’re not building up a No Claims Bonus, but a Named Drivers Discount which is not the same thing. NDD is a slightly lower discount scale than an NCB. When you get your own insurance, you should get a discount for your NDD, at which point you can start to build up an NCB. As you build up your NCB, your current insurer should recognize both discounts, whichever has the greater discount value. If after one year you shop around, most direct insurers will only recognize your 1 yr NCB, and not your previous NDD. (Axa Broker via Insure.ie seem to be an exception to this rule).

    Remember that NCBs and NDDs are only recognized by Insurers in one year, discrete units (ie if you cease being named at 2.5 yrs, you will only get 2 yrs NDD) and in continuous time (if you’re named on a policy for one year, take a break for a few days, then get named for another year, you will only be recognized for 1 yr NDD and not 2 yrs).

    As far as I’m aware NCBs and NDDs usually expire after 2 years of being idle. This may vary from company to company, but I’d imagine they’re all similar. (You can ring a company to find out).

    I don’t know if the US will recognize an Irish NCB/NDD, but generally insurers don’t like taking on insurance documents from countries they no nothing about.

    You should be entitled to a refund for having a full licence, depending on Hibernian policy. This is calculated on a pro rata basis meaning the closer you get to your renewal date, the lower the refund. There will be an administrative charge deducted from this, but it doesn’t hurt to request.

    Hope this helps. Any queries, let me know.


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