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No claims bonus maxes out at 5 years?

  • 12-11-2014 7:34pm
    #1
    cruhoortwunk
    Registered Users, Registered Users 2 Posts: 2,355 ✭✭✭


    I was on to chill earlier about my renewal.I noticed there was a few years missing from my no claims bonus. He told me you stop getting reduction in price after 5 years ie saving maxes out then. Is this true?


Comments

  • #2
    To Elland Back
    Closed Accounts Posts: 1,923 ✭✭✭To Elland Back


    Some companies do 6 or 7, but I wouldn't get worked up about it. I would prefer 50% off an €800 premium rather than 70% off a €2,000 premium. Less of a hit if you lose it too because of an accident

    It is all about the bottom line


  • #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,348 Mod ✭✭✭✭Gumbo


    cruhoortwunk wrote: »
    I was on to chill earlier about my renewal.I noticed there was a few years missing from my no claims bonus. He told me you stop getting reduction in price after 5 years ie saving maxes out then. Is this true?

    Yes, 5 years NCB is the max generally. Some companies offer more.


  • #4
    efb
    Closed Accounts Posts: 35,514 ✭✭✭✭efb


    Don't Liberty offer more


  • #5
    bazz26
    Registered Users, Registered Users 2 Posts: 51,362 ✭✭✭✭bazz26


    Focus on the final premium price not the NCB discount. Say Company A offer 5 years or 50% NCB but their premium before the NCB discount is applied, is lower than Company B who offers 60% or 70% NCB but their premium before applying their NCB discount, is twice that of company A. Company A's premium is cheaper despite the lower NCB discount.


  • #6
    johndaman66
    Registered Users, Registered Users 2 Posts: 4,099 ✭✭✭johndaman66


    As usual with most things in motor insurance there is no standard maximum ncb across the board for all providers. From shopping around it would seem 5 years is the max ncb with most but definitely not the same with all providers.

    I've actually found it a bit of a nusiance when renewing this year and moving from FBD to 123.ie. FBD only acknowledge up to 5 years and that was the confirmation they provided me with. However, 123.ie were giving recognition for 6 as I recall, which I had and more. When I went into FBD girl that dealt with me seemed a bit perplexed by this and was only to draft up what was a rough copy of my ncb that was provided to them when I was moving from another company to FBD the year before.

    As others mention do shop around. Don't look at it in terms of the years ncb they are allowing you for but the bottom line in what they're charging. Play one off against the next to get the best quote possible as they can usually "do something for you". A white lie here and there may help but don't drag the heart out of it altogether and say you got a best quote of 250 if the best was 1100...that wont work either...


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