No claims bonus calculator

jester77

I've an insurance where I have to pay the first x amount of costs before I can make a claim. If I don't make a claim after 1 year I get a % of x returned, after 2 years I get 2 times % of x, and so on up until year 5 where I get 5 times the % of x. After that it stays at 5 times the % of x until I make a claim and it starts from beginning again.

Anyone know of an online calculator where I can put in the numbers so I can calculate at what point it even makes sense to make a claim?

For example, lets say me excess is €600 a year. If I make no claim in year 1, I get €120 back, year 2 I get €240, etc up to year 5 where I can get €600 back. During year 2 what would be the point where it makes sense to make a claim?

libelula

Oh god me brain is bushted after reading that.

kneemos

x seems to be your main problem.

ebbsy

I like chicken.

Riskymove

are you saying that if you have a claim you have to pay €600 excess but each year after that that you don't claim, they pay you part of the excess back?

doesn't make much sense to me


are you sure that you are not confusing how a no claims bonus works?

i.e. that your premium is reduced by a certain amount for each year you don't make a claim

Wacker The Attacker

NCB calculations are quite complex.

jester77

Riskymove wrote: »

are you saying that if you have a claim you have to pay €600 excess but each year after that that you don't claim, they pay you part of the excess back?

doesn't make much sense to me


are you sure that you are not confusing how a no claims bonus works?

i.e. that your premium is reduced by a certain amount for each year you don't make a claim

Sorry, it's Friday and 30 degrees outside so my head is a bit mushy. I just used the figures above because they round off nicely by 12.

I have a health insurance where I pay the costs and then claim them back from the insurance company. If I want to make a claim I have to cover the first €600 of costs in a year before the insurance company will give me anything back. So I keep receipts of all medical costs and once it is over €600 I can make a claim and they will cover what is over €600.

If I don't make a claim in year 1, then they will give me back a % of my monthly fee, lets say €120.

If I don't make a claim in year 2, then I get back a % of 2 monthly fees, e.g. €240.

And so on up to year 5, after that I get back a % of 5 monthly fess (€600) up until I make a claim. Then the process starts back from the start.

Of course in year 4, it wouldn't make sense to make a claim once I have over €600 as I need to take the no claims bonus into account.

I am trying to get my head around how I can calculate the point where it makes sense to make a claim, but it is doing my head in

dmc17

kneemos wrote: »

x seems to be your main problem.

Or the lack of y?

spodoinkle

Short answer is you cant; the percentage for NCD can differ with each insurer; an insurer can change their percentage discount i.e. this year 5 year NCD could be 50%, next year it could be 62.5% etc; loadings for claims can change; your base premium can change; a serious amount of people dont understand that insurance is a product and an insurance company can price whatever they want for said product

Corvo

I work in insurance, and honestly have no idea what you are talking about.

And why is it in After Hours? Good God man, I want to hear about coke and hookers.

spodoinkle

spodoinkle wrote: »

Short answer is you cant; the percentage for NCD can differ with each insurer; an insurer can change their percentage discount i.e. this year 5 year NCD could be 50%, next year it could be 62.5% etc; loadings for claims can change; your base premium can change; a serious amount of people dont understand that insurance is a product and an insurance company can price whatever they want for said product

apologies, I thought it was motor insurance, please ignore rant above

roadrunner16

Wait ? so Denzel Washington was working for internal affairs the whole time ?

The_Valeyard

Top MEN

jester77

jester77 wrote: »

Sorry, it's Friday and 30 degrees outside so my head is a bit mushy. I just used the figures above because they round off nicely by 12.

I have a health insurance where I pay the costs and then claim them back from the insurance company. If I want to make a claim I have to cover the first €600 of costs in a year before the insurance company will give me anything back. So I keep receipts of all medical costs and once it is over €600 I can make a claim and they will cover what is over €600.

If I don't make a claim in year 1, then they will give me back a % of my monthly fee, lets say €120.

If I don't make a claim in year 2, then I get back a % of 2 monthly fees, e.g. €240.

And so on up to year 5, after that I get back a % of 5 monthly fess (€600) up until I make a claim. Then the process starts back from the start.

Of course in year 4, it wouldn't make sense to make a claim once I have over €600 as I need to take the no claims bonus into account.

I am trying to get my head around how I can calculate the point where it makes sense to make a claim, but it is doing my head in

In year 2 I suppose you mean 2nd year consecutively of no claims?
I would see how much over 600 you have spent once year 1 is over and if it's less than what you would get back in year 2 (since you know in advance how much you will get back), then I would not claim in year 1

At the end of year two I suppose you can repeat the process but also add on what you could have claimed for in year 1 and was it worth it