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Reinstating no claims bonus

  • 26-08-2016 12:50pm
    #1
    buffy86
    Registered Users, Registered Users 2 Posts: 28 ✭


    Hi, made my first claim ever last month and lost my 10 years no claims bonus. Stupidly I did not have no claims bonus protection. So looking at my previous insurance premium I had 73% no claims bonus discount. Does that mean I can expect my current premium to multiply by 5 at my renewal? 😢 And if so how long will it take to build back up a decent no claims discount. Claim was settled to sum of €4300 - didn't realise paying back the outlay was an option. If it was a smaller amount I would have considered it if it meant a saving in long term.
    Really what I want to know is should I start saving now before my renewal date?


Comments

  • #2
    Liberty Insurance: Una
    Company Representative Posts: 163 Verified rep ✭Liberty Insurance: Una


    buffy86 wrote: »
    Hi, made my first claim ever last month and lost my 10 years no claims bonus. Stupidly I did not have no claims bonus protection. So looking at my previous insurance premium I had 73% no claims bonus discount. Does that mean I can expect my current premium to multiply by 5 at my renewal? 😢 And if so how long will it take to build back up a decent no claims discount. Claim was settled to sum of €4300 - didn't realise paying back the outlay was an option. If it was a smaller amount I would have considered it if it meant a saving in long term.
    Really what I want to know is shield I start saving now before my renewal date?
    Hi Buffy86,
    We cannot forecast what your premium will be until approximately one month prior to the renewal date. Your claim will be taken into consideration as well as the rates of insurance at that time. If you had 5 or more years no claims bonus then this is reduced to 2. If you PM me your details we can take a look into it.
    Thanks
    Una


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