Confused with no claims bonus options

micks_address

Hi folks,
Trying to sort out insurance for my folks.

Confused about the difference in the bonus protection options... Which is best and what do they mean?

Cheers,
Mick

Sleeper12

The I (information) button beside each one will explain

colm_mcm

Click on the little 'i' icons to the right of each option!

micks_address

Sleeper12 wrote: »

The I (information) button beside each one will explain

Thanks but what do they mean in lay man's terms? The explanations aren't very clear.
Cheers,
Mick

colm_mcm

My understanding was that protected means your discount remains even if you make a claim whereas step back means you go from full bonus to 2 or so years

doesnt stop them loading your premium pre discount though.

micks_address

colm_mcm wrote: »

My understanding was that protected means your discount remains even if you make a claim whereas step back means you go from full bonus to 2 or so years

doesnt stop them loading your premium pre discount though.

With that logic no claims bonus would be most expensive option? It's not though.. The no claims bonus with step back is..

micks_address

What the i for each says

Step-back No Claims discount
For an extra premium, you will not lose your entire No Claim discount if you make a single claim or one arises during any period of insurance.

Protected No Claims discount
For an extra premium, this allows you to make up to two claims in a three year period, without losing your No claim discount. (We will not take account of windscreen damage, fire or theft claims

Protected No Claims Discount with Stepback
For an extra premium. this allows you to make up to two claims in a three year period, without losing your No claim discount. (We will not take account of windscreen damage, fire or theft claims). For subsequent claims, Stepback no claim discount applies.

Sono

Fully protected bonus with step back means you can have 1 claim(some allow 2) every 3 years with no effect on NCB, however should you have another claim within that 3 year period you go to step back so would lose 3 years of your NCB.

Anyone who can afford to protected their NCB and doesn't is very silly imo

Sono

micks_address wrote: »

What the i for each says

Step-back No Claims discount
For an extra premium, you will not lose your entire No Claim discount if you make a single claim or one arises during any period of insurance.

Protected No Claims discount
For an extra premium, this allows you to make up to two claims in a three year period, without losing your No claim discount. (We will not take account of windscreen damage, fire or theft claims

Protected No Claims Discount with Stepback
For an extra premium. this allows you to make up to two claims in a three year period, without losing your No claim discount. (We will not take account of windscreen damage, fire or theft claims). For subsequent claims, Stepback no claim discount applies.

You've just answered your own question

micks_address

Sono wrote: »

You've just answered your own question

So second one lets me claim twice in three years with no effect on no claims bonus?

Option three lets me claim more that twice in two years?

Apologies if this is totally obvious to everyone else...

Is option three worth an extra 30 euro per year over option 2?

colm_mcm

Depends on how bad a driver your relative is!

micks_address

colm_mcm wrote: »

Depends on how bad a driver your relative is!

I don't think they have had a single claim in at least 20 years

Sully

Just don't forget that even if your NCB stays the same, your premium can increase regardless. NCB is a factor in the premium calculation just.

colm_mcm

micks_address wrote: »

I don't think they have had a single claim in at least 20 years

Depends on how big €30 is in relation to the premium. I'd def get some form of no claims protection either way.
Check the excess too.

mickdw

Take at least the second option and the third one if money allows.

cplwhisper

The dual protection with step back bonus is by far best value for money...

Yes, u may not have had claim for 20yrs but if u had 1 bad day this year well there's a good chance a 2nd claim would follow.

If u don't take the extra step back cover, then a simple theft claim could wipe out your 5yrs hard earned NCB