NCB protection

Golfwidow

Is it really worth the extra money to protect NCB?? What do you think?

mikeoneilly

Golfwidow wrote: »

Is it really worth the extra money to protect NCB?? What do you think?

Your base premium will still shoot up in the event of a claim

Am i right in thinking you will then receive a big discount on the increased premium (after a claim)if the bonus is fully protected

I have it fully protected anyhow

Golfwidow

I'm actually confused. A friend of mine claimed for an accident two years ago - she drove into wall in front of her house - her own fault. She had NCB protection in place and claimed for a relatively small amount - under €2K. However, when her insurance renewal came around - there was a massive premium increase. She therefore went to look for quotes from other insurance companies but they all knew she'd made a claim and wanted exorbitant money! So she was stuck with her original company. She felt that she was duped and wished she had never claimed for that small accident. She would have been better off paying for the accident damage herself. She has recommended that I don't take out NCB protection as a result. She believes that it is a scam. Does anyone else have a similar experience?

grogi

Golfwidow wrote: »

I'm actually confused. A friend of mine claimed for an accident two years ago - she drove into wall in front of her house - her own fault. She had NCB protection in place and claimed for a relatively small amount - under €2K. However, when her insurance renewal came around - there was a massive premium increase. She therefore went to look for quotes from other insurance companies but they all knew she'd made a claim and wanted exorbitant money! So she was stuck with her original company. She felt that she was duped and wished she had never claimed for that small accident. She would have been better off paying for the accident damage herself. She has recommended that I don't take out NCB protection as a result. She believes that it is a scam. Does anyone else have a similar experience?

Her premium would be twice that if she didn't have ncb protection...

But I agree with her in something - claiming anything below few grand is ATM pointless.

DrPhilG

Isn't it true that you can repay the value of a claim and restore to your full claim free status? If your friend is being shafted for a grand a year for years then she would be better taking the hit and repaying the 2k.

biko

Poll added. It can be interesting to see how many people have PNCB

Trampas

Ncb protection is only for current insurer and doesn't count if you move insurers.

I think a lot people assume it hides a claim I.e they can declare they've 5 years no claims bonus even though they had a claim 1 year ago

grogi

Trampas wrote: »

Ncb protection is only for current insurer and doesn't count if you move insurers.

You sir are wrong.

The NCB certificate states how many % of discount you have earned at the end of your insurance and a table that shows after how many years of free driving that would be earned. It usually also states how many years claim free you are in this policy - but this is almost useless information.

I haven't heart about an insurer that would refuse to honour NCB earned with another insurer within the Republic.

I think a lot people assume it hides a claim I.e they can declare they've 5 years no claims bonus even though they had a claim 1 year ago

No, it does not hide a claim. You need to declare them.

Insurers calculate the "base premium" taking into account a lot of factors - your age, vehicle age, your claims history, your current NCB, named drivers, years with license, number of kids, occupation etc. And after that is calculated, they will apply No Claims Bonus.

But NCB will reduce what you need to pay from the base premium.

Exp.
- no claims, 10% No Claims Bonus - base premium €1200 - 10% = €1080
- no claims, 50% No Claims Bonus - base premium €1200 - 50% = €600
- 1 recent claim, 0% NCB- base premium €3000 - 0% = €3000.
- 1 recent claim, 50% NCB - base premium €3000 - 50% = €1500.

Effectively, without the NCB Protection and 1 claim the premium goes up from €600 to €3000. With NCB Protection it goes up as well, but only to €1500.

Trampas

grogi wrote: »

You sir are wrong.

The NCB certificate states how many % of discount you have earned at the end of your insurance and a table that shows after how many years of free driving that would be earned. It usually also states how many years claim free you are in this policy - but this is almost useless information.

I haven't heart about an insurer that would refuse to honour NCB earned with another insurer within the Republic.




No, it does not hide a claim. You need to declare them. But NCB will reduce your base premium.

Exp.
- no claims, 10% No Claims Bonus - base premium €1200 - 10% = €1080
- no claims, 50% No Claims Bonus - base premium 1200 - 50% = €600
- 1 recent claim, 0% NCB- base premium €3000 - 0% = €3000.
- 1 claim, 50% NCB - base premium €3000 - 50% = €1500.

Insurers calculate the "base premium" taking into account a lot of factors - your age, vehicle age, your claims history, your current NCB, named drivers, years with license, number of kids, occupation etc. And after that is calculated, they will apply No Claims Bonus.

If someone has their ncb protected with their current company A. Insurer had a claim. Why should company b honour that protection when really they've only 1 year while company a gives them 5 years.

Yes the claim is on the form but doesn't mean they've got 5 years ncb when really it's one.

grogi

Trampas wrote: »

If someone has their ncb protected with their current company A. Insurer had a claim. Why should company b honour that protection when really they've only 1 year while company a gives them 5 years.

Yes the claim is on the form but doesn't mean they've got 5 years ncb when really it's one.

Why you are asking me for motivations while I give you facts?

mgbgt1978

Trampas wrote: »

Ncb protection is only for current insurer and doesn't count if you move insurers.

grogi wrote: »

You sir are wrong.

The NCB certificate states how many % of discount you have earned at the end of your insurance and a table that shows after how many years of free driving that would be earned. It usually also states how many years claim free you are in this policy - but this is almost useless information

One word grogi....PROTECTION.
At least read the Thread Title before posting BS.

grogi

mgbgt1978 wrote: »

One word grogi....PROTECTION.
At least read the Thread Title before posting BS.

Don't call me BS.

With the protection you keep your NCB, your percentage discount, as stated on the certificate, does not change... And you can take it anywhere else.