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How does NCB protection work? Is it worth it?

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  • 16-05-2018 1:33pm
    #1
    arleitiss
    Registered Users Posts: 3,515 ✭✭✭


    How does NCB Protection work?
    I mean when you crash - you make claim, does your insurance company wipe it off records so next time anyone asks you: "Have you had any claims?" You say no as there is no record of it or what?

    Or do you say: "Yes I Had claim but I had no claims protection so it doesn't count"?


    Is it worth it?
    What's the difference between Protected Bonus and Standard Step Back Protection?


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    #2
    Sono
    Registered Users Posts: 2,388 ✭✭✭Sono


    If you protect your NCB that is with that insurance company only.

    If you have a claim and then wish to shop around at renewal you have to declare the claim as it is a material fact and it is up to them how they see the claim.

    Basically your paying for protection of your NCB with your current insurer only and not the others.

    Fully proctected bonus means different with each insurance company, my current one allows 1 claim every 3 years with no affect on NCB, step back means I lose 3 years of my bonus on the first claim and if a second claim then I lose it all.

    Personally I think anyone that doesn’t protect their bonus is mad as it is not much more and who knows when you might need it.


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    #3
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    Sono wrote: »
    Personally I think anyone that doesn’t protect their bonus is mad as it is not much more and who knows when you might need it.

    This. x8138 times.


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    #4
    arleitiss
    Registered Users Posts: 3,515 ✭✭✭arleitiss


    Sono wrote: »
    If you protect your NCB that is with that insurance company only.

    If you have a claim and then wish to shop around at renewal you have to declare the claim as it is a material fact and it is up to them how they see the claim.

    Basically your paying for protection of your NCB with your current insurer only and not the others.

    Fully proctected bonus means different with each insurance company, my current one allows 1 claim every 3 years with no affect on NCB, step back means I lose 3 years of my bonus on the first claim and if a second claim then I lose it all.

    Personally I think anyone that doesn’t protect their bonus is mad as it is not much more and who knows when you might need it.


    So in theory - after having a claim and having NCB protection - that insurance company can hold you ransom and just jack up prices every year knowing that you cant switch?


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    #5
    Desktopper
    Closed Accounts Posts: 8 ✭Desktopper


    Sono wrote: »
    If you protect your NCB that is with that insurance company only.

    If you have a claim and then wish to shop around at renewal you have to declare the claim as it is a material fact and it is up to them how they see the claim.

    Basically your paying for protection of your NCB with your current insurer only and not the others.

    Fully proctected bonus means different with each insurance company, my current one allows 1 claim every 3 years with no affect on NCB, step back means I lose 3 years of my bonus on the first claim and if a second claim then I lose it all.

    Personally I think anyone that doesn’t protect their bonus is mad as it is not much more and who knows when you might need it.

    Does the protected ncb not travel to the other company?

    I'm surprised to hear that but it kinda makes sense too


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    #6
    Fann Linn
    Registered Users Posts: 7,778 ✭✭✭Fann Linn


    grogi wrote: »
    This. x8138 times.

    But only if you are staying with the original insurance company. Yes?


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    #7
    Desktopper
    Closed Accounts Posts: 8 ✭Desktopper


    Fann Linn wrote: »
    But only if you are staying with the original insurance company. Yes?

    You'd have to be mad.not to have it alright now

    It's only a few quid extra

    You might not be able to switch after a claim


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    #8
    Sono
    Registered Users Posts: 2,388 ✭✭✭Sono


    Desktopper wrote: »
    Does the protected ncb not travel to the other company?

    I'm surprised to hear that but it kinda makes sense too

    No it doesn’t, you are protecting your bonus with the insurance company you are insured with.

    If you have a claim and look to shop at renewal the other company will ask any claims in the last x amount of years, they don’t ask any claims in x years and was your NCB protected?

    It is probably something a lot of people aren’t aware of tbh.


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    #9
    Sono
    Registered Users Posts: 2,388 ✭✭✭Sono


    arleitiss wrote: »
    So in theory - after having a claim and having NCB protection - that insurance company can hold you ransom and just jack up prices every year knowing that you cant switch?

    In theory yes but they would want to be awful ***** to do that, at the end of the day it’s up to the individual to protect their bonus if they want but I would absolutely recommend it to anyone.


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    #10
    arleitiss
    Registered Users Posts: 3,515 ✭✭✭arleitiss


    Sono wrote: »
    In theory yes but they would want to be awful ***** to do that, at the end of the day it’s up to the individual to protect their bonus if they want but I would absolutely recommend it to anyone.

    I was never offered such option, now that I've hit my 5 years NCB - I am getting this offer.


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    #11
    Sono
    Registered Users Posts: 2,388 ✭✭✭Sono


    arleitiss wrote: »
    I was never offered such option, now that I've hit my 5 years NCB - I am getting this offer.

    Strange, don’t know why that might have been.

    Protecting a bonus covers you for one claim in 3 years with no affect on NCB, 2nd claim in that period moves you to step back and you lose 3 years of your NCB, well that’s how my insurance company work.


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    #12
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    arleitiss wrote: »
    So in theory - after having a claim and having NCB protection - that insurance company can hold you ransom and just jack up prices every year knowing that you cant switch?

    More than probably you will not be able to switch because of the recent claim.


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    #13
    emy
    Registered Users Posts: 209 ✭✭emy


    I had premium package and unfortunate claim occurred which is not closed yet, in fact, I do not know, maybe the policy of the insurance company does not want to close it soon to keep me longer there. NCB Protection dropped, from 5 to two years and of course increase of premium (was not that much). This was two years ago. Now I gave up premium and went for TPFT which was a drop of 600 euros.


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    #14
    naughtysmurf
    Registered Users Posts: 3,246 ✭✭✭naughtysmurf


    In 2013 we were insured with AIG through 25Plus, we had a accidental damage claim, no one else involved, just our car, we had our NCB protected.

    In 2016 we moved to Aviva as it was the easiest way to get our learner driver son up & running, told them about the 2013 claim, they quoted, I paid the premium.

    25Plus then sent on my NCB cert to me which showed no mention of any claim or reduction of full NCB, I forwarded this on to Aviva, they then automatically refunded my credit card an amount, can't remember the exact figure but it was between €100 & €200, best guess approx €150.


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