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No claims bonus protection renewing with another company

  • 19-07-2019 9:14pm
    #1
    micks_address
    Registered Users, Registered Users 2 Posts: 9,002 ✭✭✭


    Hi folks,
    I have no claims bonus protection with current insurer. I had a small claim 3 years ago but get full no claims bonus with them which equates to 5 years or 50 percent. If I renew with another insurer will I get full no claims with them or only 3 years worth of no claims?
    Thanks,
    Mick


Comments

  • #2
    treascon
    Registered Users, Registered Users 2 Posts: 248 ✭✭treascon


    You’ll still have your full ncb but you’ll have to disclose the claim to the new insurer which I assume you have done


  • #3
    micks_address
    Registered Users, Registered Users 2 Posts: 9,002 ✭✭✭micks_address


    treascon wrote: »
    You’ll still have your full ncb but you’ll have to disclose the claim to the new insurer which I assume you have done
    Well I've sent them the no claims bonus letter from my current insurer. I guess they will figure it out.
    Thanks,
    Mick


  • #4
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,520 ✭✭✭✭colm_mcm


    If they ask you about previous accidents you need to answer the question


  • #5
    micks_address
    Registered Users, Registered Users 2 Posts: 9,002 ✭✭✭micks_address


    colm_mcm wrote: »
    If they ask you about previous accidents you need to answer the question
    It wasn't an accident, it was a claim from car jack damage to sill on the car. Either way I'll chat to them Monday


  • #6
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,053 ✭✭✭Eggs For Dinner


    A no claims bonus is a marketing and rating tool used by insurers. It has no legal standing and any insurer is free to accept or refuse them (with or without a claim). Prospective insurers will apply their own acceptance criteria when considering a risk

    Insurance regulations only require your current insurer to provide you with a statement of your claims history each year prior to renewal


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Eggs For Dinner wrote: »
    A no claims bonus is a marketing and rating tool used by insurers. It has no legal standing and any insurer is free to accept or refuse them (with or without a claim).

    We know all that. You work in the business, can you answer the OP's question - is a prospective insurer likely to respect his NCB protection or will they ignore it and base their quote on his recent claims history i.e. will he get a quote based on 3 or 5 years NCB?

    On a purely commercial basis, I can't see how they'd care about his NCB protection. It's an extra layer of insurance that you pay for but I can see no reason why the new insurer should give you credit for it since they didn't get a cent of the premum you paid for the cover.


  • #8
    Eggs For Dinner
    Registered Users, Registered Users 2 Posts: 3,053 ✭✭✭Eggs For Dinner


    I don't work in insurance sales. In theory, there's no reason why a prospective insurer should give you an extra discount just because you gave one of their competitors additional premium to protect their bonus with that company.

    You won't know until you ask


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