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10-07-2017, 09:58 AM
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Protect or not (no claims discount)

What are peoples thoughts on protecting or not the no claims discount,I have at least ten yrs listed on my current insurance and haven't had a claim in at least 30 yrs,but is it worth it one wonders,the extra paid to protect accumulated over the yrs would pay a yrs premium,looking around the premium would increase any way if you were to claim regardless of protection.
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10-07-2017, 10:12 AM
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Re: Protect or not (no claims discount)

Interesting question Caricature.

I have always paid a bit extra for NCP and overall, I think it has been worth it. One particular year, I had to make three claims but my premium only increased slightly (that was described as rising costs). However, one insurance broker I was with told me that NCP did not mean that the premium would not rise. I argued this out with them and eventually went elsewhere. I always thought that NCP meant exactly that so I would be interested to know if anyone knows for definite.
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10-07-2017, 10:22 AM
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Re: Protect or not (no claims discount)

Remember if damage is more than the cars value it is considered a writeoff even if it repairable

One needs to read in the small print what they actually mean by no claims protection. You may well be protected, but there often is nothing to say they can't increase basic premiums saying insurance rates have risen with inflation

Just another thing while on the subject

We had an insurance renewal letter from LV. with the amount due for the following year.

Looked it up same policy same company for same cover on same cars on a price comparison site. It was 55 cheaper. So rang LV up and they checked and gave an even lower quote by a few pounds
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10-07-2017, 10:23 AM
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Re: Protect or not (no claims discount)

It's true that after an accident the premium will increase anyway, but with protected NCB at least you still get the percentage reduction on the new premium, which to my mind is much more preferable to paying the whole lot.
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10-07-2017, 10:25 AM
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Re: Protect or not (no claims discount)

Originally Posted by Barry ->
It's true that after an accident the premium will increase anyway, but with protected NCB at least you still get the percentage reduction on the new premium, which to my mind is much more preferable to paying the whole lot.
So has it changed because I can remember making a claim twenty odd years ago, through a broker and my premium did not increase at all. He just said 'well you have NCP so it will not increase.'

Maybe it's an individual thing?
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10-07-2017, 10:30 AM
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Re: Protect or not (no claims discount)

why pay a broker when you can go direct to the company and avoid brokers fees.
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10-07-2017, 10:42 AM
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Re: Protect or not (no claims discount)

Originally Posted by realspeed ->
why pay a broker when you can go direct to the company and avoid brokers fees.
I have found in the past that brokers can help a lot in certain situations. Like the time I 'forgot' to inform my insurance company that I had got a speeding fine and then had to make a claim. My broker knew I was in the wrong but said they must have lost the information when they changed their computer system.

Another time, when someone crashed into me, my car was beyond economical repair. My insurance paid out and my broker suggested I bought the car back for 200 and repair it myself, which I did. I actually made money on it.

I don't have a broker now because the FSA rules meant that a lot of the small broking firms had to close.
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10-07-2017, 10:50 AM
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Re: Protect or not (no claims discount)

Thanks for the interest folks,the reason for the thread is because my insurance is due the 1st of August,I'm currently with Saga and am waiting for the renewal,started shopping around and even with that it looks as if it'll be at least 40 dearer than last yrs price,DL want another 16 to protect,making that 194,I paid 137 last year,hmmm.
Go compare have one for 180 protected.
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13-07-2017, 10:11 PM
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Re: Protect or not (no claims discount)

Originally Posted by caricature ->
What are peoples thoughts on protecting or not the no claims discount.
Don't do it !

Protected No Claims is just an insurance scam and just a further way to get more money out of you.

I shall explain why.

The no claims protection ONLY applies to YOUR CURRENT insurance company who will [pretend to] turn a blind eye if you have a claim.

Be very clear on this.

If you pay for Protected No Claims Discount and then next year decide to go to another Insurance Company then that No Claims Discount will fizzle to thin air. It won't apply. It has no meaning or merit with the new insurance company. None whatsoever. They don't care about it.

When you get a quote from that new company you will be asked the question:

"Have you had any accidents or claims in the past 5 years"

If you have YOU MUST legally answer Yes. Whether you had No Claims Discount before is immaterial. You have to answer Yes.

The moment you do answer Yes that quote is "loaded" with additional premium. In short, you can NEVER get away from additional premiums if you have had an accident or claim unless it wasn't your fault and the full money was recovered from the other party.

OK so what happens if you don't go to a new insurance company and stay with your existing one?

Well you have that Protected No Claims Discount with them right? So when you have an accident and claim all is well right?

No !

What happens is they put your premium up at the end of the year . . significantly. They still pretend you have "No Claims" and assign a discount but even with it, the policy is loaded anyway so you pay more than last year. When you ask why they will simply say that all premiums have gone up along with the rest of the industry.

Protected No Claims Discount is a scam plain and simple.

What it does is basically tie you to one insurance company because you know if you go elsewhere, your previous accident/claim will result in an expensive quote. It's nothing but a hook which gives you the choice of 2 evils, pay a huge premium with a new company or pay an increased premium with your existing company. It's just designed to keep you with your current company, nothing more, a simple con, a hook and one which they have the gall to charge you for !

Don't do it.
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13-07-2017, 10:18 PM
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Re: Protect or not (no claims discount)

I've always been second driver on my husband's policy so didn't build any no claims, when I got a car of my own I was proud to build my no claims no way was I going to lose it, so yes I paid 14 to get my protected no claims. If it's a waste of money so be it, it just made me so happy to get my own no claims I can't take a risk with it.
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