PROTECTED NO CLAIMS

[m1keyp]

My renewal is due and i have accumulated 5 years No Claims Bonus

Is protected no claims wrth the paper its written on?

Any advice would be gratfully received:puzzled:

[Brent]

Unless you know you're not going to stick your bike into a hedge :sniff:, protecting a decent NCB has to be worth it. If you somehow end up with zero NCB, you'll be paying through the nose for insurance, and be treated like an outcast for the privilege!!

[Carbon749]

Had no experience of protected no claims on a bike and claims. My wife and I have it on her car insurance and I totalled it 2 years ago ... my fault :( claimed on the insurance with no effect to the NCB or renewel the following year.

I've protected my NCB on the bike for the last 2 years, cost is quite low and I think it's worth the expense.

[Jools]

Hmmm...

Insuring your Insurance....Doncha just love it?

[chrisw]

Have to agree with carbon749. If you have managed to get your NCB over 5 years, you have to protect it.

[m1keyp]

Decision made

Thanks for al;l of the advice, protected No Claims it is;)

I almost feel like an adult:lol:

[moto748]

I've got protected no-claims on my bike, and now I've just made a large-ish claim, I'lll be "interested" to see what impact it has when I renew next year.

Watch this space come January...

[ducatisps]

The thing to remember is that insurance has many rating factors. Most insurers, in addition to their no claims discount, also have loadings for claims experience depending on the circumstances and time. However when you consider the amount of discount a no claims bonus gives, it is worth taking protected bonus.

Just as an aside Access Underwriting at insuremyducati offer guaranteed bonus from one years bonus up to full bonus - so your discount will remain at the full level no matter how many claims you make.

[Ian Harris]

Originally posted by moto748
I've got protected no-claims on my bike, and now I've just made a large-ish claim, I'lll be "interested" to see what impact it has when I renew next year.

Watch this space come January...

Years back I had a short contract with one of the big "Direct" Insurers, and it was quite an eye-opener. Protecting your No-Claims is definitely worth it but, if you have a claim, your next premium will still go up. The claim will mean your base premium will go up, although you will still get the maximum discount off it. If you didn't take the protected option, your base premium would go up AND the discount allowed would plummet. This is how some car insurers offer "guaranteed" no-claims...you start with a £300 base premium with a 60% discount, after a few prangs, you still get 60% discount, but now its off a £700 base premium.

[Steve M]

Never protected mine. If you do have a claim, you will only loose some, not all of you ncb. As you have to pay to protect your ncb each year you could find that after 2 or 3 years the cost of the protection is higher than the loading for 1 claim over that period, unless of course you have a few claims. But as others have said the cost still goes up due to the increase in the base premium, and you could still find no one will insure you if you have too many claims.
Protected no claims is just another way for the insurance companies to make money - they don't do out of kindness for our benefit!

[Edited on 23-8-2005 by Steve M]

[weeveetwin]

If you change insurers, does the protected no-claims still stand - or is it merely the way in which insurers hold on to their existing clients? Surely any new insurer will look at your claims record for themselves?

How would you answer the question they all ask: "Have you made any claims etc. in the last five years?"

[Ian Harris]

Originally posted by weeveetwin
If you change insurers, does the protected no-claims still stand - or is it merely the way in which insurers hold on to their existing clients? Surely any new insurer will look at your claims record for themselves?

How would you answer the question they all ask: "Have you made any claims etc. in the last five years?"

Not all insurers offer the option of a protected NCB but, if they do, they will normally offer it against the "proof of claims entitlement" document an insurer is obliged to give you when your cover expires.

However, they are not obliged to cover you...if you have a protected no claims bonus, but have had five claims in the last three years, they could just refuse to cover you. Regarding what to say in the previous claims section, if you don't mention a claim, they can refuse to pay when the time comes...theoretically, all insurers now have access to a central database that holds claims made against all insurers country wide. While I doubt this is fully operational, its probably always wise to tell the whole truth in these things. Not much point in paying £50 a month for insurance then be told you're not covered when you write off your 23 stone, champion kick-boxer neighbours pride and joy :o

[m1keyp]

Oh the joys of old age (40):lol:

Protected no claims £ 224.00:D:D:D

[rcgbob44]

I had a 60% protected NCD then went and had a minor prang. When it came to renewal time my premium doubled, I phone the insurance company and enquired as to why I was paying so much with a protected NCB and was told that it was still protected but it was there policy to load the premium so as to re coup there losses!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

WHY....Explain someone!

[MJS]

My new policy through Premium Choice came with an automatic protected NCB, and they still beat my previous insurer's renewal, so I just took it. As a rule though, I wouldn't normally bother...

Martin

[Ian Harris]

Originally posted by rcgbob44
I had a 60% protected NCD then went and had a minor prang. When it came to renewal time my premium doubled, I phone the insurance company and enquired as to why I was paying so much with a protected NCB and was told that it was still protected but it was there policy to load the premium so as to re coup there losses!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

WHY....Explain someone!

Basically, the insurers see the No Claims Discount as a completely seperate entity to the premium itself...If you make a claim, the premium goes up - the NCD just decides what percentage of the premium you actually pay. Looking at a year in isolation, the protected option might look like a waste of money but, if you don't take it, there is a "triple whammy":

1/ Your base premium goes up
2/ Your discount goes down (compounding step 1)
3/ You have a reduced discount for more than one year (compounding steps1 & 2)

At the end of the day, your insurance company just wants you to pay them lots of money and not make any claims...seems reasonable enough :(