Protected no claims - worth taking?
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Joined: Jan 2006
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From: location, location
Protected no claims - worth taking?
Hi,
I was asked by a prospectus new car insurer if i wish to protect my no claims. Obviously initially it seems like a no brainier but is there any catch (hikes upon a knock etc etc)?, is it worth doing? I have not done it in the past before.
Cheers
I was asked by a prospectus new car insurer if i wish to protect my no claims. Obviously initially it seems like a no brainier but is there any catch (hikes upon a knock etc etc)?, is it worth doing? I have not done it in the past before.
Cheers
Joined: Oct 2008
Posts: 2,028
Likes: 1
From: Salisbury - old people's home
On balance it is worth it, possibly. Of course, if you claim you keep your no claims discount but your next premium goes up and if you move companies you still have to declare the claim. As the insurance company said to me when I last went through this said, " We have to get our money back somehow." WTF!
Personally I don't think protected NCB is worth it. If you have a dent that needs to be removed costing £200 - £500 every 5 years then you are better off putting your money in a bank, your excess is most of this anyway. The only time it is worth it is if you have a serious claim and even then you wouldn't lose all your NCB anyway.
I had a dent from a car park hit n run. It damaged the a 3 ft section on the side of the car which included the petrol cap flap. It cost me £150 excess and I saw the bill to the insurance company of £200 even though they had quoted me me a lot more for a non insurance price. The insurance premium promptly increased by £50 because of this. I should have saved the protected NCB money over the last 5 years and I would have been well in pocket
Insurance is there for the big claims otherwise:
Insurance companies = heads they win, tails you lose.
Personally I don't think protected NCB is worth it. If you have a dent that needs to be removed costing £200 - £500 every 5 years then you are better off putting your money in a bank, your excess is most of this anyway. The only time it is worth it is if you have a serious claim and even then you wouldn't lose all your NCB anyway.
I had a dent from a car park hit n run. It damaged the a 3 ft section on the side of the car which included the petrol cap flap. It cost me £150 excess and I saw the bill to the insurance company of £200 even though they had quoted me me a lot more for a non insurance price. The insurance premium promptly increased by £50 because of this. I should have saved the protected NCB money over the last 5 years and I would have been well in pocket
Insurance is there for the big claims otherwise:
Insurance companies = heads they win, tails you lose.
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