The No Claims Bonus (NCB) is a term frequently used when it comes to talking about car insurance. If you manage it well, the NCB can help to reduce your car insurance premiums.
What is a No Claims Bonus?
The NCB is essentially the bonus that you get from the insurer for not making a claim against the policy. It is based on the number of years that you have been claim free and different insurers vary in terms of the way they value it.
How much of a discount can you get for No Claims Bonus?
There is no set amount. However, if you have 5+ years of NCB you are likely to get a good discount on your annual car insurance premiums.
Can I speed up earning my No Claims Bonus?
Most insurers count the number of months for 1 year of NCB as 12. However, some offer an accelerated way to accrue NCB and will accept 10 months as 1 year.
Can I protect by No Claims Bonus?
Yes, many insurers offer an option in the policy with which you can have a certain number of accidents that were your fault before the NCB is affected. This costs extra.
What if I make a claim?
If you haven’t protected your NCB then a claim will mean you lose some or all of it. However, it depends on the accident – if it wasn’t your fault and the costs can be claimed from another insurer then it may not be affected.
What if I move insurers?
Your old insurer should provide proof of the NCB at the end of a policy term and you can show this to a new insurer. However, if you leave before the end of a policy term this won’t apply.
compare and switch (compariswitch!) your insurance suppliers by clicking here
compariswitch are a price comparison and switching site with a difference
we say no to gimmicks, no to mascots and no over the top adverts!
instead we say yes to better deals, yes to clear; transparent information and yes to giving something back!
compare, switch & give with compariswitch.uk
