YC Insurance Renewal Price ?

[Neptuneblue]

2 minutes ago, 152bobby said:

I'd rather pay the extra and take my chances WITH NCB protection than none !!

If your insurance goes up regardless then why have it? It’s a con mate but if it makes you sleep easier then go for it. 👍

[Primus1]

Mine was £335 with direct line, it’s due September so I will see how much it goes up..

 

[Cyker]

1 hour ago, MikeSh said:

So for a £1M third party claim you'd probably lose your house, and car, and family ...

(More than a few Lloyds underwriters got bankrupted many years back when things went badly wrong. A family friend was one and he never recovered from it.)

Yup - The liability is unlimited so you have to be extremely rich or lucky for this to be viable, or it's a potentially life-destroying risk!   

 

14 minutes ago, Neptuneblue said:

An FYI: NCB protection is a waste of money. Don’t select it. 

If you have a claim, your insurance is going up regardless of NCB protection.

I learned the hard way a few years ago.

You're entitled to that opinion but my opinion is this is extremely bad advice - Yes your insurance will tend to go up after a claim, but that is very misleading reasoning, as it will tend to go up every year, regardless of whether you have a claim or not. Heck, some years when I've claimed, it went up LESS than it did in years I hadn't claimed!

For what it costs, NCB protection is a no-brainer for most people - Loosing your entire NCB means the premium will go up *much* more - Remember what you were insured for as a new driver? Well take that, factor in that you are driving a decent car now and not a banger, and factor in inflation and the recent hikes and that is how much it will go up by - You'll be looking at an increase in the high hundreds, even thousands, rather than tens and hundreds that it goes up by annually, regardless of claim, and it'll take 9+ years or however many years the insurer accepts to get it back down again.

 

[Roy124]

12 hours ago, BerksBrad said:

.... business use. Limited to 5k miles a year. 

Assuming 5 days per week. 100 miles per week, 20 miles per day, 10 miles per journey. 

That is pretty low usage and low risk I would guess.

In contrast, my social only, I do more than double the mileage so nearer 50 miles per day.  In practice I might use my car 3 days per week which pushes me to 100 mile journeys and over 200 miles per week.  Totally different risk profile between a low mileage worker and high mileage retired.

[152bobby]

3 minutes ago, Roy124 said:

Assuming 5 days per week. 100 miles per week, 20 miles per day, 10 miles per journey. 

That is pretty low usage and low risk I would guess.

In contrast, my social only, I do more than double the mileage so nearer 50 miles per day.  In practice I might use my car 3 days per week which pushes me to 100 mile journeys and over 200 miles per week.  Totally different risk profile between a low mileage worker and high mileage retired.

I removed commuting from my insurance and it refuced it by £10.  I was gobsmacked,  I thought that there's a higher risk of having an accident in rush hour...but obviously not.  The people who do "school runs" should pay more, because in my experience, most of them are a liability,  so I try not to go out during the 3.15pm school pick time zone 🤣

[Roy124]

If I have a crash, and claim,  I declare as such on my next renewal.   I do not declare zero NCB, I declare the NCB that my current insurer says I have.

As an aside, I had a collision where there was no damage or claim relating to my car.  There was a claim on my insurer for the other car.

On my search for insurance the next time I was asked the amount of that the other party claimed.   I had to ask my company; do others get told the costs?

[Rhymes with Paris]

1 hour ago, 152bobby said:

The people who do "school runs" should pay more, because in my experience, most of them are a liability,  so I try not to go out during the 3.15pm school pick time zone 🤣

I reckon most of them think they are Penelope pitstop.

[Benzowner]

NCB, typically if you have an accident you will only loose 2-3 years of NCB not the whole lot, so someone on 9+ years will drop usually to 6. Check with your insurance company.

[Neptuneblue]

43 minutes ago, Benzowner said:

NCB, typically if you have an accident you will only loose 2-3 years of NCB not the whole lot, so someone on 9+ years will drop usually to 6. Check with your insurance company.

Makes no sense? Lose 2-3 years? What are you on about? If you protect your no claims you should keep all of your years NCB surely?
Unless it’s all a con of course…

[Roy124]

48 minutes ago, Benzowner said:

NCB, typically if you have an accident you will only loose 2-3 years of NCB not the whole lot, so someone on 9+ years will drop usually to 6. Check with your insurance company.

I thought it was only 2-3 years if it was NOT protected

[Neptuneblue]

From MSE. For info only. Best for people to be aware what happens when it comes to renewal after a claim. Peace and love to all 😉

[152bobby]

At the end of the car insurance paperwork, the final page or so normally has a sort of sliding scale about the NCB.  But I know that some differ depending on the company.

I think I'm regretting starting this thread 😭

[152bobby]

5 minutes ago, Neptuneblue said:

From MSE. For info only. Best for people to be aware what happens when it comes to renewal after a claim. Peace and love to all 😉

I've always looked at my NCB track record as a sort of entrance discount card for a quote and not having anything to do with my future renewal prices increasing.

[Cyker]

11 minutes ago, 152bobby said:

At the end of the car insurance paperwork, the final page or so normally has a sort of sliding scale about the NCB.  But I know that some differ depending on the company.

I think I'm regretting starting this thread 😭

Nah it's fine, just means it's a good thread if it gets a bit heated  

[ColinB]

I just checked my policy wording (RAC through the Post Office). With 9 years NCB there is a 61% discount. Without protection after one accident it would do me to 3 years NCB, 49% so not a massive drop. With protection it isn't until I had 3 accidents that it would drop to 3 years NCB. 

What this doesn't take into account though is the loading that they would put on the premium. 

I will find out this year as, unbeknownst to me, when I had an off on my motorcycle just over two years ago there was a claim put against me. Damage to my bike was fixed by myself as it was minor, however the local council charged my insurers £450 "to clear up a liquid spill". Why it took so long to come through I don't know, but what is really annoying is what they cleared up is probably the oil or diesel that caused me fall off in the first place and I've no chance of contesting it 😠

[Cyker]

Is that legal!? Claiming 2 years after the fact when you can't defend yourself?!  

Those rotters!

The worst thing is it's probably cheaper for the insurance just to pay rather than fight it which is why councils keep getting away with things like this...

It's like fines - Most people just pay them even when they're invalid to get the discount and because it's more hassle to contest it  

[Rhymes with Paris]

29 minutes ago, ColinB said:

will find out this year as, unbeknownst to me, when I had an off on my motorcycle just over two years ago there was a claim put against me. Damage to my bike was fixed by myself as it was minor, however the local council charged my insurers £450 "to clear up a liquid spill".

A few years since I have ridden a bike now, but that horrible feeling when you are leaning in on a roundabout during dampish conditions, and see that rainbow effect in front of you from spilt diesel or oil, with no way of braking or avoiding due to surrounding traffic without a certain off.

Takes a bit of describing really.

[MikeSh]

2 hours ago, Cyker said:

In all the claims I've had, my next years' premium has gone up no more than it has in previous years, when I haven't had any claims, fault or non.

Her and me both have protected NCBs. She pranged her car. Next renewal just a cost of living size increase ... mine, with no claims, went up about 30% because of her bump.

So I guess the protection is asymmetric.

[Cyker]

Yours probably didn't go up because of the accident - It probably just went up because you're a bloke!  

[MikeSh]

4 hours ago, Cyker said:

Yours probably didn't go up because of the accident - It probably just went up because you're a bloke!  

That might have made some sense. 

But I got the renewal email, with a price, and then logged in and added her claim as she is a named driver ... and the premium went up by £200. I kid you not.

If I'd seen that coming I'd have fixed it outside the insurance even if it wasn't a top-notch repair (cos she often scrapes the corners on things anyway).

Live and learn, though even 70+ years seems not to be enough 🙄

[Benzowner]

On 6/6/2024 at 12:58 PM, Neptuneblue said:

Makes no sense? Lose 2-3 years? What are you on about? If you protect your no claims you should keep all of your years NCB surely?
Unless it’s all a con of course…

No, its a sample of someone who does not have protected NCB

[FROSTYBALLS]

At the end of the day, NCB/D protection protects the discount one receives for making no claims. It doesn't protect one's premium.

It is down to an individual's choice whether they protect their NCB/D or not, so respect that choice.

Keep discussion polite as per the forum rules, and move on.

[flash22]

NCB has changed in the last 3 years max NCB is 9 years, and the stepback on some polices is horrendous

[Cyker]

4 hours ago, flash22 said:

NCB has changed in the last 3 years max NCB is 9 years, and the stepback on some polices is horrendous

I wondered when that changed; I swear most of them used to list it up to 20+ years then all of a sudden it was 9 max!  

[wildtapholer]

Wait till you the your house buildings and contents renewal through, ours last year was £323, this year £760 and no we have never made a claim, I don't think the triple lock will keep pace.