Insurance Querie

[rick250561]

I have just renewed my insurance policy and paid a premium for "Protected No Claims"

I have now had a thought that it may be a waste of time.

Every year I do the regular internet search to find the cheapest price, invariably that means changing insurance companies. On making the search I am asked if i have had any accidents in the past 5 years.

Now if I was unfortunate enough to have an accident I will be obliged to say "Yes".

My thought is that a new insurer, although my renewal notice will show full no claims, will not honor the agreement I had with the previous company.

Anybody had any experience of this or any thoughts?

Rick

[Danneh]

I have just renewed my insurance policy and paid a premium for "Protected No Claims"

I have now had a thought that it may be a waste of time.

Every year I do the regular internet search to find the cheapest price, invariably that means changing insurance companies. On making the search I am asked if i have had any accidents in the past 5 years.

Now if I was unfortunate enough to have an accident I will be obliged to say "Yes".

My thought is that a new insurer, although my renewal notice will show full no claims, will not honor the agreement I had with the previous company.

Anybody had any experience of this or any thoughts?

Rick

As it was protected, you will still have the NCB, regardless of the company.

Your premium would go up anyhow. Tbh, I don't really think it's really worth the additional premium some people would be forced to pay to have it.

[Laney760]

I had protected no claims last year when my vehicle was stolen. Only then did I learn the following. Your insurance is made up of two parts, the premium and the no claims. Even following an accident or theft that was not your fault if you have protected no claims, the premium part of the premium STILL goes up once you have had a claim. Plus you don't get that years 'no claims'. So you can't win

[catch22]

I had protected no claims last year when my vehicle was stolen. Only then did I learn the following. Your insurance is made up of two parts, the premium and the no claims. Even following an accident or theft that was not your fault if you have protected no claims, the premium part of the premium STILL goes up once you have had a claim. Plus you don't get that years 'no claims'. So you can't win

Well on the strength of what has been said, and considering I have just renewed my insurance on 25th March. I thought I would revisit Gocompare.com and have a play with my stored quote information [As it happens I did find and go with a cheaper quote than my existing insurer]

Anyway, the quote was for me and the wife, indicating I had a no fault claim in 2006, and the wife a no fault claim 3 months prior to renewal date in March this year.

Obviously I just moved the renewal date on a month so it would be a live quote situation.

Quote One:

I indicated my present policy was NCP and had a 9 year no claims bonus allocation. And I opted to again take the NCP.....quote was £211

Quote Two:

gave same info as quote one, but declined the NCP cover.....quote was £191

Quote Three:

Same info apart from the fact I selected zero years NCB allocation. And so I obviously decline the request for NCP..........quote was £355

So though the quoting company was aware during the five years of claim history requested. The two claims over that period on the policy were settled by the other insurer. Meaning we had in actual fact a five year no claims period to their knowledge.

So considering the above, I think I'll stick to paying an extra £20 a year on NCP. As not to do so would evidently have cost me £144 per year more.

[rippedoffagain]

I had protected no claims last year when my vehicle was stolen. Only then did I learn the following. Your insurance is made up of two parts, the premium and the no claims. Even following an accident or theft that was not your fault if you have protected no claims, the premium part of the premium STILL goes up once you have had a claim. Plus you don't get that years 'no claims'. So you can't win

All true, but once the case is settled and proven to be not your fault, they are supposed to refund you the extra that they made you pay initially. Of course they won't volunteer this information. My dad had to get a solicitor on the case when someone drove onto the wrong side of the road and hit him head on.

I work for a company that provides IT services to the motor insurance industry. You learn one or two things that we're not meant to know. For example we all know that in the event of a claim they will make us an offer that is usually insulting. What many don't realise is that this isn't just the result of an inaccurate assessment of loss, its actually the policy of many insurers. When they offer to pay out, they actually work out a sensible offer and keep it on record. They then offer you about 30% of that figure. Most people grumble and whine but ultimately accept it. The minority that are brave enough to reject the offer usually get the proper offer a short time after the insulting one, because it is cheaper for them to just settle than it is to mess about fighting to rip you off.

One thing that really annoys me is when they try to pressure you into taking out the optional legal cover. One insurer tried to make me feel bad saying that without I would have to clean up my own mess if I had an accident and hadn't taken out the optional cover. I told them that if I crash then one of three situations will result. If it was the other persons fault then they can sort it out. If its my fault and I'm ok I'll gladly sweep up the glass and push my car away, and if it is my fault but I'm dead I really wont care either way.