Worth £30 quid more over renewal for protected NCB?

[Ynox]

Hi,

Doing the usual insurance merry-go-round at the moment for my renewal.

A certain broker that has a plan (and a local office to where I live - 10 minutes walk) has got back to me with a quote that's £30 more than my renewal, but includes protected NCB. Same underwriter.

I usually think that protected NCB is a complete con, given a provider will rack up the premium regardless. But in this case, is it worth the £30 more? Especially given in case of issues I can go and yell at the broker face to face?

Cheers.

[kiethton]

Protected NCB is almost always offered as an additional option - ask this broker to remove this option and watch it fall by £30...best of both worlds?

[Max M4X WW]

I'm in the same boat, have never bothered in the past as I would probably not claim and risk loosing me NCB if the accident was my fault.

But I'm soon going to be insuring a leased M135i, which I would have to claim for so should I protect? Its about £60 difference, £450 vs £510

[jaisharma]

I think you need to give an idea of the total premium to get an idea of how much it would rise if a claim was made
This will help evaluate if it is a good deal

[Snowboy]

Aa I understand it;
The ncb is protected only with that insurer; it's not transferable.
After a claim your premium may still go up significantly with ptoected ncb or not.

It's always struck me as a waste of money really.
It's not actually going to make much difference to your premiums if you have to claim.

[aka_kerrly]

jaisharma said:

I think you need to give an idea of the total premium to get an idea of how much it would rise if a claim was made
This will help evaluate if it is a good deal

This, my understanding is that you are protecting your no claims (although some companies only allow you to protect 5 years and not your full entitlement) but if you do claim you premium still rises it's just that rather than pay 100% of the new high price with no no claims you pay 100% of the new higher premium for someone who has had a crash then get X% off.

[Ynox]

Premium difference is £450 v £480.

[aka_kerrly]

Ynox said:

Premium difference is £450 v £480.

It's £30 if you don't make a claim.

What you need to do is get a quote based on you having had 1 fault claim and no NCB and another quote for a fault claim but with max no claims discount applied, this will show you the value.

[Dog Star]

Given that the protected ncb is not transferable, and I cannot remember the last time I stayed with the same insurer at renewal, I would say it's a waste of money.

[Ynox]

Difference between 3 NCB and 5 NCB isn't great really. About a ton in it price wise.

I'm starting to think this probably isn't worth going for. Cheers for the replies.

[nottyash]

The thing is even when protected and you have an accident, they still load your premium, so it's going up anyway.
Mine did, so I havnt bothered since.

[mcflurry]

If you make a claim you lose ~2 years no claims.
Is that worth £30 to you?

[nickfrog]

mcflurry said:

If you make a claim you lose ~2 years no claims.
Is that worth £30 to you?

Not that simple. The £30 will still be a waste if your actual premium in £ terms has gone up. And it will, by the same amount. You will simply have the pleasure of having a large % taken out of a larger £ base price.

It just exploits people confusing relative and absolute value. Hence some companies actually offering it "for life". Which is meaningless as the basis for calculations (in £) evolves freely.