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4th May 2014, 14:04 | #1 |
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%NCB to years NCB.
Is there a conversion when a % No claims bonus is quoted to get to an equivalent number of years?
I'm in the process of getting quotes and on the renewal the bonus is given as a percentage whereas the comparison sites ask for no of years No claims.
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4th May 2014, 14:25 | #2 |
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2005 Connoisseur SE 1.8 Turbo,2004 45 1.8 Connoisseur and my beloved 1998 VVC Coupe. Join Date: Nov 2009
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Just found this http://moneyfacts.co.uk/guides/insur...iscount-works/
Table gives a guide but I'm going to call my current insurer for conformation.
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4th May 2014, 14:26 | #3 |
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There used to be some sort of correlation many moons ago, where iirc 75% equated to 7 years NCB etc
But now percentages are meaningless, as are years imo, as all companies seem to look at other stuff as more important these days. Location seems to be one of the big ones. I can get a price at my own address, only to find that if I use my mother's address, about 4 miles away, the price will be around 25% cheaper! It narks me when I hear companies will insure for around the £250 mark, a certain percentage of all customers, yet with me, being early 50s, clean license and many years no claims, still struggle to get insurance at twice that price, purely because of where I live All that really matters is the bottom line price, combined with what you're actually getting and I wouldn't worry about percentages and the rest. Just my opinion
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4th May 2014, 14:58 | #4 |
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I'm not sure NCB means anything? I have full NCB on the mini and have been insured with the same company for 18 years, the 75 has full NCB in mrs sworks name and I insured the TF with no NCB and the TF is around £300 fully comp for two drivers which I thought was extremely cheap
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4th May 2014, 15:19 | #5 | |
This is my second home
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Quote:
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4th May 2014, 15:57 | #6 |
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This varies from company to company but generally:
1 year = 20% 2 years = 30 3 years = 45 (I know, daft) 4 years = 50 5 years = 60 6 years = 75 The discount usually finishes there and the graduations may be slightly different, but they are a reasonable rule of thumb. Companies will only take into account a maximum of 9 years anyway and that's why they ask for the number of years rather than the %. Some companies offer special introductory discounts. Don't forget, unless the questions are specific, even 'no fault' accidents must be declared and they will be on MIB file.
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4th May 2014, 16:08 | #7 | |
This is my second home
2005 Connoisseur SE 1.8 Turbo,2004 45 1.8 Connoisseur and my beloved 1998 VVC Coupe. Join Date: Nov 2009
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Quote:
I really can't understand why some companies quote as a percentage and not years,surely the industry should have a standard so when changing providers everyone is clear of the entitlement.
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4th May 2014, 18:05 | #8 |
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Wraymond has got it exactly. Some companies will offer one years bonus to new customers, but remember after the first year you will still only have that one year NBC. You may also enjoy a NBC based on the time you may have been a named driver on someone else's policy, but not all insurers will treat this the same. Perhaps that will help explain why the percentage you currently enjoy is unimportant. You will still be required to declare how long you have been insured without claim.
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22nd December 2016, 15:56 | #9 |
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Just re insured mine company would not give 9 years no claim on both cars but gave a discount on Rover so no NCB only cost extra £24.00 fully comp still below £200.00 with excess at £100.00
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