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Having car insurance ensures you are covered financially if the worst were to happen to your car. Such incidents could involve damage from an accident, theft, vandalisation and fire damage. Car insurance means you won't have to dig into your pocket to pay for potentially huge repair or replacement costs.
Car insurance is a legal requirement for cars driving on public roads. You will be heavily penalised if you are found to be driving without insurance. The minimum level of coverage you must legally have is third-party car insurance. Third-party insurance covers the damage to another person's car, for example, in a collision accident, but provides limited cover for your vehicle.
Car insurance is either made up of an annual or monthly premium. Annual premiums are paid in a single lump sum when a policy is purchased; monthly premiums require a deposit and a monthly direct debit. Many factors come into play that will affect the cost of your car insurance. It needn't cost the earth when you take the time to compare premiums.
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A no-claims bonus is a discount that car insurance companies offer drivers who haven’t made any claims on their insurance policies. Essentially, it’s a reward for safe driving. According to research by GoCompare, drivers with a no-claims bonus of five years or more could save up to 65%. This is based on an annual policy for car insurance.
There are generally no policies purely for no claims. However, many insurers consider a claim-free history as something that could reduce monthly and annual premiums.
Driving safely and avoiding accidents can earn bonuses and save money on insurance premiums. However, drivers need to consider the potential impact on their no-claims bonus before claiming their insurance policy.
The no-claims bonus is calculated as a driver’s annual insurance premium percentage. For example, if drivers have a no-claims bonus of 50%, their insurance premium would be reduced by 50%. According to Kevin Pratt, the insurance expert at Forbes Advisor UK, “The longer you go without making a claim, the higher the discount you can earn on your premiums”.
Most insurance companies allow drivers to build up their no-claims bonus over five years. After this time, the driver usually gets the maximum discount available, which can be as high as 70% in some cases. According to research by Compare the Market, 68% of drivers in the UK have a no-claims bonus of five years or more.
It’s worth noting that if a driver does claim on their insurance policy, their no-claims bonus will be affected. Depending on the insurance company, the bonus may be reduced or cancelled altogether. Therefore, drivers should consider the potential impact on their no-claims bonus before making a claim, particularly for smaller amounts that may not be worth claiming. According to Julie Townsend, the deputy CEO of Brake, “It’s important to weigh up the cost of claiming the potential impact on your no-claims bonus”.
Protected no-claims bonus (NCB) is an optional feature that can be added to a car insurance policy in the UK. It’s designed to safeguard the discount a driver has earned, even if they claim on their policy.
Protected NCB means that if a driver claims their insurance policy, their no-claims bonus won’t be affected. Instead, they’ll be able to retain the same discount on their insurance premium as they had before the claim. This can be particularly useful for drivers with a high no-claims bonus over several years.
It’s worth noting that while protected NCB can help to safeguard a driver’s discount, it won’t necessarily prevent their insurance premium from going up after a claim. The premium cost may still increase due to other factors, such as changes to the driver’s circumstances or the nature of the claim.
Protected NCB is usually offered as an optional extra by car insurance companies in the UK. Drivers should check with their insurance provider to see if they provide protected NCB. Always read the terms and conditions of the policy. According to research by MoneySuperMarket, around 37% of UK drivers have protected their no-claims bonus. This suggests that many drivers see the value in protecting their discount and are willing to pay extra for this feature.
You may be able to save considerable money if you are eligible for a no-claims policy. Generally, the longer you have gone without making a claim, the greater the savings you can make. It has been shown that an NCB of five years or more will significantly discount your premium.
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