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Paying insurance to keep no claims bonus. Watch

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    I had the unfortunate experience of being in car accident during my first year of driving, so my premiums may rise massively for next year .

    My insurance company has offered to let me keep my no claims bonus if I pay them back the cost of the repair (quite a lot I must say). Has anyone experience this or know anyone that has? I don't know whether I should take them up on this offer or not.

    Any advice would be appreciated thanks.
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    (Original post by EWSW104)
    I had the unfortunate experience of being in car accident during my first year of driving, so my premiums may rise massively for next year .

    My insurance company has offered to let me keep my no claims bonus if I pay them back the cost of the repair (quite a lot I must say). Has anyone experience this or know anyone that has? I don't know whether I should take them up on this offer or not.

    Any advice would be appreciated thanks.
    If you've only got 1 year of NCM I'm not sure I would bother. You could always get a black box fitted and just drive carefully for the next year - cheaper insurance w/box - and hope that your insurance goes down the year after. If you had a few years of NCM built up then it would be worth it I think but not for a year.
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    (Original post by infairverona)
    If you've only got 1 year of NCM I'm not sure I would bother. You could always get a black box fitted and just drive carefully for the next year - cheaper insurance w/box - and hope that your insurance goes down the year after. If you had a few years of NCM built up then it would be worth it I think but not for a year.
    Thanks, I think I will just decline the offer the,n and hope the premium will remain at a reasonable amount.
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    (Original post by EWSW104)
    Thanks, I think I will just decline the offer the,n and hope the premium will remain at a reasonable amount.
    Yeah and it's always worth checking around on compare the market etc, don't just stay with the same company because it's easy because unfortunately loyalty with stuff like this doesn't pay! My company offered me a higher rate as an existing customer than they would have done as a new customer (I checked online) so I opted out of renewing my old one and then joined again as a new customer. Bit silly but that's how these companies are - they offer you a lower price to get you to stay, but not lower than new customers entirely
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    (Original post by EWSW104)
    I had the unfortunate experience of being in car accident during my first year of driving, so my premiums may rise massively for next year .

    My insurance company has offered to let me keep my no claims bonus if I pay them back the cost of the repair (quite a lot I must say). Has anyone experience this or know anyone that has? I don't know whether I should take them up on this offer or not.

    Any advice would be appreciated thanks.
    What a scam.

    Simple. What's the cost of the damage. By how much will you premiums rise if you don't pay. Which is the lesser evil?

    Still a scam.
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    (Original post by Howard)
    What a scam.

    Simple. What's the cost of the damage. By how much will you premiums rise if you don't pay. Which is the lesser evil?

    Still a scam.
    The cost of the damage is £700, I'm not sure how much the premiums will rise but I doubt it would be anyway near that much. I'm more worried on the long term effect, for example the year after and after that year too. The costs could eventually total more than £700 in the long term?
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    (Original post by EWSW104)
    The cost of the damage is £700, I'm not sure how much the premiums will rise but I doubt it would be anyway near that much. I'm more worried on the long term effect, for example the year after and after that year too. The costs could eventually total more than £700 in the long term?
    Call them and find out.
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    Why don't you just put your details into a comparison website both with and without the NCB and see what difference it makes.
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    You might have the NCB but you will still have have the accident to declare when next years insurance is priced up. You will have to check the prices to see if the 1 year NCB makes much of a dent.
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    Doesn't that completely contradict the idea of a No Claims Bonus?
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    (Original post by Seanmhc)
    Doesn't that completely contradict the idea of a No Claims Bonus?
    No claims bonus and 'not having had an accident' are different.

    For example, if you're involved in a not at fault accident, your no claims bonus won't disappear, but you'll still have a higher premium.

    Or if you're in an incident where there was no need to claim in insurance but they had to recover your vehicle, for example if it's damaged whilst parked but you pay to fix it, you can often keep your no claims bonus but have to declare a 'no claim made' incident.

    No claims bonus isn't so much a way of proving you've never crashed, but a way of proving you've never claimed (and kept) money off an insurer - a sort of reference as to your likelihood of costing an insurer money.


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