Protecting No Claims Bonus

Associate
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My car insurance is up for renewal this month and I have 5 years NCB this time round. One of the options available is the protection of NCB for an additional £50 (approx 10% of the policy cost). Is this worth doing and do you generally take this on your policy? I'm swaying towards not taking it but any thoughts appreciated. Cheers.
 
Soldato
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Paying to protect your no claims can vary with different insurers some still take a few years worth off u for fault accidents it's all abit of a scam. All my quotes come back on average £90 more to protect my 7 years so I'll pass on that
 
Soldato
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I don't think it's any question who is. But in the event I crash and it's my fault I'm losing less.

I think its worth the risk. Unless you are young, doubling of premiums (worst case scenario, usually a lot less) isn't that much of a hit. Better to pocket the 10% every year.
 
Caporegime
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I compared my premiums.with no ncb last time and it would take me 12 years of what I was charged to make up the difference. I'd say on the balance of things that's worth it.
 
Soldato
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I compared my premiums.with no ncb last time and it would take me 12 years of what I was charged to make up the difference. I'd say on the balance of things that's worth it.

Is that versus zero NCB or with the drop of 5 to 3? Remember you still have to put the claim in both cases for a comparison.

Also remember protected NCB doesnt protect you in the event of 2 claims in a year.
 
Caporegime
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Nope.

You go from 5 to 3 then to 1 and finally 0.

Protected NCB usually lets you off once in a year so.

5 to 5 (i.e. protected for that claim) then to 3 and then to 1 and then to 0.

May have to re-do my calcs! (as it stands I have 11 years though I'm aware most companies top out at 5)
 
Soldato
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May have to re-do my calcs! (as it stands I have 11 years though I'm aware most companies top out at 5)

So some insurers that recognise more than 5 will drop you down to 4 instead of 3. Whicever it is, the price difference isn't as great as a drop to 0.

Just check your policy summary. It shoukd give a table explaining the drop down.
 
Soldato
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I have 7 years. Going down to 3 (first accident) raised premiums by £150. Cost of NCB protection: £10. No brainer (for me anyway) :)

Remember when doing the price comparison you need to do

7 years + claim
v
3 years + claim.

You might have done that, but I can see some people forgetting to realise that you still have a claim eitger way.
 
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