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....or in your case, rather than lose a discount you gained a loading, but its all the same thing anyway.
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Just let me get a little clarity here. As I understand it you're saying that you had your NCB protected. That's between you and your existing insurers. Are you now saying that those insurers are now loading your insurance, or are getting the loading when looking elsewhere?
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I think what deepwith means is that whilst she still has full no claims bonus (ie. discount), the initial premium is now higher so hence premium goes up. She's getting the same percentage discount, but off a higher price.
Blue
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I think what deepwith means is that whilst she still has full no claims bonus (ie. discount), the initial premium is now higher so hence premium goes up. She's getting the same percentage discount, but off a higher price.
And if this is the case (which I consider entirely plausible) we have the usual "Heads I win, tails I win" attitude from Insurance companies.
You pay every year for ten years; they plug away your premiums. Your premiums reflect your risk. Then, an accident occurs that is not your fault, they have to pay out and they penalise you. Did they return your cash in the years you didn't claim? No. But they penalise you for having the temerity to claim some of your premiums back. Either your premiums reflected the risk you were or they didn't. Penalising you after the event is shocking.
Remember, it's easy to think insurers are your firends. They are not, no matter how much they say they love you. The moment you make a claim, they become the enemy.
Don't worry, I know it's capitalism at work, of which I generally approve, but insurance companies to take the mickey.
V
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Apparently a "firend" is similar in many ways to a "friend".
V
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Apparently a "firend" is similar in many ways to a "friend". V
That was due to your subconscious mind trying to make you type fiend.
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I too do not understand how it can be acceptable for insurance companies to offer "protected no-claims bonus", either for a price or as a buying incentive, and then load your premium if you make a claim.
Your average punter will be prepared to pay for this as it will give him additional peace of mind (the whole point of insurance). He will think that, save for his excess, he is not going to be worse off as a result of making a claim. He then finds that he is.
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"They paid out hence you are now a higher risk. Insurance is not a public service - its a business. You may still have your "no claim bonus" but your basic underlying risk is now higher."
Sorry RF, maybe I'm being thick here, but can you explain to me why someone who has had a tree fall on his car suddenly becomes a higher risk than he was before?? If a tree falls on your car does it become more likely for other trees to follow the example and target his car??
Phil
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Sorry RF, maybe I'm being thick here,
>>
no need to be sorry. trees, planks, etc.
to the point - it could show that
either you were driving in inclement weather and had ignored warnings to avoid driving;
or you were daft enough not to notice the tree was about to fall on you,
or you were not skilled enough to avoid the tree when you saw it falling,
etc. etc. etc.
as for system of loading premiums - in terribly simplistic terms it works like this: assume every car and person has an equal starting premium. then you load or discount it to account for car power to weight ratio, history of driver (age, experience, accidents, claims, convictions, etc. ), residence, annual mileage covered, profession, and so on until all risk factors are factored in. if the driver has chosen to pay extra to protect their no-claims bonus, all it does is that the 50 or 60% bonus is applied to the now higher loaded premium. without the protection, the bonus would drop to the appropriate level, eg. 30% or whatever and you would still be starting from the new higher loaded premium.
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"Sorry RF, maybe I'm being thick here, but can you explain to me why someone who has had a tree fall on his car suddenly becomes a higher risk than he was before??"
Because you made a claim. You are therefore by default and likelyhood a higher risk than you were before.
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RF - Da DAA. < changes in phone box > Its TOURVAN man
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"Because you made a claim.....higher risk than you were before"
Ok, 20 short planks etc
Why does making one claim, because a tree fell on you, make you a higher risk than before the tree fell on you? I'm not talking about accidents for which one is to blame which may indicate a deficiency in ones driving but "acts of god" like a tree falling on you? Do the companies suddenly factor in that you drive in areas where there are trees? If so, why don't they factor in that there is now one less tree to fall on you?
If I throw "heads" does it make "heads" more likely in future?
Phil
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OK look at it this way, before you were a cash cow, now you aint.
you can argue till the trees fall over - you are now a higher risk. Like it or not, thats the case.
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RF - Da DAA. < changes in phone box > Its TOURVAN man
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"you are now a higher risk. Like it or not, thats the case"
But......... oh, never mind, bottom line is, that whatever happens, whosever fault, you end up paying more!!!! Strikes me that the problem is that this is a compulsory requirement, run by profit making companies - but please don't put it in the hands of the Gov!!
Phil
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"Strikes me that the problem is that this is a compulsory requirement, run by profit making companies - but please don't put it in the hands of the Gov!!"
Indeed head nail hit.
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RF - Da DAA. < changes in phone box > Its TOURVAN man
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I too do not understand how it can be acceptable for insurance companies to offer "protected no-claims bonus", either for a price or as a buying incentive, and then load your premium if you make a claim.
Mine doesn't ~ I asked them specifically about that. If I make more than 3 claims in 3 years then my percentage discount is reduced. But that is all. Making a claim does not affect the gross premium at the next renewal. My gross premium only varies each year in line with prevailing rates.
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L\'escargot.
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