What is No Claims Bonus/no claims discount? No Claims Bonus (NCB) is crucial to reducing car insurance premiums. Its worth varies from company to company. A NCB of five years or more, for example, can entitle drivers to a 60%-75% discount on car insurance premiums. NCB is earned. Generally, for every year that a driver has insurance on a car without making a claim, they will earn another year's NCB to a maximum of 5 years. Some companies offer further discounts for 6-8 years of claims-free driving, but generally the maximum figure is 5 years. With two cars, a driver will need two lots of NCB - one lot for each car. Drivers can't share a NCB earned on one car between two cars.
Guide to Cheapest Car InsuranceTypically, domestic cars cost less to insure than foreign cars because the parts are cheaper. Also, a four door sedan will cost less than a similar model two door coupe. The reason sedans cost less to insure may be due to the fact that the drivers of them are usually more conservative. For example, these drivers may be more mature or just more cautious because they have family members they want to keep safe.The more horsepower a car has cause the insurance price to increase. Cars that are driven for performance and that are a hot item for young people that like to race them will also be more expensive due to the higher probability of causing accidents.Other things that help keep the price of insurance down are the safety features of a car such as crash tests, air bags, and injury claims. Cars such as Volvos that are safer will have have a reduction in the cost.Actually, sports cars are the most expensive to insure. But insurance is really not on the vehicle except for those that the bank owns(financed) and the bank needs to know that if something happens to the car, they will get their money.But it is the DRIVER who is insured against any liability. The worse your driving record, the higher the insurance.
You pay annual premium on your policy. So, In case of an accident or damage you don't have to pay the huge cost of repair. So what happens when you don't make any claim on your car insurance, Insurance companies reward you for your good driving skills, for not making any claims by giving you a bonus. This bonus is in the form of discount on your premium when you renew your policy. You can avail your no claim bonus even if you change your insurance company or your car! There are two cases in your no claim bonus goes away! 1. When you make a claim 2. When you don't renew your policy within 90 days of it expiring
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