Car Insurance. Should we just let go of our NCB? Page 2

SUMMARY: The no claims bonus started out as a reward for careful drivers. But now, we seem to be paying out extra cash to hold on to our privilege.

By Melinda Varley

The standard level of excess varies depending on the ( cheap secured loans ) insurer, though it

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tends to be around £120, however if you opt for a higher level, your premium will be reduced. Therefore, if you wouldn't make a claim unless it was for a substantial amount, it's well worth increasing your excess.

Insurers that don't offer ( mortgage rates ) bonuses for life also argue that their claims experience shows the protection they offer is adequate considering as most people make a claim on their car insurance on average of only once every four years.

"If a driver keeps having accidents, someone has got to pay for it," says ( online car insurance quotes ) a spokeswoman for Direct Line. "So if it's not that particular driver, surely all the other customers must somehow be subsidising them."

Most insurers operate a "step-back" facility meaning if an insured makes only one claim during the period of insurance, any NCD which has been earned will be reduced.

Policyholders can protect their discount but only in return for a ( car insurance policy ) slightly higher premium. A policyholder with maximum NCD can retain their discount if he or she has made no more than two claims in three periods of insurance. Alternatively, no additional premium is required, but the scale of discounts is marginally reduced.

Insurers need to take into account a person's claims history in setting the next year's premium, whether or not the discount is protected. Policyholders will, therefore, need to consider whether, having notified the insurer of the circumstances, it is in fact economic to claim under the policy.