HOLD ON TO YOUR NO CLAIMS BONUS FOR CAR INSURANCE

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SUMMARY: A No Claims Discount can really drive down the amount you pay out for insurance. That's why so many people resist claiming on a crash that costs less than £200.

 

By Bridget Carter

Holding on to your No Claims Bonus when it comes to car insurance is such a

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popular thing to do that up to half of drivers are willing to pay out £200 on car repairs to keep the privilege.

That's according to research conducted by the insurance ( loans ) company 'More Than'. The company's study found 43% of people are willing to pay the £200 bill themselves and in London, that amount goes up to £500 for 30% of people. It is research that backs up what others are saying in the industry with respect to a person's decision to make smaller claims. An AXA Insurance spokesperson says: "If it's only for £200, it wouldn't be worth it, particularly if the no-claims discount isn't protected."

The reason why people generally choose to do this is that discounts on ( personal loans )insurance payments can reach 70% if you have a good clean record. They are discounts that escalate year upon year.

A No Claims Discount is mostly unaffected if an ( mortgages ) insurer can fully recover the costs from a liable party's insurer or if the policyholder recovers uninsured losses.

Another thing people should know is that claims for windscreen damage do not affect No Claims Discount entitlements.

People do also, however, need to take the following into ( remortgages ) consideration. If you take the option of having a No Claims Discount or a No Claims Bonus to work towards, you could possibly end up paying more on your premium. So what is the length of time you need before you are eligible for a discount? It is usually four years. Take also into account that once you have made a claim, you loose out on almost two years of discounts. But this can often differ from insurer to insurer.

The market development manager for private motor insurance at Norwich Union

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