Check if you are overpaying for No claims bonus
With car insurance costs on a rise, a lot of drivers are choosing to protect No Claims Bonus but one need to check if he is overpaying for it? A research conducted by confusion.com reveals that around 70% of people driving their vehicles are looking for ways to save money while buying car insurance policies. Question concerning no claims bonus is being considered seriously by many of these drivers as it is understood as discount that equates to 60 to 75% rebate on car insurance premium.
But in reality, it is not a simple case of insurers taking discount of 60% on premium figure as every insurer calculates these premiums in a different manner, considering a driver’s risk into consideration. So what exactly is value of No claims Bonus, is an interesting question that haunts every driver’s mind. Nothing can really stop the insurers to reassess risk of drivers at the time of accidents and also raise these premiums of car insurance for them even with years of no claims record.
Cost of protecting No claims bonus should be carefully checked. Some car insurers let the drivers protect it without charging any additional charges and others ask for massive 33% hike in the car insurance premiums. Here it is extremely necessary for the drivers to compare car insurance before they invest their hard earned money. Head of confused.com comments that while No claims bonus are very important when the drivers looks for ways to cut down on the car insurance premiums and should be considered by drivers who want lower car insurance premiums. It seems there is no consistency in the car insurance industry, especially when it comes down to guaranteeing clear claim records. It still remains a mystery for drivers that why do some insurers offer extra for free and some charge almost one third of policy price for the same privilege.
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