Insurance...Confused!!!
Discussion
I'm slightly confused! Well, no, I'm very confused.
I'm talking Generally here, but, Does the NCB affect premiums for Under 25's???
Daft question as I think I know answer but I have been told by a few people recently (Including an Insurance Company) that it doesn't!!! It can be built up to it's max during the period when your under 25 but it doesn't affect the premium until your 26!!
Is there any truth in this statement??
Am I about to spend close to a Grand for third party insurance this year, to have to spend the same next year???
Thanks for the help in advance
Stuart!
I'm talking Generally here, but, Does the NCB affect premiums for Under 25's???
Daft question as I think I know answer but I have been told by a few people recently (Including an Insurance Company) that it doesn't!!! It can be built up to it's max during the period when your under 25 but it doesn't affect the premium until your 26!!
Is there any truth in this statement??
Am I about to spend close to a Grand for third party insurance this year, to have to spend the same next year???
Thanks for the help in advance
Stuart!
Seems odd...
I have 5 years NCB this year - every year my premium has gone down slightly, though that could be just to the fact that my age increases and so my risk-profile changes.
Oh well, 24 this year, so next time I renew I'll be 25 - I'll let you know if I see a huge drop in premium (as I should all of a sudden get 60% off if what you're saying is correct!)
-andy-
I have 5 years NCB this year - every year my premium has gone down slightly, though that could be just to the fact that my age increases and so my risk-profile changes.
Oh well, 24 this year, so next time I renew I'll be 25 - I'll let you know if I see a huge drop in premium (as I should all of a sudden get 60% off if what you're saying is correct!)
-andy-
Stuart,
Depends on the Insurers. I used to have my own agency with General Accident in Perth (most small businesses were allowed this 'benefit' until the GA became a major player) - in this situation you could negotiate a reduced premium at any insurable age if you had full NCB. Personal contact and bargaining still existed, but they've gone now, unless you are a 'big player' with zillions of assets to insure.
An under 25 with a squeaky clean no claims history will pay full whack for compehensive cover, but if there is any record of a claim against you it's Third Party or nowt! Some insurers make an exception in the circumstances I have mentioned above, but this is unusual.
You think you've got a problem? You have the advantage of being able to 'grow into' a favourable category, whereas I'm on the slippery slope towards outright refusal!
Depends on the Insurers. I used to have my own agency with General Accident in Perth (most small businesses were allowed this 'benefit' until the GA became a major player) - in this situation you could negotiate a reduced premium at any insurable age if you had full NCB. Personal contact and bargaining still existed, but they've gone now, unless you are a 'big player' with zillions of assets to insure.
An under 25 with a squeaky clean no claims history will pay full whack for compehensive cover, but if there is any record of a claim against you it's Third Party or nowt! Some insurers make an exception in the circumstances I have mentioned above, but this is unusual.
You think you've got a problem? You have the advantage of being able to 'grow into' a favourable category, whereas I'm on the slippery slope towards outright refusal!
I just coming up to 24 and have no points or disabilities etc and 6yrs no claims. I seem to get the benefit of the no claims as I was quoted £4,200 fully comp for a Ferrari 355 Spider valued at £65,000, without No Claims for my dad would cost him £3,200 and he's 50!! I have noticed that some insurers do not insure you at under 25 for some cars but I think it seems incorrect to say that the no claims makes no or little difference until 25. From my experience the no claims does make an effect, just you always pay more for insurance when under 25 (the NCB discount received will be relative).
My Supra Twin Turbo cost me as follows:
Age 19 £2,200 1 years NCB
Age 20 £1,900 2 years NCB
Age 21 £1,600 3 years NCB
Age 22 £1,800 4 years NCB
Age 23 £1,400 5 years NCB
Now (Age nearly 24) £1,080 6 years NCB
Also, on my second car last year (Mazda 323 M reg) I paid £1,250 with no NCB. This year with one years NCB I pay £860, so I guess it does make a difference!
I used Admiral and Endsleigh for my Supra and they were always much cheaper than Privilege and others who were supposed to be specialists for sports cars. You can get details from websites: www.admiralonline.co.uk and www.endsleigh.co.uk Swinton quoted best for the Ferrari.Used their website www.swinton.co.uk.
Hope that helps
My Supra Twin Turbo cost me as follows:
Age 19 £2,200 1 years NCB
Age 20 £1,900 2 years NCB
Age 21 £1,600 3 years NCB
Age 22 £1,800 4 years NCB
Age 23 £1,400 5 years NCB
Now (Age nearly 24) £1,080 6 years NCB
Also, on my second car last year (Mazda 323 M reg) I paid £1,250 with no NCB. This year with one years NCB I pay £860, so I guess it does make a difference!
I used Admiral and Endsleigh for my Supra and they were always much cheaper than Privilege and others who were supposed to be specialists for sports cars. You can get details from websites: www.admiralonline.co.uk and www.endsleigh.co.uk Swinton quoted best for the Ferrari.Used their website www.swinton.co.uk.
Hope that helps
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