We all like to save money and when it comes to insurance having no claims is a good way to reduce your premium. Staveley Head motor trade can offer generous discounts for those with no claims of 1-5 years.
Here is where you’ll find basic information about no claims bonus (NCB) or no claims discount (NCD) and how it works.
WHAT IS A NO CLAIMS BONUS?
Let’s start from the beginning by finding out exactly what is meant by NCB.
To put it simply a NCB is a discount applied to your policy based on the number of years you have been claim-free.
HOW TO BUILD UP YOUR NO CLAIMS BONUS
If no fault claims are made on your policy within the policy period you will have earned an additional year NCB. The amount you save will depend on the number of years you have been claim-free. Once you’re claim free for 5 years you may be entitled to the maximum % of discount allowed, this can differ per company.
Make sure you keep copies of your no claims confirmation so insurers can see you are claim-free.
PROTECTED NO CLAIMS BONUS*
Protected NCB allows you to protect the number of years NCB that you have earned in the event of an accident. It’s important to remember that rules can differ between insurers.
With Staveley Head motor trade if you have 5 years no claims and are involved in a fault accident, rather than losing the whole 5 years NCB you will still have 5 years no claims discount. However, if you’re involved in more than one accident the number of years no claims will drop in line with the table below:
| NCB years (at the inception of the policy) | NCB years (step back for 1 fault claim) | NCB years (step back for 2 fault claims) | NCB years (step back for 3+ fault claims) |
| 5+ | 5 | 3 | 1 |
It’s worth noting that glass claims do not usually affect your NCB.
*Does not protect the overall price of the policy, and premiums may still increase following an accident, even if NCB Protection has been purchased.
MIRRORED NO CLAIMS
Mirrored NCB is where you supply proof of NCB on your private car / commercial vehicle and it is used to give you an introductory discount on your motor trade policy. Plus, you can still use the private car / commercial vehicle NCB elsewhere.
A mirrored NCB will result in 1 year earned motor trade insurance NCB at the end of the policy subject to no claims being made.
JARGON BUSTER
NCD – no claims discount
NCB – no claims bonus
No Claims – when no accidents or claims have been made on your policy.
Fault Claim – an accident where you are at fault or we have not been able to recover all sums we have paid.
Step Back Scale – outlines the scale used to reduce your no claims bonus in the event of a fault claim.
Protected no claims – protection against the number of years no claims you have earned in the event of an accident.
Mirrored no claims – providing proof of no claims bonus on your private car/commercial vehicle to give you an introductory discount on your motor trade policy.
Now you know all about your no claims bonus, drive carefully and starting building up those years.
Take a look at your policy for more information about NCB limitations.
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