%NCB to years NCB.
 

Is there a conversion when a % No claims bonus is quoted to get to an equivalent number of years?

I'm in the process of getting quotes and on the renewal the bonus is given as a percentage whereas the comparison sites ask for no of years No claims.

Just found this http://moneyfacts.co.uk/guides/insur...iscount-works/

Table gives a guide but I'm going to call my current insurer for conformation.

There used to be some sort of correlation many moons ago, where iirc 75% equated to 7 years NCB etc
But now percentages are meaningless, as are years imo, as all companies seem to look at other stuff as more important these days.
Location seems to be one of the big ones. I can get a price at my own address, only to find that if I use my mother's address, about 4 miles away, the price will be around 25% cheaper!

It narks me when I hear companies will insure for around the £250 mark, a certain percentage of all customers, yet with me, being early 50s, clean license and many years no claims, still struggle to get insurance at twice that price, purely because of where I live :mad:

All that really matters is the bottom line price, combined with what you're actually getting and I wouldn't worry about percentages and the rest.

Just my opinion :}

I'm not sure NCB means anything? I have full NCB on the mini and have been insured with the same company for 18 years, the 75 has full NCB in mrs sworks name and I insured the TF with no NCB and the TF is around £300 fully comp for two drivers which I thought was extremely cheap

The renewal is due on the 45 Mark,I've managed to get a quote £155 cheaper on moneysupermarket.£485 down to £330 and a much lower excess, well pleased,just got to confirm the bonus entitlement.

This varies from company to company but generally:

1 year = 20%
2 years = 30
3 years = 45 (I know, daft)
4 years = 50
5 years = 60
6 years = 75

The discount usually finishes there and the graduations may be slightly different, but they are a reasonable rule of thumb. Companies will only take into account a maximum of 9 years anyway and that's why they ask for the number of years rather than the %. Some companies offer special introductory discounts. Don't forget, unless the questions are specific, even 'no fault' accidents must be declared and they will be on MIB file.

Thanks Ray

I really can't understand why some companies quote as a percentage and not years,surely the industry should have a standard so when changing providers everyone is clear of the entitlement.

I hesitate to suggest that, just perhaps, they may see a certain advantage in making things complicated. Damn, now I've gone and said it.

With what seems insurance renewals on the drop, negotiate with you present insurer, I did and saved £75.00 for the pleasure.

NCB traditionally means nowt these days.. Really.

I read a financial article the other day, that says insurance companies' rates are comparitively as low as they've ever been lately (I forget the reason).
But this trend is about to turn, come June, where rates will start to climb.
That may be of use to someone, hopefully.