Are you considering switching your car insurance provider but worried about losing your hard-earned no-claims bonus (NCB)? The good news is that in the UK, you can usually transfer your NCB to a different insurer. Let's walk through how this works and what you need to keep in mind.
A no-claims bonus is a discount on your car insurance premium that you earn for every year you don't make a claim. It's a reward for safe driving, and the more claim-free years you accumulate, the larger the discount on your insurance can be.
Yes, it's generally possible to transfer your NCB when you switch insurers. This flexibility encourages competition and allows drivers to shop around for the best insurance deal without losing their NCB.
The process of transferring your NCB is straightforward:
Your current insurer can provide proof of your NCB, usually in the form of a letter or on your renewal notice. It's important to request this proof when you cancel your policy or once it expires.
Be aware that there is often a time limit for transferring your NCB – typically around two years. If you go longer than this without holding a policy in your name, you might lose your accumulated NCB.
If you make a claim, you might lose some or all of your NCB, unless you have a policy that protects your bonus. However, minor claims or claims where you were not at fault may not always affect it.
Some insurers offer NCB protection as an add-on. This allows you to make a certain number of claims within a specified period without affecting your discount.
If you’re insuring a second car, some insurers might offer a mirrored NCB, where they apply your existing NCB to the second vehicle, potentially reducing the premium.
Switching insurers should not negatively impact your accumulated NCB as long as you transfer it within the allowed time frame. In fact, it can be a smart way to secure a better insurance deal.
With the ability to transfer your NCB, you have the freedom to shop around for the most competitive insurance policy. Compare quotes from various insurers to find the best cover that acknowledges your safe driving history.
Transferring your no-claims bonus when changing insurers is a simple yet valuable process. It allows you to maintain the benefits of your safe driving record whilst giving you the flexibility to find an insurance policy that best suits your needs and budget.
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