No Claim Bonus- is there a benefit?
The definition of a No Claim Bonus or No Claim Discount in relation to car insurance is generally a reduction in insurance premium given to drivers who have not made a claim on their car insurance for the 12 month policy period.
I have a 65% maximum no claim bonus with my current insurer and have had this for over 25 years. Currently, I own and drive a 1998 Holden Commodore sedan with an agreed value of $6000, I am 51 years old with no claims and no points lost off my licence.
I also have CTP Greenslip, another comprehensive car insurance as well as Home and Contents with my current insurer so I qualify for a Multi Policy Discount as well.
My current annual premium for comprehensive insurance is $679.29.
My No Claim Bonus discount is $1,092.23 Maximum No Claim Discount for Life
My multi policy discount is $240.05
So before all of my supposed discounts my premium was $2011.00
Does this sound right for a 1998 Holden Commodore with an agreed value of $6000? I think not!
I obtained an online car insurance quote online with
The Buzz and my premium quote was $728.98 , only $49.51 more than my current premium with all of my multi policy discounts and 65% No Claim Bonus.
I am sure my insurance company expects me to be very grateful for getting all of these discounts seeing as I have been a customer for 25 years but I am not.
I am shocked that my insurer tried to pull the wool over my eyes and pretend to reward me but in reality their discounts and my loyalty mean absolutely nothing.
My premium was way over-inflated in the first instance to make it look like I was getting a substantial discount.
I like the way
The Buzz Car Insurance provide quotes. You get a price, you enter your claims history and that’s it, you are given a fair premium according to your driving record, easy and simple!
What are your thoughts about no claim bonus? Is it of any benefit to you or mere sales tactics by insurance companies?
Karon
The Buzz Assist Team
