Protect 50% NCD

[Helloworld88]

My insurance company offer this at $62 per year, should I take it ? Is there any gimmick ? What I have been told is that with this protector, NCD will only be affected at 2nd claim within the policy year.

Please share your view.

[Redstorm]

For a small amount, it gives you peace of mind knowing that even if you claim against your insurance your NCB is protected and you will continue to enjoy the 50% rebate for your next insurance. My previous insurance with RSA, I paid less than $500 inclusive of NCB (50%) protection. Although I didn't really read the fine print regarding NCB being affected if u make a second claim, but most ppl hardly make an insurance claim in their years of driving let alone making 2 claims within a year. I think it's worth paying for it.

[Silver_blade]

Actually I wouldn't be bothered to pay extra for that. Depending on the amount of claim....you may have protected your 50% NCD...but you can't stop the insurance co. from loading on your premium at the next renewal. In end, the premium may be as high as w/o NCD.

 

Other insurance co. may also be less keen to give you a good rate after knowing of your claim record (have to declare in the application form) even if you have 50% NCD.

Edited November 1, 2008 by Silver_blade

[Helloworld88]

Thanks.

Nowadays it's hard to get a premium at around 500, I have 50% NCD this year and paying higher than last year, sigh, life is tough.

[Akula]

Correct. For a small fee, normally 5% of the premium, can protect your 50% NCD. First claim of the year your NCD will still remain at 50%, instead of dropping to 20%.

[Beng2]

I fully agree with you!

 

Each time I ask for a quotation, they invariable ask me whether I have had any claims.

 

However, one may argue that this NCD protection will still lower the premium paid, compared to having the NCD docked without the protection.

[Redstorm]

Thanks.

Nowadays it's hard to get a premium at around 500, I have 50% NCD this year and paying higher than last year, sigh, life is tough.

 

Insurance premium has since gone up alot. This year, the same insurance (RSA) quoted me $700 plus with 50% NCB but no NCB protection. I dunno whether my current inusrance AIG, which I paid $717 for my new car recently comes with NCB protection. I am only holding the temporary insurance cover note and yet to receive the full insurance policy papers.

[Helloworld88]

Any reason why they don't provide NCR protection ? I thought for those whose NCD reach 50% would get the offer ?

[Silver_blade]

By right the premium should be lower with the full 50% NCD...but there is stopping for insurance co. add 30% + extra loading to new premium.

[Redstorm]

Any reason why they don't provide NCR protection ? I thought for those whose NCD reach 50% would get the offer ?

 

Didn't ask them, anyway, as my previous car was scraped exactly on the day of expiry of my insurance. My current insurer, AIG, is one of the two choices provided by the car agent. The other being, NTUC, and have heard alot of horror stories about it, so left me with no other choice.

[Modykoh]

the insurance smelly wan...give you 50% NCD on the other hand rasie the premium..LPPL.

 

back to the pts. heard ppl say that if u make clam and your NCD is protected..u must stay put with the insurance compy for another year. don't know is true hur??

[Robin]

i also took up a NCD protector (its usually 10% more) . i think its worth it. anyway u are paying a few hundred $$ liao... wats another $62

[Speddevil]

[Speddevil]

Yes you are correct in your view

[Speddevil]

That's a myth.. no such things or clause to restrict the policyholder. Freedom of trade in our sillypore

 

There will only be a problem in transfering your ncd over the new insurer if you had an accident claims in the existing insurer. It will be up to the new insurer's discretion whether or not to allow the full NCD; ie in this case 50% NCD in the policy instead of reducing the NCD to 20%. Some may argue that you had already pay extra $ to protect the NCD but is only applicable to the current Insurer.

 

i wuld say it all depend on the practice of the various Insurer. Normally they will allow with some loading

Edited November 5, 2008 by Speddevil

[Dwoon]

I am going to renew my insurance this month. Just got a call that my "any workshop" plan with 50 +5% NCD is $980. Currently, AXA giving discount on the NCD protector. Instead of the 8% additional, they will waive off $40 from that additional amount.

 

Works out to $1018 ($980 w/o NCD protector). $40 more for peace of mind...... I'm going for it.

 

So depends on your insurance for the type of car... as one can see... if w/o NCD, my premiums is like $2K/year...... but if your premium is like $500/year at 55% NCD, w/o NCD is only like $1K.... not so significant..... then you need to weight the advantage to pay the couple of dollars more.

[Robin]

i'm also signing up with AXA... my car no longer warranty so i told them any workshop will do

 

why your ncD protector so cheap. they told me its 10% of the premium

[Mzrmazda3]

My insurance company offer this at $62 per year, should I take it ? Is there any gimmick ? What I have been told is that with this protector, NCD will only be affected at 2nd claim within the policy year.

Please share your view.

 

I would say 'Go For It'

 

S$62 in exchange for a 20-30% NCD drop should you suay suay rammed onto other's ride is big saving

 

If S$62 can give you a peace of mind, why not

 

I have been with this NCD Protector for 2 years liao

Edited November 5, 2008 by Mzrmazda3