Bike insurance advice: No Claims Discount and Licence Endorsements
28 April 2010 15:04
No Claims Discount
Once you have built up a healthy No Claims Discount (NCD) on your bike insurance, you don’t want to lose it for a minor claim and be forced to compare bike insurance policies from companies all over again.
The good news is that some bike insurance companies will let you protect your NCD, if you are willing to pay an additional premium, you may be able to keep all, or part of that hard-won discount, if you have to make a claim.
So, make sure you have got up-to-date evidence of your existing no claims discount when you begin to compare bike insurance on MCN Compare or other search engines, and see whether the cheapest company is really the best value by offering to protect your no claims discount.
If you do lose your NCD through having a claim, it might be worth saving the pennies for a few years, and insuring a lower value bike Third Party Fire and Theft (TPFT), TPFT covers you against damaging or injuring other people or their property, as well as Fire and Theft, but it won’t cover you for own-fault prangs.
But if it lessens the cost of building up your NCD for own you compare bike insurance in a few years’ time, it could well be worth it.
Every insurance company is going to want to know your bike riding record, and it’s oh so easy for your throttle hand to get the better of you and before you know it, you’re getting to know a bike cop or a Magistrates Court, picking up penalty points for speeding.
One SP30 on your bike (or in a car) is acceptable, get two or more your motorcycle cover is going to cost lot more than it did before.