In this article you will find information about different factors that have an impact on your motorcycle insurance premium discount. We also explain no claim bonus (NCB) and explain some important things you need to know before you pay for NCB protection.
Do I need a no claims discount protection?Begin with the end in mind. Always calculate on the true saving. There is additional fee for no claims discount protection. It is also important to understand that the protection only protect your bonus and not your motorcycle insurance premium. The premium will increase in price after a claim. There is of course a benefit with having no claims discount protection. If you are involved in an motorcycle accident and you then would like to make a claim you also wipe out all your discount bonus and you are back on zero when it comes to renewal of the premium.
The motorcycle insurance company offer you to protect your No claims bonus
The motorcycle insurance company offer you to protect your NCB for a yearly fee. Instead of losing your bonus. The insurance company turn back the time 2-3 years instead of that you are back on year zero. The following year the price normally goes down to be back on full bonus after two years instead of for example five years.
Your motorcycle insurance premium price is not protected
After a claim you usually loses two - three years of no claims bonus. But regardless of any bonus protection on your motorcycle insurance premium. The insurance company will increase your premium. So the fee you pay is to protect your bonus and not the premium itself. The insurance company calculate at the underlying risk after you have made a claim. Just so you are aware of what you are paying for.
How much is my no claims bonus worth?
This is very individual from motorcycle insurance company to motorcycle insurance company. Some insurance companies offers a maximum discount of around 50% - 60 % after five years without no claims. Other insurers can even offers up to 70% reductions. You should know that your bonus apply after the first 12 months. Normally the discount increases for every year you drive without any claims.
Can I move my NCB from my car to my motorcycle?
Your no claims bonus is for the chosen vehicle. You cannot apply your NCD from your car to your motorcycle. Every motorcycle insurance company got different policies. Sometimes they can give you some sort of discount for having more than one vehicle insured.