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Motor Trade Insurance 5

Can I Protect My No Claims Bonus?

Your no claims bonus could be protected on your motor trade insurance policy just like a private car policy.

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  3. Can I Protect My No Claims Bonus?

Most reputable insurance companies for motor traders will allow you to protect your No Claims Discount, commonly known as a No Claims Bonus, despite it actually being a discount.

At Think Insurance we are no different, we recognise the benefit a No Claims Discount can have for our motor trade clients, and therefore we are pleased to say that we do allow you to protect your No Claims Discount.

How Does Protecting No Claims Discount on a Motor Trade Policy Work?

Protecting your No Claims Discount is a great way to guarantee a discount on your Trade Car insurance premium when it’s time for renewal. It doesn’t matter what type of insurance you have for your Motor Trade policy, whether it’s Third Party Only or a Comprehensive Policy you will still receive a discount. 

This is how you could lose your No Claims Discount if it isn’t protected:

Third Party Only – In the event you are involved in an accident, and you are deemed the guilty party your No Claims Discount would disappear.

Third Party Fire & Theft – The same as Third Party Only, but you could also lose your No Claims Discount if you have to claim for damage to your car or you need to claim because your car has been stolen

Comprehensive – A Comprehensive policy without protection for No Claims Discount could see that discount wiped out if the insured claims for anything mentioned in Third Party Only, and Third Party Fire & Theft in addition to claiming in the event the insured vehicle is damaged and costs of repair or replacement cannot be recovered from a third party.

When you make a claim your insurance premium will rise on renewal, but if you take out protection on your No Claims Discount you will still be eligible for a discount on your Motor Trader insurance premium.

Can I Take My Protected No Claims Discount to Another Insurer after a claim?

Usually when you have a No Claims Discount whether it be one year or six years, you can usually take it with you once you move insurer. However if that No Claims Discount is protected you may not be able to take all of that No Claims Discount with you if you were to change insurer, you may lose some of the years of your No Claims Discount, or even all of it, depending upon how many years you had built up and how many claims you have had.