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Insurance Question (Nothing to do with quotes)

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Adam.I
World Chat Champion



Joined: 22 Jun 2004
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PostPosted: 19:17 - 29 Jun 2004    Post subject: Insurance Question (Nothing to do with quotes) Reply with quote

Hey people. I was thinking today that let's say I got insured on a Honda NSR 125cc right after I passed my CBT and I pay for it monthly. So I started riding around on it for a few months, gaining experience etc. Then I go for my theory and hazard perception, followed by my practical. Then I passed both of them. If I was too ring up my insurance quoter, would they make my monthly payments less because i'm not on a provisional license anymore? Or could I cancel that insurance, then get a new one with my Full A category license (restricted)?

Thanks, Darryl
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Major_Grooves
The Doctor



Joined: 10 May 2002
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PostPosted: 19:21 - 29 Jun 2004    Post subject: Reply with quote

They would say that it reduces your premium. You would then assume they would send you some money back. They would use up your refund to pay for the admin costs in changing your policy to a full license one so in the end you get no money. Probably not worth losing 1NCB over so stick to the policy.

That's what happened to me. Bastids! Evil or Very Mad
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Adam.I
World Chat Champion



Joined: 22 Jun 2004
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PostPosted: 19:36 - 29 Jun 2004    Post subject: Reply with quote

How much should you got back of them then? Are you allowed to cancel that insurance and get another one?
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Danny
Ask Me About Stoppie School



Joined: 26 Jan 2003
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PostPosted: 19:36 - 29 Jun 2004    Post subject: Reply with quote

Many insurance companies won’t charge you less if you pass your test mid way through a policy, mine didn’t.

If you were to cancel your policy you really won’t get much money back, almost certainly not enough to cover you on a new policy.

I would just stick with the policy to the end, that way you earn your years NCB.
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Adam.I
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Joined: 22 Jun 2004
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PostPosted: 19:37 - 29 Jun 2004    Post subject: Reply with quote

Hey Danny, how's it going with my quotes? What exactly is a No Claims Bonus? How do they work?
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WildGoose
White Van Man



Joined: 20 Mar 2002
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PostPosted: 19:39 - 29 Jun 2004    Post subject: Reply with quote

every year you dont make a claim, you get 1 years no claims bonus, which counts to a percentage off your insurance the following year
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Robby
Dirty Old Man



Joined: 16 May 2002
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PostPosted: 19:40 - 29 Jun 2004    Post subject: Reply with quote

After I passed my test I changed bikes - got a 250 - and got a token amount back on my policy. Then 4 months later I called them up over some minor thing, and found out they still had me down as a provisional licence holder, despite being insured on a 250. Silly kids. Got another token amount back then.
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Danny
Ask Me About Stoppie School



Joined: 26 Jan 2003
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PostPosted: 19:41 - 29 Jun 2004    Post subject: Reply with quote

I'm waiting for some companies to get back to me.
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Adam.I
World Chat Champion



Joined: 22 Jun 2004
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PostPosted: 19:43 - 29 Jun 2004    Post subject: Reply with quote

How much did you get back robby? So in simplistic terms, the more NCB's you have, the lower your insurances is going to be?
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Robby
Dirty Old Man



Joined: 16 May 2002
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PostPosted: 19:44 - 29 Jun 2004    Post subject: Reply with quote

about a tenner each time, on a 550 quid policy.
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Adam.I
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Joined: 22 Jun 2004
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PostPosted: 19:45 - 29 Jun 2004    Post subject: Reply with quote

So, let's say you insurance is about £1,400 it'll be nearly £30ish?
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Robby
Dirty Old Man



Joined: 16 May 2002
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PostPosted: 19:47 - 29 Jun 2004    Post subject: Reply with quote

Don't be such a silly boy. Call some companies or get danny to do it for you, you won't pay more than 800.

The amount you get back is up to the company, and depends on how long is left on the policy. Certainly its enough to call up about, but not enough to worry about.
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Danny
Ask Me About Stoppie School



Joined: 26 Jan 2003
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PostPosted: 19:48 - 29 Jun 2004    Post subject: Reply with quote

enrique86 wrote:
So in simplistic terms, the more NCB's you have, the lower your insurances is going to be?
Yes.
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Adam.I
World Chat Champion



Joined: 22 Jun 2004
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PostPosted: 19:49 - 29 Jun 2004    Post subject: Reply with quote

robby, Danny is doing it for me. I have tried several and the lowest I have gotten it down to was £1,575 ish. I hope he can get it lower.
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Slavo
Spanner Monkey



Joined: 07 May 2004
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PostPosted: 20:26 - 29 Jun 2004    Post subject: Reply with quote

Danny wrote:
Many insurance companies won’t charge you less if you pass your test mid way through a policy, mine didn’t.


Same here!
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