NCD Protector?

[Fennmax]

Anyone H's knowledge on this?

Anyone regretted buying this?

Thanks

[Soonpeng]

yes i have experience

you have to reach 50% to allow you to buy the protector.

 

i paid for the protector - 10% more on top of the premium

this is supposedly protect you against the first claim - if not it will drop by 30%

 

1. condition is that you are tied to the same insurance company for the next 3 years. if you change, then the next insurance company only gives you 20%.

 

2. i made a claim - even though it states i still have 50% - the premium goes up a lot more

they recoup by increasing the premium and you can't run.

 

[QQDreamer]

so is LPPL thing. IMO dont waste money. just drive safe.

[Celicar]

Maybe now got exception if you are involved in "collision" and not "accident".

[Vid]

The thing is, you can buy the NCD protector. But that protector is not going to prevent your insurer from increasing the premium every year. And they will hold you ransom if you dare change to another company.

[1fast1]

  On 10/19/2012 at 6:55 AM, Vid said:

The thing is, you can buy the NCD protector. But that protector is not going to prevent your insurer from increasing the premium every year. And they will hold you ransom if you dare change to another company.

 

With our insurance companies and the GIAS cartel, it's always "Heads we win, tails you lose". :angry:

[Darthrevan]

  On 10/19/2012 at 6:55 AM, Vid said:

The thing is, you can buy the NCD protector. But that protector is not going to prevent your insurer from increasing the premium every year. And they will hold you ransom if you dare change to another company.

 

ic..thank u for the info..thats similar to "locking the customer into a 3 year contract"

[Old-driver]

This sounds familiar... u buy insurance against the dealer getting 21 at the casino

 

Dealer gets 21... u save the bet but pay for the extra insurance u bought

 

 

[Santafe]

  On 10/19/2012 at 6:28 AM, MkMan said:

so is LPPL thing. IMO dont waste money. just drive safe.

 

I had 50% NCD and my premium was 950.00 excess 500.00 last year, I had made a 20k OD claim on my car last year and lucky I bought the NCD protector and the renewal premium I had got recently was 1300++ after 50% NCD with excess of 1800.00 inclusive of gst and50% NCD Protector for this year.

 

Safe Driving doesnt mean no accident, some drivers maybe kakyou and may just rammed into your car and claim is your fault. Its still voice down to your words vs his words.

Edited October 19, 2012 by Santafe

[Mysportwish]

true they may increase premium if you hv ncd protector, but without it, your premium will increase a lot more

 

if it is affordable, you should buy it.

[Sga54g]

  On 10/19/2012 at 6:26 AM, Soonpeng said:

yes i have experience

you have to reach 50% to allow you to buy the protector.

 

i paid for the protector - 10% more on top of the premium

this is supposedly protect you against the first claim - if not it will drop by 30%

 

1. condition is that you are tied to the same insurance company for the next 3 years. if you change, then the next insurance company only gives you 20%.

 

2. i made a claim - even though it states i still have 50% - the premium goes up a lot more

they recoup by increasing the premium and you can't run.

Wah, like tat seems like Head or Tail, the insurer still wins!

[Matrix0405]

  On 10/19/2012 at 6:26 AM, Soonpeng said:

yes i have experience

you have to reach 50% to allow you to buy the protector.

 

i paid for the protector - 10% more on top of the premium

this is supposedly protect you against the first claim - if not it will drop by 30%

 

1. condition is that you are tied to the same insurance company for the next 3 years. if you change, then the next insurance company only gives you 20%.

 

2. i made a claim - even though it states i still have 50% - the premium goes up a lot more

they recoup by increasing the premium and you can't run.

 

Hard truth. This NCD protector is just another value added to get more money from customers. They give u NCD discount but wack you hard with premium increase; making a mockery of NCD.

[Santafe]

  On 10/20/2012 at 1:29 AM, Matrix0405 said:

Hard truth. This NCD protector is just another value added to get more money from customers. They give u NCD discount but wack you hard with premium increase; making a mockery of NCD.

 

Your statement is true, but I still feel it depends on the insurer. My 20k OD claims makes my premium increased 42% from 950 to around 1350 with excess from 500-1800.00 inclusive of NCD protector again.

 

Can you imagine if I never have bought NCD protector, my 50% NCD would have drop to 20% and premium will be much higher even I change insurer, as I already have an accident claims record.

[Yurikaze]

  On 10/20/2012 at 2:44 AM, Santafe said:

Your statement is true, but I still feel it depends on the insurer. My 20k OD claims makes my premium increased 42% from 950 to around 1350 with excess from 500-1800.00 inclusive of NCD protector again.

 

Can you imagine if I never have bought NCD protector, my 50% NCD would have drop to 20% and premium will be much higher even I change insurer, as I already have an accident claims record.

 

I agreed with that statement. If u never buy, I guess u would be much more worst off than u had bought the protector. I can't imagine my 50% going down to 20% with a guaranteed increased in premiums which I have no control of. I rather pay this extra 10% of premium to get a protector which I have a choice. If sway kena my NCD remains 50%. It may look good on paper but still pay extra premiums, but still better off then slowly going up year by year back to 50%.

 

humble 2 cents.

[1fast1]

The only "NCD protector" that makes sense is if they offer a policy that contractually obliges them to hold your premium and your full NCD after one claim and guarantee that the accident will be disregarded in future premium adjustments. Basically, the accident that led to that one claim should be fully "off the record". The only time you'll have to reckon with the claim is if you jump ship to another insurer and they ask you about your previous claims experience. In other words, your first claim is a complete "freebie" as long as you stick to that insurer. (I suppose there could be fine print like it being a non-injury accident claim up to a maximum of $X, etc., but the principle is simple).

 

Will they do that? Not a bloody chance.

Edited October 20, 2012 by Turboflat4

[Vectrasonic]

Buy. It saved me money on my next renewal even after a claim. it's worth it.

[Santafe]

  On 10/20/2012 at 3:25 AM, Turboflat4 said:

The only "NCD protector" that makes sense is if they offer a policy that contractually obliges them to hold your premium and your full NCD after one claim and guarantee that the accident will be disregarded in future premium adjustments. Basically, the accident that led to that one claim should be fully "off the record". The only time you'll have to reckon with the claim is if you jump ship to another insurer and they ask you about your previous claims experience. In other words, your first claim is a complete "freebie" as long as you stick to that insurer. (I suppose there could be fine print like it being a non-injury accident claim up to a maximum of $X, etc., but the principle is simple).

 

Will they do that? Not a bloody chance.

 

If have such rider, the premium will be very exp and will never be 10%.

 

Insurance is a pulling of funds from customers into a sinking fund and percentage of premium increase or decrease depends on the overall claim rates at the end of the year. Holding premium is impossible as each year claims according to GIAS are different.

 

Insurance always have to give and take, u want cheap and good? where to find? there are history where customer cheapskate, go buy those cheap cheap online motor insurance, when come to claims, they say this one cannot claim that one cannot claims ask them to refer back to policy wording...faint...

 

Once you make a claims, insurance premium 100% will go up and NCD will drop by 30%...with NCD protector only protector the NCD as the name spells.

[Congo9]

 

NCD protector is the greatest con job of all car insurance. If the insurance wants to increase your yearly premium even when you are safest driver and no claim over a long time. They should actually increase the NCD to as high as 80%.

 

NCD protector, though it protect your NCD %, but it didn't gaurantee that your premium will not get inflated over the yrs even if you are the safest driver.

 

NCD protector has it usage, but it is the marketing con job conning (asking) the driver pay more, despite your risk of accident is relatively much lower then others.