Lifetime no-claim bonus???

Submitted: Sunday, Jul 18, 2004 at 07:51
ThreadID: 14749 Views:2192 Replies:1 FollowUps:1
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Hi all,

Last night I was talking with a friend about insurance and we got onto the lifetime no-claim bonus that some insurers are advertising. This fellow works in the industry and let me in on an insurance "secret".

These insurers do actually honor the lifetime no-claim bonus, but have another way of dealing with your claim at renewal. If you make an at fault claim, or theft, etc, your no-claim bonus stays put but your base premium increases instead. All insurers that do lifetime no-claim bonus handle it this way. The nett effect is the same, you pay a higher insurance renewal.

They get away with this because most consumers would actually expect premium to rise year on year. Problem is that no one knows by how much.

All smoke and mirrors!

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Reply By: Baz (NSW) - Sunday, Jul 18, 2004 at 16:00

Sunday, Jul 18, 2004 at 16:00
Don't insurance companys make ya feel all warm inside !!!

Hows Carlton today as windy as here couple of trees down near us. Enough to blow the corrigation of a tin roof.
AnswerID: 68272

Follow Up By: Savvas - Sunday, Jul 18, 2004 at 19:47

Sunday, Jul 18, 2004 at 19:47
Spent today at Moss Vale, Bowral & Berrima so we can see some snow. Very icy.

Carlton survived ok by the looks of things. But there were a few trees to dodge on the M5 around River Road.
FollowupID: 328899

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