Save Over £700 with No Claims Discount
Recent findings show that driving carefully can significantly reduce your car insurance costs, saving you more than £700. By maintaining a no claims discount (NCD), drivers can enjoy substantial savings on their premiums.
Impact of No Claims Discount on Insurance Premiums
No claims discounts are rewards given by insurers to policyholders who go without making a claim for damage to their vehicle. Statistics reveal that having a one-year NCD can lead to a £745 reduction in insurance costs, representing a nearly 32% decrease.
Rising Premiums Despite No Claims Discounts
Despite the benefits of NCDs, insurance premiums continue to rise, affecting even those with several years of no claims. Insurers attribute these increases to various factors, such as higher repair costs, increased vehicle prices, energy expenses, and rising wages.
Expert Advice on Maximizing Your NCD
Motor insurance expert Julie Daniels advises policyholders to review their NCD policy documentation to ensure they are maximizing their discounts. It's essential to verify transferability when switching insurers and provide proof of existing NCD to secure continued savings.
Tricks to Reduce Car Insurance Costs
Despite rising premiums, there are strategies to lower your car insurance expenses. Choosing the right renewal date and staying informed about industry trends can help you make informed decisions and potentially save money on your policy.
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