Which Insurance Honours U.K. No Claim Bonus
Mar 29th 2008, 3:35 pm
#16
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Re: Which Insurance Honours U.K. No Claim Bonus
Logic and Insurance should never appear in the same sentance.
US industry is heavily regulated, any rating factors have to be actuarially justified.
Credit is a good guide, people who look after there credit tend to look after the vehicles and driving. It is not a main factor, I have met at least one underwriter who believes it should be.
NCB is probably the most illogical significant factor. The UK Industry would love to get away from it, but they are hoisted by their own petard.
Marsh and Aon are of course both US based mutinationals, Zurich have a good guide on international insurance regs and requirements.
US industry is heavily regulated, any rating factors have to be actuarially justified.
Credit is a good guide, people who look after there credit tend to look after the vehicles and driving. It is not a main factor, I have met at least one underwriter who believes it should be.
NCB is probably the most illogical significant factor. The UK Industry would love to get away from it, but they are hoisted by their own petard.
Marsh and Aon are of course both US based mutinationals, Zurich have a good guide on international insurance regs and requirements.
Mar 30th 2008, 12:00 am
#17
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Location: MA, USA
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Re: Which Insurance Honours U.K. No Claim Bonus
Didn't some people have some luck with that with AIG International (or something like that)? You might want to search old posts. We are with AIG Direct incidentally who seem to give the best deal for us more mature 'new drivers' with poor credit, a $200 saving just on 6 months over our Progressive policy.
Mar 30th 2008, 12:01 am
#18
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Re: Which Insurance Honours U.K. No Claim Bonus
Lunacy
Why would having a poor credit rating affect how likely you are to have an accident? Surely the car make/model and the drivers history/age/experience are what counts? I'm not having a go, but as a UK Insurance broker it seems really odd, as car insurance is primarily about assessing the likelyhood of you crashing and costing the company money and haing a good credit score isn't going to reduce the risk of a speed hungry kid wrapping his car around a lampost.
I'm really interested know how the US Insurance industry works, I know that makes me seem really boring but I have built a career out of it
Why would having a poor credit rating affect how likely you are to have an accident? Surely the car make/model and the drivers history/age/experience are what counts? I'm not having a go, but as a UK Insurance broker it seems really odd, as car insurance is primarily about assessing the likelyhood of you crashing and costing the company money and haing a good credit score isn't going to reduce the risk of a speed hungry kid wrapping his car around a lampost.I'm really interested know how the US Insurance industry works, I know that makes me seem really boring but I have built a career out of it
Mar 30th 2008, 12:52 am
#21
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Location: Tampa, FL
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Re: Which Insurance Honours U.K. No Claim Bonus
Why do you think its illogical? No prangs = no claims for the x amount of years you've had the policy, hence no payout by the insurance company. Now I understand that theoretically one might say the chances of having an accident every year are always the same, however, I'd certainly rather insure someone with a clean record as opposed to someone who wraps their car around a tree every other week.
Mar 30th 2008, 5:55 am
#22
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Posts: 2
Re: Which Insurance Honours U.K. No Claim Bonus
Why do you think its illogical? No prangs = no claims for the x amount of years you've had the policy, hence no payout by the insurance company. Now I understand that theoretically one might say the chances of having an accident every year are always the same, however, I'd certainly rather insure someone with a clean record as opposed to someone who wraps their car around a tree every other week.
But basic principals of insurance require a premium contribution comensurate with the risk that you are contributing.
There is certainly a case for acknowledging past experiance, but 65% whatever is over egging it.
Then you also get into the protected bonus etc.
My past exeriance was more with fleets, there experiance is king, but of course you are on much more solid ground.
Mar 30th 2008, 8:50 pm
#23
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Re: Which Insurance Honours U.K. No Claim Bonus
Actually we had an AIG International thing set up when we moved over all paid for by the company (about the only thing they paid for!). We're actually looking at AIG Direct which is technically a different company I believe...
Mar 30th 2008, 9:04 pm
#24
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Re: Which Insurance Honours U.K. No Claim Bonus
