When it comes to perks of a job, many of us will envision having access to a company car as one of those benefits, but what happens when you move on from the job or no longer need to use the business’ vehicle?
For those who have spent multiple years driving a company car and haven’t owned their own motor during that period, moving back to having your own four wheels may bring some complications when it comes to insurance.
This can be incredibly frustrating, as all those years spent driving safely could not result in a no-claims discount for your private auto insurance.
What exactly is the no-claims bonus?
When an insurer looks into your claims history and, if you’re eligible as a result of a claim-free period or history, gives you a reduction or discount on your car insurance premium cost, this is a no claims bonus (NCB). Who doesn’t enjoy saving a little cash, right?
What is the criteria for someone to be eligible for a bonus?
The opportunity for a NCB arises every year and you’ll get it if you haven’t made any claims in the past. The discount grows every 12 months, if you do not make any claims. This discount can reach 60% after five years.
What is the best way to get proof…
