01707 375914
9 Mundells Court, Welwyn Garden City, Herts, AL7 1EN
Blog Layout
Recording-breaking car sales
Matt Wiles • Mar 12, 2019
These cars sold for more than $10 million!
How much would you pay for the car of your dreams? If you’re one of the wealthiest princes in the world, then several million dollars probably isn’t too much for you.
Car insurance is a complicated industry, that’s why a lot of our customers come to us asking for advice. Many are wary of making a claim, because they are worried that they will lose some no claims discount (NCD) or see a premium increase at renewal. That is probably true – unless you have opted for a protected no claims discount, then making a claim will typically reduce your NCD by 2 years. That means, if your premium is based on 8 years claim free driving, an accident will reduce that to 6 years, and so the discount applied will change when you renew your policy. Also at renewal, your insurance company will assess the risk of you being involved in an accident and adjust your premium accordingly. They do this whether you have had a claim or not, as their underwriters constantly adjust their risk profiles. Apparently, having an accident makes you more likely to have another accident, even if it wasn’t your fault, so it’s likely your premium will increase. Bear in mind though, that you have to inform your insurer about any accident you are involved in, even if you don’t make a claim. So, your premium will go up anyway. It’s important to be aware that failing to inform your insurer means you are technically in breach of contract, so could find yourself uninsured should you need make another claim later.
