# No Claims Bonus Calculation: Am I missing something



## tipping (5 Jun 2008)

Hi

I received my renewal premium for motorcycle insurance yesterday and the figures don't seem to add up. 

According to the document:

Premium inclusive of 60% NCB: €200
Cash Value of NCB: €83.50 (+/- 20c)

So it would seem that without my 60% NCB I would only pay an additional €83.50.

I would have thought that the premium without NCB would be €500, (500*0.4=200)..

Any ideas before I go ring them.

Thanks
Tipping


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## Jimbobp (5 Jun 2008)

Usually a no claim bonus is deducted from a gross premium. You're doing the calculation on a net premium. Ask broker/company for a premium breakdown sheet which will show the correct calculation.


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## GA001 (11 Jun 2008)

Jimbobp said:


> Usually a no claim bonus is deducted from a gross premium. You're doing the calculation on a net premium. Ask broker/company for a premium breakdown sheet which will show the correct calculation.


 Above is correct, give AON a ring and they will be able to tell you how AXA's NCB is worked out.


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## ailbhe (12 Jun 2008)

tipping said:


> Hi
> 
> I received my renewal premium for motorcycle insurance yesterday and the figures don't seem to add up.
> 
> ...


 

Could be that their minimum premium is €200 and therefore they will not allow the full monetary value of the NCB as if they did it would fall below their minimum premium.


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## tipping (12 Jun 2008)

Thanks all for the advice. Just wondering was I missing something obvious. Anyway I'll give Aon a ring during the week and see what they say. I'll update the thread when I hear back.


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## tipping (25 Jun 2008)

ailbhe said:


> Could be that their minimum premium is €200 and therefore they will not allow the full monetary value of the NCB as if they did it would fall below their minimum premium.


 
Just to update this thread ailbhe you are correct. They have a minimum premium of €200 and they will not drop the price below this level. Personally I'm not very impressed with this attitude but unfortunately for motorcycle premiums there isn't many others to turn to. Quinn direct are quoting slightly more. 

Another interesting quirk of this is that due to this minimum premium fully comprehensive cover is exactly the same price, which is not something that they chose to inform me of, not exactly wonderful customer care.


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