Outsurance as an option for car insurance

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newfarm

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Hello ,

I've a full no claims bonus and I have always sought to insure for keeping this no claims bonus by paying an extra premium.

Now I'm really bewildered as to the actual value of doing this.

Outsurance doesn't have a no claims bonus and hence it isn't possible to insure a no claims bonus with them Their premium is competitive and they have some cash back at the end of a 3 year period with no claims.

I can't confidently weight up the pros and cons of moving to outsurance and long term consequences.

If anyone can help me I'd be grateful. Thank you
 
My (cynical) take on it is they want to lock clients into a 3 year renewal cycle with a carrot.

But how big the carrot might be isn't known as far as I can tell.

I've conditioned myself to an annual shop around, and at this stage I don't see myself changing that habit for an unquantifiable reward.
 
Zobeda said:
My (cynical) take on it is they want to lock clients into a 3 year renewal cycle with a carrot.

But how big the carrot might be isn't known as far as I can tell.

I've conditioned myself to an annual shop around, and at this stage I don't see myself changing that habit for an unquantifiable reward.
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The carrot is 10% of the premiums paid over the 3 years ( as far as I can tell).........and I share your cynical take. Thanks for taking the time to share your view.
 
I have never believed in it.

If you want to switch, you have to report the claim to the insurance company you are switching to so the premium will be a lot higher.

Your existing company knows this and lashes up your gross premium so the protection of the NCD is worthless.

Brendan
 
newfarm said:
The carrot is 10% of the premiums paid over the 3 years ( as far as I can tell).........
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The carrot is 10% cash back after 3 years claim free (not over).

Your premium might be competitive in year 1. My cynical guess is your premium won’t be competitive in year 2 & 3, you can just move again if that happens.
 
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Des Pondent said:
The carrot is 10% cash back after 3 years claim free (not over).

Your premium might be competitive in year 1. My cynical guess is your premium won’t be competitive in year 2 & 3, you can just move again if that happens.
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Thank you Des............
 
Brendan Burgess said:
I have never believed in it.

If you want to switch, you have to report the claim to the insurance company you are switching to so the premium will be a lot higher.

Your existing company knows this and lashes up your gross premium so the protection of the NCD is worthless.

Brendan
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Hello Brendan............I feel like the scales have fallen from my eyes and I can see how useless protecting a no claims bonus actually is.........it is more of less useless if I have an accident and need to claim. So all my hang ups about paying an extra premium for full protection on a no claims bonsu are baseless. Now I can look on Outsurance and see that its no big issue not having a no claims bonus nor insuring for one. If they rise my premium a lot in yrs 2 /3 I can move and once I've not had any claims I'm good to go with another company.
Thank you Brendan
 
Brendan Burgess said:
Hi Tommy

Did you try to switch afterwards?

Brendan
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No, there was no need to. There was no discernible change in my premium.

After a previous claim for damage caused outside my control, I suffered a significant loss of no- claims bonus, and couldn't switch afterwards because competing insurers all took that incident into account.
 
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So now I’ve 2 opposite opinions on the value of insuring or including a protected no claims bonus …. The safest thing is to continue but is it necessary…
Can anyone add more experience please
 
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