Every country has its own rules and regulations when it comes to vehicle insurance. There are insurance companies that cater to specific countries. As such, they all have their terms and insurance products that they offer. There is one thing that vehicle insurance companies do have in common. It is that they are all in the business of making money.

Zero No Claims Car Insurance

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In the UK there are several insurance companies that offer zero no claims car insurance. This is the type of bonus that gets given to those insured in the UK. It is for those that have not claimed in a specific amount of time. Every insurance company will have its own offering. If they have implemented this type of discount. Usually, it works through accumulation. It may allow the insured to build up their bonus for each year that they are claim free. It’s indicated that this bonus gets accumulated for a maximum of 15 years.

There are a lot of advantages to the zero no claims car insurance bonus. Many of the insurer’s companies will allow a client to bring their bonus with them. From their previous insurance company. This makes it helpful in that the insured now has an option. Of being able to shop for insurance without the risk of losing their discount.

No Claims Discount Scale

The no claims discount scale is quite significant. In the amount of money that it can provide in insurance savings. It begins at a 7% discount starting with the first year of an insured that is claims free. By the time they have reached nine years and over the savings can amount to a 40% discount. This, of course, is subject to change each year.

No Claims Bonus Expiry

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There are some individuals that have built their no claims bonus. Then stopped driving for many years. They get concerned about what will happen with their bonus and does it expire? In most cases, if the insured has not been driving for a few years, then the bonus can expire. Some insurance companies may take this into account. But still, offer some type of bonus even though the no claims bonus has expired.

Cheap Car Insurance

No matter what country one lives in they want to be able to take advantage of the cheap car insurance. Many of those moving from the UK to Canada are striving to find insurance that is affordable. They are used to the zero no claims insurance that they may have had back in their country. In Canada, there is an opportunity to buy cheap car insurance. It too comes by way of discounts but the discounts will vary, and the percentage that gets saved will vary as well.

Cheap Car Insurance Without No Claims Bonus

Those that have the no claims bonus may want to talk to the insurance companies. The ones they are looking at in Canada. If they will take this into account. There is a possibility that some insurance companies may allow this. If this is not the case then the insurance shopper is going to need to focus on some potential discounts. Ones they may be able to take advantage of. Driving history is always one of the metrics insurance companies will use. For those new to Canada, they do not have this driving history to rely on. They may be able to convince the insurance company to consider the record from their own country. This may work to their advantage.

The insurance company may, not take, the no claims bonus into account. They might take a letter from your insurance company in your home country. One that will verify your driving history there. Some insurance companies have offices throughout the world. You may be dealing with the same company in Canada. The same one you may have used back home. Then this may be helpful to you. They may be able to rely on the records from their office in that particular country. Some may even be willing to apply the no claims bonus.

Other Ways to Save On Insurance

There other ways that they can save on their insurance. One is by considering the type of vehicle that they are going to buy. Insurance companies get concerned about the type of vehicle that they are going to insure. This is because of the cost factor that arises if they had to replace the vehicle. Also on what type of risk the vehicle is presenting to the insurance company. For example, insurance companies look at sports cars as being high risk.

Individuals looking for cheap insurance can research different types of vehicles. Looking for those that are cheap to insure in Canada.

Some Canadians look for programs like the zero no claims bonus. There are a lot of Canadian companies that offer similar discounts. There are insurance companies that offer discounts for clients. Ones that have been with them for a long time and have not issued any auto claims. This is a type of loyalty bonus. Then there are many insurance companies now offering forgiveness for first time accidents. This can be beneficial. Especially if an individual gets involved in a high-cost collision. Having it forgiven means that the premiums are not going to increase. This type of discount does not give a reduction in the premiums. It does act as a way of helping to stop the premiums from increasing.

Insurance Shopping With Savings In Mind

Savings In Mind

All too often insurance shoppers get confused with the vehicle insurance. They think that all insurance companies are going to offer the same insurance. For the same amount of money. They don’t realize that there can be a lot of variations among insurance companies. This is soon realized when they start getting quotes. They see that there can be quite a difference in the offerings that get provided through the quotes. The cost of the insurance is important but so is the coverage that is gets provided for the money paid. These are two factors that should be considered. When an insurance shopper is shopping for savings.

Resources:

https://www.admiral.com/magazine/guides/car-insurance/how-the-no-claims-bonus-works#can-i-bring-my-no-claims-bonus-with-me-from-another-insurer
https://www.theguardian.com/money/2015/jun/01/no-claims-discounts-drivers
https://www.confused.com/car-insurance/guides/car-insurance-buyers-guide-no-claims-bonus-explained
https://yourcommunity.tescobank.com/t5/Help-Support/Proof-of-no-claims-history-letter-required-for-Canada/td-p/7886