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Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
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When it comes to looking for insurance providers who offer long-term value, it is always worth considering their no claims bonus. Below we have explained what a no claims bonus is and whether it is worth protecting.
In short, a no claims bonus is a way an insurance provider rewards their policyholder for not claiming. This comes in the form of a discount on their premium, with some insurers increasing this discount the longer you go without a claim.
While in theory you could earn enough in discounts to cover your entire insurance premium, insurers generally cap your no claims bonus at a certain threshold.
Otherwise, if you do eventually make a claim, insurers can typically take away some if not all of your no claims bonus.
In some instances, it can be better not to claim on your insurance policy to protect your no claims bonus. For example, if your car sustains minor damages then it could be worth fixing this yourself rather than risking your no claims bonus built up over an extended period of time.
In some instances, such as if you were involved in a car accident which was not your fault, you can still claim and your no claims bonus will remain unaffected.
For a smaller fee, some insurers offer no claims bonus protection. This allows you to make a certain amount of claims without it affecting your no claims bonus. Some people find this worthwhile as it gives them peace of mind that years of building up their discounts is somewhat protected in the event of a claim.
Some insurers do not charge a fee, but include a limit instead on the number of claims you can make before your no claims bonus is affected.
While there are cases in which people have transferred their no claims bonus between providers, it is up to the insurer’s discretion as to whether it is accepted.
It is the same if you have moved to the UK from another country, and if your no claims bonus is to be accepted you will need proof.
In order to transfer your no claims bonus to a different provider you will need to acquire proof from your previous provider. This can be found on the documents in your insurance renewal or cancellation notice.
If this cannot be found, then it is best to contact your previous provider directly for confirmation.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
This guide will give you a basic understanding of what cooling off periods are and what sort of financial products and services are covered by this legislation.
This guide will give you a basic understanding of what cooling off periods are and what sort of financial products and services are covered by this legislation.
For many businesses, it is key to offer perks to their job listings to attract the best possible applicants. One of these benefits some businesses provide is relevant life insurance for their employees. Below we have explained how relevant life cover works, and which businesses could use it.
In this article we have explained how relevant life cover works, and which businesses could use it.
Keyperson insurance can be a vital safety net for your business. Not only does it provide businesses with cover during turbulent times, but it can also give their owners with a peace of mind. Below we have explained what this insurance is, and how it can protect your business.
In this guide we have explained what keyperson insurance is, and how it can protect your business through turbulent times.
This guide will give you a basic understanding of what cooling off periods are and what sort of financial products and services are covered by this legislation.
This guide will give you a basic understanding of what cooling off periods are and what sort of financial products and services are covered by this legislation.
For many businesses, it is key to offer perks to their job listings to attract the best possible applicants. One of these benefits some businesses provide is relevant life insurance for their employees. Below we have explained how relevant life cover works, and which businesses could use it.
In this article we have explained how relevant life cover works, and which businesses could use it.
Keyperson insurance can be a vital safety net for your business. Not only does it provide businesses with cover during turbulent times, but it can also give their owners with a peace of mind. Below we have explained what this insurance is, and how it can protect your business.
In this guide we have explained what keyperson insurance is, and how it can protect your business through turbulent times.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.