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No claims discount
Boat insurance term, area: Premium
A no claims discount reduces the premium for years without a claim and can be cut back after a claim. Some insurers have dropped the system altogether and always apply the full discount, which is simpler and works out cheaper after a claim. Owners moving from another insurer are often asked for written proof of their claims history before a discount is granted.
What to check: How far is the discount reduced after one claim, and after a second? Can the discount be protected, and does a claim where you were not at fault still count against it?
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A general explanation in our own words.
What applies to you is set only by the wording of your own policy.
