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Document What is No Claims Bonus?

No Claims Bonus is a discount that can often be applied if a person has had insurance and not made a fault claim for 12 months or more. This discount can continue to grow each year until a fault claim is made, providing that insurance remains in force, until a maximum discount is reached. This can result in up to a 70% insurance premium reduction in some cases; however the discounts vary by insurer. If you have Protected No Claims Bonus, whilst a fault claim may still increase your premium the following year, the discount you receive on that total premium will remain the same. The added benefit of protecting your bonus can also sometimes result in a higher premium.
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