If you have a 50% NCD, you can opt for a NCD Protector by paying an additional 10% premium on top of your base premium. NCD Protector allows you to maintain your NCD at 50% after 1st claim on your policy if you at the party at fault for the accident.
However, there are a few things to note:
- With NCD Protector, after a claim on your policy, the 50% NCD is valid only to your current insurer. If you switched to another insurer, you will only be having 20% NCD.
- NCD protector does not stop your existing insurer from loading/increasing your base premium. For example, your base premium is S$1,200 before the accident. After 50% NCD, your net premium before GST is S$600. With NCD Protector, while your NCD remains at 50% with your existing insurer, they may load your base premium and increase it to $3,000. After 50% NCD, you will have to pay S$1,500.
- As per point 2, you may be better off switching to another insurer who offers a base premium of S$1,600 where you will only pay S$1,280 after 20% NCD. Hence, be mindful of some marketing gimmicks offering free life-time NCD protector.
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