Best no claims discount: Progressive
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- Transparent pricing tools
- Accident forgiveness on small claims
- Stack a variety of discounts for multiple cars
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If you’ve been claim-free for three to five years, you may be eligible for rewards up to 20% in savings. Plus, the longer you go without a claim, the more you can save. But finding an insurance company with a no-claims bonus doesn’t always mean you’re getting the best value on coverage.
Most companies give discounts to their customer based on how long they go without making a claim, though some take upwards of five years to begin saving you money.
If you’re planning on staying with your insurer, you could save anywhere from 15% to 20%, just by being claims-free. However, the key to cheap car insurance is to shop around every year. If you’ve worked hard to build your discount, you might be less inclined to switch to an insurer that will recognize your discount the same way. This means your insurance options are a lot more limited, and you’ll likely pay more in the long run.
It still may be worth it to switch for significant savings even if the timer for your no-claim discount will restart at a new company. In some cases, your new insurer may recognize your no-claims discount and clean driving record.
If you haven’t filed a claim with your car insurer for an extended amount of time and are eligible for a claim-free discount, your insurer should provide proof of your bonus before your next renewal. However, not all insurers will automatically send you a proof of your no claims discount. If you aren’t sent proof of your no-claims discount, you can request a statement highlighting your no-claims rating. When you switch car insurance, your old insurer can pass this along to the new insurer.
Generally, your discount won’t be reduced for claims where you were not at fault. This means you can still make weather-related claims or accident claims where the other driver was clearly at fault without losing your no-claims discount. However, the exact types of claims you can make without losing your discount will be different depending on the insurer.
Because discount types and terms vary between providers, we’ve outlined a few different ways you can get a discount for keeping your claims to a minimum. Not all kinds of discounts are available everywhere in the US. To find out if one of these discounts is available where you live, contact your provider, or include these discounts in your must-have list when you’re shopping for a new policy.
With this kind of discount, you’ll get a rate break or deductible reduction as long as you’re not involved in any accidents. For some insurance providers, like Allstate, you can take $100 off your deductible and even get a cash discount for each year you’re accident-free.
This kind of discount also allows for claims not related to safe driving, such as theft, vandalism or inclement weather damage like hail and lightning, without affecting your eligibility for a safe driver discount.
Some companies, like Esurance, will give you a discount of up to 20% off your premiums if you maintain your policy with no accidents or claims for five years. This is the most direct kind of claim-free discount, but it also takes multiple years of safe driving and consistent coverage to qualify.
While it might not technically be a discount, this policy feature is a reward for maintaining your coverage and being claim-free, often for two or three years. When you’re in an accident, especially one that requires you to file an insurance claim, you often see your rates increase to cover the slight jump in risk to the provider; this discount protects the driver from any increase in cost because of the track record for safe, claim-free driving.
If you’re a safe driver who’s had no claims or accidents in years, you deserve to save money on your premiums.
But when it comes to discounts for staying claim-free, not all providers are created equal — and by comparing the discounts of several insurance companies, you could find a truly great value on your coverage.
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