If you are having medical policy from any private health insurance company that operates no-claims discount then there are various advantages to this system. If the insurer is offering you the option of NCD protection then it is worth protecting your NCD. Following advantages discussed below will help you to understand the No claims discount at a quick note.
Advantages of protecting the NCD for your medical policy
No financial pressure not to claim
If you are having any private medical insurance due to some reasons in order to get better medical treatment then you can opt for private insurance. Here you have to deter yourself from taking any claims just because of financial implications thoughts. Commercial Insurance premiums will not be a burden for you with NCD protection.
Better Peace of mind
You will still get your discount for the next year if you need to claim that means the premium at the renewal time will only increase due to the medical inflation, age band increment & insurance premium tax. At the same time for some policyholders the reduction in NCD protection could make the insurance a bit expensive.
Good value for money deal
In the insurance market, generally protecting your NO claims discount or NCD for the life insurance plans is relatively inexpensive.
However, there can be disadvantages too like after certain age the risk will also increase and thereby the premiums and at this period you won’t be able to freeze your premiums. At the same time when your hands are tight at money then you this will cost you some additional expenses. Claiming for the NCD may not impact the discount by so much as you think but doing so will definitely take you to the better place.
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