Boat Insurance: Can I earn No Claims Discount on my boat policy?
We operate a system which is very similar to how No Claims Discount works on motor insurance. A new policyholder who has never had boat insurance would start with 0% NCD allowance, although they may, depending on their claims history and experience, be given an introductory allowance of up to 10%.
So long as there is no applicable claim on the policy in each subsequent year, their NCD allowance will increment to a maximum of 25% after 5 years. However, if they make an applicable claim on the policy, their NCD allowance will normally revert to 0% at next renewal.
If a new policyholder joins us who has held a boat insurance policy elsewhere and has been claims free then we would put them on the level of the NCD scale that they would have been on if they had been insured with us over the period. For example a policyholder who held a claim free policy for 3 years may get a 15% discount.