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Can I Use My Motor Trade No Claims Bonus?

No claims bonuses in the motor trade work in the same way as with private insurance: they are earned. They’re also a great way to reduce your insurance premiums but how they work in the motor trade – and whether they can be transferred between policies – is a commonly confusing question.

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The longer you go without making an insurance claim, the bigger discount you are entitled to.

In the motor trade, the discounts are usually as following:

  • 1 year no claims – 20%
  • 2 years no claims – 25%
  • 3 years no claims – 30%
  • 4 years no claims – 40%
  • 5 years no claims – 50%

Most motor trade insurers allow you to accrue up to five years of no claims; after that the no claims bonus will remain the same for each subsequent year. If you take out a combined motor trade policy, the no claims discount will only be applied to the road risks part of the policy; all other sections will be treated separately.

Can I Transfer My Motor Trade No Claims Bonus?

A no claims bonus takes years to earn and it would be a shame – and expensive – to lose it when you change insurers. However, when dealing with motor trade no claims bonuses it can be confusing whether you’re allowed to transfer your motor trade no claims bonus to a policy with another insurer.

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Like private insurers, motor trade insurers do allow you to transfer your no claims bonus to a different insurer. This can be done by approaching your previous motor trade insurer and asking for a letter confirming that you have made no claims in the last two years, for example.

This will be enough proof for your new insurance company that you have not made any claims and are entitled to their discount. If you have also taken out a private insurance policy, some insurers will even mirror the no claims bonus in your private vehicle insurance in your motor trade insurance policy – allowing you to apply the no claims discount to two policies at the same time.

Some insurers also allow you to protect your no claims bonus. However, if you transfer it to another policy with another insurance company, they may not acknowledge protected no claims bonuses if several claims have been made. In this case you would lose your no claims bonus.