If you've had a home insurance policy for several years and have made very few claims, the chances are you've built up a healthy no claims discount. Your no claims discount, also known as a no claims bonus, is a discount on the price your insurance provider will charge you based on the number of policy years you have been claims-free.
When you buy a Hiscox Home Insurance policy, we offer a discount if you've made no claims during the previous full year that you've held a policy. If you've made no claims during the last 5 years, we'll apply a no claims discount of 25% to your premium.
Why you might consider no claims discount protection
- You have had 5 or more claims-free years as a home insurance policyholder
- You want to be able to make a claim if you need to
- You don't want to lose the no claims discount you've built up over the years
How Hiscox optional cover can protect your no claims discount
When you take out Hiscox Home Insurance, you can choose to add no claims discount cover to protect your discount. This way, you can make 1 claim in any policy year and still keep your discount intact when you come to renew your policy.
If you have added no claims discount cover and need to make a claim, simply call our award-winning claims team as usual. When you renew your policy, if this is the only claim you've made that year, we won't reduce your number of claims-free years meaning we won't reduce the no claims discount we apply.
If you make more than 1 claim in a policy year, we'll reduce your no claims discount by 2 years for each subsequent claim you make. For example, if you had a 5-years' no claims discount and you made 2 claims, the first claim wouldn't impact your claims-free years or your discount, but the second claim would reduce your claim-free years from 5 to 3, and your discount from 25% to 18%.
Rest assured, if the number of your claims-free years reduces below 1, we’ll withdraw your no claims discount protection and you will no longer be charged for this cover.
To find out more about adding no claims discount protection to your Hiscox Home Insurance, speak to one of our friendly UK-based insurance experts.
Call us on 0800 247 1902. Lines are open Monday to Friday, from 8am to 7pm, and Saturday from 9am to 5pm.