Insurance: 1 year or 2 years upfront?

Nuggette

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Hi all,
Looking to renew insurance with Aviva and am presented with a choice of 1 year or 2 year policy.
What are basically the pro and cons of each option?
I guess i will lose out to an additional 10% of NCD if I choose 2 years and no claims?
On the flip side, if there is a claim on first year, my second year premium will not be affected?
 

d3n

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No ppl will buy 2 years

why u hope to claim during first year? Just drive carefully and gain that extra 10% ncd next year lah
 

Nuggette

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that is what I thought.. but wanted to hear from the experts here too if I am missing some advantage to taking on 2 years.. :ROFLMAO:
 

myviowner

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Hi all,
Looking to renew insurance with Aviva and am presented with a choice of 1 year or 2 year policy.
What are basically the pro and cons of each option?
I guess i will lose out to an additional 10% of NCD if I choose 2 years and no claims?
On the flip side, if there is a claim on first year, my second year premium will not be affected?
Look at the details....Ask this question to the insurer.

"I guess i will lose out to an additional 10% of NCD if I choose 2 years and no claims?"

Insurer have factor this into the premium if you buy 2 years plan.
 

EJB

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Look at the details....Ask this question to the insurer.

"I guess i will lose out to an additional 10% of NCD if I choose 2 years and no claims?"

Insurer have factor this into the premium if you buy 2 years plan.
You think they do? Sure anyhow charge one.
 

elf108

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Same as renew road tax, go for 6 mths not 1 year.
 

kebinu

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Already had 50% NCD, so 2 years is fine. I think there's additional discount with a 2-year plan. Saw this when I had 2 options for me.

Maybe it's like this. 1 year 1.1k, 2 years 1.9k.
 

EJB

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Already had 50% NCD, so 2 years is fine. I think there's additional discount with a 2-year plan. Saw this when I had 2 options for me.

Maybe it's like this. 1 year 1.1k, 2 years 1.9k.
Not worth it...
 

sigeena

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For insurance, there is usually a discount for 2 years. It's not road tax.

If there isn't, then there's no incentive to purchase 2 years.

Insurance is competitive, so they need to incentivise your pruchase.

Road tax and COE are sole market supplier (Gahment) so there's no need to incentivise longer period.
 

blackestvoid

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2 yrs is not a bad idea provided its cheaper than with 50% ncd + ncd protection + early bird discount + loyalty discount + all nonsenses factored in
factoring in even if clean records + all these discounts premiums still increasing every year
 

EJB

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2 yrs is not a bad idea provided its cheaper than with 50% ncd + ncd protection + early bird discount + loyalty discount + all nonsenses factored in
factoring in even if clean records + all these discounts premiums still increasing every year
They won't breakdown for you to see, so how to judge if what they say is true?
 

0bserver

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2 years contract upfront discount.

if 1st year kena accident u are safe from premium increase on 2nd year. u got 1 year to save for your 3rd year increase. lol
 

blackestvoid

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They won't breakdown for you to see, so how to judge if what they say is true?
so far every year is premium increase even with all the ncd + loyalty + early bird rubbish
if can tie down current premium or lower is worth considering
see if can refund if cancel after 1 year that will be best
 

EJB

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so far every year is premium increase even with all the ncd + loyalty + early bird rubbish
if can tie down current premium or lower is worth considering
see if can refund if cancel after 1 year that will be best
Before I changed ride, my yearly premium remained the same under MSGI. I was paying the same premium + 15% for option of any workshop. It shouldn't increase much with inflation but I find the original insurer of the car will never hesitate to levy a huge increase yearly.
 
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