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10 Month Car Insurance Policies

Many car insurance companies offer 10 month insurance policies with the incentive of a cheaper car insurance premium. The 10 month policy can have many different names such as bonus accelerator and rapid bonus. Whatever the name may be, they all do pretty much the same thing:

  1. They produce a cheaper quote as the policy is for 10 months instead of 12.
  2. You get 1 years no claims bonus (ncb) at the end of the 10 month policy.
  3. They are mainly aimed at young and new drivers hoping to build NCB.

The Downside to Bonus Accelerator Insurance Policies

The only downside to 10 month insurance schemes is that they are not recommended for experienced drivers with full NCB. When costs are broken down it often costs more per month for a 10 month policy than it does for a full 12 months cover.

For example:
12 Month Policy = £700.00. Monthly cost = £58.33
10 Month Policy = £600.00. Monthly cost = £60.00
As you can see, although the 10 month policy has the more attractive premium, it actually works out cheaper per month to purchase the 12 months cover.

It is also worth nothing that some insurance companies will not accept a 10 month certificate from another insurance company as proof of no claims. It can also cause complications when acquiring a quote as someone with 1 years and 8 months experience may have 2 years NCB, this will often be rejected by online quotation systems as the figures do not add up.