No Claims Discount

No Claims Discount can provide a valuable discount to your customer's home insurance policy, and your customers can earn up to a maximum discount of 30% (5 years). Any No Claims Discount earned with a previous home insurance provider can also be transferred.

Introductory No Claims Discount

We offer a 15% (2 years) No Claims Discount to first time buyers of home insurance. In order to be entitled to an Introductory No Claims Discount your customer must have never previously purchased buildings and/or contents insurance.

Please note:

• Customers who have buildings only cover but have never had contents cover, would be entitled to 2 years Introductory No Claims Discount, (equivalent to 15% discount) for the contents section of the cover, should they choose to take out a contents policy, or add this to their buildings cover.
• For customers who are not eligible to receive an introductory no claims discount, their policy will begin to accrue its own No Claims Discount from its first annual review and each year thereafter.

Residential Homeowners

Customers meeting the following requirements are entitled to a No Claims Discount for the number of years that they have been insured and claim free.

• They must have held continuous insurance for the period they are claiming their No Claims Discount. However if there has been any break in cover of less than 2 years, the customer will still be entitled to the No Claims Discount they previously held, provided they have been claim free during this period.

Please note:

• If no existing cover is in place (either with Paymentshield or with a competitor) the customer is not eligible for a No Claims Discount as they have not had continuous cover. However, if there has been a break in cover of less than 2 years the customer may qualify for an Introductory No Claims Discount (please see above).
• No Claims Discount can only be used on one policy at a time
• Existing residential customers choosing to replace their existing Paymentshield policy with a new Paymentshield policy can transfer their existing number of years No Claims Discount to the new policy.

If you require any further help or information please contact our Intermediary Sales Team on:
T: 08450 615700
E: ist@paymentshield.co.uk
Lines are open: 9am - 5.15pm, Monday to Friday

This page is intended solely for the attention of Directly Authorised or Exempt Firms as defined by the Financial Services Authority.