NCB Certificate is a non-transferable document that is required to retain your existing NCB reward when you purchase a motor insurance policy for your new car. It is proof of the NCB reward that you have earned during your previous car insurance policy tenure.
NCB or No Claim Bonus refers to the discount given in the form of a bonus for driving your car safely and not raising a claim in a policy year. You can avail this discount at the time of policy renewal and can accumulate a discount of up to 50% on your insurance premium. Below are a few important points that you must know about your No Claim Bonus-
You can earn an NCB discount of up to 50% by the end of five years of making zero claims. If you are already earning a 50% discount for not raising a single claim in the past 5 years, you cannot earn any further concessions. However, this 50% NCB continues to stay until you are not raising a claim. This is how NCB discount works in car insurance.
Remember your NCB discount is not applicable for third-party car insurance premiums, that is the mandatory cover in India. Therefore, the earned NCB percentage is calculated on only the own-damage premium. Usually, car owners get confused while calculating their claim bonus and wonder why there is an error in a discounted amount.
You can easily transfer your NCB from an old car to a new car. An NCB certificate in car insurance belongs to the car owner but not the car itself. However, the NCB certificate is not transferable from one owner to another owner of the car.
Therefore, you can easily transfer the accumulated NCB discounts on your old car to a new car and this is valid for three years.
Never write any random digit for NCB percentage while switching your car insurance policies because it can lead you into trouble. In case of incorrect NCB, your insurer can reject your claim in the future. In case you are switching your insurer, give them right correct information if you have raised a claim with your previous insurer in the policy tenure.
Your new insurer will crosscheck all the information while offering you the policy. So, there is no point in hiding it.
The documents required to submit as a proof to transfer your NCB certificate include the following documents-
The NCB is a reward for driving carefully and being safe on the road. One should always keep in mind the above-mentioned factors to retain their accumulated bonus as much as possible. When you buy four-wheeler insurance
Car Insurance
Plans start at
₹2,094*
Compare & Save
Up to 85%*
on Car Insurance
09 Jan 2023
Yes, your comprehensive car insurance policy may cover the damages03 Jan 2023
As per the IRDAI guidelines, all motor insurance sectors including09 Dec 2022
Roadside Assistance is an add-on cover offered with your06 Dec 2022
No, any damage to the nut bolt or any other consumable of your05 Dec 2022
Third-party car insurance is a mandatory cover as per the motorInsurance
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.