Q1. Who is eligible for a No Claim Bonus (NCB)?

Ans: An insured person with a comprehensive car insurance policy who has not submitted a claim to the insurance company during consecutive years of the policy period is eligible for a No Claim Bonus (NCB).

Q2. When is No Claim Bonus (NCB) terminated?

Ans: Your No Claim Bonus (NCB) can get terminated if you present a claim to your insurance company during the coverage period. To avoid termination, you can take an optional NCB protection add-on cover to retain your bonus for a certain number of claims within the duration of the policy.

Q3. How to check your No Claim Bonus (NCB)?

Ans: You can check your No Claim Bonus (NCB) on your insurance company's website. You can also check your policy documents to understand the No Claim Bonus (NCB) calculation.

Q4. Will I lose my NCB if I cancel my insurance policy?

Ans: Yes. You will lose your NCB discount if you cancel your car insurance policy. To avail the benefits, it is a good idea to transfer the NCB to your new insurance policy if you are changing your insurer.

Q5. What is the maximum limit of a No Claim Bonus (NCB)?

Ans: The maximum applicable range of an NCB is 50%. As the NCB accumulates for each year of no claims made, it can reach a maximum limit of 50% in five consecutive years.

Q6. Will my NCB get affected if I transfer from one insurer to another?

Ans: No. Your NCB will not get affected if you transfer from one insurer to another. Your accumulated NCB will remain the same, and you can apply it to reduce your premiums with the new insurer.

Q7. Can I withdraw my NCB?

Ans: No. You cannot withdraw funds from your NCB, as this benefit offers a discount that can be applied to reduce your insurance premiums on new or renewed insurance policies.

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What is No Claim Bonus (NCB), and how does it affect renewal?

A No Claim Bonus (NCB) is an incentive that insurance providers offer their customers for not submitting a claim for an entire year. An NCB encourages car owners to drive responsibly to avoid minor accidents or damage.

How Does a No Claim Bonus (NCB) Work?

A No Claim Bonus (NCB) will collect discounts for every year a claim is not made on the car insurance. Insurance companies typically offer No Claim Bonus (NCB) discounts of 20% to 50% for their customers. This discount is applied to the insurance premium when the customer renews their existing car insurance policy.

How to Calculate Your No Claim Bonus (NCB)?

Your No Claim Bonus (NCB) will typically start from 20% for the first claim-free year and continue increasing annually till the discount reaches 50%. Use the NCB calculator that is available on the insurance provider's website or on Policybazaar.com to get an accurate idea of your No Claim Bonus (NCB).

Benefits of No Claim Bonus (NCB)

Boosts responsible driving: As the No Claim Bonus (NCB) adds up for every consecutive year a claim is not submitted, car owners will remain motivated to drive safely.
Transferable: The No Claim Bonus (NCB) is transferable, as it applies to the car owner and not to the vehicle itself. Car owners can transfer their No Claim Bonus (NCB) to their new insurance policy if they change their provider. This bonus can also be transferred to a new car the owner buys.
Money saver: Car owners can save money while renewing their existing car insurance policy by applying the discount accumulated via the No Claim Bonus (NCB).

Things to Know About the No Claim Bonus (NCB)

You cannot avail of the No Claim Bonus (NCB) in the first year of your car insurance policy. However, if you buy a new car, you can transfer your No Claim Bonus (NCB) to avail a discount on the insurance premiums from the first year.
Insurance providers offer the No Claim Bonus (NCB) only on comprehensive car insurance policies that offer protection against risks such as damage due to accidents, natural calamities, etc.
You can extend your No Claim Bonus (NCB) by adding an optional No Claim Bonus (NCB) protection add-on cover. This add-on allows the car owner to present a claim without losing the accumulated benefits of their No Claim Bonus (NCB).

Conclusion

A NCB in car insurance is an attractive benefit insurance providers offer. This bonus rewards car owners who drive responsibly with discounts that get accumulated for every year a claim isn't submitted. With this bonus, car owners can avail themselves of discounted insurance premiums at the time of policy renewal to save money. The No Claim Bonus (NCB) is an excellent option for car owners who drive carefully and do not want to pay high insurance premiums.

FAQs

Q1. Who is eligible for a No Claim Bonus (NCB)?

Ans: An insured person with a comprehensive car insurance policy who has not submitted a claim to the insurance company during consecutive years of the policy period is eligible for a No Claim Bonus (NCB).
Q2. When is No Claim Bonus (NCB) terminated?

Ans: Your No Claim Bonus (NCB) can get terminated if you present a claim to your insurance company during the coverage period. To avoid termination, you can take an optional NCB protection add-on cover to retain your bonus for a certain number of claims within the duration of the policy.
Q3. How to check your No Claim Bonus (NCB)?

Ans: You can check your No Claim Bonus (NCB) on your insurance company's website. You can also check your policy documents to understand the No Claim Bonus (NCB) calculation.
Q4. Will I lose my NCB if I cancel my insurance policy?

Ans: Yes. You will lose your NCB discount if you cancel your car insurance policy. To avail the benefits, it is a good idea to transfer the NCB to your new insurance policy if you are changing your insurer.
Q5. What is the maximum limit of a No Claim Bonus (NCB)?

Ans: The maximum applicable range of an NCB is 50%. As the NCB accumulates for each year of no claims made, it can reach a maximum limit of 50% in five consecutive years.
Q6. Will my NCB get affected if I transfer from one insurer to another?

Ans: No. Your NCB will not get affected if you transfer from one insurer to another. Your accumulated NCB will remain the same, and you can apply it to reduce your premiums with the new insurer.
Q7. Can I withdraw my NCB?

Ans: No. You cannot withdraw funds from your NCB, as this benefit offers a discount that can be applied to reduce your insurance premiums on new or renewed insurance policies.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in