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If you have two wheeler insurance policy and are perplexed about, your No Claims Bonus then you are probably at the right place. No-claim-bonus is discount given by motor insurance companies to all the policyholders for every claim-free year.
No-claim-bonus can be availed while renewing your current policy or while switching from your current insurance provider to another. You also get an NCB certificate from the previous insurance provider. NCB is the most reliable way of saving on your bike insurance premium.
See how it helps you save some amount on premium and how you can keep it over the years -
What Happens if you Make a Claim?
Usually, people think that NCB will be invalidated if a claim is made in the previous year. However, two-wheeler insurance companies reduce the percentage of no claim bonus at the time of renewal. It varies from one insurance provider to another, as there is no particular formula to calculate this decline in the premium.
Even after you have filed a claim due to an accident or an unprecedented event, your no-claim bonus is maintained. Therefore, it is suggested that you check the same with your 2-wheeler insurance provider.
How NCB Helps You in Saving Money?
No claims bonus is accrued every year, and the more the number of claim-free years, the better is the discount.
So, you can easily save up to 20 percent with a no-claim discount on your 2-wheeler insurance premium? As per the Insurance Regulatory Development Authority, policyholders who have not filed any claim for 1 to 3 years are eligible for a discount between 10 percent and 20 percent while renewing their two-wheeler insurance policy.
Those who have a good driving record and are lucky enough, then some two-wheeler insurers may offer you discount up to 50% no-claim discount, considering your age, and profession among other factors.
Is it Possible to Transfer your No Claim Bonus?
No claims bonus is availed on the insured two-wheeler and not the driver. You can also transfer your No-claim-bonus while switching your two-wheeler insurance provider. You will get a 'No Claims Certificate' from your previous insurance company at no additional cost.
How To Avail No Claims Bonus?
Some two-wheeler insurance companies provide NCB protection cover. It is an additional benefit that you can add on to your current bike insurance.
If you have lodged a claim in the previous year you need to pay an extra premium to protect your No-claim-bonus. It differs from one insurance company to another and is subjected to policy terms and conditions.
Some two wheeler insurance providers will retain your no-claim-bonus irrespective of the claims filed during a policy term. Usually, 2 claims are allowed. Whereas other insurers do not provide any such privilege.
But it does not mean that your bike insurance premium will remain the same next year as well since the claim will have an impact on your driving history.
Things to Consider
- No Claims Discount is only accrued at the time of policy renewal
- If you have purchased two-wheeler insurance for two bikes, then your No Claims Discount will apply on the second bike as well
- No-Claims-Bonus is calculated on the basis of the two-wheeler and not the policyholder
- In case you are at fault, and your insurance provider has to pay for the loss, a part of your No-Claim-Bonus or your entire No Claim Bonus can be fortified
- In the case of no-fault claims, the insurance provider may retrieve the payment from the 3rd party insurance company and your No Claims Discount will remain intact.
In a Nutshell
It is quite apparent that every vehicle insurance company has its own set of rules and regulations in terms of No Claims Discount. Applicable discount rates also vary. Therefore, it is suggested that you check with two wheeler insurance providers and compare different two-wheeler insurance quotation before making the purchase.
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