The customer gets a discount on their next premium plan purchase. If you want your NCB, try not to claim insurance for minor impairments. It is better to fix the damages yourself to maintain your NCB. NCB can range anywhere from 20% to 50%.
How Is Your No Claim Bonus Calculated?
Calculating your car's NCB is not a Herculean task. Most insurance companies have an online calculator on their websites, which will do the work for you. This bonus is applicable from the second year of getting a car insurance policy. Usually, a four-wheeler NCB is calculated in the following way:
After one year, you will get a discount of 20% during policy renewal.
After two years, you will get a discount of 25% during renewal.
After three years, you will get a discount of 35% during renewal.
After four years, you can avail 45% discount when you renew your policy.
After five years, you can get a discount of 50% during policy renewal.
Can Your NCB Get Cancelled? If So, When?
Your NCB can get cancelled under two circumstances:
If you make an insurance claim, your NCB will be dissolved.
If you do not renew your policy on time, your NCB will be cancelled.
What Are the Benefits of NCB?
The benefits of NCB are:
If you own more than two vehicles, the discount can be transferred from one vehicle to another.
You can also transfer it to a new owner during policy renewal.
What Is a No Claim Bonus Add-on Feature?
Certain insurance companies provide a No Claim Bonus add-on feature to protect your NCB discount. It ensures this discount remains untouched even if you raise an insurance claim. However, there is a pre-determined limit to this.
Steps to Transfer Your No Claim Bonus:
You should retain the old registration certificate document and the 'transfer of ownership' certificate copy.
You should also have your NCB transfer certificate issued by the insurance company.
You can quickly transfer this discount to your new vehicle by providing the above documents to the insurer.
How to Know More about the �No Claim Bonus�?
To learn more about the No Claim Bonus, download the Park+ app! This app will ease things for you due to its customer-friendly interface. You can skip the headache of referring to multiple sources and get information about NCB or anything related to road travel on our app. For more information on NCB, also refer to our car insurance webpage.
The Park+ app is a one-stop solution for all your travel dilemmas. It helps you in each step of your road trip, including parking, e-challan tracking, car washing, fast tag recharge, etc. Moreover, it provides you with information regarding everything related to cars, car insurance and car travel.