Orlando Harmon
No Claim Bonus (NCB) is an important aspect of two-wheeler insurance, offering policyholders a discount on their premium for every claim-free year. The NCB percentage increases with each consecutive claim-free year, encouraging safe driving practices and rewarding careful riders. To check your NCB, you can refer to your bike insurance policy document, NCB certificate, or contact your insurance provider. Additionally, NCB is transferable when upgrading to a new vehicle or switching insurers, allowing you to retain your accumulated bonus.
| Characteristics | Values |
|---|---|
| What is NCB? | No Claim Bonus |
| Who is it for? | Two-wheeler policyholders who do not register any claim in the previous policy period |
| How to check NCB | Refer to the NCB slab in the policy document, check the earned NCB during bike insurance renewal, or contact the insurance provider |
| How to transfer NCB to a new insurer | Procure the NCB Transfer Certificate from the existing insurance company and submit it along with Form 29 and 30 (buyer/seller agreement) |
| NCB on new vehicle | Can be used within three years of selling the existing bike and replacing it with a new vehicle |
| NCB on death of bike owner | Granted to the nominee |
| Minimum NCB | 20% on the first claim-free year |
| Maximum NCB | 50% for five claim-free years |
| NCB on third-party insurance | Not applicable |
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What You'll Learn
Check your policy document and NCB certificate
Checking your NCB in your bike insurance policy is a straightforward process that can help you understand the discount you are eligible for during policy renewal. NCB, or No Claim Bonus, is a reward given by insurance companies to policyholders for not making any claims during the policy period. It acts as a discount on the renewal premium.
You can check your NCB by going through your bike insurance policy document and NCB certificate or by contacting your insurance provider. Your bike insurance policy documents contain crucial information, including details about your NCB. Refer to the policy documents provided by your insurance company during the policy purchase or renewal process. Look for sections related to NCB or discounts, where you should find the current NCB percentage mentioned. The NCB will be stated as a percentage.
If you have purchased your bike insurance policy through an insurance aggregator website, you can access your policy details on their platform. Log in to your account on the aggregator website and navigate to the section that displays your policy information. Look for details related to NCB or discounts to find the current NCB percentage applicable to your policy.
If you purchased your bike insurance policy through an insurance agent or broker, they should have access to your policy details. Contact your agent or broker and provide them with the necessary information, such as your policy number or registration number.
To transfer your NCB to a new insurer, you must obtain an NCB certificate from your current insurer. Provide the certificate and policy details to the new insurer. Ensure the transfer is completed within 90 days of your previous policy's expiry.
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Contact your insurance provider
Contacting your insurance provider is one of the ways to check your No Claim Bonus (NCB) status. Here are some detailed steps to help you with the process:
If you are unsure about your NCB status or need to confirm the details, it is always best to reach out to your insurance provider directly. They can provide you with accurate and up-to-date information regarding your NCB. Here's what you can do:
- Identify the Right Point of Contact: Different insurance providers may have specific departments or channels dedicated to handling NCB-related queries. Check their website or customer portal to find the designated contact information for NCB inquiries.
- Prepare Necessary Information: Before initiating contact, ensure you have all the required information at hand. This may include your policy number, vehicle registration details, and any relevant documents associated with your NCB. Having this information ready will streamline the process and help the insurance representative locate your policy and provide accurate information.
- Make the Inquiry: You can reach out to your insurance provider through various means, such as phone, email, or live chat, depending on their offered methods of communication. Clearly state your query, providing them with your policy details and any other necessary information. Ask them to confirm your NCB status, including the percentage and the number of claim-free years accrued.
- Understand the Response: Once your insurance provider confirms your NCB status, they will communicate the details to you. Make sure you understand the information provided, including any conditions or limitations associated with your NCB. If needed, ask for clarification to ensure you have a comprehensive understanding of your NCB entitlement.
- Follow-Up if Necessary: In some cases, your insurance provider may need additional time to verify your NCB status, especially if your policy is older or if there have been changes in your coverage. If you don't receive a response within a reasonable timeframe or if the information provided seems incomplete, don't hesitate to follow up with them.
Remember that your insurance provider is the primary source of information regarding your NCB. By contacting them, you can obtain the most accurate and up-to-date details about your No Claim Bonus status and ensure you maximize the benefits associated with it.
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Understand how NCB is calculated
NCB, or No Claim Bonus, is a discount or savings on premiums offered by motor insurance companies to bike owners for not raising any claims during the policy period. It is a reward for driving safely and can be accumulated on every consecutive claim-free year.
The No Claim Bonus in two-wheeler insurance ranges from 20% to 50% and can be accumulated for a maximum of five claim-free years. The rate of NCB increases by 5-10% every year of not raising claims, up to a maximum of 50% discount on the premium after five consecutive claim-free years.
For instance, if you maintain one claim-free year, you are eligible for a 20% deduction on your OD premium during renewal. With two claim-free years, this increases to 25%, and so on, until a maximum of 50% is reached after five years.
It is important to note that the NCB is only applicable to own damage or comprehensive bike insurance policies. Bike owners with a third-party bike insurance policy will not receive any NCB, even if they do not raise any claims.
Additionally, the NCB is transferable. If you sell your existing bike and replace it with a new vehicle within three years, you can transfer your accumulated NCB to the new vehicle. To transfer your NCB to a new policy, you will need to obtain an NCB certificate from your current insurer and provide this certificate and policy details to the new insurer.
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Know when you can retain your NCB despite raising claims
No Claim Bonus (NCB) is a discount or savings on premiums offered by motor insurance companies to bike owners for not raising any claims during the policy period. It is granted as a reward for driving safely and can be accumulated on every consecutive claim-free year. NCB is typically lost as soon as a claim is filed. However, there are certain scenarios where you can retain your NCB despite raising claims.
Firstly, it is important to note that NCB is associated with the car owner and not the car. Therefore, if you sell your old (insured) car and buy a new one, you can carry forward the NCB. Additionally, NCB also stays with you if you switch insurers or upgrade to a new vehicle. In the case of a name transfer on the RC of the vehicle, NCB can be recovered.
To protect your accumulated NCB, you can opt for an NCB protection cover or add-on during your next renewal. This allows you to raise a limited number of claims in a year while still retaining your NCB. For example, with the add-on, you may be able to raise up to two claims in a policy year without losing your NCB.
It is important to evaluate whether filing a claim is worth losing your accumulated NCB, especially for minor repairs. In some cases, it may be more economical to bear the costs independently rather than filing a claim and forfeiting your discount.
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Learn about NCB protection add-ons
The No Claim Bonus (NCB) is a reward for safe driving practices. It is a discount on the premium given to the policyholder for not raising a claim during the policy tenure. The NCB component can be protected by purchasing the NCB Protection Add-on Cover. This is an optional cover that can be purchased for a bare minimum fee during bike insurance renewal. It is also available when buying a new policy.
The NCB Protection Add-on Cover is especially recommended for superbikes or expensive bikes. It is also useful for those who reside in accident-prone areas. The cover is only available for those with comprehensive insurance plans, and it is not available for those with third-party liability insurance.
The NCB Protection Add-on Cover allows the policyholder to raise a claim without losing the accumulated bonus. The number of claims one can make is according to the terms and conditions of the insurer, with some allowing for two claims before the accumulated NCB is affected. The cost of the NCB Protection cover will be in the range of 5-10% of the policy premium.
It is important to note that the NCB Protection Add-on Cover is not a standalone cover and cannot be purchased independently without a comprehensive or standalone own-damage two-wheeler insurance policy. It is also important to check with your insurer before buying this optional cover, as there may be exclusions, such as the number of claims that can be made.
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Frequently asked questions
You can check your NCB by going through your bike insurance policy document and NCB certificate or by contacting your insurance provider.
The No Claim Bonus (NCB) is a reward offered by insurance providers to policyholders who do not make any claims during their policy tenure. It is a discount on the premium payable amount in the case of a comprehensive bike insurance policy.
The NCB starts at 20% after one claim-free year and can go up to 50% after five consecutive claim-free years.
Yes, the NCB is transferable. You will need to obtain an NCB Transfer Certificate from your existing insurance company and submit it along with Form 29 and 30 (buyer/seller agreement) to your new insurer.
