Every year, millions of automobiles are sold in India. The increase in car sales has increased car insurance purchases as well. Driving any vehicle on Indian roads requires at least third-party insurance. However, car owners frequently choose comprehensive vehicle insurance as accidents and unfortunate events can leave a significant dent in their wallets.
Paying insurance may be a costly affair. So always look for popular car policies, like one from Bajaj Allianz car insurance that has a 98% claim settlement ratio.
However, clients can hope to receive a concession on the premium due next year at the time of renewal. The insurance company reduces the renewal premium based on whether or not the car owner filed any claims during the previous year. The concession is known as NCB.
Read on to learn some critical information about NCB.
What exactly is NCB?
NCB’s full form in insurance terminology is No–Claim Bonus. It is a reward given by insurance companies to customers who do not file any claims during the policy year. The NCB amount could be deducted from car insurance prices.
How does NCB function?
NCB in insurance operates similarly to any other reward program. It encourages car owners to continue driving safely. When a policyholder renews their car insurance at the end of the first year, they could be eligible for a 20% premium concession.
As previously stated, the concession is applied only if the policyholder does not file any claims during the first policy year. As a result, the car owner gains an additional 5% after the second no-claim year. In this manner, the concession can be increased to 50% in the sixth consecutive year without any claims. * Standard T&C Apply
Bajaj Allianz car insurance renewal policies facilitate NCB.
- Lower premiums: Policyholders can receive a 20% to 50% concession on renewal premiums.
- Earn rewards: NCB is a reward for taking good care of your vehicle and driving safely.
- Beneficial to policyholders: NCB remains with the owner even if the insured car is sold because the reward is given to policyholders rather than the car.
- Transferable: NCB can be transferred when you change cars or insurers.
* Standard T&C Apply
Important information about NCB:
- No claim bonus is forfeited if a claim is filed during the policy year or if the insurance policy isn’t renewed within ninety days of its expiration date.
- NCB is only available with the own-damage or comprehensive policy.
- NCB is not applicable if you only have third-party insurance.
- The NCB protector add-on cover, which costs extra, helps policyholders retain their eligibility even if they have to make a claim during the policy year.
- In the event of a theft or an accident, NCB’s applicability could be determined by the following:
- a) The insurer recovers a significant portion of the expenses from the other party.
- b) If a third party is involved, then determining the fault may be essential.
* Standard T&C Apply
Other than NCB, we advise you to enhance your coverage with other car insurance benefits that offer value (like zero depreciation, engine protector, 24X7 roadside assistance, and so on), if you want the ideal four-wheeler insurance.
Check out Bajaj Allianz car insurance policies before buying or renewing your car’s next policy.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.