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No Claim Bonus for Two Wheeler Insurance in India

No Claim Bonus or NCB is a reward or discount offered by the motor insurance company to the policyholder in case no claims have been made by them during their plan duration. A policyholder can avail up to 50% discount towards their two-wheeler insurance premium amount in case they do not raise any claim. However, even if a single claim is made in between the plan duration or if the bike insurance plan lapses, then this discount becomes null.

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A No Claim Bonus (NCB) is a discount offered as a reward by the two wheeler insurance company to the policyholder on the own-damage premium amount of the two wheeler insurance policy. This reward is offered for not making a claim during the entire tenure of the bike insurance policy. The NCB discount percentage ranges between 20%-50% depending on the number of claim-free years. The NCB discount is available at the time of policy renewal.

How No Claim Bonus is Calculated in Two Wheeler Insurance?

The NCB Percentage is set by IRDAI.

Number of Claim-Free Years

NCB % Offered on Premium

On 1st time claim-free renewal

20%

On 2nd time claim-free renewal

25%

On 3rd time claim-free renewal

35%

On 4th time claim-free renewal

45%

On 5th time claim-free renewal

50%

NCB is available only if the policyholder has not made even a single claim during the entire policy period. Thus, if a policyholder makes even one claim, he/she is not entitled to the NCB. However, by opting for a bike insurance add-on cover known as the NCB Protect, a policyholder can keep his/her NCB safe and intact even after making a claim during the tenure of the policy.

Benefits of No Claim Bonus in Bike Insurance

The benefits of No claim bonus in bike insurance is mentioned below:

  1. Retain NCB: The policyholder can retain the No claim bonus on their bike but not raise claim during their plan term.
  2. Transferable: The NCB can be transferred to a different insurer in case if the policyholder does not file for any claim as it belongs solely to them. The benefits of No claim bonus can be availed of at the time of renewal of the two wheeler insurance plan.
  3. Reduces Premium: If there is no claim raised by the policyholder during the entire insurance plan tenure, the collected NCB can be used as a discount at the time of payment of premium for bike insurance policy renewal.
  4. Offers Reward: NCB can be used for giving rewards to the insurer for safely driving and filing a claim during the policy tenure. It is given in the form of a discount to encourage the policyholder to drive their bike safely on the road.

Who Should Get A No Claim Bonus Protect Cover?

Ideally, all bike owners should opt for the NCB Protection cover, however, it is more recommended for the following:

  1. New riders
  2. Bike owners who wish to save the reward for not making many claims.

How to Claim No Claim Bonus or NCB?

During the two-wheeler insurance policy renewal, you can earn the No Claim Bonus or NCB earned on the old insurance plan. For this you are required to take into account total claim free years in your insurance policy and then apply the NCB rate in order to claim a discount on premium paid towards the two-wheeler insurance policy. Also, ensure that your respective insurance company has included NCB discount in the two-wheeler insurance quote offered to you.

When Can a No Claim Bonus get Terminated/Cancelled/Not Available?

The accumulated No Claim Bonus can get nullified by making even a single claim during the policy tenure. The reason which can result in termination of No Claim Bonus are as follows:

  • In case a claim has been made by a policyholder during the policy tenure, then they will not be eligible to avail any discount on premium paid towards the policy during the insurance plan renewal.
  • In case, the policyholder fails to get their two-wheeler insurance plan renewed on time before the insurance policy lapses.
  • The No Claim Bonus or NCB cannot be availed with a third-party liability plan as it is eligible only with a comprehensive two-wheeler insurance plan.

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NCB in Two Wheeler Insurance FAQ

  • When can I opt for the NCB Protect cover?

    The NCB Protect cover can be opted for either at the time of policy purchase or policy renewal. Also, there are some insurance companies which allow addition of add-on covers in between the policy period.

  • Is the NCB Cover add-on available with a third party bike insurance plan?

    No. Like all other bike insurance add-ons, the NCB Protect cover is also available with only comprehensive and standalone own-damage bike insurance plans and not with a third party bike insurance plan.

  • How many claims are allowed with the NCB Protect cover?

    The number of claims allowed with the NCB Protect cover vary from insurance company to insurance company. However, generally up to 2 claims are allowed with the NCB Protect cover.

  • Can I add other add-ons also along with the NCB Protect cover to my bike insurance plan?

    Yes, you can add as many add-ons as you wish with the NCB Protect Cover to your standard comprehensive/standalone own-damage bike insurance policy.

  • When am I entitled to receive the NCB on the own-damage premium of my bike insurance policy?

    The NCB on the own-damage premium of your bike insurance policy is available to you at the time of policy renewal.

  • What are the documents required for transferring No claim bonus?

    Although, the set of documents can be altered as per the different insurers. However, the following documents are needed for transfer of NCB existing insurance to new two wheeler insurance: Seller/Buyer Agreement (Form 30 and Form 29), Transfer Certificate of NCB, Copy of Delivery Note (if selling an old bike), Booking Receipt Copy (If purchasing a new two wheeler), Bike Insurance Photocopy
  • How can I calculate No Claim Bonus for Bike Insurance?

    The No claim bonus calculation is done on the basis of the claim free years. To simplify, the discount percentage is subject to the number of claim free years.
  • What situations can lead to termination of NCB?

    Under the below circumstances NCB can get terminated: 1. The insurance plan renewal should be done within the 90 days of policy expiry date, failing to which the No Claim Bonus can get terminated. 2. If at the time of policy tenure, a claim has been filed by the policyholder, it leads to termination of NCB as the benefits of the bonus cannot be availed now.
  • Can NCB be transferred at the time of purchasing a new two-wheeler?

    The NCB is transferable from your old two wheeler to new one, if you decide to purchase a new vehicle provided you remain the policyholder. No claim bonus is for the policyholder and not for the two wheeler.
  • Is it possible to use NCB for multiple two wheelers?

    NO, NCB is offered for just a single insured bike. The benefits for one policy cannot be used for another policy.

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