No Claim Bonus (NCB) in Two Wheeler Insurance

No Claim Bonus Protect Cover Add-on in Two Wheeler Insurance Policy

A No Claim Bonus (NCB) is a discount offered as a reward by the insurance company to the policyholder on the own-damage premium amount of the bike 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.

Number of Claim-Free Years

NCB Offered on Own-Damage Premium

1

20%

2

25%

3

35%

4

45%

5

50%

(NCB Percentage is set by IRDAI)

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.

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.

Add-on Covers For Your Bike Insurance Policy

  • Zero Depreciation

    Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover

    The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.

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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.

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#Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.