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No Claim Bonus In Bike Insurance

Published On Dec 06, 2021

A No Claim Bonus, or NCB, is a reward or discount given by a motor insurance company to a policyholder who has made no claims throughout the term of their policy. These savings, however, are nullified if a single claim is filed during the plan's length or if the bike insurance plan lapses.

A No Claim Bonus (NCB) is a reduction granted by the two-wheeler insurance provider to the policyholder on the two-wheeler insurance policy's own-damage premium amount. This bonus is given for not filing a claim throughout the duration of the bike insurance policy. Only if the policyholder has not made a single claim throughout the whole policy period is NCB accessible. As a result, if a policyholder files even one claim, he or she will be denied the NCB. However, by choosing the NCB Protect bike insurance add-on cover, a policyholder may retain his or her NCB secure and undamaged even after filing a claim within the policy's term.

No Claim Bonus In Bike Insurance

What Is a Bike Insurance No Claim Bonus (NCB)?

When your insurance provider notices that you ride your bike responsibly and don't file any claims throughout the policy time, it gives you a discount known as No Claim Bonus or NCB in two-wheeler insurance. If you don't file any claims, you can earn a 50% reduction on your bike insurance price. This is possible if you do not file a claim for five years in a row. Make sure you maintain your bike by getting it serviced on a regular basis, and attempt to minimize damage by riding carefully and taking advantage of the NCB option on your bike insurance policy.

NCB Benefits in Two-Wheeler Insurance

If you don't file a claim throughout the policy period, you'll keep your No Claim Bonus (NCB) on your two-wheeler insurance, as well as a few other advantages stated below:

  • Nature Is Rewarding

It's a reward offered to you by your insurance carrier for driving safely and not filing a claim throughout the duration of your coverage. It's a discount that encourages you to drive safely while also ensuring that you follow the laws of the road.

  • Transferable

The NCB is yours and belongs to you because you drove carefully and did not file a claim. As a result, it is possible to transfer it to a different insurance provider. When you renew your insurance, you may take advantage of the NCB.

  • Assist In Lowering Premiums

If you do not file a claim during the insurance period, the NCB is applied to the renewal premium as a reduction. You can profit from the financial advantages it provides.

Why Is NCB So Important?

What role does NCB play in two-wheeler insurance? The following are some key elements to consider while considering the NCB's significance:

  • Discount  Renewing 

When you renew your membership, you will receive a discount. NCB is an incentive or discount for riding safely and not making a claim throughout the policy period when combined with Comprehensive Two-Wheeler Insurance. When you renew your policy, the insurance company will provide you with a discount in the form of NCB, which will help you save money on your premium.

  • Get Up to a 50% Discount on Premiums

The insurance provider will give you a 50% reduction on your rate if you renew your two-wheeler for the fifth time without making a claim. The NCB % for each consecutive claim-free year has been set by the IRDAI. This is a five-year maximum. The discount begins at 20% for the first year and increases to 50% after five consecutive claim-free years.

Take Away

When you renew your insurance coverage, you might get an NCB, which is effectively a discount on your premium. If you go several years without filing a claim, you might save up to 50% on your premiums! Isn't it incredible? There are a few more things you should know about NCB. While being cautious on the road has several advantages for you, your insurance will certainly appreciate it. However, you can't control everything on the road, and filing a claim is sometimes unavoidable.

Also Read:

5 Bikes/Scooters expected to launch in 2021 in India

Is Two-Wheeler Insurance Compulsory For Electric Scooters? 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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