NCB Protect Cover Add-on In Car Insurance

No Claim Bonus Protect Cover Add-on in Car Insurance Policy

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

Number of Claim-Free Years

NCB Offered on Own-Damage Premium

1

20%

2

25%

3

35%

4

45%

5

50%

NVB 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 car insurance add-on cover known as the NCB Protect, a policyholder can keep his/her NCB intact even after making a claim during the tenure of the policy subject terms and conditions of the insurance company.

Who Should Get A No Claim Bonus Protect Cover?

  • All car owners
  • New drivers
  • Car owners who wish to save the reward for not making much claims.

Car Insurance Add on Covers

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Add-ons For Your Car Insurance Policy

  • Zero Depreciation

    A car's value depreciates constantly with time. Thus, at the time of a claim settlement, the depreciated value of a car is deducted from the claim amount. However, by opting for a zero depreciation add-on you can shift the liability of the depreciation cost to the insurer and get the entire claim amount without any deduction of the depreciation sum. This add-on is generally available till the age of 5 years of car, however, the car age limit varies from insurer to insurer.

  • NCB Cover

    A No Claim Bonus (NCB) is a discount given by the insurer in the premium amount to a car insurance policy holder for not making a claim in the entire tenure of the four wheeler insurance policy. This discount is not available if the policy holder has made even a single claim. However, with the NCB cover, a policyholder will be entitled to receive an NCB discount despite having made a claim subject terms and conditions of insurance company. The NCB discount keeps on increasing with every claim-free year until it reaches 50%.

  • Engine Protection Cover

    A car's engine is by default not covered under either a comprehensive or a standalone own-damage car insurance policy. And therefore, if it gets damaged due water-logging or oil leakage, your insurance company is not liable to pay for its damages. But, if you opt for the add-on known as Engine Cover, you can get your car's engine insured by the insurer for damages incurred due to water ingression as well as leakage of lubricants. Engine Cover is one of the most popular car insurance add-ons and is available against the payment of a nominal premium.

  • Invoice Cover

    If you have a return to invoice cover added on to your comprehensive car insurance policy, you can claim the total ex-showroom price of your four wheeler, taxes and registration charges, in case of total loss. In case of total constructive loss (more than 70% of damage) or theft of your car, an insurance company pays the Insured Declared Value (IDV) of your car as compensation. However, this IDV is lesser than the actual amount paid by you at the time of purchasing your car. When you opt for the add-on called Return To Invoice Cover with your car insurance policy, the insurance company pays the total ex-showroom price of your car plus the taxes and registration charges incurred at the time of purchase, as the claim amount in case of total loss.

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No Claim Bonus Protect Cover Add-on 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 car insurance plan?

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

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

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

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