Learn how the No Claim Bonus (NCB) in two-wheeler insurance can help you save on your premium by rewarding safe riding.
Owning a two-wheeler is not just about enjoying the freedom of the road; it’s also about protecting your ride with the right insurance. While most bike owners are familiar with insurance policies, there’s a hidden gem that can save you money over time the No Claim Bonus (NCB).
In this post, we’ll explore what NCB is, how it works, and why it’s a valuable benefit for every two-wheeler owner. If you’re looking for reliable bike insurance that offers NCB benefits, check out IFFCO TOKIO Two-wheeler insurance for comprehensive coverage and attractive discounts.
The No Claim Bonus (NCB) is a reward offered by insurance companies to policyholders who do not make any claims during the policy term. It serves as a way to encourage safe riding and responsible ownership. Essentially, the NCB acts as a discount on your two-wheeler insurance premium when you renew your policy, making it a great incentive for maintaining a claim-free record.
The biggest advantage of NCB is the reduction in your insurance premium when you renew your policy. Here’s how it benefits you:
The longer you go without making a claim, the higher the discount you receive on your premium. This can lead to substantial time saving.
Knowing that you’ll be rewarded for not making claims motivates you to ride more cautiously and avoid accidents.
Over multiple years, the NCB can result in significant savings, making your insurance more affordable in the long run.
The NCB discount increases with each claim-free year. Here’s a breakdown of the typical NCB slabs:
As you can see, maintaining a claim-free record for five years can earn you a massive 50% discount on your renewal premium!
One of the great things about NCB is that it’s transferable. Here’s how you can retain or transfer your NCB:
Switching Insurance Providers: If you decide to change your insurance company, you don’t lose your NCB. Just obtain an NCB certificate from your previous insurer, and you can transfer it to your new policy.
Selling Your Bike: If you sell your bike and buy a new one, you can transfer your NCB to the new bike’s insurance policy, ensuring you continue to enjoy the benefits.
Note: The NCB is associated with the policyholder, not the bike. So, you won’t lose it even if you switch insurers or buy a new bike.
While NCB is a fantastic benefit, certain factors can affect your ability to earn or retain it:
Making a Claim: If you make a claim during the policy period, your NCB will drop to zero.
Policy Break/Lapse: If you fail to renew your policy on time (usually within 90 days of the expiry date), you may lose your accumulated NCB.
Here are some tips to help you maintain a claim-free record and maximize your NCB:
Ride Safely: Avoid accidents and traffic violations to prevent unnecessary claims.
Handle Minor Repairs Yourself: For small damages, consider paying for repairs out of your pocket rather than making a claim.
Opt for an NCB Protector Add-On: This add-on protects your NCB even if you make a claim, ensuring you don’t lose your accumulated bonus.
The NCB protector is an add-on that allows you to retain your NCB even after making a claim. Here’s why should you might consider it:
Safeguards Your NCB:
In case of an accident or damage, the NCB protector ensures you don’t lose your hard-earned bonus.
Cost-Effective:
While there’s an additional cost to this add-on, it can save you a lot of money in the long run, especially if you have a high NCB percentage.
The No Claim Bonus is a fantastic benefit that rewards responsible riding and helps you save money on your two-wheeler insurance premium. By understanding how NCB works and taking steps to maintain it, you can enjoy significant discounts and long-term savings. So, ride safely, avoid unnecessary claims, and make the most of this valuable insurance feature.
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