कार इंश्योरेंस में नो क्लेम बोनस: कॉन्सेप्ट, लाभ और यह कैसे काम करता है

Car insurance is essential under Indian law and protects your vehicle against theft and accidental damage. If you drive responsibly and refrain from claiming coverage, you can earn a no claim bonus in car insurance as a reward. It will reduce your premium and make your insurance more budget-friendly by a certain percentage.

Understanding no claim bonus (NCB) clears up confusion about insurance premiums and coverage. Explore this article to find out the concept of NCB, its advantages, and how it works.

What is No Claim Bonus in Car Insurance?

NCB is likely a reward provided to the vehicle owner for each claim-free year, in a certain percentage. It reduces premiums for each claim-free year up to five consecutive years. However, the maximum reduction limit is 50%. It applies to both four-wheelers and two-wheelers.

No claim bonus in car insurance promotes safe driving and following traffic rules, as it may reduce the chances of accidents with zero insurance claims. Therefore, the safer you drive, the lower the premium you have to pay for your insurance. It applies only to a vehicle’s own-damage insurance premiums, not to third-party liability insurance.

Find out what is the NCB discount slab with a year-wise NCB breakdown below:

Now, the meaning of NCB in insurance is clear. Let us evaluate it with a real-life example:

Suppose your own-damage car insurance premium is 24,000 per year.

After 1 claim-free year, it will be ₹ {24,000 - (24,000* 20%)} = ₹ (24,000 - 4800) = ₹19,200

After 2 claim-free years, it will be ₹ {24,000 - (24,000* 25%)} = ₹ (24,000 - 6000) = ₹18,000

After 3 claim-free years, it will be ₹ {24,000 - (24,000* 35%)} = ₹ (24,000 - 8400) = ₹15,600

After 4 claim-free years, it will be ₹ {24,000 - (24,000* 45%)} = ₹ (24,000 - 10,800) = ₹13,200

After 5 and more claim-free years, it will be ₹ {24,000 - (24,000* 50%)} = ₹ (24,000 -  12,000) = ₹12,000

Always read the terms and conditions section of your insurance documents to know about the NCB provided by your trusted insurer.

किफायती कीमत के लिए बजाज जनरल इंश्योरेंस से संपर्क करें कार इंश्योरेंस, find out your NCB slab and check the premium.

What are the Benefits of NCB in Car Insurance?

No claim bonus in car insurance provides a direct discount on the premium, encourages safe driving, and considers long-term savings.

Reduced Premium

It directly discounts the premium you pay for own damage coverage. As stated in the above example, you may find a continuous reduction in premium cost up to 5 years of NCB. It scales up automatically each year up to 50%. Moreover, it reduces the financial burden as renewal drops significantly.

Encourages Safe Driving

This system, with an immediate financial incentive, will encourage defensive driving. When the vehicle owner realises that preventing a tiny accident and insurance claim can reduce their yearly premiums, they naturally drive with greater caution. Consequently, they will avoid reckless driving or riding behaviour and obey traffic laws.

Transferable Bonus

No claim bonus in car insurance is transferable because it is completely tied to the vehicle owner's driving record. The discount moves smoothly if you change insurers or change your vehicle. It also promotes safe driving indirectly, as it keeps the driving history.

Long-Term Saving

Keeping a clean driving record over multiple years functions as a high-yield savings plan for vehicle maintenance budgets. It reduces maintenance costs and certifies you as an experienced, responsible driver. Consequently, NCB neutralises inflation and rising baseline insurance rates.

अपना नो क्लेम बोनस कैसे अधिकतम करें?

You may maximise your no claim bonus in car insurance by not claiming for tiny scratches, practising safe driving and more.

1. Avoid Small Claims: You may remain claim-free for small damages or scratches to your vehicle. You may pay out of pocket and secure your NCB in the next premium.
2. Renew On Time: On-time renewal of car insurance will carry the NCB for another year. If the vehicle owner fails to renew it on time, the discount will be zero.
3. Choosing NCB Protection Add-On: Vehicle owners may choose add-ons to protect NCB. It will allow the earned NCB to continue even after a claim.
4. Safe Driving: Driving safely will reduce the chances of accidents and increase the claim-free years. Always follow the traffic rules and maintain a certain speed limit to avoid uncertain situations.

नो क्लेम बोनस कब समाप्त हो जाता है?

A no claim bonus in car insurance can be terminated if an individual fails to renew the policy on time, claims coverage for own damage, or fails to transfer it.

1. Filing a Claim for Own Damage: If you file a claim for vehicle damage, your NCB will be discarded at your next policy renewal. Again, you have to pay the amount you paid on the first day your policy begins.
2. Failing a Renewal: If you fail to renew your car insurance, your NCB will be discarded. Always remember the renewal date so you can pay on time.
3. Failing to Transfer NCB: If you change your vehicle or the insurer, you must present the NCB certificate within a limited duration. If the vehicle owner fails to do so, they will forfeit the NCB bonus.
4. Misrepresenting Data: If a vehicle owner presents any false data or manipulates the claim, the no claim bonus in car insurance will be discarded.

How to Get Assured with NCB Continuity?

Confused about how to know if your NCB is continuing? You may check by visiting online insurance apps or calling your insurer.

1. Check the policy documents to confirm the NCB percentage.
2. Check the renewal notice, where the premium amounts will be mentioned. You can calculate it based on your first premium.
3. Log in to your insurer's official website or mobile app and provide your policy details. It will show the premium breakdown.
4. Call or email your insurance provider's customer support if you have any confusion.

How to transfer NCB to a new car insurance policy?

Find out the step-by-step guide to see how to transfer NCB to a new car insurance policy:

चरण 1

Contact your current insurer to inform them that you intend to switch to a new car or insurer.

चरण 2

You must require NCB certificate. So ask your current insurer for that. This document will specify your earned NCB percentage.

चरण 3

Now you have to purchase a new policy. Acquire a new policy according to your best suitability, preference, and choice.

चरण 4

Now inform your new insurer about your intention to transfer your NCB and provide the certificate.

चरण 5

After that, the insurer will verify the NCB certificate to ensure it is valid and reliable.

चरण 6

Your new policy will reflect the percentage of your NCB from the previous policy and adjust the premium accordingly.

NCB प्रोटेक्शन कवर से संबंधित मिथक

Myth 1: If you switch insurers, your NCB will be lost

Fact: NCB depends on the vehicle owner, not the vehicle or insurer. Therefore, it is transferable.

Myth 2: NCB is applicable for any kind of vehicle insurance

Fact: Only own-vehicle damage considers NCB. Third-party insurance never considers it.

संक्षेप में

No claim bonus in car insurance plays a crucial role in rewarding discounts in insurance premiums and promoting safe driving. With an easy transfer process, NCB Protection Add-ons, you may get significant benefits from this reward.

However, choosing the right insurer matters for a smooth transition and support. You can check the continuity of NCB with a phone call to your reliable car insurance company.

Confused about where to get your car insurance policy? Contact Bajaj General Insurance for reliable NCB and seamless service at 7,200+ cashless garages.

अक्सर पूछे जाने वाले प्रश्न

How to retain no-claim bonus after making a claim?

You can opt for NCB Protection Add-ons to continue your NCB even after making a claim.

When does the first NCB discount get applied?

When you renew your policy for the first time, if there is no claim filed in that year, you will get the NCB as a discount on your renewal premium.

Which Documents Are Required to Transfer NCB?

Documents required for NCB transfers are the old policy details, your vehicle details, your insurer details, the NCB certificates, and your identity proof.

बीमा आग्रह की विषयवस्तु है. लाभों, शामिल न की गई चीज़ों, सीमाओं, नियम और शर्तों के बारे में अधिक जानकारी के लिए, कृपया इंश्योरेंस खरीदने से पहले सेल्स ब्रोशर/पॉलिसी डॉक्यूमेंट को ध्यान से पढ़ें.