You will have to reach out to your insurance company and request for the NCB transfer certificate. Different insurance companies might have different processes for the same.
The insurance company calculates No Claim Bonus for car insurance based on the NCB slab and the claims raised by the policyholder during the previous policy period. NCB for Commercial Vehicles – Please refer to the policy document for details as the terms and conditions for NCB in the case of commercial vehicles might vary from one insurer to another. The insurance industry has two significant aspects – Life Insurance and General Insurance. For a basic understanding, things that do not fall under the Life Insurance bucket can be classified under General Insurance. Therefore, Vehicle Insurance, Travel Insurance, Health Insurance, etc. are a part of the General Insurance segment. NCB’s full form is No Claim Bonus and applies to both segments. We’re socially active! Bike
NCB applies when there is no claim and upon policy renewal. These conditions are not met in the case of a total loss. Therefore, NCB will not be applicable. No Claim Bonus is applicable at the time of policy renewal and only on the ‘Own Damage Cover’ component of your car insurance policy. Own Damage, as the name suggests, is the damage done to the insured car. Another component of car insurance is the Third-party Car Insurance cover, buying at least this component is mandatory as per Indian law. It is beneficial when a major accident is caused by the insured car in which third party property is damaged or a person is injured. NCB is the abbreviation for No Claim Bonus. Yes, you read that right. Bonus. This word has the power to single-handedly brighten your mood, doesn’t it? However, this bonus is not available to everyone, you need to meet some conditions to be eligible for it. You drive safely for a year and make no claims during the policy period. Your policy period is about to end and it is time for insurance renewal. Your insurer acknowledges the fact that you are a safe driver and wants to reward you for not raising a claim. Thus, the insurer offers you a discount while renewing your policy. This reward is termed as a bike and car insurance No Claim Bonus. Anyone whose car is vulnerable to damage and therefore is likely to raise a claim. For example, damage due to flooding.
NCB is associated with the car owner and not the car. Therefore, you can carry forward the NCB if you plan to sell your old (insured) car and buy a new one. NCB also stays with you if you choose to port your policy from one insurer to another. Team Acko Dec 2, 2021 Can one No Claim Bonus be applicable for two cars? You can check the applicable NCB by referring to the NCB slabs. During the online car insurance renewal process, the applicable NCB will be mentioned on the webpage. The NCB calculation will also be mentioned in your policy document post-policy purchase. In case of offline renewal, ensure to ask the agent or the executive about the applicable NCB before policy renewal. IDV and NCB are two terms that are closely associated with car insurance premium calculation. IDV = Insured Declared Value. It is the value of the car taken into consideration for premium calculation. As NCB is a discount that comes into action after a no-claim policy period, it affects the premium calculation during policy renewal.
Is NCB not applicable to Third-party insurance? What happens to NCB in the case of a total loss arising due to major car accident or car theft? Is NCB transfer possible in case I sell my old Sports Utility Vehicle (SUV) and purchase a new sedan? Please reach out to your insurance company as the answer might depend upon specific legalities.