It is seen that NCB is very beneficial. As long as you do not claim, you will continue to get the benefit of NCB protection. But if you have to claim for any reason during a policy year then you will not get the benefit of NCB in the next policy year. It is important to know that if you do not renew your existing insurance policy within 90 days from the date of expiry then your NCB will be terminated, and you will not get the benefit of No Claims Bonus anymore. Hence you should always renew your policy timely.
Your no claims bonus only applies to one car. So, if you treat yourself to a brand-new second car on your birthday, you’ll have to get it insured separately – and build up its own NCB by not making a claim for it. In the meantime, check out these related posts: NO! In case you’ve got into a minor accident or are planning to use your car insurance for a small tyre burst, you could instead skip the claim and pay for its repairs yourself (only if you think it’s feasible!) and you can go a year without any claims and therefore gain a No Claims Bonus during your car insurance renewal. After 5 years Well, it works almost like a rewards system. You start by gaining a 20% NCB discount if you haven’t made any claims for your first policy year. Consequently, you keep gaining an additional 5% from your second consecutive year of making no claims. This can go about a reduction of 50% in your sixth consecutive year. Long story short, the better driver you are, the better you protect your car- the better it works out for you in the long run. After 4 years
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In the meantime, check out these related posts: The maximum NCB applicable on car insurance is up to 50%. In the first consecutive year of no claims, your NCB starts at 20% and eventually goes up to 50% in case you’ve had no claims in five consecutive years. According to the present norm, NCB in India starts with 20 percent and goes up to 50 percent in the sixth year. No Claim Bonus percentage for any four-wheeler is generally calculated in the following way. If you haven’t made any claims in your first policy year, you will be given a 20% discount on your car insurance premium while you renew your car insurance policy. Just make sure you renew before your policy expires! Consequently, as the years go by without any claims made, your discount will keep increasing from 20% to up to 50%! Electric Car Insurance How to Calculate Car Insurance Premium?