Imagine the No Claim Bonus (NCB) in bike insurance like the childhood treat promised by your father for good behaviour. It’s a reward for responsible riding, ensuring no need for a claim if your bike is well-maintained and driven safely.
What Does Bike Insurance’s NCB Mean?
Insurance companies now state that you will save money on your premium when you renew your policy if you drive carefully and do not file a claim for a year. We refer to this concession as a No Claim Bonus.
Formally speaking, an NCB is a premium concession given to the policyholder in exchange for their failure to file a claim during the policy year. Though we love claims and helping people out, a No Claim Bonus was introduced to discourage rogue claims and instil some discipline.
The good news is that you can accrue No Claim Bonuses over time if you maintain your good behaviour and, fingers crossed, your bike never experiences any problems, damages, or accidents. We’ll find out shortly how beneficial this is to your wallet. You can manage all aspects and take a look at your NCB using a Bajaj Allianz bike insurance app. Claims are subject to terms and conditions set forth under the motor insurance policy.
When You Buy A New Bike, Is It Possible To Transfer The NCB?
The accumulated NCB bonus travels with you. If you continue to be the policyholder, it can be transferred from your old bike to a new one if you purchase a new bike. Your NCB is not for your bike; instead, it is for YOU as the policyholder.
How Is NCB Calculated In Bike Insurance?
Only following the first online bike insurance renewal of your comprehensive two-wheeler policy, will your no-claim bonus begin to accrue. (Note that NCB only applies to the Own Damage portion of your premium; this portion is determined by deducting the cost of wear and tear from the insured declared value, or IDV, of your bike. Third-party cover premiums are excluded from the bonus programme.
After the first year, without making a claim, you start to receive a 20% concession on your premium. Every year, at the time of the policy’s expired bike insurance renewal, the concession rises by 5–10%. Stated differently, the concession accumulates each year that you do not file a claim—it’s almost like a growing reward for the policyholder’s good behaviour.
When Will My NCB Expire?
Regardless of your policy year, the NCB is reset to zero once you have filed a claim. Does an exclusion from this rule? Naturally, there is. This rule will not apply if your policy adds an NCB protection feature.
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
