|Author: Kailash Kumar 19 Feb 2016 Member Level: Platinum Points : 2 (Rs 2) Voting Score: 0|
No claim bonus or NCB in short is the discount given by the insurer for making 'no claims'. NCB can be accumulated over years and may range from 20% to 50% on own damage premiums. It is for the insurer, not for the vehicle. Therefore even if the vehicle is changed, the insurer can get the benefit of NCB. Generally if no claim is made during preceding 1, 2, 3, 4 or 5 years NCB @ 20%, 25%, 35%, 45% and 50% are applicable.
|Author: Swati Pawar 21 Mar 2016 Member Level: Bronze Points : 2 (Rs 2) Voting Score: 0|
No claim bonus (NCB) is a reward given when you renew your policy by insurance companies for every unclaimed year. The NCB for the first unclaimed year is usually fixed to a certain percentage, most cases 20%. For every consecutive unclaimed year, this Benifit increases by 5-10% and is given on premium or sum insured, each time you renew your policy. Here is some more info you can find about how NCB works.