How to Claim No Claim Bonus for Your Bike Insurance Policy?

Comments · 448 Views

Insurance plays a very crucial role in our lives, it is almost equivalent to a life jacket that protects you in an emergency situation.

Insurance plays a very crucial role in our lives, it is almost equivalent to a life jacket that protects you in an emergency situation. Apart from all other forms of insurance that are upon your choice, motor insurance is a mandate. According to the Motor Vehicles Act of India, 1988, all vehicles need to have valid third party insurance policies to be able to run on Indian roads.

Insurance is something we purchase but would never want to use it. While we may wonder what will happen if we never use our insurance claim, the insurance sector has introduced a unique concept to deal with this. No claim bonus is a reward that you get when you do not make any insurance claim. This feature makes your two wheeler insurance even more efficient provided you know the right way to utilize it.

What is a No Claim Bonus in two-wheeler insurance?

No Claim Bonus is a reward that two wheeler insurance companies offer if you practice safe driving and make no claims during your policy term. The main purpose of introducing NCB into the motor insurance sector was to motivate people to drive safely in order to receive a bonus which would ultimately reduce road accidents. No Claim Bonus can be redeemed at the time of renewal or purchase of a new two wheeler insurance policy. You can even use your NCB to increase your two wheeler insurance’s existing Sum Insured.

How can you claim your No Claim Bonus for two wheeler insurance?

 

No Claim Bonus is only issued if you have purchased your own damage or comprehensive two wheeler insurance. You can claim your No Claim Bonus at the time of the renewal of your two wheeler insurance. By using your No Claim Bonus you can get your premium reduced when you are renewing your insurance. For this, you will have to calculate the number of years you have not made your claims and then estimate the percentage of discount you can avail of. The table mentioned below depicts slabs for the discounts you can avail:

Claim free years

No Claim Bonus Discount

If no claims made in the first year of insurance

20%

If no claims are made in 2 consecutive years of insurance

25%

If no claims are made in 3 consecutive years of insurance 

35%

If no claims are made in 4 consecutive years of insurance

45%

If no claims are made in 5 consecutive years of insurance

50%

 

Conclusion

No claim discount is a reward that you receive if you practise safe driving, follow traffic rules, safeguard your bike from damages and theft and avoid raising smaller claims. No Claim Bonus feature is not available if you have third party two-wheeler insurance. Moreover, it can get cancelled if you do not renew your insurance on time. To get the full discount on your premiums make sure to read the terms and conditions while purchasing your two-wheeler insurance.

 

Comments