NCB stands for No Claim Bonus. It's a discount offered by insurance companies to policyholders who have not filed any claims during the policy year. This discount can be used to reduce the premium amount when renewing the insurance policy.
Here's how NCB works:
Starts after the first renewal: The NCB starts after the first renewal of the motor insurance policy.
Discount increases with each claim-free year: The percentage of the discount increases with each consecutive claim-free year.
Maximum discount: The maximum discount offered is typically 50% after five consecutive claim-free years.
Calculation: The NCB is calculated on the own damage component of the premium, not the third-party component.
Transferability: The NCB can be transferred to a new vehicle if you buy one within 90 days of selling your old vehicle.
It's important to note that the specific criteria for NCB may vary slightly between different insurance companies. You can check with your insurance provider for more details.
Visit our website to get car insurance online from QuickInsure
https://quickinsure.co.in/car-insurance
