If you are going to buy a new car, then it is very important for you to know how the car insurance policy of your old car can save you thousands of rupees. There are many people who are not aware that with the help of NCB Transfer you can save thousands, let us know how?
If you too are planning to buy a new car after selling your old car, then today we are going to tell you something useful. Although everyone wants a profitable deal, but how can you get a profitable deal while getting car insurance? Today we will give you information about this. There would be many people who are not aware that even while buying a new car, you can save thousands and lakhs on car insurance.
No Claim Bonus on your old car will help you in saving thousands or even lakhs. Now you may also be wondering how the No Claim Bonus on an old car can help you save money while buying a new car? For this you do not have to do much, your work will be done by transferring NCB.
understand this mathematics
After purchasing car insurance, if you do not take any claim for the car from the company for a year, then the company gives you the benefit of no claim bonus while paying the insurance premium next year. No Claim Bonus not only reduces your premium next year but also the NCB of your car can save you money while buying a new car.
During a conversation with Santosh Sahani, Motor Head, Kataria Insurance, he said, after purchasing an insurance policy for a car, if any car driver does not take any claim in the policy year, then the company gives 20 percent no claim bonus in the next year. Is.
After this, even in the next year if you do not take the claim, your No Claim Bonus will increase by 10 percent every time but will stop after reaching 50 percent because more than 50 percent No Claim Bonus is not given.
This means that if you have not taken any claim on your old car for many years and you have 50 percent no claim bonus, then while buying a new car, you will only have to produce the NCB certificate given along with the old car insurance policy. What’s more, the insurance company will give you the benefit of no claim bonus on the new car, due to which your hefty insurance premium will reduce in no time.
Pay attention
There are two things to be understood here, the first is that no claim bonus will be given in any year in which you take the claim. Secondly, whatever no claim bonus you have in the past will also be reduced to zero.
Discount on insurance
According to IRDAI, if there is no claim in the first year’s policy, then the next year the car driver will get 20 percent no claim bonus, i.e. 20 percent discount on the next year’s policy.
If you do not take any claim for three years, then the no claim bonus reaches 35 percent, i.e. a discount of 35 percent. If you do not take any claim even in the fourth and fifth year, then the no claim bonus will increase to 45 percent and then to 50 percent. This means that up to 50 percent discount can be availed.
