No claim bonus is given at the time of renewing car insurance. Who gets this and how does it save money? Let us know.
It is very important to get insurance for the safety of the vehicle. No claim bonus is often given in insurance. In this news, we are telling you what is No Claim Bonus and how money can be saved while renewing the policy. Let us know.
What is No Claim Bonus?
While renewing car insurance, special discounts are often given by the companies. This discount is called no claim bonus. Most people also know No Claim Bonus by the name of NCB.
When you get NCB?
Insurance is done after purchasing the car. Which is valid for one year. If any claim is not taken from the company during the validity of the policy and the policy is renewed after one year, then it is given to NCB.
How is the saving done
when a person renews his car policy. So at that time information is taken from the company whether any claim has ever been taken during the validity of the policy. If no claim is taken, the premium paid at the time of policy renewal is discounted by the company as a bonus. Due to which the premium of the policy gets reduced. In this way savings are made through NCB.
When and how much you get from NCB.
If you do not take any claim in the first year after purchasing the car, then you get a discount of 20 percent on the new policy renewal, after which five percent discount is available every year. Is. By the sixth year, NCB can be up to a maximum of 50 percent. You will get NCB only if you have taken ‘Own Damage’ or ‘Comprehensive Car Insurance Policy’.
