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The no claims bonus is an important part of a car insurance policy. It is a bonus that most insurers offer to their customers, and it can be worth thousands of pounds. However, there are many people who believe that this bonus should not be protected by the law because it is unfair to people who have never had an accident or claim on their insurance.
NCB is the no claim bonus which is offered to car insurance customers at the time of renewal if there is no claim during the previous policy period. The no claim bonus is a form of discount offered to the customers for not making a claim in the previous policy period. The no claim bonus starts from 0% and reaches up to 50% for each claim free year. NCB in car insurance is valid for a period of 90 days from the expiry date of the policy after which the NCB would lapse. Higher NCB means a higher discount for the customer. If there is a claim the NCB would be reduced to 0% and then increases for each claim-free year.
No claim bonus protector in car insurance is basically the discount offered to the customer by the insurance company at the time of renewal for having no claims in the previous policy years No claim bonus ranges from 0% to 50% for each claim-free year and is in the slabs of 0%, 20%, 25%, 35%, 45%, and 50%. This means that the customer of the car can avail of up to 50% discount on the own damage premium if the NCB is carried forward from the previous policy year.
No Claim Bonus is the extra discount offered to the driver /owner of the car at the time of renewal for not making any claims in the previous year. No claim bonus increases for each claim free year and reaches 50% if there are no claims made for 5 consecutive years. If there is even a single claim in the previous year, the no claim bonus would become Zero. Higher the No claim bonus, lower would be the Own damage premium.
No Claim Bonus (NCB) in a car insurance policy is the discount offered by the insurance company on the own damage section of the insurance policy for the customers who don’t claim in the previous years. The no-claim bonus is a reward given to the customers who refrain themselves from small claims or customers with good driving behavior.
NCB Protector covers Add On can be sold with its existing product, Motor, Two Wheeler Insurance Policy. This add-on cover protects the NCB discount which the policyholder is eligible upon renewal for the next policy year, otherwise it would be lost, in the event of claim/s made in the policy year.
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