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Yes, Motor insurance is one of the most important financial planning tools available in the market. Having motor insurance is made mandatory by law. If you are at fault in a car accident, the motor liability coverage required on your motor insurance policy helps pay for covered losses, such as the other party’s medical bills and damage to their vehicle or property that results from the accident.
Motor insurance is a security to your vehicle against man-made or natural disasters. As a motor car is your long-term asset a small investment in your car might save you from unfortunate accidental damages. Repairs and replacement cost for the new vehicle are pricey; an insurance company will bear the risk of accidental claims. A motor insurance policy is made mandatory by Govt. of India to keep a copy of the insurance policy renewal handy while driving.
This Key Replacement covers in case you misplace or lose your key this cover will reimburse the cost of the key.
NCB is the no claim bonus which is offered to motor 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 motor 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.
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