|Bureau for Narcotics Control||Indian Ministry of Home Affairs||NCB|
|Microsoft Developer Studio Class Browsing Information||Type of file||NCB|
|NEW COOCH BEHAR||Indian Railway Station||NCB|
|National Commercial Bank||Banking||NCB|
|No Claim Bonus||Accounting and Finance||NCB|
|No Christmas Bonus||Job Title||NCB|
|National Central Bureau||Military and Defence||NCB|
|Naval Construction Brigade||Military and Defence||NCB|
- NCB – Frequently Asked Question
- What is the abbreviation or acronym?
An insurance company will give a NCB (No Claim Bonus) to an insured as a reward for not making any claims during a policy year. The NCB, which is a discount of between 20% and 50%, is offered to insureds when they renew a policy. The NCB discount applies to the renewal premium. The discount can be transferred and may even be used to purchase a new vehicle.
The No Claim Bonus applies from the second year of your policy period. Your insurance provider will offer you a 20% discount on your premium amount after the first year if no claim has been made. This discount can be extended for up to five consecutive years and begins in the second year. The following table explains how a no-claim bonus calculator works.
|Policy age||No Claim Bonus Percentage|
|After one year, no claim||20%|
|Two consecutive years without a claim.||25%|
|After three years of consecutively no claims||35%|
|Four years in a row of no claims||45%|
|Five consecutive years without a claim||50%|
These are the situations where the No Claim Bonus feature ceases to work:
To protect the NCB discount, certain insurance companies like IFFCO Tokyo now offer a No Claim Bonus Add-On. You can keep your NCB discount intact by adding this add-on even if you make a claim beyond a pre-determined limit.
You can keep the No Claim Bonus if you switch insurance providers.
The No Claim Bonus Discount calculation is clearly defined and easy to understand. If you want to claim the No Claim Benefit, you must not make a claim within a policy year. You will lose your bonus if you have already claimed minor damage to your vehicle/bike. It is recommended to add NCB to your policy as an option. This will ensure that you do not lose any bonus if there is a claim.
Learn more about Motor Insurance Online.
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