NCB Full Formula| Motor Insurance: How is the No-Claims Bonus Calculated?

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  • NCB – Frequently Asked Question
    • What is the exact form of NCB at Indian Ministry of Home Affairs (Indian Ministry of Home Affairs)?
    • Expand the full name of NCB.
    • What is NCB?
  • 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.

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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.

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Policy ageNo Claim Bonus Percentage
After one year, no claim20%
Two consecutive years without a claim.25%
After three years of consecutively no claims35%
Four years in a row of no claims45%
Five consecutive years without a claim50%

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.

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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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