• No-Claim Bonus for Two Wheeler Insurance

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    In a survey it suggested that majority of the people who own two wheeler insurance do not use no-claim bonus and few are unaware of the term. No-claim bonus is a reward given to the policyholder by the insurer in form of discount percentage for every claim free year on your two wheeler insurance. A minimum of 20% for first year and a maximum of 50% can be accumulated over the years. NCB is applicable even if the policyholder is changing the two wheeler or changing the insurer.

    No-claim Bonus is one of the popular two wheeler insurance optional cover. It is a benefit that every insurance holder should make use of, remember NCB is a benefit to you not for the bike. But if the policy is not renewed on time and even after the grace period, NCB will also lapse. Please note that NCB is a benefit that is provided only for own damage cover that is comprehensive two wheeler insurance policy. This benefit does not hold true for liability cover. NCB cannot be transferred from one person to another, however if the owner of the insured vehicle suffers an unfortunate death, the legal heir can transfer the NCB into his/her name.

    How does it work?

    Unclaimed year % of NCB
    No claims made during first year or at the time of renewal 20%
    No claims made during second year or at the time of renewal 25%
    No claims made during third year or at the time of renewal 35%
    No claims made during fourth year or at the time of renewal 45%
    No claims made during fifth year or at the time of renewal 50%

    Points to Remember:

    • If the policyholder has made a two wheeler insurance claim in a policy year, NCB will no longer be applicable on that insurance.
    • No claim bonus is not applicable for commercial vehicles except for cars, no-claim bonus will be at risk if the insured vehicle is a part of an accident or theft.
    • Avoid claiming for minor damages on the bike because one claim can freeze the NCB for that year.
    • No-claim Bonus can be protected by purchasing an add-on cover along with your comprehensive policy for an extra premium. NCB can accumulated to a maximum of 5 years only.

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