Every car owner is required to have car insurance. The policyholder pays a premium amount in exchange for this. In exchange, the insurance provider pays for related costs in the event of an accident. To receive financial assistance by the terms and conditions of the Bajaj Allianz motor insurance policy, the policyholder must submit a claim. Claims are subject to terms and conditions set forth under the car insurance policy.
No-Claim Bonus (NCB), a feature also offered by Bajaj Allianz car insurance, rewards policyholders for not filing a claim in the years before. Although policyholders are typically aware of NCB, they frequently need a thorough understanding of it, which leaves them disappointed. And often, due to ignorance, they can only partially benefit from NCB. *
Here are the five essential NCB facts that every car owner should be aware of: ##
#1: The NCB Amount
Companies that provide car insurance offer NCB in the 20 to 50 per cent range. The policyholder receives a 20 per cent bonus if they do not file any claims in the first year of their policy. The NCB is increased to 25% if the policyholder fails to file a claim for two consecutive years. Similarly, the policyholder receives a bonus of 35% after three years in a row with no claims. A 45 per cent bonus is given to the policyholder for four years with no claims. He would receive a 50% bonus amount for five years with no claims. Claims are subject to terms and conditions set forth under car insurance policy. *
#2: Skip Small Claim Amounts
Policyholders should consider the claim amount the company will pay them before filing a car insurance claim process with the insurance company. Then, if they decide against filing a claim, they should compare this amount to the bonus they would have received.
#3: NCB Is Applicable When Changing Insurers
Even when transferring from one insurance company to another, NCB is still available. For instance, if a policyholder purchases motor insurance from one provider for the first two years before switching to another in the third year and does not file a claim, he can receive the applicable NCB from the first motor insurance company. *
#4: Policyholders Are Eligible For The NCB, Not Their Vehicles
Policyholders are compensated with NCB rather than their cars. As a result, if a policyholder sells his car after three years and buys a new one, and if he has made no claims during that time, his prior NCB will apply to the new insurance policy he purchases for the new car. *
#5: There Is No NCB For Third-Party Coverage
Third-party car insurance does not qualify for the NCB, and this concession only applies to the own damage premium portion. Only third-party car insurance policyholders are not eligible for the NCB benefit. *
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* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
