By Garima Gaur
A No Claim Bonus or NCB is a reward that drivers enjoy for good driving quality on the road. This is directly reflected by the number of damage repair claims you make in a year. If you claim an NCB once for a one-year plan, it expires. However, for a long-term two-wheeler insurance cover, you can enjoy several benefits of an NCB.
Benefits of NCB on Long-Term Two-Wheeler Insurance
The benefits of No Claim Bonus on long-term two-wheeler insurance are as follows:
On claiming NCB once, only a part of the NCB will be deducted, but it will not be zero unless you exceed the maximum number of claims.
You can easily transfer the NCB from one insurer to another by changing the insurance provider to continue enjoying its benefits.
The discount on premiums keeps accumulating with an increase in the claim-free years. Hence, you must restrict yourself from raising a claim for minor issues.
You can purchase an add-on cover of no-claim bonus protection to prevent the bonus from lapsing.
An NCB protection add-on cover is pocket-friendly and easily affordable, allowing you to safeguard and keep enjoying the benefits of an NCB.
NCB Protection Add-On Cover
An NCB protection add-on cover bestows you with the protection of your NCB while raising a claim. Thus you can keep accumulating your NCB to enjoy maximum discounts on your premiums even after you raise a claim.
This cover is only applicable on a comprehensive insurance policy and not on a third-party policy. In addition, there are several inclusions under the NCB protection add-on cover.
Inclusions of NCB Protection Add-On Covers
The inclusions of NCB protection cover are as follows:
You can raise up to two claims a year without losing NCB.
The add-on protects your NCB when you raise a claim for repairing a damaged vehicle.
You will have to renew your vehicle under the same insurer to keep enjoying its benefits.
Additionally, you must also be aware of the exclusion of this add-on cover.
Exclusions of NCB Protection Add-On Covers
The exclusions of NCB protection cover are as follows:
Raising a claim in case of theft or loss of a vehicle.
Distorting important evidences and facts.
Raising fraudulent damage claims.
Distorting facts while raising a damage-related claim.
There are certain limitations of NCB that you must be aware of while enjoying its benefits.
Limitations of NCB
The limitations of NCB are as follows:
You can enjoy an NCB only on comprehensive insurance plans and not on a third-party policy.
At most, you can avail a discount of 50% on your premiums as a reward of NCB.
You cannot avail NCB on a commercial vehicle.
You will not be able to accumulate NCB if you raise even a single claim in a year unless you buy an NCB protection add-on separately.
Now that you know the benefits of NCB on long-term bike insurance, you can accumulate one to enjoy the discounts. All you need to do is refrain from raising minor claims to enjoy its benefit.