“Buying an NCB Add-on rider gives you up to 50% discount on your next premium” To know how much discount you can get by purchasing an NCB Rider, contact us or please scroll down.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
An Example:
Check the below table for details:
| Calculation Details | Mr. A | Mr. B | Take Away |
|---|---|---|---|
| 1st year premium | 22,000/- | 22,000/- | The premium is same for both |
| 2nd year premium (first claim-free renewal) | 20,000/- | 20,000/- | The premium comes down by 10% because of the vehicle value reduces with each year |
| 2nd year premium after we are done with NCB calculation | Rs. 16,000 (NCB 20%) | Rs. 20,000 (NCB 0%) | Mr A saves 4000/- because he gets an NCB of 20% |
Buying a No Claim Bonus Add-on cover Rider will help you get NCB and its discounts without worrying about vehicle damages due to accidents.
Usually, it can be anywhere between 5% to 10% of your annual premium cost. However, to know the exact cost of an NCB rider for your vehicle.
Here is a table to help you understand the available rates:
| Duration | NCB Discount (%) |
|---|---|
| 1 year | 20% |
| 2 years | 25% |
| 3 years | 35% |
| 4 years | 45% |
| 5 years | 50% |
If you need to repair your bike because of an accident caused by a third party, look to get compensation from the other rider’s third party bike insurance cover. That way, you won't have to make a claim on your own policy and your NCB will remain intact.
No, you can get a maximum discount of 50% because of maintaining your NCB for five continuous years. The rate remains flat thereafter.
However, if your policy had been renewed during the "Sunset Clause" i.e. between 1st July 2002 and 30th June 2003, then 55% to 65% of NCB had been promised; which can be carried forward as long as any claim is not made.
You need to apply for an NCB Transfer Certificate from your insurer to transfer the same from your old bike to the new one along with Form 29/30 and other necessary documents for the sale of the bike. The insurer would then issue you with an NCB Transfer Certificate which needs to be utilized within a tenure of three years on purchase of a new bike.
No, the NCB slabs are decided by the IRDAI and they remain constant. Also, the same slabs and rates apply to every single motor insurance company in India.
You should check the premium amount when renewing and assess if the correct discount for the NCB has been applied. If there is any error, you need to speak to the insurance provider before you make any premium payment and renew the plan.
