No Claim Bonus (NCB) OR No Claim Discount

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No Claim Bonus (NCB) OR No Claim Discount NCB is offered at the time of a car insurance renewal. Clients benefit if they do not claim in a policy year. This discount off your comprehensive premium. On each renewal, your NCB or discount will increase providing you haven't made any claims that affect your NCB. If you are eligible, your NCB will keep increasing until you reach the maximum discount level. Your NCB is shown on your certificate of insurance. The no-claim bonus is a reward to the vehicle owner for prudent use of the vehicle. For example, if you sell a 10-year old car and purchase a new car, the no-claim bonus will pass on to the new vehicle and you can save considerably on your insurance costs. It can be transferred to another insurance company subject to evidence in the form of a renewal notice or letter, confirming the NCB entitlement from the previous insurer. NCB is not calculated on your entire insurance premium amount. It is not applicable for third-party car insurance premium, which is the basic cover that is mandatory by law. Even if you have an accident that wasn't your fault you are hit by an uninsured driver, or your car gets stolen you could lose your NCB, and your premium could even go up at renewal. Usually your no-claims bonus is only usually valid for a period say two years after your policy comes to an end. So, if you do not drive for a few years, you will have to build up a new no claims bonus from scratch. The No Claim Bonus is applicable from the second year of the policy period. After the first year, when no claim has been raised, your insurance provider offers you with a discount of XX% on the premium amount. This begins on second year, and this can go up to XX consecutive years depending on the insurer. As good driver driving is not just about being careful of yourself, but protecting yourself from others’ too. The NCB Protection Cover can help ensure you get the reward for being careful, even if someone else was not. So, drive safe and benefit from NCB #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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