Hi, To help simplify some insurance concepts hopefully. It will help you save some money or get the most out of your insurance. So today let’s focus on NCB on your car insurance.
NCB which stands for no claim bonus is actually a discount it’s not a bonus. It’s the discount that you get on your insurance premium for not claiming damages from your insurance company. So let’s take an example here let’s say you have not made any claims last year on your policy. Then you get a 20% discount on the next year’s car insurance premium. The more you don’t claim the more this percentage of discount on your premium keeps increasing. This is how it works you get a 20% discount on one claim free year. You get a 25% discount for two claims three years thirty-five four three forty-five four four and fifty percent discount for five claim free years.So you can see you can save a ton of money on your insurance and insurance companies are also happy because you haven’t claimed and everyone wins now for some bad news.Can you lose the sense of your discount absolutely you can you make even a single claim and your NCB or discount percentage is set to zero again. Where if you fail in level four you don’t start from level three or four you again. Start from level one let’s say you did not claim for three years and now. You are entitled to a good 35% percent discount you make one claim and you are starting right from the beginning at zero percent discount.
Your entire cycle will start again you will start with zero twenty twenty-five percent and it will again take another three years to get to the same level of discount. There is another way to end up losing your NCV and this is to simply miss the deadline of your renewal by more than 90 days more than 90 days of renewal you’ve expired your car insurance policy. You forget to renew you lose your NCP. So this one is really silly, So guys don’t do this at all what happens when you change your insurance company. Let’s say you were with the insurance company a and now you’ve moved your car insurance to the insurance company. B this one’s really simple and it’s really helpful your NCB entitlement your discount percentage entitlement.Can be transferred from one company to another company.
Which means that if you were getting a 25% discount this year and we’re entitled to getting 35% next year and in the meanwhile, you change your insurance company from company A to Company B you will still get 35% discount this discount is standard. Across all insurance companies and is portable. It can move from one to two now let’s check out two ways to get the most out of your NC B as you just understood. You will lose you’re complete and say B even if you make one single claim a simple suggestion is to avoid claiming for small repair a very easy way to do this a very simple way to do this is to follow a simple thumb to avoid any claims.Where the expense is going to be less than five or six thousand rupees and that is less than the money. That you can save on your premium with your NC B or discount percentage. The second way to make the most out of your car insurance NC B is that most people are not aware of one hidden gem about MCD the best part is that it is linked with you, not with your car.
Let me explain what this means so if you send your old car and buy a new one you can carry forward your NC B or discount percentage. So let’s see if you were to buy a flashy new car now. Which could almost have a premium of forty thousand rupees and let’s say your old car had a 50 percent entitlement on NC B you could get your new car. Now by transferring that NC B and paying only 19,000 reviews. All you need is simply an NC B certificate this NCB certificate is valid for three years. So you could buy your new car within three years and still not lose that entitlement.Ther is some car insurance as Save Money on Car Insurance, Car Insurance Policy Renewal, Guide to Save Money on Car Insurance, insurance bazar, cover, term plan, bank. That’s all folks this was all about NCB hope this was useful and it helps you saving money on your car insurance premium. If you have any questions about your guard insurance.Visit on policyplanner.in
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