What is No Claim Bonus?
What's the story
Swiping your credit card feels like free money—until the bill arrives.
But what if you could make the most of your card without paying a rupee in interest?
That's where the interest-free period comes in—a golden window that lets you borrow without extra costs, if you play your cards right.
Yet, many users overlook this perk and end up paying hefty charges.
Let's break down how to outsmart your credit card and unlock its full potential.
What is NCB?
Understanding NCB in bike insurance
No Claim Bonus (NCB) is a reward in the form of a discount offered by insurers on the renewal premium if no claim has been made in the previous policy period.
It starts at 20% and can reach 50% for consecutive claim-free years.
So, if you have not raised any insurance claims for five continuous years, your bike insurance premium can be reduced by half
Availing NCB
How to avail NCB benefits
In order to claim NCB benefits, you should renew your bike insurance within 90 days of its expiration.
If you don't renew it within this timeframe, you may lose the NCB you have accumulated over the years.
During renewal, you just need to tell your insurer that you want to utilize the accumulated NCB.
The discount will be deducted from your renewal premium.
Transfer process
Transferring your NCB
The beauty of NCB is that it follows you, the policyholder, and not the vehicle.
So, if you're purchasing a new bike or changing insurers, you can transfer the accumulated NCB from your old vehicle or insurer to the new one.
To do this, get an NCB retention letter from your existing insurer and submit it when purchasing new insurance.
Protection cover
Protecting your precious NCB
For riders looking to safeguard their No Claim Bonus, opting for an NCB protection cover is a wise decision.
This add-on allows you to make a specified number of claims without forfeiting your bonus.
It is especially beneficial for those with a high discount accumulated over years of claim-free riding.
This translates to substantial savings on premiums and encourages responsible riding.