Two-wheeler insurance is necessary because it protects against both damage or losses to the vehicle and third-party coverage. It is essential to pay attention to the importance of the insurance itself and its other subtleties, such as the NCB. Here, we aim to define NCB and describe how it is calculated.
Why Is NCB Vital For Two Wheeler Insurance?
The reward you receive for not making a Bajaj Allianz bike insurance claim throughout the policy year is known as a “No Claim Bonus,” or NCB. But, your insurance provider may reward you with concessions for keeping your bike in good condition and driving safely.
Furthermore, over claimless years, NCB has gradually increased by the guidelines outlined in the India Motor Tariff. To maximise the advantages of this incentive, one must resist the urge to use their insurance in the event of minor losses and repairs because the NCB reverts to zero for any claim submitted.
Estimating No Bonus Claims
Therefore, if you sell your old bike and buy bike insurance online, your NCB may continue accumulating on top of the earlier one. These benefits may be provided because NCB insurance covers the policyholder, not their vehicle. To understand how a no-claim bonus calculator works, look at the table below:
| Age Of The Policy With No Claim Made | Percentage Of No Claim Bonus |
| Post one year | 20 |
| Post two consecutive years | 25 |
| Post three consecutive years | 35 |
| Post four consecutive years | 45 |
| Post five consecutive years | 50 |
As can be seen, the No Claim Bonus is applied beginning with the second year of the insurance period. After the first year, your insurance provider offers you a 20% concession on the premium amount if there are no bike insurance claims. This can begin in the second year and last for up to five years in a row.
Some Things To Consider:
- When you buy bike insurance online, you must pay close attention to NCB and keep the following in mind:
- One must check for their policy’s own damage insurance provision before using the NCB service. The cost of third-party insurance does not qualify for a Claim Bonus.
- In the case of two-wheeler insurance, No Claim Bonus is not given for a year following the filing of a claim; NCB is revoked when the insurance contract is not renewed for more than 90 days after its expiration.
- When purchasing a new vehicle, transfer NCB.
- Make sure to claim the NCB when your two-wheeler insurance is renewed because it is transferable from one provider to another.
- The following insurer must provide the next slab of NCB per the terms and conditions.
- The option to purchase an NCB protection cover may be available to owners of NCB two-wheeler policies, allowing them to protect their NCB even if they submit a claim during the policy’s term. However, the premium in this case is a little bit higher.
When choosing a two-wheeler insurance policy, considering Bajaj Allianz’s claim settlement ratio is crucial to ensure a reliable and efficient claims process.
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