No Claim Bonus

[Expert]

It's a bit subjective issue when you have lodged a claim, some insurer take it as a claim is registered, whether not accepted OR Rejected later on. But NCB is gone, when you lodge a claim.

I doubt this the NCB would be gone only, when the claim is accepted by the insurance company. Mear lodging the claim won't be the case of denying the NCB.

[Sonali]

I have recently bought a second hand car and I need to renew the car insurance policy. The previous owner has enjoyed the benefits of No claim for the past 5 years. However, When I am trying to renew the policy, I am not getting the benefits of No claim.

Please advice me on the same.

[Vinayak]

I have recently bought a second hand car and I need to renew the car insurance policy. The previous owner has enjoyed the benefits of No claim for the past 5 years. However, When I am trying to renew the policy, I am not getting the benefits of No claim.

Please advice me on the same.

The NCB (No Claim Bonus) will not be transferred to the buyer of your old car, as it is available to the person/you and not the car.

[PolicyWala]

The NCB is for the owner/driver; it cannot be transferred. You need to build your NCB from scratch.

[Madhura]

I was reading an article on the internet, came across a new term called Protected NCB.
1- What is Protected NCB?
2- Is it available in India?
3- If yes, how?

[PolicyWala]

I was reading an article on the internet, came across a new term called Protected NCB.
1- What is Protected NCB?

Protected No Claims Bonus (PNCB) is an addition to a policy where protection is added to a customer’s No Claims Bonus to limit it being affected following an accident should they be found to be at fault. Customers can pay to protect it. This ensures that if they have an accident the NCB remains intact.

2- Is it available in India?
3- If yes, how?

It's not available in India. Normal practice in UK.

[Madhura]

Protected No Claims Bonus (PNCB) is an addition to a policy where protection is added to a customer’s No Claims Bonus to limit it being affected following an accident should they be found to be at fault. Customers can pay to protect it. This ensures that if they have an accident the NCB remains intact.
It's not available in India. Normal practice in UK.

But why would someone pay to get the protected NCB?

[alokss]

We have 2009 Maruti Alto, last year we have changed the insurer and agent also mentioned NCB on the policy (we took claim on first policy) and now the car is met with an accident and 80% damaged. Can we pay the NCB amount as premium to insurance company and get the claim? It's not our fault the agent mentioned no claim to reduce the premium.

[LastWarrior]

We have 2009 Maruti Alto, last year we have changed the insurer and agent also mentioned NCB on the policy (we took claim on first policy) and now the car is met with an accident and 80% damaged. Can we pay the NCB amount as premium to insurance company and get the claim? It's not our fault the agent mentioned no claim to reduce the premium.

You have not declared correct info at the time of proposal form, so the insurance company will reject your claim.

[Master]

Alokss,

It's duty of the insured to check the proposal form before signing it and later on you can also check the policy that - what you are paying > what you are getting.