No Claim Bonus

[amit_kumar09]

I could not get you here that one year not completed, could you please tell me with example. If you want more details from my side, please let me know.

Harish – As per the dates provided by you above, You have bought second hand car in June’2009 and got the same insurance transferred in your name in July’2009. Now you have received renewal letter, so just assuming that the renewal date is somewhere near March’2010 end week or First week of April’2010. So the total period you have driven the car with old insurance is (June’2009 to March’2010) 10 months. 2 months short of 1 year. As per NCB rule, you need to complete one year with the insurer without claim. Hope now it is clear to you.

[lokeshz]

I have a different case, my car went missing in the on Jan 31'2011 and still not traced by police. Now I had received the theft claim amount from the insurance company. I was enjoying 50% NCB in my old policy. Now will I get NCB in my new car policy, if I transfer it, as it is more than 90 days?

[Madhura]

I have a different case, my car went missing in the on Jan 31'2011 and still not traced by police. Now I had received the theft claim amount from the insurance company. I was enjoying 50% NCB in my old policy. Now will I get NCB in my new car policy, if I transfer it, as it is more than 90 days?

After claim the NCB will reset to '0', so you won't get NCB benefit in new policy.

[lokeshz]

After claim the NCB will reset to '0', so you won't get NCB benefit in new policy.

Why it will reset to '0'? It will go up and down in ladder system, so after one claim, it will go down to 40% next year onward. Please correct me if I am wrong.

[Madhura]

Why it will reset to '0'? It will go up and down in ladder system, so after one claim, it will go down to 40% next year onward. Please correct me if I am wrong.

I am afraid that you are talking about the old NCB Method which is no more there.

[lokeshz]

Ohh so... This is a news to me. When this has had happened?

[PolicyWala]

The sunset clause in year 2002. Read the complete clause for your info -
Sunset Clause: If at the renewal falling due any time between 1st July 2002 and 30th June 2003, both days inclusive, (after completion of the full policy period of 12 months) an insured becomes entitled to an NCB of 55% or 65% in terms of the Tariff prevailing prior to 1st July 2002, the entitlement of such higher percentage of NCB will remain protected for all subsequent renewals till a claim arises under the policy, in which case the NCB will revert to 'Nil' at the next renewal.

The percentage of applicable NCB is to be computed on the Own Damage premium required for renewal of the insurance after deducting any rebate in respect of "Vehicle Laid Up" under the policy.