No Claim Bonus

[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.

[Aakash]

Will I get NCB at renewal, if I had lodged a claim but the claim is neither approved or rejected by the insurer?

[Minal]

If you have raised a claim against a policy, you won't get NCB (it's No Claim Bonus).

[Aakash]

If you have raised a claim against a policy, you won't get NCB (it's No Claim Bonus).

But the claim is neither accepted or rejected, if later on the insurance company reject the claim would I get an NCB refund back?

[Rahul]

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.

[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.