All About No Claim Bonus In Bike Insurance

Two-Wheelers are highly prized possessions of their owners. Maintaining and caring for it takes a lot of money. If you want to avoid these unwanted and pricey penalties, you'll need a bike insurance policy that gives maximum coverage. Having comprehensive bike insurance coverage is always connected with a higher premium. After buying two-wheeler insurance, As a reward for not submitting an insurance claim for the whole policy year, your insurance provider provides you with a reduction on your bike insurance cost on following renewals. This is called the No Claim Bonus (NCB).

All About No Claim Bonus In Bike Insurance

Following are some of the key pointers about the No Claim Bonus (NCB) in bike insurance  - 

• Profits of NCB in Two-wheeler Insurance

The benefits of buying two-wheeler insurance are that everyone wants a bike insurance policy that provides the most coverage for the least amount of money. The no-claim use is one of the most substantial savings on your bike insurance premium. Two-wheeler owners who have complete range will already pay a higher rate. The IDV of the vehicle is proportional to the insurance premium. 

• Huge Discount

NCB takes a step-by-step strategy. This means that if you go a year without filing a claim, you'll earn a discount on your bike insurance when you renew your coverage. As a consequence, you'll have to pay a lesser premium than if you'd claimed while buying two-wheeler insurance.

• Exceptional Savings

While buying your two-wheeler insurance, no-claim bonuses are also accumulated. If you follow the terms and conditions and do not file a claim for five years in a row, you will earn a substantial discount on renewing your coverage. You'll be able to save money on your bike insurance premiums as a result of this. This is very necessary for your two-wheeler.

• NCB Can Be Transferred

The most astonishing thing about the no-claim bonus is that it is tied to the two-wheeler owner rather than the vehicle. The NCB component of your policy will accompany you from one insurance provider to the next if you want to sell your insured bike and buy a new one. When you buy a new bike, you may save a lot of money on your bike insurance premiums. Purchasing a new bike is expensive, and insurance rates are usually high as well. As a consequence, no-claim incentives are beneficial for reducing the cost of purchasing two-wheeler insurance.

• What Occurs To Your NCB If You Don't Claim It? 

If you've purchased NCB, but your bike insurance for your two-wheeler is about to expire, you still have a few days to renew it. If you do not renew your bike insurance during this break-in time, your NCB will be forfeited. A break-in period is typically 90 days from the day your bike insurance expires. To keep the NCB, you may either renew or for buying two-wheeler insurance coverage. You will lose your accumulated No Claim Bonus if you do not continue your bike insurance within this time limit.

• How To Shift Or Utilize Your Unclaimed NCB?

If you wish to maintain your NCB after switching bike insurance carriers, you'll need an NCB Certificate for your two-wheeler. You can keep your existing insurance and get the same coverage. While buying a two-wheeler insurance policy Through the internet from another bike insurance provider, you can submit this NCB Certificate for successful NCB transfer.

Take Away

As a result, transferring the No Claim Bonus from one bike insurance provider to another is simple for your two-wheeler. Even if you do not renew your policy on time, you will continue to enjoy the discount due to the availability of a break-in period. As a result, make sure to claim it and get a low-cost after buying a two-wheeler insurance premium.

Also Read: 

3 Easy Ways to Check Bike Insurance Policy Expiry Date

Important Add-On Covers in Two-Wheeler Insurance Policy

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.