Avail No-Claim Bonus to Save On Your Bike Insurance Premium

Bikesare, hands-down, a very convenient mode of transport. But when you purchase one, you must also invest in a good two-wheeler insurance plan to protect it from any unforeseen situations. It is wise to purchase an insurance policy not only because it offers financial support to repair damages caused to your bike, but also provides you with some additional benefits that some of you might not even be aware of. One such important and beneficial feature is the No-Claim Bonus (NCB).

Let us learn more about the same:

Availing the No-Claim Bonus

When you don’t make a single claim in a policy year, the insurance company provides you with a concession on your premium. This isNo-Claim Bonus (NCB). This will be offered to you when yourenew your two wheeler insurance.TheNCBconcessioncan be as highas 50% of the premium amount.

You can avail NCB concession at the time of bike insurance renewal. It is also easy to avail your NCB online. Check if your insurerhas the option for concession included while offering you the two-wheeler insurance plan.

The process of availing NCB

During renewal, the bike insurance company offers a concession for every claim-free year in the form of NCB. The concession rate increases with each claim-free policy year and is calculated in percentage. The maximum NCB received is up to 50%. Therefore, at the time of bike insurance renewal, look carefully for the number of years you haven’t raised a claim and receive the concession accordingly.

Some important things to note about NCB:

• Avoid making small claims. Normal wear and tear does not cost much and you can look after such expenses yourself. Raising claims for small amounts means losing out on your accumulated NCB benefit. Save your insurance policy for major damages.
• Even a small claim can result in the loss of NCB. If you’ve accumulated 50% NCB and then make a claim, all your concession will be lost.
• Even if you decide to sell your bike, the accumulated bonus won’t be lost. When you purchase a new two-wheeler, simply transfer the accumulated NCB and receive a concession on your premium amount in the new insurance policy.
• You can only receive the benefit of NCB if you’ve purchased a comprehensive policy. A third-party policy won’t provide you with NCB benefits even if you raise zero claims.
• Don’t let your bike insurance policy lapse. If it has expired, make sure you renew it on time if you wish to save your accumulated NCB. Most insurance companies offer you a grace period of 30 days wherein you can still renew your two-wheeler insurance policy and save your concession. However, if you fail to renew even then, all your NCB will be lost, not to mention that your vehicle will undergo inspection when you go to renew the lapsed policy.

Once you arewell-aware of the term NCB and understand how it works, it will prove to be quite beneficial. To get good deals, make use of an online twow heeler insurance premium calculator and avail attractive deals.