Unlocking Two-Wheeler NCB Perks | Zurich Kotak General Insurance

Riding Safe, Earning Discounts.

In insurance plans, rewards are offered to adults for their good road behaviour in the form of no claim bonus. All good policies like those of bike insurance from Zurich Kotak General Insurance give this benefit which makes the insurance policy more economical. Here is everything that you need to know about it.

What is NCB?

NCB or no claim bonus is a discount that insurance providers offer to their policyholder. Bike owners are entitled to a discount if they do not file for a claim during the term of the policy. It is for this reason that bike owners sometimes pay from their pockets to conserve the discount.

You can avail of the NCB discount while renewing your policy and it starts at 20% and can go up to 50%, if you do not file any claims for five consecutive years.

Is it important?

The policy premium for a third-party liability plan is decided by the IRDAI and insurance companies do not have any say in that. However, insurance companies do decide the policy premiums for comprehensive insurance plans, which include an Own Damage component. NCB discount is applicable to the OD component of the policy. And during renewals, the claim-free discounts can substantially reduce the policy premiums.

NCB benefits

Here are some of the perks of qualifying for NCB:

Discounts:

The biggest advantage of NCB is discounts on policy renewals. If you are someone who rides carefully and does not get into any road incidents, you stand to benefit from it. For each year, the discount increases, up to 5 years or 50%.

Smooth renewals:

If you have not filed any claims, you will most likely undergo a very smooth policy renewal process.

Savings:

The discounts on your own damage component allow for better savings, that you can utilise elsewhere. Either enhancing your riding experience by getting better gear or opt for additional security for the bike, which can result in further discounts on Zurich Kotak General Insurance’s bike insurance renewals.

Rate of discount

Following is how bike insurance companies calculate claim-free discounts for their policyholders.

Condition	Discount
1st claim free year	20% on own damage component
2 consecutive claim-free years	25% on own damage component
3 consecutive claim-free years	35% on own damage component
4 consecutive claim-free years	45% on own damage component
5 consecutive claim-free years	50% on own damage component

Points to remember

It is important to remember that NCB becomes null if you file a claim.
If you sell your bike, NCB benefits are still valid for a duration of 3 years on the purchase of a new bike.
You can transfer the NCB discount to a new bike.
NCB has a validity of 90 days from the date of expiry of the plan. To continue with the benefits, ensure that you renew within this period.

Conclusion

No claim bonus is a discount rewarded to bike owners for riding safely. You automatically qualify for the discount, when you do not file for a claim during the policy term.

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Team Zurich Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Zurich Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.