How a No-Claim Bonus (NCB) Rewards Safe Drivers with Lower Premiums
A No-Claim Bonus (NCB) is a reward given to policyholders who do not file any claims during their policy term. This bonus can lead to significant savings on your car insurance premiums. Here’s how it works and how you can maximize its benefits.
1. What is a No-Claim Bonus (NCB)?
- NCB is a discount on your insurance premium for every claim-free year.
- The discount increases with each consecutive claim-free renewal.
2. How Much Can You Save with NCB?
- The discount starts at 20% for the first claim-free year.
- It can go up to 50% after five consecutive claim-free years.
- NCB applies only to the own-damage portion of your premium, not third-party liability coverage.
3. How to Retain Your NCB?
- Avoid making small claims—consider paying for minor damages out of pocket.
- If switching insurers, transfer your NCB to the new policy.
- In case of a vehicle change, your NCB follows you, not the car—apply it to your new vehicle’s policy.
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