As we have already discussed about No Claim Bonus in one of our previous articles, No Claim Bonus is the discount provided to the Vehicle Owner as a gift from the Insurer for not raising any claim throughout the policy tenure. This discount is given on the premium that gets computed on your upcoming year's policy.
But have you ever thought about the loss you incur when you raise a claim for a small damage and end up losing your complete NCB?
As necessary as it is to save your car after purchasing it for which you buy an Insurance Policy, similarly, to protect your accumulated NCB discount percentage so that it doesn’t get reset to 0% even if you lodge a claim, you need to protect it by buying NCB Protection Add-on. It is also known as NCB Protect or NCB Protector Add-on or cover. This Add-on helps you in saving almost 50% of amount incurred onVehicle Insurance Policy by paying as less as 5-10% of your Vehicle Insurance Premium.
Let’s see the difference NCB Protect Add-on cover makes upon you as a Vehicle Owner:-
For e.g. Narendra and Rahul purchased the same car in the same year and took policy from the same Insurance Company. It is the 3rd year since they are owning the car, and both has 25% NCB discount applicable in their current policy.
Co-incidentally, both met accident in the 3rd year itself. When they made claim, because Narendra had NCB Protection Add-on cover in his policy, he didn’t lose his NCB discount percentage and in his next renewal availed 35% discount whereas Rahul, who didn’t believe in adding NCB Protection Add-on cover by paying extra ended up losing his accumulated 25% discount and didn’t get the benefit of 35% NCB Discount in his next renewal and ended up paying far more than Narendra.
Few Important Points about NCB Protection Add-on:-
Hence, next time when you are renewing your policy or purchasing a New Car, remember to ensure that you have NCB Protection Add-on cover added in the same so that you can safeguard your NCB Percentage even you lodge claim in that year.
Best of Luck on your purchase of Car, Bike or any Motor Insurance Policy!
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