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A No Claim Bonus can be defined as a form of discount which can be availed by a Car Insurance Policy holder by exercising a bit of restraint. What we mean by this is that the more restraint that a policy holder exercises as far as filing claims, the more are his/her chances of accumulating No Claim Bonuses and reaping all the benefits that result from the same. With the accumulation of enough No Claim Bonuses, policy holders can avail anywhere from 20 to 50 percent discounts on their premium amounts. What’s more? You can even transfer No Claim Bonuses accumulated in one policy to another policy, especially in case of ownership transfer of a vehicle.
The fundamental aspect to remember as far as accumulating Car Insurance No Claim Bonuses is that the more the number of claim-free years, the more is the discount percentage that you as a policy owner have the chance to gain. For instance, one claim-free year under a Car Insurance Policy can help you avail about 20% discount on the premium amount, while five years of exercising restraint can help you in availing discounts of up to 50%. The perfect way to accumulate more No Claim Bonuses is to avoid filing claims on small and petty issues, and of course, to drive safely!
Before going on the journey of accumulating No Claim Bonuses, one should understand some intricacies which can be of major help during the time of need. For instance, knowing when NCB is terminated can be a useful bit of information. Firstly, any claim made during a year results in a nullification of the No Claim Bonuses that can availed during that year. If you fail to renew your policy after 90 days from the expiry date of the existing policy, you stand to lose out on NCBs as well. At the same time, you can transfer NCBs accumulated on one policy to another in case of ownership transfer of a vehicle or during the purchase of a new policy.
At Bharti AXA, we care about you and the journey that you have embarked with us. Hence, it is essential that we help you along the way, whenever and wherever possible. For instance, during the purchase of a new policy, our Expert Policy Handlers can help you balance deductibles and premium amounts in such a way that you stand to accumulate the maximum number of No Claim Bonuses on your policy. Moreover, on our web portal, you can learn about the various tricks and tips that can help you increase your chances of accumulating a larger number of NCBs on your existing policy. For instance, by adding Anti-Theft Accessories to your vehicle, not only are you increasing your chances to gain additional discounts, you are reducing the possibility of financial losses, thereby increasing your chances to accumulate NCBs.
No Claim Bonuses act as some of the best ways to reduce premium amounts on your Car Insurance Policy. We at Bharti AXA understand this and hence, provide Add-On Covers that can enable you to file up to 2 claims in a year and still be able to accumulate and reap the benefits of NCB for that year. Moreover, increasing the amount of deductibles you pay from your own pocket can enable you to override claims that might be made on small issues, such as the damage of a rear-view mirror. Also remember, that NCBs are dependent upon a person rather than a vehicle and hence, you have the opportunity to transfer the bonuses accumulated on one vehicle to another on the purchase of a new car. Go forth, make the most of this magical treat!