NCB in Bike Insurance?
A bike insurance policy protects the insured vehicle against unfortunate events that may lead to financial losses. But when you take good care of your bike and ride it safely, you may not have to raise any claims during the policy period. To motivate the drivers to ride safely, the insurance company rewards you in the form of a discount for not raising any claims during the policy term. This discount is known as No Claim bonus (NCB) in bike insurance.
Benefits of No Claim Bonus
1. Rewarding natureIt works as a reward that you receive from your insurance provider for not registering a claim during the insurance policy period. The discount encourages you to drive your vehicle safely to avoid claims.
2. Easy to transferThe NCB belongs to the vehicle owner and not the vehicle. Hence, it can be transferred to your name while you buy a new vehicle or wish to change your insurance company. You can easily avail the benefits of NCB while renewing your policy.
3. Reduces PremiumThe accumulated NCB can be used as a discount while renewing your bike insurance premium.
Now that you know what the NCB cover is, you also need to keep in mind that the NCB would expire if you do not renew your policy within 90 days. It is highly recommended to drive safely and renew your bike insurance policy on time to avail the benefits of NCB. At PINC Insurance, our team helps you with all your insurance needs – from purchasing the suited policy as per your budget to filing claims and checking your no-claims bonus eligibility.