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Did you know Insurance companies offer a “No Claim Bonus”?
Think of it as a reward for not claiming insurance on your vehicle‌
Scenario 1 - With NCB
Scenario 2 - Without NCB
Year
Value (in Rs.)
NCB %
Premium**
NCB%
Premium**
Year 1
460,000
0
14,398
0
14,398
Year 2
414,000
20
10,367
0
12,958
Year 3
372,600
25
8,747
0
11,662
Year 4
335,340
35
6,822
0
10,496
Year 5
301,806
45
5,196
0
9,447
Year 6
271,625
50
4,251
0
8,502
* NCB varies for insurer to insurer ** This is illustrative only, actual value may vary based on various factors.
The above table shows the premium payable towards a Hyndai i10 costing Rs.4.6 lakhs (over a 6 year period) Scenario 1: When no claim is made and thus becoming eligible for NCB (as applicable) Scenario 2: When a claim is made each year.
NCB = No Claim Bonus Bonus for every additional year where claim is not made* Yr. 1 – 0% Yr. 2 – 20% Yr. 3 – 25% Yr. 4 – 35% Yr. 5 – 45% Yr. 6 – 50% Vehicle depreciation assumed at 10% PA
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Read More: www.policyboss.com/knowledge-center/666/what-is-a-no-claim-bonusand-how-can-i-benefit-from-it
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