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NCB Protector Add-on Cover

No Claim Bonus (NCB) entitles you to appealing premium savings beyond any doubt. However, if you file a claim with the insurance company, it is unfortunately forfeited. No matter how many years in a row you have gone without making a claim, the moment you file a claim, your NCB is reduced to zero.

In such a case, one should choose the No Claim Bonus Protector add-on to keep the accumulated no claim bonus amount safe, even if you file a claim. You just need to pay an extra cost for purchasing this add-on cover and you can enjoy its several benefits. In this post, we will dig a little deeper about NCB protectors.

Features & Benefits Of NCB Protector

If you are wondering how NCB protector can provide great help to you, take a look at some of its key features and benefits:

  • Economical: In addition to the cost of the base policy, the policyholder needs to pay for the No Claim Bonus Protector. The NCB protection rider typically adds roughly 5% to the premium. As a result, it is relatively affordable, therefore you should think about adding it to your motor insurance policy.
  • Larger Savings: You ultimately spend a small sum for a bigger reward. You can reduce your overall motor insurance prices by up to 50% just for a few hundred rupees more. This turns out to be financially advantageous and gives you value for your money.
  • Eligibility: The policyholder may only get the No Claim Bonus Protection Cover if they have a comprehensive motor insurance policy. If you do not have a comprehensive motor insurance policy, you cannot purchase this cover.
  • Easy To Purchase: As previously mentioned, purchasing comprehensive motor insurance online entitles you to the NCB protection rider. It can be bought online together with the primary plan. Because it is automated, it only takes a few minutes.

Functioning Of NCB Protector

Let’s say you have car insurance coverage and haven’t needed to file a claim in the previous four years. You are eligible for a 30% no-claim bonus under the plan. Now, in the fifth year, you file a claim with your car insurance coverage for INR 65,000. The claim is resolved by the insurer. When you renew the policy the next year, these things will take place:

With NCB ProtectorWithout NCB Protector
Renewal Own Damage Premium = Rs. 8500Renewal Own Damage Premium = Rs. 8500
No Claim Bonus = 30% (As Your NCB Is Protected)No Claim Bonus = 0%
Premium Payable = Rs. 5,950Premium Payable = Rs. 8500

As a result, when you renew your car insurance coverage, you can save INR 2,550 by adding the no claim bonus add-on.

Is NCB Protector Worthwhile For You?

Yes, even if the policyholder has filed one or more claims during the policy period, the No Claim Bonus Protection Cover essentially protects the No Claim Bonus privilege. The policyholder is qualified for premium discounts with the No Claim Bonus Protection Cover despite filing a claim.

Basic Coverage Of NCB Protector

The following things are usually covered under an NCB Protector add-on cover:

  • In the event that an Own Damage claim is filed, the NCB Protector safeguards your earned No Claim Bonus for claims for windshield glass, partial losses, complete losses, and theft of the car or its components.
  • On renewal of the policy, the insured will be eligible for continuation of the current NCB slab.
  • The first two claims made over the term of the insurance each year that are favored will not have an influence on the No Claim Bonus.

Frequently Asked Questions

Here’s the list of the frequently asked questions related to NCB Protector add-on:

Anyone who wishes to protect his/her NCB amount from reducing to zero can purchase an NCB Protector add-on cover.

Your NCB protection might be terminated in case:

  • You have made a fraudulent OD claim.
  • You have hidden essential information related to the accident.

No. You cannot do it. NCB Protector belongs to the policyholder and not your motor vehicle. Therefore, even if you sell your vehicle to any third party, you cannot transfer it to them.

No. The NCB Protector applies to only one motor vehicle.

NCB Protector is not mandatory for vehicle owners but it can provide you with various benefits, most importantly, saving your accumulated NCB amounts.