Your claim history also affects your premium amount
If you do not make any claims in a year, you
get the best discount on own-damage premium at the time of renewal.
This discount is known as a No Claim Bonus. On renewal, it can get
you a discount of up to 50% on the premium amount for five
consecutive claim-free years. However, if you make even a single
claim in one policy period, your accumulated NCB comes down to
the lowest value i.e. zero.
The following table will give you a better understanding of the No Claim Bonus:No. Of Years
One claim-free year = discount 20%
Two consecutive claim-free years = discount 25%
Three consecutive claim-free years = discount 35%
Four consecutive claim-free years = discount 40%
Fiveconsecutive claim-free years = discount 50%