June 19, 2024

Can You Transfer The No Claim Bonus In Bike Insurance?

3 min read
Bike Insurance

The No-Claim Bonus (NCB) is a reward for not making claims during the previous insurance policy term. In India, NCB can range from 20% to 50% on the Own Damage Premium. However, if the insured files a claim for bike insurance in the current policy period, the NCB is forfeited for the subsequent bike insurance policy term.

Rules for Vehicle NCB Transfer:

When you buy bike insurance online, the NCB belongs to the insured person, not the vehicle, according to the Insurance Regulatory and Development Authority of India (IRDAI). Only the insurance policy—not the No Claim Bonus—can be transferred when a vehicle is given to a new owner. The differential amount for the NCB for the remaining policy period would need to be paid by the person purchasing or receiving the vehicle. The original owner may use the NCB to purchase a new vehicle. Claims are subject to terms and conditions set forth under the motor insurance policy. * #

To transfer NCB, the original owner must submit a buyer-seller agreement, Forms 29 and 30, and a letter requesting NCB transfer. When initiating the process of transferring the No Claim Bonus (NCB) along with the required documentation during a vehicle transfer, it’s essential to include a letter explicitly stating the transfer of NCB. This letter serves as a formal request and declaration regarding the transfer of the accumulated NCB from the original owner to the new owner of the vehicle.

The insurer must issue a valid three-year NCB certificate, which should be provided to the new insurer. When you buy bike insurance online, a declaration from the insured can be used in place of the certificate. It’s essential to be truthful about all information, including if there are any previous Bajaj Allianz bike insurance claims, as the new insurer will verify it with the previous one. Claims are subject to terms and conditions set forth under the motor insurance policy. *

How To Get The Most From The NCB:

While people negotiate for concessions and perks when buying a bike, they often overlook the potential of using the NCB to lower their bike insurance premiums. ##

  • A copy of the new entry in the Registration Certificate (RC) book should be kept for vehicle insurance when you transfer ownership of your old vehicle.
  • Send a copy of the delivery note to the insurer as soon as possible; on this basis, they will send the NCB certificate or a holding letter. The letter is good for three years.
  • After that, the dealer from whom you purchased your new bike must receive this NCB. This moves the NCB to the new bike insurance.
  • Keep in mind to browse the online options for bike insurance. By comparing prices online, you can save money and get the ideal deals. ##
  • Avoid switching insurers before the policy’s duration to avoid forfeiting the year’s worth of NCB.
  • The current insurer must provide proof of no claims after the bike insurance term, which the insured must present to the new insurer.

Transferring Your Bike’s NCB

Only if the person is listed as the insured on the company’s insurance policy is the NCB on a company bike transferable to another bike. *

A No-Claim Bonus is beneficial and a great way to reduce the amount of the required bike insurance premium. Bajaj Allianz’s two-wheeler insurance claim settlement ratio is always very high. To determine the ideal way to use and transfer the NCB owed on your bike insurance, carefully review all the terms. *

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

*Standard T&C Apply

#Visit the official website of IRDAI for further details.

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Leave a Reply

Your email address will not be published. Required fields are marked *