All you want to know about... MOTOR INSURANCE
| NCD (NO CLAIMS DISCOUNT) |
1. What is NCD?
NCD or No Claims Discount, a.k.a. NCB or No Claims Bonus, is a discount allowed in accordance with the following Scales and Rules calculated on the net renewal premium for such part of the insurance as is renewed in respect of each vehicle:
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which has been insured for a period specified below, AND
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in respect of which NO CLAIM is pending or has been made during such period.
2. How much NCD are you entitled to?
|
PRIVATE CARS |
Discount |
| No claim made or pending during the preceding year of insurance | 25% |
| No claim made or pending during the preceding 2 consecutive years of insurance | 30% |
| No claim made or pending during the preceding 3 consecutive years of insurance | 38.33% |
| No claim made or pending during the preceding 4 consecutive years of insurance | 45% |
| No claim made or pending during the preceding 5 or more consecutive years of insurance | 55% |
|
ALL OTHER VEHICLES (Commercial Vehicles & Motorcycle) |
Discount |
| No claim made or pending during the preceding year of insurance | 15% |
| No claim made or pending during the preceding 2 consecutive years of insurance | 20% |
| No claim made or pending during the preceding 3 or more consecutive years of insurance | 25% |
|
MOTOR TRADE (Vehicle Trade Plate) |
Discount |
| No claim made or pending during the preceding year of insurance | 25% |
| No claim made or pending during the preceding 2 consecutive years of insurance | 30% |
| No claim made or pending during the preceding 3 or more consecutive years of insurance | 38.33% |
|
HIRE CARS (Car-For-Rent vehicles) |
Discount |
| No claim made or pending during the preceding year of insurance | 25% |
| No claim made or pending during the preceding 2 consecutive years of insurance | 30% |
| No claim made or pending during the preceding 3 or more consecutive years of insurance | 45% |
3. How to transfer NCD? Is it troublesome?
NCD can be easily transferred from one insurance company to another or from one vehicle to another, provided that the name of the policyholder remains the same. NCD, however cannot be transferred from one person to another person's name.
Now, transferring and deduction of NCD is virtually hassle-free! Just provide your original copy of the latest Motor Insurance Renewal Notice by your insurer or the original copy of the previous Certificate of Insurance or the original copy of the previous Cover Note to an authorised agent and you will get ON-THE-SPOT NCD deduction!
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