How to transfer your NCB from an old bike to new bike insurance
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The no claim bonus (NCB) in bike insurance is a very handy benefit that allows you to save money on your overall motor insurance costs. The bike insurance provider rewards you for not making a claim by offering a discount on the premium of the following year.
This happens when you manage to complete an entire claim-free policy period. Since the NCB is earned by the rider, it can be transferred from one insurer to the other. This can happen if you are buying a new plan for a new bike or you are porting your cover from one insurance company to the other. Take a look at this article to get all the details.
Why is it important to transfer your NCB?
It is important to transfer the NCB on your two-wheeler insurance plan because it is a reward that you have earned. You earn the NCB for being a careful and responsible driver. This is why you should not let go of the discount and always get it transferred, whether you get a new bike or you port your bike insurance plan.
Steps to transfer your NCB
Here are some easy ways in which you can get your NCB transferred with ease:
Inform the insurance provider:You need to inform the bike insurance provider that you are changing either the insurer or the vehicle. This is the first and the most important step involved to get your NCB transferred.
Get the documents:Next, you need to get the documentation work done. To transfer the no claim bonus (NCB) in bike insurance, you must submit these papers:
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- The transfer certificate for the NCB from the existing insurance provider
- You need to get a NCB certificate from your previous insurer
- Form 29 and Form 30 (agreement between the buyer and seller)
- The note of delivery from the new buyer of the vehicle.
Pay the premium:After completing the formalities, pay the discounted premium and enjoy the new bike insurance cover at an affordable rate.
Always use a no bonus calculator for bike insurance when you transfer the NCB. Doing so will give you a fair idea of your accumulated NCB. Then, when you get the discount on your premium, you can easily cross-check and verify the amount.
Points to note about NCB for two-wheeler insurance
There are some important points that you should remember about the NCB on your two-wheeler insurance plan. They are:
Only available on comprehensive plans:You cannot get the NCB in a third party bike insurance plan.
Not applicable insurance lapsed:The NCB will expire or get cancelled if your bike insurance plan stays in a lapsed state for more than 90 days.
Not applicable with claims:If you make any claim in the policy period, the NCB will get reset to zero unless an additional rider has been availed.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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