No claim bonus (NCB) & Insured declared value (IDV)

No Claim Bonus (NCB)

No Claim Bonus (NCB) is a bonus given to any insured party who does not claim their insurance during the previous policy period. It is only applicable on Own Damage (OD) packages and can range from 20% to 50%.

Important points:

  • If you're changing insurance providers, you can transfer the NCB, if any, to the new provider. This is only applicable if you insure your car within 90 days from the renewal date. 
  • If you sell or transfer your vehicle to someone else,
    • any NCB you have accrued will NOT be transferable to the new owner. 
    • any NCB that the new owner has accrued, can be transfered to the car. They will need to obtain a certificate from their insurance provider, and buy a fresh policy for the car anytime within the next 3 years to be eligible to transfer the NCB.

Learn more about how much NCB you earn when you do not make a claim.

 

Insured Declared Value (IDV)

Insured Declared Value (IDV) of your car is the current market value of your car. This value helps the insurance provider decide the maximum amount that your car will be insured for.