No Claim Bonus(NCB) is a kind of reward that the auto insurance providers provide to their customers when they do not file any claim in a policy year. In this reward, the insured person gets a discount on their premium when they renew their insurance in the next policy year. The insurance provider rewards you for driving well and gives you essentially a discount on your insurance premium that you can avail of when you renew your policy. If you do not make any claims for a few years consecutively, you can accumulate up to a 50% discount on premiums.
Maximum NCB on Car Insurance
The maximum NCB discount offered by insurance providers stands at 50%, which you earn by the end of five years of making no claims. If you’ve already earned the 50% discount, you will not be eligible to earn further discounts even if you cross another no-claim year but it continues to stay so. NCB can be carried forward and will be only allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.
Benefits of NCB in Car Insurance
Gives you positive rewards: The NCB is nothing, but a means to reward you for being a good and responsible driver and car owner.
Connected to you and not your car: NCB is connected to you as an individual and not your car. This means, no matter which car you have- as long as you have been renewing your car policies before its expiry date, you can continue to benefit from a NO Claim Bonus for your car insurance.
Save on car insurance premium: The benefit everyone loves! Discounts! A No Claim Bonus will save you at least 20% of your annual car insurance premium.
Easily Transferable: In situations where you’re either changing your insurer or car, the process to transfer your NCB is simple and hassle-free. The only thing you need to ensure is, to shift your policy before your current one already expires.
How Gypsee helps in rewarding your NCBs
Gypsee is an AI-driven connected car genie that has an app + hardware which monitors your driving habits and rewards you for driving safely. As in NCB, the longer you go without making a claim, the less of a risk you are to the insurance provider, so the discount will increase each year until you reach the provider’s maximum limit. Gypsee will help you go without claiming as it keeps an eye on your driving behaviours and send you timely behavioural alerts with which you can limit your misfortunes on the road. You are less likely to have troubles on the road with the Gypsee application. Gypsee insurance status feature helps you know about the policy status and other informations respectively related. It will inform you of the Insurance policy status no matter Expired or active. You also get informed when the policy dates are ‘expiring soon’ so that you can change them. Also, it’s important to know that if you do not renew your existing insurance policy within 90 days from the date of expiry then your NCB will be terminated, and you will not get the benefit of No Claims Bonus anymore. Hence you should always renew your policy timely. Your Updated NCB will be valid until you make your next claim. Download the Gypsee Join the Gypsee Family and get yourself rewarded under the smart driver tag and claim your timely rewards and policies.
To know more about how Gypsee is a great buy for car owners, visit gypsee.ai or download the Drive Safe ‘Gypsee’ application from Playstore.