Paragraph match score 80.8%
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Step 5: No Claim Bonus (NCB)
· Savings potential: Every claim-free year earns you a discount on the renewal premium, ranging from 20% in the first year to a whopping 50% after five consecutive claim-free years.
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5. Impact on No Claim Bonus (NCB) benefits
For every claim-free year, insurers reward you with a No Claim Bonus (NCB) - a discount on the renewal premium that can go up to 50% for 5 consecutive claim-free years. However, if you fail to renew your policy within 90 days of expiry, you lose the accumulated NCB. Though you can transfer the NCB while buying insurance for a new bike, this is not possible if the previous policy has lapsed. By driving around without insurance, you put your hard-earned NCB benefits at risk.