1) No Claim Bonus (NCB) Retention Add-On Cover
A No Claim Bonus (NCB) is a concession a motor insurance company gives to its policyholder for making no claims during the insurance policy tenure. NCB can be collected over the years, and the benefit ranges from 20% to 50% on the damage premium. This is simply the motor insurance company’s way of rewarding a responsible policyholder’s good driving behaviour.
If no own damage claims are made in 12 months, the insurer, Bajaj Allianz Motor Insurance, offers NCB-based premium benefits.*
A concession is earned by the policyholder for a claim-free completed year. In the case of an own damage claim, the No Claim Bonus gets back to 0%. NCB can be transferred to the same class of vehicle. NCB reserving letter is issued for three years, beginning when the policyholder originally purchased the vehicle. The NCB retention add-on cover protects the NCB of the policyholder even if the policyholder claims own damage during the policy period. * ^
Benefits of NCB:
- The NCB, as per the insurance policy, is allowed, provided that the Bajaj Allianz motor insurance renewal is done within 90 days of the expiry of the policy.*
- NCB is protected in the event of a single own damage claim during the policy period. The claim amount should be at most 25% of the Insured Declared Value. *
The above aspects apply to annual policies only.
2) Zero Depreciation
This cover reimburses the policyholder for the amount of depreciation subtracted from the value of parts replaced as a result of the policyholder’s damage claim. During the course of the policy’s duration, the protection can be utilised for a maximum of two claims. A claim that does not involve the replacement of any part and has no depreciation deducted under its own damage claim will not be considered. You can make a claim for unique conditions under this cover or have your vehicle serviced and repaired at our authorised location.. *
Note: Voluntary and Compulsory Excess shall be as per standard . *
3) Total Cover
This coverage reimburses the policyholder for the amount spent on the vehicle’s registration fee, octroi, and/or any other fees or charges levied against the insured vehicle by a governmental authority. The required payment for the Bajaj motor insurance premium must also be made. This protection will become active in theft or total loss/Constructive Total Loss (CTL). Both road tax and insurance premiums must be paid off pro-rata for the policy duration that has yet to be . * ** ^
Exploring and considering add-on covers is a smart strategy for enhancing your car insurance policy to better suit your specific needs. These additional coverages can provide added protection and peace of mind in various situations, such as roadside assistance, zero depreciation, engine protection, and more. However, it’s essential to assess your requirements, budget, and the value each add-on brings to your coverage. By customising your car insurance with the right add-on covers, you can ensure comprehensive protection tailored to your driving habits and circumstances.
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* Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
^Claims are subject to terms and conditions set forth under a comprehensive car insurance policy.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’
Standard T&C Missing.