I reside in Pune and personal a 2018 Maruti Alto. My insurance coverage coverage expired on 20 January whereas I used to be in a foreign country and I’ve by no means filed a declare up to now. I need to retain my advantages whereas holding the identical protection. What do you advise?
—Pranay
Pranay, since you might have had a claim-free yr, you might be eligible for a profit known as a no declare bonus (NCB) which usually acts like a reduction to your motor insurance coverage premium relevant on the time of renewal.
No declare bonus stays legitimate for 90 days post-expiry of your present insurance coverage coverage. So, in your case Pranay, you might be nonetheless nicely throughout the restrict of 90 days and are eligible for this reward, therefore you need to attain out to your insurer on the earliest. However, since your insurance coverage coverage has expired, the insurance coverage firm might need to do a pre-acceptance inspection as per the rules earlier than supplying you with the insurance coverage coverage.
There are some corporations that present self-inspection rights as nicely and post-inspection, you should buy insurance coverage on-line too.
You might be to know that it’s not mandatory to say the NCB profit, however you too can accumulate your NCB over time and relying on the variety of claim-free years, you can be eligible for a reduction in your premium that can vary from 20% to 50%. You ought to know that NCB is relevant on the personal injury (OD) premium and never the third-party (TP) premium of your coverage.
In phrases of validity, NCB might be terminated in case of a motor insurance coverage declare, however many insurers now additionally provide an NCB safety add-on cowl that retains your NCB even after you file for claims; the variety of claims for this add-on cowl can differ from insurer to insurer.
You ought to attain out to your insurer instantly and retain the NCB advantages you might have accrued. This can be time to test if you wish to go for any add-on covers to additional strengthen the safety on your automobile.
Tapan Singhel is managing director and chief govt, Bajaj Allianz General Insurance.
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