“Can I keep my No Claim Bonus if I switch motor insurance companies?”

No Claim Bonus (NCB) is a discount given by insurance companies to policyholders who have not made any claims in the previous policy period. It is a reward for safe and responsible driving, and the discount is applicable to the policyholder, not the vehicle. Many policyholders wonder whether they will lose their NCB if they switch to a different insurance company for their motor insurance policy.

The good news is that if you decide to switch to a different insurance company, you can still avail the NCB you have earned from your previous insurer. This means that you can continue to enjoy the benefit of the NCB even if you switch to a different insurance company. The NCB is linked to the policyholder and not the vehicle, so you can transfer your NCB to your new insurance policy.

It is crucial to understand that the No Claim Bonus (NCB) is non-transferable and can only be used for a single vehicle at a time. Therefore, if you sell your vehicle, the new owner will not be able to avail of the NCB benefit on that particular vehicle. However, as the seller, you can choose to obtain an NCB certificate and continue to benefit from NCB on your new car insurance policy.

It’s important to keep in mind that the NCB is a valuable benefit that can help you save a significant amount of money on your insurance premiums. As such, it’s worth considering the NCB when you’re shopping around for motor insurance policies. You may want to compare insurance quotes from different companies to find the best deal that offers you the most significant discount on your insurance premiums.

Some insurance companies may also offer additional benefits for policyholders with a high NCB, such as lower deductibles, additional coverage options, or discounts on other insurance products. So, keeping your NCB intact can be a smart financial decision that can provide you with significant savings in the long run.

Conclusion:

• You can keep your NCB when you switch to a different insurance company, as long as you transfer the NCB to your new policy correctly.
• Keeping your NCB intact can provide you with significant savings on your insurance premiums, so it’s worth considering when you’re shopping around for motor insurance policies.