What are the discounts that can be allowed under Private Car policies?
The discounts that can be allowed under the Private Car policies are:
- Voluntary Deductible discount.
- No Claim Bonus.
- Automobile Association Discount.
- Discount on Vintage Cars.
- No other discounts are permissible.
- Under what circumstances No Claim Bonus (NCB) can be allowed?
- It is a reward for No claim in the previous year. It can be .accumulated over some time.
- It starts at 20% and goes up to 50%.
- NCB becomes Nil in case of a Claim.
- NCB follows the fortunes of the customer and not the vehicle.
- Validity - 90 days from the date of expiry of the policy.
- NCB can be utilized within 3 years. (where the existing vehicle is sold and a new car is purchased)
- NCB recovery to be done in case of a Name Transfer.
- NCB gets transferred to the legal heir in case of Death of customer.
- NCB can be transferred to the New vehicle in case of the Substitution of vehicle of the same class.
- NCB earned abroad can be given in India.