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.