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What is the NCB?
No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. The NCB is a discount ranging between 20\%-50\% and is given to the insured while renewing a policy.
What is NCB value?
Definition: No-claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy. The value of the discount depends upon the insurance claims you have made in that particular year.
What is NCB bike insurance?
What is NCB in Bike Insurance? NCB or No Claim Bonus is a discount or savings on premium offered to a bike owner by motor insurance companies if he had not made any claims during his bike insurance policy term. In case of the death of the insured, the NCB benefit is granted to the nominee.
What is IDV and how it works?
IDV refers to Insured Declared Value and is the maximum sum assured fixed by the insurer that is offered in case of theft or total loss of a vehicle. In case your four-wheeler is stolen or ends up badly damaged to an extent that it is beyond repair, the car insurance claim amount payable is calculated based on IDV.
How is IDV calculated?
IDV is calculated as manufacturer’s listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them.
What is IDV insurance?
What is Insured Declared Value (IDV)? The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen.
How is NCB calculated?
The NCB is calculated only on the own-damage component of the premium and not the third party damage component of the insurance premium. So if your car insurance premium is Rs. 1000, your NCB will be calculated only on Rs. 800, which is the premium minus the third-party damage component.
How is IDV calculated for two wheeler?
The calculation of your IDV is pretty simple: It is the ex-showroom price/current market value of the vehicle minus the depreciation on its parts. The registration cost, road tax and insurance cost are not included in the IDV.
How do I claim IDV?
If the vehicle is more than 5 years old, the IDV is settled based on its condition, serviceable parts available in the market and a mutual understanding between the insurance company and the policyholder….How is IDV calculated?
| Age of the vehicle | Applicable depreciation |
|---|---|
| 3 years to 4 years | 40\% |
| 4 years to 5 years | 50\% |
How IDV value is calculated?
How do I find the IDV value of my car?
The simple formula to calculate IDV is:
- IDV = Manufacturer’s registered price – depreciation.
- Insured Declared Value = (Company’s listed price – Depreciation value) + (Cost of vehicle accessories – Depreciation value of the accessories)
What is insured declared value (NCB) of a two-wheeler?
If the age of your two-wheeler is more than 5 years or if the model of the 2-wheeler has become obsolete, then its Insured Declared Value can be mutually decided between the insured and the vehicle insurance provider. NCB is the short form of No Claim Bonus.
What is ididv in bike insurance?
IDV in bike insurance is one of the most important factors in deciding the bike insurance premium that one needs to pay at the time of renewing or purchasing the 2-wheeler insurance policy. Basically, your bike’s Insured Declared Value is indicative of the current market value of your bike.
What happens if your bike’s IdV is lower than market value?
If your declared IDV that is lower than your bike’s current market value, your insurance company will give you a lower two-wheeler insurance premium quotation. And if you file a bike theft claim or a constructive total loss claim, the compensation amount will be quite less, which would mean significant losses.
Do I need to declare the correct IDV of my bike?
Whosoever wants to buy or renew a bike insurance policy is required to declare the correct IDV of their bike.