Question
Consider the following statement: I. NCB is
given to the insured and not to the insured vehicle. II. On transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. III. The original owner can, however, use the NCB on a new vehicle purchased by him. Which of the above statement is correct about No Claim Bonus (NCB)?Solution
NCB is given to the insured and not to the insured vehicle. Hence, on transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. The new owner has to pay the difference on account of NCB for the balance policy period.The original owner can, however, use the NCB on a new vehicle purchased by him.
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