Owning a Hyundai Verna comes with the responsibility of maintaining and protecting it. While a comprehensive car insurance policy ensures your vehicle’s safety, the premium cost can sometimes feel like a financial strain. This is where the No-Claim Bonus (NCB) plays a crucial role in reducing your insurance expenses.
Here’s everything you need to know about how NCB can lower your Hyundai Verna insurance costs.
What is a No-Claim Bonus (NCB)?
The No-Claim Bonus is a reward offered by insurance companies to policyholders for not making any claims during the Car Insurance policy tenure. It’s essentially a discount on the premium for the subsequent policy renewal. The longer you go without filing a claim, the higher the discount percentage you can earn.
For Hyundai Verna owners, this means significant savings on insurance premiums over time.
How NCB Works for Hyundai Verna Insurance
- Discount Percentage:
- The NCB starts at 20% for the first claim-free year and increases with every subsequent year, reaching up to 50% after five consecutive claim-free years.
- For example, if your Hyundai Verna’s insurance premium is ₹10,000, you could save ₹2,000 in the second year and up to ₹5,000 by the sixth year with NCB.
- Transferable Benefit:
- NCB is linked to the policyholder, not the vehicle. This means if you upgrade from your Hyundai Verna to another car, you can transfer the accumulated NCB to the new policy.
- Eligibility:
- To be eligible for NCB, you must not file any claims during the policy term.
- It’s applicable only to own-damage premiums, not third-party liability premiums.
How to Maximize NCB Savings for Your Hyundai Verna
- Avoid Small Claims:
- Refrain from filing claims for minor repairs or damages. Paying for small repairs out of pocket can help you retain your NCB and save more on premium costs in the long run.
- Drive Responsibly:
- Safe and responsible driving reduces the likelihood of accidents, helping you maintain a claim-free record.
- Opt for Add-On Covers:
- Add-ons like Engine Protection or Zero Depreciation Cover can provide additional coverage for specific risks without affecting your NCB.
- Renew Policy on Time:
- Renew your Hyundai Verna insurance policy before the expiry date to ensure your No-Claim Bonus (NCB) remains intact.
Benefits of NCB for Hyundai Verna Owners
- Significant Cost Savings: Over the years, the discount from NCB can substantially reduce your Hyundai Verna’s insurance expenses.
- Encourages Careful Driving: The reward system motivates policyholders to drive safely and avoid unnecessary claims.
- Enhanced Resale Value: A history of no claims reflects well on the vehicle’s maintenance and can improve its resale value.
- Transferable to New Vehicles: If you decide to sell your Hyundai Verna and buy a new car, the NCB can be transferred to the new insurance policy, ensuring continued savings.
Conclusion
The No-Claim Bonus is a simple yet powerful way to reduce your Hyundai Verna’s insurance premium. By adopting careful driving habits, avoiding small claims, and renewing your policy on time, you can make the most of this benefit. Over time, the savings from NCB can add up, making your car insurance not just more affordable but also a testament to your responsible ownership. Protect your Verna smartly and enjoy the financial rewards of a no-claim policy!
