In case one has a new vehicle and wants to get a new car insurance, then they must get the best car insurance option through adequate research, and also learn about all the rewards and benefits that come with it. For example, car insurance companies give out the no claim bonus. A NBC acts as a motivation to drivers who drive responsibly. It is an award granted to those who make no claims for a period of time, and thus means that the vehicle has not been into any kind of accident. The award is provided to the person as a form of bonus. One can use the NBC at the time of renewing their car insurance policies.
At the time of renewal, the bonus amount is deducted from the total renewal amount or payable premium and hence, the policyholder only has to pay for the discounted amount. This definitely helps in saving a lot of money. A few things should be kept in mind before making the claim.
The bonus is mostly in the range of 20% to 50% and it keeps increasing each year. One can claim a bonus of 20% in the first year of a new car insurance. The amount can be a lump sum and so if small amounts are not charged to the insurance agency, then it is possible to get a lot more in return in case of an NBC.
It is a far better option to keep the NBC intact and retrieve it in full rather than charging small amounts to the insurance company and losing all of it. One should also keep in mind that NBC is applicable per person and not per car and so even if one has more than a car, and likewise, more than one car insurance, the NBC would only be granted to the person holding all of them. Hence the NBC claim will be for all the vehicles combined per person.
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