No claim bonus
Have you heard of “No Claim Bonus”?
No Claim bonus is a good tool for rewarding the customers who did not make any claim during the policy year. It typically reduces the renewal cost by 20% (on own liability cover only) to 40% depending upon claim free years and other smaller parameters. However, if you make even a single claim, irrespective of the amount, the no claim bonus is lost.
It can be taken easily while renewing your insurance. If you are changing your insurer, then you will have to prove to the new insurer that you are entitled to a no claim bonus, as you have not claimed any amount on your expiring policy. This can be done easily by giving a copy of the renewal notice from the current insurer, which typically mentions no claim bonus.
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