By MoneyBees
Your premium after the 10% to 50% No Claim Discount, where one claim leaves your NCD on GIA's scale, NCD Protector, and whether claiming costs more than the repair.
No Claim Discount. It is a discount on your premium for each year you make no claim. On GIA's common scale, a private car gets 10% after one claim-free year, rising 10% a year to 50% after five.
On GIA's scale, motorcycles and commercial vehicles get 10% after one claim-free year, 15% after two and a maximum of 20% after three.
For a private car on GIA's scale, 50% falls to 20%, 40% falls to 10% and 30% or less falls to 0%. A motorcycle or commercial vehicle falls to 0%. Two or more claims in a year take any NCD to 0%.
At 50% NCD with the same insurer, one claim leaves your NCD at 50%, a second takes it to 20% and a third to 0%. A protected NCD may not move with you to a new insurer.
Yes. The NCD belongs to you, not the car, so it moves with you to a new insurer or a new car. It can cover only one vehicle at a time, and goes to a spouse only within the same insurer.
Most insurers keep it for up to 24 months without a car, according to GIA. Some keep it for only 12 months, so check with yours.
It may not, if you are found totally not at fault in an accident involving another vehicle. Your insurer decides once fault is settled.
Compare the repair bill with the extra premiums you would pay while your NCD climbs back. The calculator adds them up over five years. If the repair costs less, paying it yourself is cheaper.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).