Eight, look at the ‘no-claims bonus’ feature. When you don’t make a claim in a year, you get rewarded by the insurance company. It does this by giving a ‘no-claims bonus’ (NCB). The usual way is to raise your cover by 10 per cent for the same premium. If your cover was Rs 15 lakhs, for a premium of Rs 25,000, when you have a claim-free year, you get a cover of Rs 16.5 lakhs for the same premium.
