What is NCB retention add-on cover for car insurance? Is it useful to go in for such an insurance add-on?
NCB retention is a relatively new add-on cover offered by general insurance companies. No claim bonus, commonly known as NCB is a reward offered by insurance service providers to their clients in case they do not file for any insurance claims. As a reward, insurance companies offer discount on the annual premium for policy renewal. Car owners can get as much as 50 percent discount on the own damage part of the insurance premium using no claim bonus.
No claim bonus retention is an add-on cover attracting a number of car insurance seekers. Under this, add-on claims made by the individual under a specific pre defined limit do not alter the NCB bonus thus allowing the car owner to avail full discount on annual premium. Hence NCB retention is a good way to exercise claims while keeping your no claim bonus intact.
Motor Insurance companies offer customers the options of choosing a No Claim Bonus (NCB) retention insurance add-on cover also known as NCB retention add-on. Such add-on covers offer protection for your accumulated NCB up to a certain limit. This cover may not be offered by all insurance providers. Check with your insurer if they offer such a cover for your vehicle.
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