| Login | Sign Up
Frequent Contributor
reji
Posts: 114
Registered: ‎26-07-2016

Does Motor Insurance Premium go up in case of large claim

Will my motor insurance premium go up, if I have a large claim next year?

1 ACCEPTED SOLUTION

Accepted Solutions
Frequent Contributor
N.Kumari
Posts: 124
Registered: ‎11-10-2021
Solution

Re: Does Motor Insurance Premium go up in case of large claim

Hi

If the policyholder is prone to a certain type of risk or opts for claims quite often, then loading will be calculated.

No Claim Bonus (NCB) is given after a claim-free year on renewal of the policy. If claim is paid then the next renewal premium will impacted.

View solution in original post

3 REPLIES 3
Occasional Contributor
Sandip Sharma
Posts: 13
Registered: ‎21-09-2017

Re: Does Motor Insurance Premium go up in case of large claim

The change in premium rate does not depend upon on claim. 

If you have claimed one year then you wont get no claim bonus next year, or sometimes there is loading on premium depending how risky it is to cover the vehicle. 

 

Frequent Contributor
N.Kumari
Posts: 124
Registered: ‎11-10-2021

Re: Does Motor Insurance Premium go up in case of large claim

Hi,

There is no limit to the number of claims that one can register during the policy period. However, the policyholder can claim until the consolidated claim amount reaches up to the Insured Declared Value (IDV) of the car. Also, claims have an impact on your premium at the time of renewal.

No Claim Bonus(NCB) is given after a claim free year on renewal of the policy, if claim paid then  next renewal premium will impact.

Frequent Contributor
N.Kumari
Posts: 124
Registered: ‎11-10-2021
Solution

Re: Does Motor Insurance Premium go up in case of large claim

Hi

If the policyholder is prone to a certain type of risk or opts for claims quite often, then loading will be calculated.

No Claim Bonus (NCB) is given after a claim-free year on renewal of the policy. If claim is paid then the next renewal premium will impacted.