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— Ankur Garg
The premium for your vehicle is calculated based on the model of the car, age, distance travelled, etc. There is no loading on the premium if one makes a claim for repairs undertaken on the car. However, you would lose out on the no-claim bonus (NCB), which is offered as a discount on the total premium and increases for every year of claim not being made on the motor insurance policy. Preserving the NCB earned over a period of time helps in terms of lower premium rates, as well as transfer of NCB to a new car purchased.
You should consider the amount to be incurred on repair, your annual insurance premium outgo, quantum of NCB in case of no claim as well any plans to buy a new car before deciding on claiming for expenses incurred on repair of your car.
The writer is executive director, ICICI Lombard General Insurance
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