I have an active ICICI Lombard bike insurance policy with a No Claim Bonus on my old bike. Since I am planning to purchase a new bike, how can I transfer my ICICI Lombard bike insurance No Claim Bonus (NCB) to the new bike?
When I sold my old bike insured with ICICI Lombard, I wanted to make sure that my accumulated No Claim Bonus (NCB) was not wasted. I learned that the good part is, the NCB is given to the policyholder and not the vehicle, so I could transfer it to my new bike insurance policy.
Steps I Followed to Transfer NCB:
1. Informed ICICI Lombard about selling my old bike.
2. Submitted the sale documents (Form 29/30 and delivery note).
3. Requested for an NCB retention certificate from ICICI Lombard.
4. When I bought my new bike, I used this certificate to apply the same NCB on the new insurance policy.
My Suggestion:
Keep all sale-related papers of your old bike handy and apply for the NCB certificate quickly. This helps in reducing your premium on the new bike’s insurance without any hassle.
Official Link:
You can learn more and contact ICICI Lombard here:
https://www.icicilombard.com/motor-insurance/two-wheeler-insurance