What Does No Claims Bonus Mean?

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What does No Claims Bonus mean? Read on to discover the definition & meaning of the term No Claims Bonus - to help you better understand the language used in insurance policies.

No Claims Bonus

No Claims Bonus

Discount or reduction in insurance premium allowed usually on auto accident policies. It can be as high a 60 percent of the premium, and is rewarded on the basis that there have been no claims (either by the policy holder or by a third party) on the policy in the previous period of cover. No claim bonus is not a 'no-blame' bonus, it is denied irrespective of who was at fault and even if the claim amount is very small.

We hope the you have a better understanding of the meaning of No Claims Bonus.

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