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Originally Posted by GTO 1. The no-claim bonus is your insurance companies way of thanking you for not smashing and taking enough car of your car. See, by providing you with an incentive for the next year, they are actually protecting themselves against a payout. Smartly, they adjust the no-claim bonus against your premium toward the next year. |
Is there any thumbrule/percentage by which the insurance on a car reduces every year (assuming no claims all throughout) ?
I mean if one pays say 20K insurance when buying a new car, what would be the expected premiums in say the next 5 years ?