Can a no-claim bonus on a health policy be transferred from one insurance company to another?
A no-claim bonus is a discount given by insurance companies to the insured at the time of renewal of policy if the insured has not filed any medical expenses claim in the last one year. A no-claim bonus is given either as a discount in the premium or as enhanced cover without the incremental increase in premium. In this way, insurance companies also build customer loyalty towards them.
If you take a fresh medical insurance policy from a new company, you cannot get a no-claim discount as a matter of right. Insurers, however, do consider pervious history with the other insurance companies and give suitable discounts to attract new customers.
A no-claim bonus is a discount given by insurance companies to the insured at the time of renewal of policy if the insured has not filed any medical expenses claim in the last one year. A no-claim bonus is given either as a discount in the premium or as enhanced cover without the incremental increase in premium. In this way, insurance companies also build customer loyalty towards them.
If you take a fresh medical insurance policy from a new company, you cannot get a no-claim discount as a matter of right. Insurers, however, do consider pervious history with the other insurance companies and give suitable discounts to attract new customers.
