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No Claim Discount (NCD)

 

If no claim has been made under your policy for a year or more, you are entitled to a No Claim Discount (NCD). The NCD reduces the premium payable for the following year.

The table below shows how AIG sets the NCD, which is consistent with industry best practices:

Private car policies
Commercial vehicle and motorcycle policies

Period of insurance with no claim

Discount on renewal

Period of insurance with no claim

Discount on renewal

One year

10%

One year

10%

Two years

20%

Two years

15%

Three years

30%

Three years or longer

20%

Four years

40%

-

-

Five years or longer

50%

-


No Claim Discount Protector (“NCDP”)

With our optional NCDP add-on, your first claim during the policy year will not reduce your NCD subject that your NCD is 50% at the time a claim is made. The NCDP will therefore apply as follows:

Number of Claims made or arisen during the current period of insurance
NCD entitlement on renewal of Policy
One 50%
Two 20%
Three or more Nil

NCD that is protected under the NCDP Benefit is not transferable to any other insurer and does not guarantee renewal of the Policy.

 

Adjustments to your NCD

If there is a claim made under the policy, your NCD will be reduced as follows:  

 

Private car policies
Commercial vehicle and motorcycle policies

Current NCD

NCD after one claim during your policy period

Current NCD

NCD after one claim during your policy period

50%

20%

20%

0%

40%

10%

15%

30% and under

0%

10%

You are required to report all car accidents promptly by the end of the next working day to avoid a reduction in your NCD.

For not reporting an accident within 24 hours of the occurrence or by the next working day, the NCD will be affected as follows:

Private car policies
Commercial vehicle and motorcycle policies

Current NCD

At renewal

Current NCD

At renewal

50%

40%

20%

15%

40%

30%

15%

10%

30%

20%

10%

0%

20%

10%

0%

0%

10%

0%

-

-

0%

0%

-

-

The accident NCD is to be applied first before the Non-Reporting NCD.

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