February 15, 2018

A – About Insurback – No-Claim Cashback

No-Claim Cashback

What is No-Claim Cashback ?

No-Claim Cashback also known as NCC is a form of reward earned by you and your group for safe driving behaviour throughout your policy period. This unique feature that pays on-top of the existing NCD (No-Claim Discount) is offered by Insurback’s insurance partners specially for the Insurback community only. 

NCC earning will start as soon as your policy takes effect and it is calculated on a daily basis. The maximum NCC an individual could potentially earn is subjected to the number of claims made by your group members and you. For instance, in the event a claim is triggered by you, the NCC you have earned throughout the duration will be wiped-out while a proportion will be deducted from each of your group members.

This means the safer you and your group members drive, the more you and your group members could earn. It is even better if there is no claim made because your group members and you will earn NCC. Start the good driving habit now and earn together with your liked-minded group.

HOW NO-CLAIM CASHBACK (NCC) IS CALCULATED?

INDIVIDUAL

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You are a member of “Yolo” group which consists of 10 active members and you paid RM1,200.00 per annum for your policy. The proportion allocated for NCC for any group greater than or equal to 5 active members is Y% of your premium paid (exclude stamp duty and GST of 6%). Hence your estimated individual NCC is calculated as following:

Estimated No-Claim Cashback 

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Premium Amount x Y% of NCC

RM1,200 x Y / 100  = RM PPP

GROUP

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You are a member of  “Yolo” group which consists of 10 active members. Based on the estimation, your estimated individual NCC is RM PPP if you make no claim throughout your policy term. Unfortunately, one of your group member made a claim before your policy expired. Hence, Z% of penalty will be imposed to your NCC earning. Your estimated NCC is calculated as following:

Estimated No-Claim Cashback 

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Premium Amount – (Premium Amount x Z/100)

RM1,200 –  (RM1,200 x Z / 100) = RM QQQ