Wednesday, 13 August 2014

Who issues No Claim Bonus Certificate?

A straight answer to this question is that the insurance companies issue this certificate. No claim bonus certificate is an experience letter issued by the insurance company to the insurer. This certificate is not issued in routine practice. Rather the practice is that the insurance companies never issue no claim bonus certificates to its customers.

This practice is initiated by UK and Irish based insurance companies especially working for car insurance. Now insurance companies all around the world demand this certificate from its customers.

An evil practice is that the insurance companies at times take money and issue fake no claim bonus certificates. The reason is that if the customer uses that certificate in getting a new policy, he/she gets discount from the insurance company in usual cases.

Fake No Claim Bonus Certificates are usually used in cases where the insurer travels from one state to another or from one country to another. In such cases, the new insurance companies do not bother about verifying such document.

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