how will the standard grid for no claim bonus affect car insurance policyholders.

The standard grid for No Claim Bonus (NCB) in car insurance will significantly impact policyholders in several ways:

Predictable Discounts: The standard grid ensures that policyholders can accurately anticipate the NCB discounts they will receive based on their claim-free history. This transparency helps in budgeting and planning for insurance expenses.

Consistency Across Insurers: The standard grid applies uniformly across all insurance providers, ensuring that policyholders are not disadvantaged by choosing one insurer over another. This consistency promotes fair competition and better services.

Easier Policy Comparison: The standard grid simplifies the process of comparing insurance policies. Policyholders can easily evaluate the NCB discounts offered by different insurers and make informed decisions.

Standard range of NCB grid :
20% NCB for the first claim-free year
25% NCB for the second claim-free year
35% NCB for the third claim-free year
45% NCB for the fourth claim-free year
50% NCB for the fifth claim-free year

https://coveryou.hashnode.dev/4-evolving-trends-shaping-the-future-of-professional-indemnity-insurance