Stock recommendations for 8 October from MarketSmith India

MarketSmith India's Stock Picks for October 8

Market Overview

Indian equities snapped a two-day winning streak on Wednesday after the Reserve Bank of India raised interest rates for the first time since February 2023. The RBI hiked the repo rate by 25 basis points to 5.50% and shifted its stance to "calibrated tightening," signaling that rate cuts are off the table for now. It also raised its growth forecast for the financial year to 7.1% and its inflation forecast to 5.2%, citing high crude oil and food prices.

Index performance:

• Nifty 50: Fell 173.05 points (0.76%) to close at 22,603.05, after touching a low of 22,546.30
• Sensex: Lost 429.11 points (0.59%) to settle at 72,638.70

Metals, consumer durables, autos, and IT led the decline. Titan fell about 4% after its quarterly jewellery growth missed expectations. Reliance Industries rose nearly 3% on expectations of a Jio Platforms IPO, while Kotak Mahindra Bank extended its gains. Bank Nifty recovered sharply from its lows to end nearly flat.

Market breadth remained negative, with 1,549 stocks advancing, 2,043 declining, and 98 unchanged.

Stock Recommendation 1: Mtar Technologies Ltd

Why it's recommended: Strong order inflow from clean energy, civil nuclear, defense, and space sectors, supported by long-term relationships with key global OEMs and Indian strategic programs. Expanding contribution from hydrogen electrolyzer components and precision engineering capabilities positions the company to benefit from the energy transition and localization trends.

Key risks: High customer concentration risk, with significant revenue dependent on a few large customers and strategic projects. Execution delays or a slowdown in government-led defense, nuclear, space, and clean-energy investments could impact order conversion and revenue growth.

Stock Recommendation 2: Aegis Logistics Ltd

Why it's recommended: Market leadership in LPG import, storage, and distribution infrastructure, benefiting from rising LPG consumption and increasing energy demand in India. Expansion of liquid and gas terminal capacities, along with growing logistics infrastructure, supports volume growth and operating leverage.

Key risks: Earnings remain sensitive to fluctuations in LPG demand, import volumes, and regulatory changes affecting the energy and logistics sectors. Large-capex infrastructure projects face risks related to approvals, execution delays, and lower-than-expected utilization of terminal assets.

Nifty 50 Technical Analysis

The index remains in a bearish price structure, with a sequence of lower highs and lower lows. The recent breakdown below the horizontal consolidation area has reinforced selling pressure, and the index is trading decisively below its key short-, medium-, and long-term moving averages.

Momentum indicators:

• RSI: 33.13 (recovering from oversold territory but well below neutral 50)
• MACD: Negative at approximately -344, below the signal line near -314, with the histogram still below zero

Key levels to watch:

• Support: 22,200–22,000 (critical zone); a breakdown could open a path toward 21,700–21,600
• Resistance: 22,800–23,000 (emerged as a key technical hurdle)

Nifty Bank Technical Analysis

Nifty Bank opened at 54,583.05, hit an intraday high of 55,091.45, then saw profit-taking drag it to a low of 54,066.60. It recovered partially but closed 182.30 points (0.33%) lower at 54,450.75. The index formed a bearish spinning-top candle with long shadows, reflecting heightened volatility and indecision.

Momentum indicators:

• RSI: 32.80 (below its average line of 37.72, nearing oversold territory)
• MACD: -691.33 versus signal line of -505.63; negative histogram widened to 185.70 points

Key levels to watch:

• Support: 54,000–54,050, then 53,500, 53,000; a break below 54,000 could extend losses toward the 52,500–52,000 swing zone
• Resistance: 55,000–55,100, then the 21-DMA near 56,083; the 56,500–57,125 region is a stronger supply zone

Elevated crude oil prices, rupee weakness, and persistent foreign selling could keep sentiment cautious. A close above 55,100 could trigger a relief rebound; otherwise, the index remains vulnerable to renewed selling.

Car Insurance Claim Rejection: Reasons, What to Do and How to Appeal

Car Insurance Claim Rejection: Reasons, What to Do and How to Appeal

Car Insurance Claim Settlement: Process, Documents, Timelines and Common Reasons for Rejection

Car Insurance Claim Settlement Process, Documents, Timelines & Rejection Reasons

Car Insurance Add-Ons: Types, Benefits and What They Cover

What Is NCB in Car Insurance? No Claim Bonus Explained

If you have renewed your car insurance without making a claim, you may have noticed a term called NCB on your policy. NCB can reduce the premium payable for eligible own-damage cover when you maintain a claim-free record, subject to the insurer's terms and applicable rules.

But how exactly does NCB work? What happens to it after a claim? Can you transfer it when you buy another car? And what happens when you change your insurance company?

This guide explains NCB in car insurance in simple language.

What Is NCB in Car Insurance?

NCB stands for No Claim Bonus.

It is a benefit generally provided to an eligible policyholder for a claim-free period. It is typically applied as a discount on the own-damage premium, subject to the applicable policy terms.

In simple terms:

No eligible claim → NCB may accumulate → eligible own-damage premium can receive an NCB discount at renewal.

NCB is therefore different from the total insurance coverage or IDV of your vehicle.

How Does No Claim Bonus Work?

Suppose you have a car insurance policy and complete the policy period without making a claim that affects your NCB.

At renewal, you may become eligible for an NCB benefit according to the insurer's applicable rules.

If you continue to have eligible claim-free periods, the NCB may increase until it reaches the maximum permitted under the applicable rules.

The exact percentage and conditions should always be checked in your current policy documents or renewal quotation.

Is NCB a Discount on the Entire Car Insurance Premium?

Usually, NCB is associated with the own-damage component rather than the entire insurance premium.

This distinction is important.

A motor insurance premium can contain different components, including:

• Third-party liability premium
• Own-damage premium
• Add-on premiums
• Applicable taxes and other charges

Therefore, if you see an NCB discount, don't assume that the same percentage is deducted from the entire amount you pay.

Simple NCB Example

Suppose your eligible own-damage premium before NCB is:

₹10,000

If the applicable NCB is 20%, the NCB discount would be:

₹2,000

The remaining own-damage premium would therefore be:

₹8,000

Other applicable premiums, add-ons, taxes and charges can change the final amount payable.

This is only an illustration. The actual NCB percentage and premium calculation depend on the applicable policy and insurer.

Does NCB Increase Every Claim-Free Year?

NCB can increase after successive eligible claim-free periods, subject to the applicable rules and maximum limit.

However, you should not assume that the NCB automatically increases in every situation.

The applicable policy conditions determine:

• Whether you qualify
• The NCB percentage
• The maximum NCB
• Whether a claim affects the accumulated NCB
• Whether an NCB protection benefit applies

Always check the renewal quotation and policy schedule.

What Happens to NCB After a Car Insurance Claim?

This is one of the most important questions about NCB.

A claim can affect your NCB entitlement at the next renewal, depending on the policy terms.

For example, if you have accumulated an NCB through claim-free years and subsequently make an eligible claim, the NCB may be reduced or lost at renewal according to the applicable rules.

The exact effect depends on:

• Type of claim
• Policy terms
• Insurer
• Whether an NCB protection add-on was purchased
• Applicable conditions

This is why understanding NCB is particularly useful before making a claim for relatively minor damage.

Related guide: Car Insurance Claim Process: How to File a Claim Step by Step

Should You Avoid Making a Claim to Protect NCB?

Not necessarily.

NCB is only one factor to consider.

If your vehicle has suffered substantial damage or you have a covered loss, the potential insurance benefit may be much more important than preserving an NCB discount.

For a minor repair, however, you can compare:

• Estimated repair cost
• Deductible
• Potential claim amount
• Possible effect on NCB
• Policy conditions

Don't avoid a legitimate claim solely because of NCB without considering the actual financial impact.

What Is NCB Protection?

Some motor insurance policies may offer an NCB Protection or similar add-on.

The purpose of such an add-on is generally to protect the policyholder's accumulated NCB under specified circumstances, even after a permitted number or type of claims.

The exact protection varies between insurers and products.

Before purchasing the add-on, check:

• Number of claims permitted
• Type of claims covered
• Conditions for retaining NCB
• Additional premium
• Exclusions
• Maximum NCB protected

Don't assume that NCB protection means your NCB is protected from every possible claim.

Is NCB Protection Worth Considering?

There is no universal answer.

Compare the additional cost of the add-on with the NCB benefit you are trying to protect.

It may be particularly relevant for someone who has accumulated a significant NCB and wants additional protection against losing that benefit, but the suitability depends on the policy terms and individual circumstances.

Read the actual add-on wording before purchasing it.

Can NCB Be Transferred to a New Car?

In many cases, an eligible policyholder can carry forward their accumulated NCB when replacing a vehicle, subject to applicable insurer requirements and conditions.

This is important because NCB is generally associated with the policyholder's claim-free record, rather than simply being permanently attached to one specific car.

However, the transfer process and eligibility requirements should be confirmed with the insurer.

Can NCB Be Transferred When Changing Insurance Companies?

An eligible NCB can generally be recognised when changing insurers, subject to verification and the applicable rules.

When switching insurers, provide the required evidence of your existing NCB.

The new insurer may verify your previous policy and claim history.

Do not simply enter an NCB percentage without being able to substantiate it when required.

What Is an NCB Certificate?

An NCB certificate or equivalent evidence can be used to establish the policyholder's accumulated NCB.

Depending on the insurer and process, documentation may include:

• Previous policy documents
• Renewal documents
• NCB confirmation
• Claim history information
• Other evidence requested by the insurer

Keep your previous policy documents when changing insurers or vehicles.

What Happens to NCB When You Sell Your Car?

Selling your car does not necessarily mean that your accumulated NCB has to disappear.

Eligible NCB may be retained or transferred according to the applicable rules, provided the required conditions are satisfied.

Contact your insurer when selling your vehicle and ask about the process for preserving your NCB.

Do not cancel or close your existing policy without understanding how your NCB will be handled.

Is NCB the Same as a No-Claim Record?

They are related but not exactly the same.

A claim-free record refers to the history of not making applicable claims during the relevant period.

NCB is the resulting insurance benefit that may be available because of that claim-free history.

The benefit is governed by the applicable policy rules.

Does NCB Affect Third-Party Insurance?

NCB is generally associated with the own-damage portion of motor insurance rather than the third-party liability premium.

This is why NCB is particularly relevant when discussing comprehensive or own-damage policies.

If you only have third-party liability insurance, the concept of an own-damage NCB discount generally does not work in the same way.

Read: Third-Party vs Comprehensive Car Insurance: What Is the Difference?

NCB and IDV Are Different

NCB and IDV are two completely different concepts.

NCB: A benefit related to eligible claim-free history.

IDV: The Insured Declared Value of the vehicle for applicable insurance purposes.

For example, a car can have:

• A particular IDV
• A particular NCB percentage
• A particular deductible

All three affect different parts of the insurance policy.

Read: What Is IDV in Car Insurance? Meaning, Calculation & Importance

NCB vs IDV

Common NCB Mistakes

Entering the Wrong NCB

Don't claim an NCB percentage simply because you think you are entitled to it.

Check your previous policy or insurer's records.

Forgetting About a Previous Claim

Claims can affect NCB eligibility.

Provide accurate information when purchasing or renewing insurance.

Assuming NCB Applies to the Entire Premium

NCB is generally associated with the eligible own-damage component.

Ignoring the Policy Expiry

NCB continuity can depend on renewal timing and applicable conditions.

Assuming Every Insurer Has Identical Rules

Check the actual policy terms instead of relying on a generic online percentage.

How to Check Your NCB Before Renewal

Before renewing your policy:

1. Open your previous insurance policy.
2. Look for the NCB information.
3. Check whether you made any claims.
4. Check the NCB shown in the renewal quotation.
5. Compare it with your previous policy.
6. Contact the insurer if the information appears incorrect.

This simple check can help prevent errors during renewal.

NCB When Switching Insurers

Changing insurers does not necessarily mean losing your accumulated NCB.

Before purchasing the new policy:

1. Check your existing NCB.
2. Keep your previous policy document.
3. Provide accurate details to the new insurer.
4. Submit any requested proof.
5. Check that the NCB appears correctly in the new policy.

Never intentionally provide incorrect claim-history information to obtain a larger discount.

Frequently Asked Questions About NCB

What does NCB mean in car insurance?

NCB means No Claim Bonus. It is an eligible benefit generally provided for claim-free periods and typically applies as a discount to the own-damage premium, subject to policy terms.

Does NCB reduce the entire insurance premium?

Generally, NCB applies to the eligible own-damage component rather than the entire insurance premium. The exact calculation depends on the policy.

Does making a claim cancel NCB?

An eligible claim can affect NCB at renewal, but the exact effect depends on the policy and whether any applicable NCB protection benefit exists.

Can I transfer my NCB to another car?

An eligible NCB may generally be carried forward when replacing a vehicle, subject to the applicable rules and insurer requirements.

Can I transfer NCB to another insurance company?

An eligible NCB can generally be recognised when switching insurers, subject to verification and the applicable requirements.

What is NCB protection?

NCB protection is an optional benefit available with some policies that can preserve the accumulated NCB under specified conditions after permitted claims.

Does NCB apply to third-party insurance?

NCB is generally associated with eligible own-damage coverage rather than the third-party liability component.

Can I lose NCB if I don't renew my policy on time?

NCB continuity can depend on renewal timing and applicable conditions. Check with your insurer before allowing a policy to lapse.

Related Insurance Guides

Insurance Hub

Car Insurance – Complete Guide

Car Insurance Claim Process

What Is IDV in Car Insurance?

Third-Party vs Comprehensive Car Insurance

Health Insurance Guide

Important Disclaimer

This article is provided for general educational and informational purposes only. It is not insurance, financial, legal or professional advice and does not constitute a recommendation to purchase any particular insurance product.

NCB percentages, eligibility conditions, transfer procedures, protection benefits, renewal requirements and other insurance terms can vary between insurers and policies and may change over time.

Always check the latest policy wording, renewal quotation and applicable information with the relevant insurer or authorised insurance professional.

Last reviewed: October 2026

Car Insurance Claim Process: How to File a Claim Step by Step

Car Insurance Claim Process: How to File a Claim Step by Step

If your car is damaged in an accident, stolen, or affected by another covered event, knowing how to file a car insurance claim can make the process easier.

Many policyholders are unsure about what to do immediately after an accident, which documents they need, whether they should repair the vehicle first, and how the insurer assesses the claim.

This guide explains the car insurance claim process step by step, including accident claims, theft claims, cashless repairs, reimbursement claims, documents, common mistakes and frequently asked questions.

Related guide: Car Insurance – Complete Guide

What Is a Car Insurance Claim?

A car insurance claim is a formal request made to an insurer for payment or assistance following an incident covered by the applicable insurance policy.

Depending on the policy and circumstances, a claim may relate to:

• Damage to your insured vehicle
• Theft of the vehicle
• Third-party liability
• Fire-related damage
• Certain natural events
• Other risks specifically covered by the policy

The insurer reviews the incident and supporting documents before deciding the claim according to the policy terms and applicable requirements.

What Should You Do Immediately After a Car Accident?

Your actions immediately after an accident can be important.

1. Check for Injuries

First, check whether anyone is injured.

If medical assistance is required, contact the appropriate emergency services.

2. Move to a Safe Location

If it is safe and legally permissible, move the vehicle away from traffic to reduce the risk of another accident.

3. Take Photographs

Take clear photographs and videos of:

• Your vehicle
• Other vehicles involved
• Damage
• Number plates
• Road conditions
• Surrounding area

These can help document what happened.

4. Exchange Relevant Information

Where another vehicle is involved, collect relevant information such as:

• Vehicle registration number
• Driver details
• Insurance information
• Contact details

5. Inform the Insurer

Contact your insurer through its official claim channel and report the incident as soon as reasonably possible.

Follow the insurer's instructions regarding inspection, towing and repairs.

Car Insurance Claim Process Step by Step

The exact process varies between insurers, but a typical claim can involve the following steps.

Step 1: Notify the Insurance Company

Inform the insurer about the incident through the official website, app, helpline or other authorised channel.

Provide accurate information about:

• Date and time
• Location
• Type of incident
• Vehicle details
• Damage
• Other parties involved

The insurer may provide a claim reference number.

Keep this number for future communication.

Step 2: Provide the Required Documents

The insurer may request documents such as:

• Policy details
• Vehicle registration certificate
• Driving licence
• Claim form
• Accident information
• Photographs
• Repair estimates
• Police documents where applicable
• Other documents depending on the claim

The exact requirements vary according to the type of claim and insurer.

Step 3: Vehicle Inspection

For an own-damage claim, the insurer may arrange an inspection or assessment of the vehicle.

The assessor examines the damage and evaluates the claim according to the applicable policy terms.

Do not assume that you should start major repairs before completing the insurer's required inspection process.

Follow the instructions given by your insurer.

What Is a Cashless Car Insurance Claim?

A cashless claim generally involves getting eligible repairs performed at a network garage associated with the insurer.

Instead of paying the entire approved repair bill yourself, the insurer may settle the eligible amount directly with the network garage according to the policy and claim assessment.

You may still have to pay:

• Deductibles
• Non-covered items
• Depreciation, where applicable
• Costs outside the approved claim
• Other amounts specified under the policy

Therefore, "cashless" does not necessarily mean zero payment.

What Is a Reimbursement Car Insurance Claim?

In a reimbursement claim, you may initially pay the repair expenses and subsequently submit the required documents to the insurer.

The insurer assesses the claim according to the policy terms.

If approved, the eligible amount may then be reimbursed.

Before choosing this route, check the insurer's current claim procedure and documentation requirements.

Cashless vs Reimbursement Car Insurance Claim

Always check the insurer's current network-garage and claim rules.

Documents Required for a Car Insurance Claim

The exact documents depend on the incident.

Commonly requested documents may include:

For Accident or Own-Damage Claims

• Insurance policy details
• Vehicle registration certificate
• Driving licence
• Claim form
• Accident details
• Photographs
• Repair estimate
• Bank details where required
• Police documentation where applicable

For Theft Claims

A theft claim can require additional documentation, which may include:

• Police complaint/FIR
• Vehicle documents
• Insurance policy details
• Keys, where required
• Relevant forms
• Other documents requested by the insurer

The insurer should be contacted for the exact current document list.

Car Insurance Claim for Vehicle Theft

Vehicle theft is different from an ordinary accident claim.

If your car is stolen:

1. Contact the police promptly.
2. Report the theft.
3. Inform your insurer.
4. Obtain the required police documentation.
5. Provide the insurer with the requested documents.
6. Follow the insurer's claim process.

Do not wait unnecessarily before reporting the theft.

For eligible theft claims, the settlement can depend on the policy's terms and the applicable IDV.

Read: What Is IDV in Car Insurance?

What Is IDV's Role in a Car Insurance Claim?

IDV stands for Insured Declared Value.

It is particularly relevant to certain claims involving situations such as theft or total loss, subject to the policy terms.

IDV is not necessarily the same as your vehicle's second-hand market price.

Before purchasing or renewing comprehensive or own-damage insurance, check the IDV shown in the quotation and policy documents.

What Happens If the Car Is Declared a Total Loss?

If a vehicle is severely damaged, it may potentially be treated as a total loss or constructive total loss according to the applicable policy conditions.

The insurer assesses the circumstances and determines the claim based on the policy.

Where applicable, IDV can be an important factor in the settlement.

Other factors, such as deductibles and policy conditions, can also affect the final amount.

Can You Claim for Third-Party Damage?

Yes, third-party motor insurance is designed to provide protection against covered third-party liabilities, subject to applicable law and policy terms.

For example, if your vehicle causes covered damage or injury to another party, the relevant third-party insurance provisions may apply.

However, third-party liability insurance generally does not cover damage to your own vehicle.

For the difference between the two types of insurance, read:

Third-Party vs Comprehensive Car Insurance: What Is the Difference?

Can You Claim for Minor Damage?

Whether you should claim for minor damage depends on the circumstances and the policy.

Before making a claim, consider:

• Repair cost
• Applicable deductible
• Potential effect on NCB
• Policy conditions
• Whether the damage is covered

For very small repairs, it may sometimes be useful to compare the expected claim benefit with the applicable deductible and potential loss of an NCB benefit.

Do not make a claim decision solely based on the premium you paid.

What Is NCB and Why Does It Matter?

NCB stands for No Claim Bonus.

It is a benefit associated with claim-free periods under applicable motor insurance policies, subject to the insurer's terms and conditions.

Making an eligible claim can affect the NCB applicable at renewal.

Therefore, when dealing with relatively minor damage, policyholders should understand the potential effect on their NCB before proceeding.

We will cover NCB in detail in a separate guide.

Common Reasons a Car Insurance Claim May Be Rejected or Limited

A claim can be rejected, limited or adjusted when the circumstances fall outside the policy's coverage or requirements.

Examples can include:

• Policy exclusion
• Incorrect or incomplete information
• Policy conditions not being met
• Unauthorised use of the vehicle
• Driving-related violations relevant to the policy
• Damage occurring outside the covered circumstances
• Delayed notification where it affects the claim process
• Fraudulent or misleading information

The exact outcome depends on the circumstances and policy wording.

Common Mistakes to Avoid During a Claim

Not Informing the Insurer Promptly

Report the incident according to the insurer's requirements.

Starting Repairs Without Checking the Process

The insurer may require inspection before repairs.

Providing Incorrect Information

Give accurate details about the accident and circumstances.

Not Keeping Photographs

Photographs can help document the condition of the vehicles and accident scene.

Ignoring the Deductible

Your claim settlement may not equal the entire repair bill.

Assuming Every Repair Is Covered

Only expenses covered under the policy are potentially payable.

How to Make the Car Insurance Claim Process Easier

Keep your important documents accessible.

A useful folder can contain:

• Insurance policy
• Registration certificate
• Driving licence
• Previous claim information
• Insurer contact details
• Vehicle photographs
• Emergency contact information

Also save your insurer's official claim helpline and website.

This can save valuable time if an accident occurs.

Frequently Asked Questions

How do I file a car insurance claim?

Contact your insurer through its official claim channel, report the incident, provide the requested information and documents, and follow the insurer's inspection and repair instructions.

How long do I have to report a car accident?

The applicable notification requirements can vary. You should report the incident to the insurer as soon as reasonably possible and follow the policy conditions.

Can I repair my car before filing an insurance claim?

You should check with your insurer before starting major repairs. The insurer may need to inspect the vehicle before repair work begins.

Is a cashless claim completely free?

Not necessarily. You may still have to pay deductibles, non-covered expenses, depreciation or other amounts that are not payable under the policy.

Does making a claim affect NCB?

An eligible claim can affect the NCB applicable at renewal, depending on the policy and insurer's terms.

Can I claim if another driver damaged my car?

The applicable process depends on the circumstances, liability and insurance arrangements involved. Contact your insurer and provide the relevant accident and third-party information.

What happens after the insurance survey?

The insurer or appointed assessor evaluates the damage and claim according to the applicable policy. The insurer then communicates the next steps regarding approval, repair or settlement.

Related Car Insurance Guides

Car Insurance – Complete Guide

Third-Party vs Comprehensive Car Insurance

What Is IDV in Car Insurance?

Insurance Hub

Health Insurance Guide

Important Disclaimer

This article is provided for general educational and informational purposes only. It is not insurance, financial, legal or professional advice and does not constitute a recommendation to purchase any particular insurance product.

Car insurance coverage, claim procedures, documentation requirements, deductibles, exclusions, settlement procedures and applicable regulations can vary between insurers and policies and may change over time.

Always check your current policy wording and contact your insurer or authorised insurance professional for guidance specific to your situation.

Last reviewed: October 2026