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Old 29th November 2009, 02:09   #271
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This thread sort of Enlightened me!! I never knew that something like NCB even existed. It is a great Eye Opener for me.

The first thing to check would be the NCB % on my WagonR Vxi.
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Old 29th November 2009, 13:26   #272
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What does it mean AA member?
AA means Automobile Association.

You might have noticed certain cars carrying AA stickers or Holograms

In South India its called AASI. Please refer to the following link for further information
Automobile Association of Southern India - AASI
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Old 29th November 2009, 13:36   #273
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[quote=joecherian;1605723]I have a small doubt in transferring the NCB. My current car's insurance is valid till Mar 2010. I am almost in the final stages of selling my car. I have a NCB of 50%
When I had a word with my insurance agent, the advice he gave me is as follows

(1) I have to send a request to suspend the current insurance policy
(2) I have to take a Third party insurance or the buyer has to take a new insurance for the car
(3) then the insurance company will issue me a NCB certificate.

Now, what I heard from this agent is different from what I read in this forum and hence would like to clarify the same.

Quote:
(1) Do I have to cancel the existing policy so that I can get the NCB ? if so, I am not sure whether the buyer will agree to that
Not required to cancel. It used to be the case earlier (some years back)
Currently the insurance company gives you an offer to transfer the comprehensive policy to the new owner, provided the new owner pays the difference of the bonus that you are currently enjoyinng. For eg. You might have a NCB of 25% on your insurance policy per year and your policy term of 9 months is over out of the 12 months. This means the new owner will have to pay the difference of 25% for next 3 months. THis is because there are lot of insurance companies in the market and the exisiting one do not want to pay back the money for the exisiting customer policy.

In summary, you have to give a letter stating to the insurance company that your car is being sold and hence you request for a transfer of policy. You need to let the buyer to pay the difference.

This is what I did 4 months back when I sold my Esteem with a Maruti Insurance. After the new owner got the RC transferred, I gave the copy of the RC to the Maruti-Royal Sundaram Insurance and Royal Sundaram Issued me a NCB letter which is valid for next 3 years.


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(2) Also, if the buyer of the car transfers the policy to his name, will I lose the NCB ? ( this is what my agent told me).
Not true as the case earlier. I beleive this was the case some 4-5 years back. May be the agent is unaware of the state.

Suggest you to contact the right office/person. Good luck in transferring your NCB
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Old 1st December 2009, 17:27   #274
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Quote:
Originally Posted by joecherian View Post
(1) Do I have to cancel the existing policy so that I can get the NCB ? if so, I am not sure whether the buyer will agree to that

I have feeling that agent is trying to con me in to taking another policy in the context of issuing me a NCB letter (?)

(2) Also, if the buyer of the car transfers the policy to his name, will I lose the NCB ? ( this is what my agent told me).
1. You don't need to cancel the policy you need to give only two document's one is letter and second is sell proof. You will get the NCB letter on this two thing's.

2. No. he will have to pay the NCB amount to insurer then only the policy will transfer on his name.

Your NCB can't go anywhere as that is your exclusively your property.
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Old 1st December 2009, 21:26   #275
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Hello Gurus,

Sorry to pop my head suddenly in this great thread. But, I too have a question in my mind, as I'm new to car insurance scene.

I purchased Esteem Vx 2001 Model whose insurance was expired. I took comprehensive insurance from 'Cholamandalum' and no claims till today. Now I'm planning to buy Hyd Accent (used one) and my Esteem's insurance will be due in next month. Should I let Esteem insurance expire and took the NCB on my Accent's new insurance? Am I eligible for NCB?
Suggest as I'm new to all these terms.
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Old 2nd December 2009, 08:55   #276
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Originally Posted by dev_kudle View Post
I purchased Esteem Vx 2001 Model whose insurance was expired. I took comprehensive insurance from 'Cholamandalum' and no claims till today. Now I'm planning to buy Hyd Accent (used one) and my Esteem's insurance will be due in next month. Should I let Esteem insurance expire and took the NCB on my Accent's new insurance? Am I eligible for NCB?
Please see your Esteem policy in which on the calculation page on the left side there is a % of NCB written which will tell you the how much would be the NCB.

What will you do with your current car?

If you don't want to sell then also you can shift the NCB of the car but remember you need to pay full insurance premium for current car.
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Old 2nd December 2009, 13:54   #277
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Quote:
Originally Posted by rjvora_2000 View Post

What will you do with your current car?

If you don't want to sell then also you can shift the NCB of the car but remember you need to pay full insurance premium for current car.
Hi,

I will be selling my Esteem and going for Hyd Accent. I guess, then I will be able to make use of my Esteem's NCB on my Accent. Am I right?
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Old 2nd December 2009, 16:31   #278
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Originally Posted by dev_kudle View Post
Hi,

I will be selling my Esteem and going for Hyd Accent. I guess, then I will be able to make use of my Esteem's NCB on my Accent. Am I right?
Yes sir you are!!!

If you sell your current car then the things are very simple you need to give a sell proof (Delivery note or copy of cheque or copy of D.D.) along with a letter any you will get NCB letter from the current insurer.

Just for your information the buyer will have to pay that NCB amount to your insurer and the policy will transfer on his name.

You can use that NCB letter for your new car insurance premium.

How much % you have NCB in current year policy?
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Old 3rd December 2009, 15:45   #279
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I am planning to buy a new linea in exchange for my old M-800. The old M-800 insurance policy is showing 35% NCB. The insurance premium for new linea is Rs. 29000. Question,

1. How should I use the current NCB to get the benefit on new car insurance?

2. How much benefit can I expect?

3. The current insurance is from New India Insurance Company. Should I retain with them? Please suggest the insurance companies that have a good service and easy procedures.
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Old 3rd December 2009, 18:08   #280
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Autocop,
1. First and foremost if you havent gone to the New India Insurance Company directly to get a quote do that. 29 K Looks too steep for Linea. I think this must be the dealer quote.
2. Once you get the quote(lets say X), let them know that you would exchange the M800 for the Linea & you have NCB of 35% on the M800 policy which is issued by them & you want to transfer the NCB
3. They would give you the revised quote with 35% discount on X
4. Give them the xerox of the sale document of M800 & Purchase document of Linea & they would issue you the policy. :-)

Last edited by malgudi : 3rd December 2009 at 18:09.
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Old 3rd December 2009, 18:31   #281
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Hi Guys,

I am planning to buy a second hand car and it has 65% NCB, how to transfer it to my name? from the current owner. Does NCB automatically gets transfered once insurance is transfered to me?, please explain.

cheers.
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Old 3rd December 2009, 19:06   #282
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Malgudi, Thanks for quick turn around. I will get in touch with New India and follow the rest of the steps.

If I were to get a quote of say 20000 from NI. How much savings I can expect from NCB? How does the calculation of NCB benefit happen. Does it vary from company to company or there is a rough formula?

Quote:
Originally Posted by malgudi View Post
Autocop,
1. First and foremost if you havent gone to the New India Insurance Company directly to get a quote do that. 29 K Looks too steep for Linea. I think this must be the dealer quote.
2. Once you get the quote(lets say X), let them know that you would exchange the M800 for the Linea & you have NCB of 35% on the M800 policy which is issued by them & you want to transfer the NCB
3. They would give you the revised quote with 35% discount on X
4. Give them the xerox of the sale document of M800 & Purchase document of Linea & they would issue you the policy. :-)
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Old 4th December 2009, 10:05   #283
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Originally Posted by Makesh View Post
Hi Guys,
I am planning to buy a second hand car and it has 65% NCB, how to transfer it to my name? from the current owner. Does NCB automatically gets transfered once insurance is transfered to me?, please explain.
cheers.
Makesh,
The NCB is given to a person and not to the Car.
If you are buying a second hand car which shows 65% NCB, The NCB is for the current owner & cannot be transfered to you.
When you transfer the insurance to your name, you would have to pay this 65% NCB discount amount (which was given to the current owner) to the insurance company. Only then the insurance would be transfered to your name.

Quote:
Originally Posted by Autocop View Post
If I were to get a quote of say 20000 from NI. How much savings I can expect from NCB? How does the calculation of NCB benefit happen. Does it vary from company to company or there is a rough formula?
Autocop,
In your M800 Insurance Policy Papers there would be a entry of % NCB that you have been given. (I assume this is 35% as said by you previously)

If you get a quote of 20000 from NI, after transfer of NCB you should be looking at 20000 * (1-0.35) = 13000

Last edited by malgudi : 4th December 2009 at 10:16.
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Old 4th December 2009, 10:42   #284
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Quote:
Originally Posted by malgudi View Post
Autocop,
In your M800 Insurance Policy Papers there would be a entry of % NCB that you have been given. (I assume this is 35% as said by you previously)

If you get a quote of 20000 from NI, after transfer of NCB you should be looking at 20000 * (1-0.35) = 13000
I think your calculation is wrong!!

NCB is given on OD premium only and not on TP premium. There is ST also which will not have any effect of NCB.
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Old 8th March 2010, 14:05   #285
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I need some help please. I am planning to buy a new car (Honda City) and want to use the NCB on my 5 year old zen (50%) to buy my new insurance. Problem is, I do not wish to sell my old car right now. Going through the threads, I my understanding is that I could do one of the following

1. Transfer the car to my wife's name, and get the NCB certificate after the transfer takes place. This will take anywhere between 15-20 days, and numerous trips to the RTO office (a pain)

2. Cancel the policy on my zen, take the NCB from the current insurer, and then go for a new insurance policy on the zen. I would have to keep the zen parked for a day or two, till I get a new insurance. Use the NCB certificate on my new car.

In interest of time, I am inclining more towards option 2. Is there anything that I need to be aware of ? Can I buy the new insurance from the same company again ? Has anybody tried option 2 and confirm that this approach works ?

Regards
Manumani
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