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Old 14th May 2010, 15:49   #301
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ICICI will give that certificate once the policy is transferred in new buyers name. This will be done only after the RC book is updated for buyer details.
I am sorry to inform you that this is also not true.

Once you submit the proof of sale the NCB letter should be issued to you, and there shouldn't be a period of more then 5 day's involved in this process.

Understand onething if other buyer is not transferring the RC in his name, that is not your problem, you shouldn't be waiting for him to transfer the name. Your duty is to inform the insurer, which you have done.

What if the new owner don't want to do business with Icici?
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Old 14th May 2010, 17:29   #302
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I am sorry to inform you that this is also not true.

Once you submit the proof of sale the NCB letter should be issued to you, and there shouldn't be a period of more then 5 day's involved in this process.

Understand onething if other buyer is not transferring the RC in his name, that is not your problem, you shouldn't be waiting for him to transfer the name. Your duty is to inform the insurer, which you have done.

What if the new owner don't want to do business with Icici?
I called ICICI Lombard customer service multiple times but what they had always said was that based on the proof of sale I can get only the NCB reserving letter and not the NCB certificate.

Further as I have sold to a dealer and do not know the exact buyer, I dont know how I can formally inform ICICI Lombard so that they can transfer the insurance to the buyer and issue me a NCB certificate?

The executive from whom I bought the new insurance also says that certificate will be issued only after RC book is produced. Without that and on the basis of NCB reserving letter I cannot get the new policy endorsed for transfer of NCB.

I will call bajaj allianz directly to get their view on the last part.
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Old 14th May 2010, 17:45   #303
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Let me tell you what is exactly a proof of sale.

1. Delivery note
2. Cheque or DD copy
3. Your sign on form 29

This are the documents which will prove along with your letter and policy copy, that you have sold your car.

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Originally Posted by alto99 View Post
Further as I have sold to a dealer and do not know the exact buyer, I dont know how I can formally inform ICICI Lombard so that they can transfer the insurance to the buyer and issue me a NCB certificate?
On your this point please ask them, If the car is not sold by dealer for any reason for 3 months or 6 months, you have to wait for that period?
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Old 22nd May 2010, 22:48   #304
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Default Will NCB transfer affect future insurance premiums?

I haven't used my insurance on my '98 model M800 ever. Now, I'm buying an Indigo CS. The company is offering free insurance. So, what would I benefit from if I transfer my NCB? Will I get a reduction in the next premium I pay? Or will the benefit go to the company/dealer who is paying for the first year insurance?

Also, I haven't claimed insurance, but there is an ongoing MACT case from an accident in last year. Does this mean I can't sell the car till the case is over? (next hearing is this December!) Will this affect my NCB?
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Old 23rd May 2010, 00:48   #305
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Quote:
Originally Posted by alto99 View Post
I called ICICI Lombard customer service multiple times but what they had always said was that based on the proof of sale I can get only the NCB reserving letter and not the NCB certificate.

Further as I have sold to a dealer and do not know the exact buyer, I dont know how I can formally inform ICICI Lombard so that they can transfer the insurance to the buyer and issue me a NCB certificate?

The executive from whom I bought the new insurance also says that certificate will be issued only after RC book is produced. Without that and on the basis of NCB reserving letter I cannot get the new policy endorsed for transfer of NCB.

I will call bajaj allianz directly to get their view on the last part.
First and foremost STAY AWAY FROM ICICI LOMBARD.

I have had no isues with NCB when I changed cars. I am sure they did not bend rules for me. My C class was insured with Iffco Tokio with 50% NCB. I submitted a copy of the certificate to Bharti AXA when I bought the insurance for my E class. The NCB was transferred to the new car. Subsequently I submitted to Iffco Tokio the Form 29 and Form 30 (for West Bengal transport authority, you will have similar documents in your state) evidencing that I had sold the C class along with a request for cancellation of the policy on the C Class. I received the refund check in the mail from Iffco Tokio in a months time.

It worked even better when I changed my second car from a Wagon R to a Swift. I had bought insurance from Maruti (bajaj Allianz) and I stayed with them for the Swift. The whole switch happened without any hitch. No NCB certificate was demanded.

In neither case I had sold the car prior to switching the NCB. I surrendered the original Insurance certificate. Cancelled the insurance and bought a 7 days cover for the cars I sold and transferred the NCB to the new insurance I bought. If you feel that you may take longer to sell the car buy a 30 day cover for it.

You must check with your insurer. I have used HDFC, Iffco Tokio, Bajaj. No NCB issues with these folks.

Honda City to Honda Accord to Merc C to Merc E - no NCB issues.
Zen to Wagon R to Swift - no NCB Issues.

About selling the car -- YOU MUST GET THE COPY OF THE NEW REGISTRATION CERTIFICATE / SMART CARD from the dealer who arranged the sale. This is absolutely a must. If the new owner does not change the registration and the car is involved in a road crime or loss of life or whatever, the cops will come knocking on your door. Good that you sold through a dealer - he is obligated to give you a copy of the certificate and completed copies of form 29 & 30 (corresponding to your state). He should have copies of these documents as his records. The cops do not recognize the sale deed, forms etc. To them the owner is the person the car is registered to. I have witnessed this predicament with a friend of mine whose car (which he had sold) mowed down a couple of people on the highway. The harrasment / court case etc. is a monumental pain. I do not want to put you in panic but it could become disastrous for you if the car is involved in terrorist activity or a kidnapping and the registration is still in your name. Get a copy of the new regiistration certificate ASAP and keep it safely in your file.

This would be my advice to all selling cars, ensure that the name change happens and you get a copy of the registration certificate. Sell through reputed dealers even if it means a small loss in the price. It will be made up by the peace of mind. If you do private transaction, get it done yourself. Keep a copy of the certificate in a safe place.

Regards
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Old 23rd May 2010, 20:08   #306
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Default Insurance option when leasing a car

I'd leased my car from Orix. Apparently, the insurance company is ICICI Lombard, and orix does not offer any choice!

As for the NCB, my previous car had been with me for three years and I'd no claims, hence got a 45% NCB!

So I ended up saving up some 25K for my new insurance.

regards,

Nitin.
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Old 25th May 2010, 09:01   #307
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Originally Posted by vivekgk View Post
The company is offering free insurance. So, what would I benefit from if I transfer my NCB? Will I get a reduction in the next premium I pay? Or will the benefit go to the company/dealer who is paying for the first year insurance?

Also, I haven't claimed insurance, but there is an ongoing MACT case from an accident in last year. Does this mean I can't sell the car till the case is over? (next hearing is this December!) Will this affect my NCB?
If you are selling your car this year then take the NCB letter and keep it with you for next year. You will save premium next year. Till court order's to make the payment till that time you can use the NCB.
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Old 25th May 2010, 12:07   #308
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Originally Posted by vivekgk View Post
Also, I haven't claimed insurance, but there is an ongoing MACT case from an accident in last year. Does this mean I can't sell the car till the case is over? (next hearing is this December!) Will this affect my NCB?
A little add on to what Rupesh has replied

The MACT case has no bearing on buying or selling of the Car. I presume MACT Case for personal injury to some on. If the Police has cleared the Traffic case then you can sell the car. Best ask your/insurance co Advocate.

As long as there is no claim for own damage - your NCB will not be affected.

Thanks and Best Regards

Ram
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Old 26th September 2010, 22:58   #309
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I have an alto with 50% NCB. I am going to buy a new car in next week without selling my existing car. My insurance renewal date is in Nov. Can I tranfer 50% NCB to my new car.
Thanks
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Old 14th October 2010, 17:44   #310
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I have an alto with 50% NCB. I am going to buy a new car in next week without selling my existing car. My insurance renewal date is in Nov. Can I tranfer 50% NCB to my new car.
Thanks
I have a similar query.
Could someone please respond?
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Old 14th October 2010, 17:55   #311
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I have an alto with 50% NCB. I am going to buy a new car in next week without selling my existing car. My insurance renewal date is in Nov. Can I tranfer 50% NCB to my new car.
Thanks
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I have a similar query.
Could someone please respond?
Yes it can be.

You would need to buy a new insurance for your old car (if its too old then you may go in for a Third party Only cover - its your choice). Get a certificate of NCB for the old Insurance (in case you are planning to move to a new Insurers). When you buy the new car you can use the NSB certificate to make the insurance.

Best Regards and Drive/Ride Safe

Ram
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Old 15th October 2010, 22:17   #312
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I wanted to know how is HDFC ERGO insurance, Is it good as they are giving terrific rates to grab the old customers.
I got a quote from them which has tempted me to take it and they are agreeing to give me ncb of 65% after I sell my car and give my certificate to them, how's that ?

Last edited by Amartya : 24th October 2011 at 00:41. Reason: Please type in full and proper english.
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Old 17th October 2010, 12:44   #313
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Originally Posted by Sandeep Sahni View Post
wanted to know how is HDFC ERGO insurance is it good as they are giving terrific rates to grab the old customers.
i got a quote from them which has tempted me to take it and they are agreeing to give me ncb of 65% after i sell my car and give my certificate to them hows that ?
This is a SOP of any good insurance comapny. 65% NCB is the max legally allowable in India. MCB can be kept in abayance/alive for up to two years

ERGO has the backing and is the retailarm of one of the strogest insurance companies in the world. If they and HDFC have done a proper tie up correcting mistakes from the HDFC's previous forray, they could become a force to reckon with, soon.

Thanks and Bets Regards

Ram

Last edited by r_nairtvm : 17th October 2010 at 12:45.
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Old 17th October 2010, 19:20   #314
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I urgently need help regarding the NCB claim of my NEW car's policy. Its currently insured with Iffcotokio (the dealer got it done) and i am planning to get the car insured with some public sector firm after the current period gets over. So is there any chance of claiming the NCB. Also whats the procedure to get this thing transferred. I hope the procedure is smooth as the transfer would be from Private sector to Public sector. Do help me out.
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Old 18th October 2010, 14:34   #315
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I urgently need help regarding the NCB claim of my NEW car's policy. Its currently insured with Iffcotokio (the dealer got it done) and i am planning to get the car insured with some public sector firm after the current period gets over. So is there any chance of claiming the NCB. Also whats the procedure to get this thing transferred. I hope the procedure is smooth as the transfer would be from Private sector to Public sector. Do help me out.
Its little tricky.

You are eligible for NCB only on completion of one year (12 months) of continuous claims free insurance. So technically your current insurer is liable to issue you a NCB Certificate only after one year. Hence, your vehicle could be without insurance, especially if you are planning to move the insurer

So you may end up not using your vehicle for a few days until you can get the NCB cert from your current insurer and negotiating with a new insurer. If you already have a raport with the new company you are planning to use, at their discretion, they may take your personal certification of NCB and issue an insurace, with a proviso you will produce the NCB Cert from your previous insurer with in "X" number of days.

Best Regards & Drive/Ride Safe

Ram
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