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Old 17th May 2011, 20:16   #346
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Jinojohnt, this is a superb tip - I only wish I had known about it when I sold my car to the agent!

Guderian, I saw your earlier post and it exactly answers my question - many thanks for the details.

However, there is one difference in my case. I had not renewed my old policy when I sold the car to the agent in January (renewal was also due in January). I could not inform the insurance company because I did not have the new RC book of the new owner.

Now it is May, i.e., 4 months after renewal due date. Would the policy have lapsed? Would the NCB still be available to me?
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Old 27th May 2011, 19:32   #347
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi All,

I just bought a Toyota Camry W2 (Automatic) 2007 Dec.
The RC has been transferred to my name. I am the second owner.
The Insurance of the previous Owner was with Reliance General Insurance.
The IDV in that insurance is 14,61,811 it expires on 11/08/2011
He paid a Premium of Rs 19,536, after a 25% No Claim Bonus Discount of Rs 5028

I have another Vehicle a 2003 Scorpio in My name, for which I have never taken a claim and it gets a 50% No claim bonus.

I went to Reliance Insurance to get the Insurance Transferred from the Previous Owner to my name, and I was told that I will have to pay the NCB availed by the previous owner. If that is the case I will be paying 5028 for just the 2 months remaining on the existing insurance.

It would be better to go in for a fresh Insurance.

Now I have the following questions :

1. Is there is a way to get a NCB when I get a fresh insurance ? It could be through the reference of the 50% NCB on the Insurance of my Scorpio or it could be continuation of the NCB of the insurance of the previous owner. Tata AIG quoted 26,000. Iffco Tokio call center guy told me that if I wait 2 months and get it renewed at the time of expiry of the existing Policy the NCB can be carried forward. Other companies tell me there is no possibility getting the NCB transferred.

2. The premiums quoted to me for a fresh Insurance vary from 23,000 (Reliance) to 40,000 (ICICI Lombard) based on the IDV calculated by various Insurance Companies (12Lacs - 13.5 Lacs). What is a Good Insurance Company which gives claims easily and on time ?

3. I bought the vehicle for Rs 11 Lacs. Is there any point in getting insurance more than this. At the time of a claim I'm sure they will ask me the proof of Purchase price, and they are not going to give me a claim more than my purchase price.

Styler
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Old 27th May 2011, 22:42   #348
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Styler View Post
Hi All,

I just bought a Toyota Camry W2 (Automatic) 2007 Dec.
The RC has been transferred to my name. I am the second owner.
The Insurance of the previous Owner was with Reliance General Insurance.
The IDV in that insurance is 14,61,811 it expires on 11/08/2011
He paid a Premium of Rs 19,536, after a 25% No Claim Bonus Discount of Rs 5028

I have another Vehicle a 2003 Scorpio in My name, for which I have never taken a claim and it gets a 50% No claim bonus.

I went to Reliance Insurance to get the Insurance Transferred from the Previous Owner to my name, and I was told that I will have to pay the NCB availed by the previous owner. If that is the case I will be paying 5028 for just the 2 months remaining on the existing insurance.
You should have to pay prorated amount i.e. 5028*2/12. Have you got this clarified?
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Originally Posted by Styler View Post
It would be better to go in for a fresh Insurance.

Now I have the following questions :

1. Is there is a way to get a NCB when I get a fresh insurance ? It could be through the reference of the 50% NCB on the Insurance of my Scorpio or it could be continuation of the NCB of the insurance of the previous owner. Tata AIG quoted 26,000. Iffco Tokio call center guy told me that if I wait 2 months and get it renewed at the time of expiry of the existing Policy the NCB can be carried forward. Other companies tell me there is no possibility getting the NCB transferred.
I believe you can transfer Scorpios insurance but then Scorpio will lose its NCB next time you renew. NCB from previous owner cannot be carried forward.
Quote:
Originally Posted by Styler View Post

3. I bought the vehicle for Rs 11 Lacs. Is there any point in getting insurance more than this. At the time of a claim I'm sure they will ask me the proof of Purchase price, and they are not going to give me a claim more than my purchase price.

Styler
There is no point in declaring IDV more than 11L.
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Old 28th May 2011, 18:42   #349
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Many thanks to this thread. I save around 5K on my bike upgrade. Without NCB, the premium was 11K. After NCB transfer and discount (at discretion of manager), the premium came down to 6K. I would advise to always have a small chat with manager and it would help in getting some additional discount.

I have taken from Oriental Insurance. Even though they have changed a lot over time, remember that you cannot shout. The staff who were very helpful to me were totally brutal against someone who was shouting at high tone.

Note that the premium from ICICI was 18k compared to 11k from Oriental.
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Old 30th May 2011, 14:01   #350
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

This is for the Toyota Camry W2 Automatic Dec 2007, that I bought last week for 11 Lacs.
The Previous Owners Insurance was with Reliance and it expires 10/8/2011.
He paid just 19,536 for it, getting a NCB of 25%

I got the following quotes for a fresh Insurance without any NCB.

ICICI Lombard IDV 12.1 Lacs Premium 39,902
TATA AIG IDV 12.40 Lacs Premium 26,696
IFFCO Tokio (Through MGF Toyota) IDV 11 Lacs Premium 36,561
Bharti AXA (Through MGF Toyota) IDV 11 Lacs Premium 26,127
Reliance General Insurance (Previous Insurer) IDV 13.15 Lacs Premium 23,139

I am really confused about what to choose.
I am seriously considering closing the Insurance for my 7.5 yrs old scorpio with ICICI Lombard, and transferring the NCB to the Camry. A friend told me that for 8 yr old Vehicles ICICI Lombard does not give NCB anyways. Is this true ?
In that case it will really make a lot of sense to transfer the NCB to the Camry.
Can somebody tell me how I can close the Insurance of the Scorpio, and transfer the NCB to the Camry without selling the Scorpio.

Thanks
Styler

Last edited by Styler : 30th May 2011 at 14:02.
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Old 30th May 2011, 14:25   #351
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Styler View Post
A friend told me that for 8 yr old Vehicles ICICI Lombard does not give NCB anyways. Is this true ?
Styler
Not true!. As long as you have had a Comprehensive Insurance in force for over one full policy year (12 months consecutively) you are eligible for NCB. Your Insurer is obliged to give you a NCB Certificate stating the years policy has been inforce and the current % of NCB you are having.

For a 8 year old vehicle the Depreciation you have to bear is the max and it does not make sense to carry a Comprehensive Insurance for such a vehicle. So you might as well transfer your NCB to the newer vehicle.

For older vehicle you can go in for TP+ Fire and Theft only policy ideally

Best Regards & Drive/Ride Safe

Ram
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Old 30th May 2011, 14:36   #352
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by r_nairtvm View Post

For a 8 year old vehicle the Depreciation you have to bear is the max and it does not make sense to carry a Comprehensive Insurance for such a vehicle. So you might as well transfer your NCB to the newer vehicle.
One bears max depreciation but also pays way less in terms of premium even for a older vehicle. For vehicle > 5 yrs one typically pays half the premium (not inclusing the NCB) than a new vehicle whereas depreciation % is 40% for non plastic/glass components. So it still makes sense to go with comprehensive even without NCB. The fact that you have to pay depreciation is already accounted for in lesser premium.
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Old 9th June 2011, 12:46   #353
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I recently sold my car and requested for a NCB certificate from my insurance provider.
It states "The insured is eligible for 50% NCB at the time of renewal, provided the policy is renewed within 90 days from the date of expiry".
The insurance expired on 07-Jun-11.

Two questions:
1. Should the certificate not be valid for 3 years as stated elsewhere in this thread. Any idea why they are giving me a 90 day validity?
2. Why does it talk only of renewal. Does it mean I cannot get the NCB if I buy a new policy from another insurer with this NCB certificate.

Can someone please upload a format of NCB certificate they got and successfully used to get the NCB from the new insurer.
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Old 11th June 2011, 13:11   #354
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi

I have decided that I just need to buy 3rd Party Insurance for my Car.
Is there any option to buy a 3rd Party Car Insurance Online by any company ?

Styler
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Old 11th July 2011, 11:04   #355
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Here is my experience with this NCB business -
I had a Santro, on which I had 50% NCB. This was with Cholamandalam. I told them I want to transfer this to my Innova which I was planning to buy.
I called them, went upto the level of branch manager, and they assured me that I can transfer the NCB without having to transfer the car ownership. Finally, when it came to the point where I had to buy the insurance for Innova, they conveniently swallowed everything they said, and asked me to transfer ownership of Santro.
I didnt have time to do anything about that, and paid the whole 30K to get the insurance from Bajaj.
Later, I transferred the Santro to my wife's name paid the 50% NCB (about 2.5K) to Cholamandalam, got the NCB letter, and got 50% (about 13K) refunded from Bajaj. Note that you get 50% of only the own damage premium and not the entire amount.
Still its worth it.
With this experience I've decided never to go with Cholamandalam. They were trying to give false information to try to get business. Maybe they were ignorant, but despite several discussions, they still couldnt communicate the real procedures.
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Old 18th July 2011, 18:32   #356
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I had 35% on my old Zen from National Insurance. Sold my Zen and Got the NCB certificate from National Insurance after I gave them the copy of RC and Insurance copy showing new owner's name.
Gave the NCB certificate to Royal Sundaram who promptly sent me the cheque for 35% of original insurance premium today.
Yes, i had to run around a bit with both National and Royal Sundaram (4 visits - 2 to Maruti and 2 to Tata) but got my NCB finally... cool saving of 10000 bucks
Must commend that Tata A.S.S has improved a lot !!
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Old 19th July 2011, 16:33   #357
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

This is one thread that everyone on TBHP should be aware of. We must put it on the portal once. It`ll actually save people money immediately.

Though I cant understand why the insurers are such a sorry lot about granting the NCB reservation certificate. They should simply raise another invoice for the additional amount and hand that over. It really does not matter whether we have sold the car or not. NCB is earned by the owner and not "given" by the insurance company.
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Old 19th July 2011, 16:51   #358
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by jaykayess View Post
Jinojohnt, this is a superb tip - I only wish I had known about it when I sold my car to the agent!

Guderian, I saw your earlier post and it exactly answers my question - many thanks for the details.

However, there is one difference in my case. I had not renewed my old policy when I sold the car to the agent in January (renewal was also due in January). I could not inform the insurance company because I did not have the new RC book of the new owner.

Now it is May, i.e., 4 months after renewal due date. Would the policy have lapsed? Would the NCB still be available to me?
Technically, NCB reservation certificate should still be available. The only thing is that it will have a validity period of a further 2 months only. (6-4) as the NCB reservation certificate is valid only for 6 months.
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Old 19th July 2011, 17:34   #359
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by evo View Post
This is one thread that everyone on TBHP should be aware of. We must put it on the portal once. It`ll actually save people money immediately..
Yes, I guess this thread should be given more visibility. Lot of people are completely unaware of this. No one in the showroom bothers to let customers know about this. I'm sure it is purposefully hidden from customers, rather than because of any lack of knowledge.


Quote:
Originally Posted by evo View Post
Though I cant understand why the insurers are such a sorry lot about granting the NCB reservation certificate. They should simply raise another invoice for the additional amount and hand that over. It really does not matter whether we have sold the car or not. NCB is earned by the owner and not "given" by the insurance company.

I was told that the old car MUST be transferred. I found it completely illogical when they insisted on this, after agreeing to do it in the first place without transferring.
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Old 19th July 2011, 18:05   #360
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I am not sure what stupid rules these Insurance companies follows , called up Bajaj Alliance NCB department and I told that I want to transfer the NCB of my old car to a new car which I want to purchase. I was told that either I have to sell/transfer the ownership , when I told that I do not want to sell the car , the representative told that in such case NCB certificate cannot be issued.
In case the car is getting scrapped then only NCB can be claimed.

I am not sure why a person cannot keep 2 cars in his name and switch NCB as per his wish. This is a big insurance racket and depriving genuine customer.

Last edited by tj123 : 19th July 2011 at 18:06. Reason: typo
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