Go Back   Team-BHP > Team-BHP > Team-BHP Advice > On buying a car


Reply
 
Thread Tools Search this Thread
Old 19th July 2011, 22:47   #361
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,573
Thanked: 1,308 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by tj123 View Post
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.
Please carry out the following Steps.
  1. Buy a new Insurance either Comprehensive or Third Party for your Old Car either from the same company or old company.
  2. Write a letter to your Old Insurer (where the comprehensive cover is) that you are cancelling that insurance. Request him to refund any unexpired portion of the premium (usually you get a refund if more than 3 months is remaining in your policy period). Also in the same letter ask him to issue a NCB certificate and ask him to keep the NCB in abeyance.
  3. As a proof of Insurance for your old car, attach a copy of the new Insurance you have bought as per 1 above.
  4. Please deal with one of the branch offices of Bajaj Alianz directly and don't deal with Agents as some of them tend to mis-guide you on this.
If you do this usually issue will get resolved. You will have an NCB certificate with you which you can use when you buy insurance for your new car.

Insurers would insist to see another insurance is in place for the vehicle for which they canceeling the insurance (effectively) and issueing the NCB, so that no one can make a claim on it on the old policy (especially from MACT etc). So the easy way is to tell the owner to transfer the ownership to some one else, whilst the right way is to ask to produce another insurance for the old vehicle, before cancelling the current cover and issuing an NCB.

Without cancelling a current cover or transferring ownership to some one else, a current insurance policy will not be cancelled. Without cancelling the current insurance or at the actual expiry date of a cover - an NCB Certificate can not be issued on a policy.

Hope this clears your questions to some extend or confuses you further

Best Regards & Drive/Ride Safe

Ram
r_nairtvm is offline   (2) Thanks Reply With Quote
Old 20th July 2011, 10:29   #362
BHPian
 
samm's Avatar
 
Join Date: Jun 2011
Location: Bangalore
Posts: 177
Thanked: 77 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

This is exactly what I tried, which miserably failed. I had gone to the branch manager level of Cholamandalam, and even they were blissfully unaware of what can be done. In fact, I was misguided, due to which I lost precious time (also lost about 2K) in the process, and finally had to take some junk policy at exhorbitant price from Bajaj's showroom counter.

My suggestion is to play safe, unless you have someone in a strong position in the insurance company. Transfer the old vehicle, get the NCB letter and then submit it when you buy the new car.

Last edited by samm : 20th July 2011 at 10:30.
samm is offline   Reply With Quote
Old 20th July 2011, 10:58   #363
BHPian
 
Join Date: Aug 2007
Location: Mumbai/BLR/USA
Posts: 917
Thanked: 173 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by r_nairtvm View Post
Please carry out the following Steps.
  1. Buy a new Insurance either Comprehensive or Third Party for your Old Car either from the same company or old company.
  2. Write a letter to your Old Insurer (where the comprehensive cover is) that you are cancelling that insurance. Request him to refund any unexpired portion of the premium (usually you get a refund if more than 3 months is remaining in your policy period). Also in the same letter ask him to issue a NCB certificate and ask him to keep the NCB in abeyance.
  3. As a proof of Insurance for your old car, attach a copy of the new Insurance you have bought as per 1 above.
  4. Please deal with one of the branch offices of Bajaj Alianz directly and don't deal with Agents as some of them tend to mis-guide you on this.
If you do this usually issue will get resolved. You will have an NCB certificate with you which you can use when you buy insurance for your new car.

Insurers would insist to see another insurance is in place for the vehicle for which they canceeling the insurance (effectively) and issueing the NCB, so that no one can make a claim on it on the old policy (especially from MACT etc). So the easy way is to tell the owner to transfer the ownership to some one else, whilst the right way is to ask to produce another insurance for the old vehicle, before cancelling the current cover and issuing an NCB.

Without cancelling a current cover or transferring ownership to some one else, a current insurance policy will not be cancelled. Without cancelling the current insurance or at the actual expiry date of a cover - an NCB Certificate can not be issued on a policy.

Hope this clears your questions to some extend or confuses you further

Best Regards & Drive/Ride Safe

Ram
Thanks Ram, I spoke to Bajaj Alliance as per them the vehicle has to be either sold or scrapped to avail the NCB for a new vehicle. Taking a third party insurance and cancelling the existing comprehensive insurance will not help.

The representative has quoted GR.27. No Claim Bonus - Section (g) “If an insured vehicle is sold and not replaced immediately, or laid up, and the policy is not renewed immediately after expiry, NCB, if any, may be granted on a subsequent insurance, provided such fresh insurance is effected within 3 (three) years from the expiry of the previous insurance. The rate of NCB applicable to the fresh policy shall be that earned at the expiry of the last 12 months period of insurance.”
On this basis they are not accepting my argument , any way out !
tj123 is offline   Reply With Quote
Old 20th July 2011, 15:26   #364
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,573
Thanked: 1,308 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by tj123 View Post
Thanks Ram, I spoke to Bajaj Alliance as per them the vehicle has to be either sold or scrapped to avail the NCB for a new vehicle. Taking a third party insurance and cancelling the existing comprehensive insurance will not help.

The representative has quoted GR.27. No Claim Bonus - Section (g) “If an insured vehicle is sold and not replaced immediately, or laid up, and the policy is not renewed immediately after expiry, NCB, if any, may be granted on a subsequent insurance, provided such fresh insurance is effected within 3 (three) years from the expiry of the previous insurance. The rate of NCB applicable to the fresh policy shall be that earned at the expiry of the last 12 months period of insurance.”
On this basis they are not accepting my argument , any way out !
The rule is being quoted out of context.

The GR 27 Section D provides for transfer of NCB of an owner from an old car to the substituted vehicle.

I have done this with National Insurance Co., whilst maintaining the old car with me with a TP Liability only insurance.

All I can say is - the down side of insuring with private insurers "hopping for" better service.

Anyway I have sent you a PM.

Please let me know how it turns out.

Thanks and Best Regards

Ram

Last edited by r_nairtvm : 20th July 2011 at 15:27.
r_nairtvm is offline   Reply With Quote
Old 20th July 2011, 20:03   #365
BHPian
 
Tassem's Avatar
 
Join Date: Sep 2009
Location: Bangalore
Posts: 471
Thanked: 413 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi all,

I tried finding info about this on the forum but could not, hence this post.

I bought a Fluidic Verna and had my uncle take care of all the insurance formalities. Unfortunately he got the insurance done from United India. I have three questions:

1 - Is United insurace a hassle free and friendly insurance company? What scares me is that I've been trying to call the Bangalore office over the last couple of days to ask question no 2 and have not had anyone answer the phone!

2 - Does United India offer Zero Depreciation add ons?

3 - If not, is it possible for me to move to a different insurer with little or no loss to the money I paid? I know this sounds ridiculous, but I'm hoping maybe they have some offer to lure new customers.

Fingers crossed. I hope I wont have to live with this shoddy service for one year! If a company does not answer their phone how will I depend on them in times of an emergency?!

For reference, the numbers I tried calling are 080-22234604 and 080-25530043. These were provided by their toll free number who were woefully inadequate in their info on the policy.
Tassem is offline   Reply With Quote
Old 3rd August 2011, 07:20   #366
BHPian
 
aghosht's Avatar
 
Join Date: Oct 2009
Location: Thane
Posts: 172
Thanked: 16 Times
Default Third party claims - preserve NCB?

Hi All

Was wondering if anyone has been successful in having a claim processed and paid by the insurance company of the vehicle that was involved in the accident (other than your own vehicle's insurance company. For example - say car X bangs into your car Y and causes extensive damage to your car Y can you claim repair costs from X's insurer rather than using Y's insurer. Benefits of using X's insurer would be that Y's NCB status is preserved and also possibly there is no hike in Y's insurance premium. Moreover since it was X's fault it's but natural that he should be responsible.

Any experieces that BHP-ans want to share?
aghosht is offline   Reply With Quote
Old 3rd August 2011, 10:39   #367
Senior - BHPian
 
alpha1's Avatar
 
Join Date: Apr 2007
Location: P00NA
Posts: 1,560
Thanked: 863 Times
Default Re: Third party claims - preserve NCB?

In order to determine who was at fault - won't it be necessary to form a police case and wait for the judgement to come in from the court?
That means waiting for 2-3 years at least.
alpha1 is offline   (1) Thanks Reply With Quote
Old 3rd August 2011, 14:23   #368
BHPian
 
aghosht's Avatar
 
Join Date: Oct 2009
Location: Thane
Posts: 172
Thanked: 16 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

What about cases where person himself admits that he is at fault? Say for instance in rear ending cases. I remember reading somewhere that the cops are very clear in rear ending cases that the fault is of the driver who rear ends.

Perhaps in such cases it will be simpler to examine if both the insurers are same i.e. in the previous example both X and Y's insurer is the same company - this takes out the argument that the driver may agree but the insurance company will not. In the above example the driver of X agrees that he is at fault and he has caused the damage.
aghosht is offline   Reply With Quote
Old 3rd August 2011, 22:36   #369
Senior - BHPian
 
mithun's Avatar
 
Join Date: Jan 2006
Location: Cochin
Posts: 1,912
Thanked: 39 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by aghosht View Post
What about cases where person himself admits that he is at fault? Say for instance in rear ending cases. I remember reading somewhere that the cops are very clear in rear ending cases that the fault is of the driver who rear ends.

Perhaps in such cases it will be simpler to examine if both the insurers are same i.e. in the previous example both X and Y's insurer is the same company - this takes out the argument that the driver may agree but the insurance company will not. In the above example the driver of X agrees that he is at fault and he has caused the damage.
If I'm not wrong, in the scenario that you've mentioned you can file a case against the person who banged on the rear and it will come under that person's 3rd party insurance claim and he is liable to pay you.
mithun is offline   Reply With Quote
Old 4th August 2011, 06:28   #370
BHPian
 
aghosht's Avatar
 
Join Date: Oct 2009
Location: Thane
Posts: 172
Thanked: 16 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

That's the whole idea mithun. What I'm asking from all is for their experience in such (and similar) cases.
aghosht is offline   Reply With Quote
Old 4th August 2011, 19:44   #371
Distinguished - BHPian
 
harit's Avatar
 
Join Date: Nov 2008
Location: Mumbai
Posts: 3,892
Thanked: 2,424 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by aghosht View Post
Hi All Was wondering if anyone has been successful in having a claim processed and paid by the insurance company of the vehicle that was involved in the accident (other than your own vehicle's insurance company. For example - say car X bangs into your car Y and causes extensive damage to your car Y can you claim repair costs from X's insurer rather than using Y's insurer. Benefits of using X's insurer would be that Y's NCB status is preserved and also possibly there is no hike in Y's insurance premium. Moreover since it was X's fault it's but natural that he should be responsible. Any experieces that BHP-ans want to share?
Quote:
Originally Posted by alpha1 View Post
In order to determine who was at fault - won't it be necessary to form a police case and wait for the judgement to come in from the court? That means waiting for 2-3 years at least.
Quote:
Originally Posted by aghosht View Post
What about cases where person himself admits that he is at fault? Say for instance in rear ending cases. I remember reading somewhere that the cops are very clear in rear ending cases that the fault is of the driver who rear ends.

Perhaps in such cases it will be simpler to examine if both the insurers are same i.e. in the previous example both X and Y's insurer is the same company - this takes out the argument that the driver may agree but the insurance company will not. In the above example the driver of X agrees that he is at fault and he has caused the damage.
This is a topic which would form a part of motor insurance reform, if it were ever to happen.
Today, when a car gets banged, you generally get the fix paid for by your insurance company. We do not have rules to ask the police to give a report. Abroad the police is called, they write a report and issue this AGAINST PAYMENT, and there they put the facts as the cops see them including whose fault it was. Here in India you can go to a cop station and tell your version, that gets recorded. Normally it is neutral, giving the blame to none. Accident happened, date, time reported, damage done and you have a report.

About past experience, a friend had a car crash into his parked car. He runs a workshop and fixed his car, and filed a case in a court. He won, and was awarded repair costs plus some extra which the insurance of the other party had to pay. If required I can ask for details.
Confesion of fault is not an acceptable argument for the insurance company to pay.
Best way to keep your NCB is to pay for minor repairs yourself.
Rear ending is not such a clear thing. The insurance company is not going to pay the others damage just because their customer rear-ended someone. You still have to file a case. I also believe that even if the insurance company is common, each insured is treated as a separate account.
My aunt in Germany met with an accident where the city was at fault because of improper police manual traffic directing. The result was that someone banged into her car. The claim could not be settled because the city and the other motorist were fighting over who was at fault, to whose account would the accident go. My aunt could argue when by chance the same insurance company was involved for both parties and they settled her claim after a while, later the fault liability was settled. And if we were to have reformed insurance rules, this will become important because premium is calculated according to ones record.
One line answer would have been, if you want the opposite party's insurance company to pay, you go to court.

Cheers harit

Last edited by harit : 4th August 2011 at 19:47.
harit is offline   (1) Thanks Reply With Quote
Old 4th August 2011, 21:03   #372
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,573
Thanked: 1,308 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by harit View Post
One line answer would have been, if you want the opposite party's insurance company to pay, you go to court.

Cheers harit
Very well put Harit.

The situation you described was created by the situation in India where all the insurers were Govt. owned.

At that time it did not make any sense for the Govt Insurers to be fighting each other. Hence, the "market agreement" was that each insurer would bear their own losses and not go for recovery against the Insurer of the party at fault. This was known as the "Knock for Knock Agreement"

As you said the reform is over due in this regard.

MACT courts do not have or refuses to do anything with claims for Property damage. Hence, the only option is to pursue the Traffic Case (Criminal Court) and then based on its judgement to File a Civil Suit against the Driver, Owner and the Insurer of the vehicle/driver at fault. Some times Civil Courts will entertain without the verdict of the Traffic case by appointing a cour commission to assess the damage & settle the clime. As you know civil cases take anything up to over 3 years even to come up before the judge

Best Regards and Drive/Ride safe

Ram
r_nairtvm is offline   Reply With Quote
Old 13th August 2011, 15:44   #373
Senior - BHPian
 
Join Date: Sep 2007
Location: Chennai
Posts: 1,133
Thanked: 363 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a question on NCB transfer - Please clarify and it has already been answered before in this thread, kindly excuse and point me to the post.

- I sold my old car very recently to purchase a new one. I now have the delivery copy of selling the old car, copy of RC book with name transferred to new owner. My old insurance policy was with royal sundaram and I have never had any claim with them throughout the ownership period of my car (3 years).

- I bought a new car, but before I could finish all the above formalities and hence paid insurance in full with bajaj allianz.

Im eligible for NCB, but how do I go about in transferring it to my new policy? Can I claim the NCB amount back from royal sundaram or should I transfer it to bajaj allianz when I renew the insurance on my new car next year? Please help.
bala80 is offline   Reply With Quote
Old 13th August 2011, 17:23   #374
evo
BHPian
 
evo's Avatar
 
Join Date: May 2004
Location: Kolkata/Shillong
Posts: 755
Thanked: 23 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by bala80 View Post
I have a question on NCB transfer - Please clarify and it has already been answered before in this thread, kindly excuse and point me to the post.

- I sold my old car very recently to purchase a new one. I now have the delivery copy of selling the old car, copy of RC book with name transferred to new owner. My old insurance policy was with royal sundaram and I have never had any claim with them throughout the ownership period of my car (3 years).
If "recently" is less than 6 months, then you are eligible for NCB, if not then I doubt you can get it. You have to write to Royal Sundaram to get what they cal a NO CLAIM BONUS RESERVATION Certificate.
- I bought a new car, but before I could finish all the above formalities and hence paid insurance in full with bajaj allianz.

Im eligible for NCB, but how do I go about in transferring it to my new policy? Can I claim the NCB amount back from royal sundaram or should I transfer it to bajaj allianz when I renew the insurance on my new car next year? Please help.
Now you have to give Bajaj that NCB reservation certificate that you received from Royal Sundaram, and Bajaj will send you a cheque back of the remainder. ICICI Lombard tool 20 working days to send the refund cheque, maybe Bajaj will be more efficient.
evo is offline   (1) Thanks Reply With Quote
Old 13th August 2011, 18:09   #375
Senior - BHPian
 
Join Date: Sep 2007
Location: Chennai
Posts: 1,133
Thanked: 363 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Thank you very much evo, your response answers all my queries.

I sold my old car only 2 weeks back. I will get the NCB reservation certificate from royal sundaram and will hand it over to Bajaj.


Quote:
Originally Posted by evo View Post
Now you have to give Bajaj that NCB reservation certificate that you received from Royal Sundaram, and Bajaj will send you a cheque back of the remainder. ICICI Lombard tool 20 working days to send the refund cheque, maybe Bajaj will be more efficient.
bala80 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance claim? Pay a little extra and retain your No-Claim Bonus! parrys Indian Car Loans & Insurance 9 1st May 2016 22:39
Insurance premiums vs claims - Would 'Self Insurance' be cheaper for you? GTO Indian Car Loans & Insurance 46 28th February 2016 15:38
Car Insurance - Possible NCB (No Claim Bonus) Loophole? koshyjohnuk Indian Car Loans & Insurance 57 7th January 2015 19:26
Insurance and No Claim Bonus vennarbank Indian Car Loans & Insurance 9 18th September 2006 12:51


All times are GMT +5.5. The time now is 17:22.

Copyright ©2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks