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Old 31st December 2011, 13:54   #391
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by r_nairtvm View Post
VTEC, your eager wait is likely to be in vain. This type questions have been answered several times in the forum and in this thread itsel. Please scroll down and read and you will get the gyan.

Woundn't that be a better use of time rather than waiting it and wasting it.

Happy New Year

Best Regards & Drive & Ride Safe

Ram
Wow! i envy on how much time you have! Rather than answering in 3-4 words you had the time and patience to key in about 50 words to advice me.

Will look through all previous posts
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Old 31st December 2011, 21:08   #392
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I found the time as helping _ _ _ _ _ _ people is one of my "new year resolutions" and hence thought shall start the practice early

Also the only way I could have answered you in 3 or 4 words the Moderators would/could have pulled me up for infraction

Happy New Year !!!

Best Regards & Drive/Ride Safe

Ram

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Old 1st January 2012, 07:52   #393
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

A very big happy new year to all.

This is an interesting thread that i was looking for quiet some time.

My car i10 is 2009 model. I purchased it from Advaith advantage pre owned cars on 31st dec 2010.

1st year insurance:- Sept 2009 to Sept 2010 - Done by the first owner.

2nd year insurance:- It was not renewed in Sept 2010 but renewed in Dec 2010. Since it was not renewed within 3 months from the end of expiry date, there was no NCB claim allowed, therefore i was not asked by the Insurance company to pay the NCB amount of previous year when i lodged for the transfer of insurance.

3rd Year:- Dec 2011 to Dec 2012- I paid the insurance premium without claiming the NCB claim because of the reason that the claim is not allowed since i had not completed one year of ownership. The transfer happened in my name in the month of Feb 2011.

My question is that if i sell my car suppose next month what will be the NCB claim available to me.

Last edited by rki2007 : 1st January 2012 at 07:55.
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Old 6th April 2012, 10:13   #394
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I saved a cool Rs.6.5K. Special thanks to Guderian!

In a nutshell, got a 45% discount on new comprehensive insurance of i10 AT after selling my Swift Vxi.

My process:

1. I sold my 2006 Swift vxi to the dealer in Aug 2011 (price he offered + exch bonus was adding up to 2.8 lacs - no brainer)

2. I got the delivery note. Kept it safely. Did not cancel the insurance on my Swift.

3. Got my new I10 - new HDFC Ergo policy issued - no NCB.

3. The car didn't sell at all. The Bajaj Allianz Insurance expired in November. It was in my name.

4. In December, I intimated Bajaj Allianz that policy got expired. Wanted a NCB letter from them. I attached i. copy of policy and ii. Delivery Note. Note: No RC transfer etc was required.

5. Got the NCB certificate in February from Bajaj Allianz. Went to their office, which is near my work place. Couldn't collect earlier - was too lazy.

6. Wrote to HDFC Ergo in February attaching the NCB Letter original, Delivery Note copy and asked them to send me a refund for the first year insurance. That's it. No other document.

7. On Net Premium of 14627, got a cheque of ~6500, 45%! This is after 8 months post effective starting date of the old policy.

8. I still don't know the status of my old car - whether it got sold, new RC book transfer etc. But am assuming that a big dealer wouldn't do too much hanky panky.
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Old 15th April 2012, 15:49   #395
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is Bajaj Allianz Drive Assure still available? I just looked at the website but not able to find details on DA.

My two policies (two wheeler and a car) are expiring this month end. I've booked a new car but the delivery may happen only after a month or two.

I want to go for the new 0% dep (DA!) for the new car and also want to transfer my NCB (50% last year) to this new car. Is it true that I can transfer NCB to a new car policy only after the current term is over?
Can someone please suggest me what will be the best option?

Is the below an option?
Let the car policy expire, request BA to give me a certificate on my NCB for this policy and then use that certificate when I buy a new policy for my new car?
I've not yet decided on selling the old car yet, I may or may not sell it immediately.
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Old 23rd April 2012, 14:55   #396
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have been checking with BajaAllianze for few days now. Today one executive from there Pune office calls me and confirmed that I cannot tranfer NCB I have on my existing car to a new car unless I sell the car. I have to show them the proof of car sold / documents from RTO to be able to get the NCB certificate.

Can soneone confirm if this is true? based on what I read on this thread, there should be ways to get the NCB transferred without selling the car. How can I do that! I want to make sure I dont miss anything while my existing policy with BA is expiring on April 29.
thanks.
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Old 23rd April 2012, 15:11   #397
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Ketan View Post
I have been checking with BajaAllianze for few days now. Today one executive from there Pune office calls me and confirmed that I cannot tranfer NCB I have on my existing car to a new car unless I sell the car. I have to show them the proof of car sold / documents from RTO to be able to get the NCB certificate.

Can soneone confirm if this is true? based on what I read on this thread, there should be ways to get the NCB transferred without selling the car. How can I do that! I want to make sure I dont miss anything while my existing policy with BA is expiring on April 29.
thanks.
I have done it many times but in each case I switched the ols car to Act. In effect the car must be insured at all times. I see no issue if you took out a fresh policy on the old car and then the old policy with NCB gets unencumbered. The problem is that afaik the chaps you are dealing with do not sell act only. So you may have to get a Comp policy on the old car in order to release the policy.

In fact the premium is adjusted pro-rata into the new policy.
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Old 23rd April 2012, 15:20   #398
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I have done it many times but in each case I switched the ols car to Act. In effect the car must be insured at all times. I see no issue if you took out a fresh policy on the old car and then the old policy with NCB gets unencumbered. The problem is that afaik the chaps you are dealing with do not sell act only. So you may have to get a Comp policy on the old car in order to release the policy.

In fact the premium is adjusted pro-rata into the new policy.
Thanks for the quick response on this one.

Pardon my lack of knowledge here, I didnt get what is 'Act.' Could you please elaborate it.

Did you mean that I buy a new policy (either from Bajaj or another company) and let the existing expire? Once the existing policy is in expired state, I go ahead and request Bajaj to provide me the NCB certificate? Would I be able to make use of this NCB certificate for a new car insurance?
Another thing I forgot to mention here which is very critical, the new car I'm buying will be in the name of my employer (lease). I doubt if I can still make use of this NCB on existing car (my name) to a new car (company name). Can someone please confirm?
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Old 23rd April 2012, 18:29   #399
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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the new car I'm buying will be in the name of my employer (lease)
AFAIK, NCB is a kind of reward for safe driving and not claiming insurance the previous year(s). Transfer of NCB should be possible only if the old and new vehicle is registered under the same person's name. Since this is not true in your case, I doubt if you'll be able to utilize the NCB accrued on your old car.
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Old 23rd April 2012, 22:22   #400
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a old 800 which is under my father's name and has 65% ncb.I own a civic under my name and i was hoping to transfer the ncb of the 800 to the civic to reduce the premium.

I understand that ncb is non transferrable from one person to another.In my case would it be possible to transfer the Honda to my dad' name and then transfer the insurance ? Also my dad is retired so would this cause any issues with income tax etc if he were to now own 2 cars.Alternatively is it possible to transfer the 800 to my name and then claim the ncb.

thanks
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Old 24th April 2012, 08:44   #401
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

@ketan; Act is Act Only (sometimes referreed to Third Party) the minimum you are required to have.

I missed the point that the car will no longer be in the same name. so NCB transfer is not possible.

You do not let the old policy expire. Surrender it and get a certificate. This certificate is valid for three years. I would also suggest you have a photocopy of the new insurance of the old car, since some jokers (Hondacare for one) dispute this, and may demand proof.

Last edited by sgiitk : 24th April 2012 at 08:46.
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Old 24th April 2012, 09:38   #402
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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AFAIK, NCB is a kind of reward for safe driving and not claiming insurance the previous year(s). Transfer of NCB should be possible only if the old and new vehicle is registered under the same person's name. Since this is not true in your case, I doubt if you'll be able to utilize the NCB accrued on your old car.
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@ketan; Act is Act Only (sometimes referreed to Third Party) the minimum you are required to have.

I missed the point that the car will no longer be in the same name. so NCB transfer is not possible.

You do not let the old policy expire. Surrender it and get a certificate. This certificate is valid for three years. I would also suggest you have a photocopy of the new insurance of the old car, since some jokers (Hondacare for one) dispute this, and may demand proof.
Thank you both for your suggestions. So, it looks like I wont be able to transfer NCB since its a different owner here. I will go ahead with the renwal of my existing car policy as normal in that case.
Thanks again.
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Old 24th April 2012, 11:11   #403
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

@Ketan; If you plan to sell the car, switch to act only and get the certidficate. It is valid for three years.
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Old 24th April 2012, 12:12   #404
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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@Ketan; If you plan to sell the car, switch to act only and get the certidficate. It is valid for three years.
Thanks, I guess thats a good idea since I dont know if I'm going to keep it for long time or sell this off once I have the new car.
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Old 1st May 2012, 10:52   #405
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Default

HDFC Ergo makes it very simple. Your NCB gets transferred to your new car without any NCB certificate.

But how reliable is Ergo?
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