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


Reply
 
Thread Tools Search this Thread
Old 21st June 2012, 22:11   #406
BHPian
 
saion666's Avatar
 
Join Date: Nov 2011
Location: WB-06/TS-07
Posts: 264
Thanked: 224 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I would be owning my first car for a year now. So a simple and probably naive question 'Do i need to do anything to get the NCB certificate or will they(ICICI LOMBARD) mail it to my house?'
saion666 is offline   Reply With Quote
Old 21st June 2012, 22:30   #407
BHPian
 
Join Date: Feb 2009
Location: Pune
Posts: 193
Thanked: 29 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ajmat View Post
I learnt this the hard way, I was selling one car but had not sold the old car. The insurance agent misinformed me to pay the full policy on the new car and get a rebate once the old car was transferred and I received the NCB certificate. Alas as per the Insurance rules, I could not get the rebate and had to wait till renewal time. Unless you are superstitious, take your time to sell old car, transfer it then get the NCB




1: Yes

2: No - pertains only to person who took out policy
I have two queries.

1. Once car is sold, do i have to wait till car is transferred to next party before getting NCB certificate? I have sold it to Mahindra First choice, so i might have to wait for long..

Or do i just have to give delivery note along with RC Xerox (in my name) to insurance company instead of waiting for transfer of car to new buyer.

2. New car is comming in 7 days but icici lombard says they cant entertain NCB certificate if i am buying policy online. i have to go to their branch !
idea is offline   Reply With Quote
Old 23rd June 2012, 09:36   #408
BHPian
 
Join Date: Feb 2009
Location: Pune
Posts: 193
Thanked: 29 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Planning to go for HDFC ERGO. Premium is just 10K against aprx 14 K for ICICI or Bajaj Alliance..

Any feedback on HDFC ERGO?
idea is offline   Reply With Quote
Old 23rd June 2012, 21:01   #409
BHPian
 
Join Date: Feb 2009
Location: Pune
Posts: 193
Thanked: 29 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

All right. Here is update for members in similar soup like me mentioned in above post.

1. Contacted ICICI for NCB Reservation letter. They asked me some charges for letter. I outrightlly denied paying a single penny. (God Sake - I dont see any reason that they should charge to issue this letter.). Finally they agreed to give letter in 2 working days. (Means i need to re-visit their branch)

2. Contacted few insurance providers however i was inclined for TATA AIG as i have heard good remarks on TBHP and Maruti has direct tie with TATA AIG so in case of claim cashless can happen at any Maruti authorised service centre.

3. HDFC Ergo was cheapest 9.5K. Regular ata aig was 10K.

4. Tata AIG was pushing for 0 Dep policy for extra 3K. Liked the product and costing being a brand new car and this product is available for just first 3 years. So though worth it.

Amount Paid: 13200/-
IDV 4,11,000/-

5. Once i get NCB, i need to submit it to TATA AIG Branch and they will reimburse 25% of policy amount already paid. (Thanks to Ajmat - I was not aware of this and must have lost quite few thousands and clearing of last 3-4 cars for sure...). I have confirmed about rebate twice. They said it is possible.

6. So effective cast is 9900/-

Last edited by idea : 23rd June 2012 at 21:07.
idea is offline   Reply With Quote
Old 10th August 2012, 21:52   #410
BHPian
 
FlyinLow's Avatar
 
Join Date: Jun 2012
Location: MUMBAI
Posts: 31
Thanked: 5 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by jinojohnt View Post
You don't need to even sell your old car. You can even cancel your insurance on your old car (and go for 'third Party' for your old car). The old insurance company just needs to give you a letter stating that you are eligible for 50% no-claim bonus on your new car. This is what I did when I purchased my new car.
Guys, I went through all the previous pages and still remain confused.

Car 1 : approx prem 58000 with 0% NCB: lapsing 30 aug 12: brought recently
Car 2 : approx prem 6000 with 50% NCB: lapsing 16 sep 12
Car 3 : approx prem 4000 with 25% NCB: lapsing 10 feb 13

I wish to transfer 50% NCB of Car 2 onto Car 1.
Not really sure yet, whether I will sell Car 2 or Car 3 or maybe none.

Contacted a couple of different advisors, and each one has said that I need to sell the car to transfer the NCB.

Options in my mind:
1)
Close the policy of car 2 before 30 aug
Ask for the NCB cert.
Purchase a new policy either comprehensive (0% NCB) or TP
Use the NCB for car 1

2)
Purchase a new policy either comprehensive(0% NCB) or TP for car 2
(effectively having 2 insurers for same car) (can this even be done?)
Close the policy of car 2 before 30 aug
Ask for the NCB cert.
Use the NCB for car 1

3)
Renew policy of Car 1 with full value, zero NCB
Before expiry of Car 2 policy convert it to TP and get a NCB certificate
Produce it to Car 1 insurer and expect a refund


I do not wish to transfer the car to a family member as that would effectively make them 2nd owner of the car & I may not be able to sell the car at a worthwhile price.(i.e. price saving on insurance against drop in asking car price for selling a 2nd owner car)(plus the headache of transferring)

however, for insurer purpose only, can I just produce the 'delivery note to a family member', without actually transferring the car or will the NCB certificate be provided without any of this document ?

Please Help.
FlyinLow is offline   Reply With Quote
Old 11th August 2012, 19:53   #411
BHPian
 
Join Date: May 2009
Location: Jam-luru
Posts: 247
Thanked: 53 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

If I sell my old car, is it possible to transfer my NCB to the new car ?
If yes, can experts enlighten me on the process to avail of this benefit
I am keeping my fingers crossed to save some money on the new purchase....
LonelyPlanet is online now   Reply With Quote
Old 13th August 2012, 15:39   #412
BHPian
 
Join Date: Sep 2011
Location: Gurgaon
Posts: 36
Thanked: 13 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Went through first 13 pages and then the last page of this thread. If my query has been answered in remaining pages, do let me know:
1. I read that do not transfer your policy to new owner and also hear that NCB follows Owner. Then can I really transfer my NCB to a new buyer? I could not find a comprehensive answer to this. I sold my WagonR with 3 years NCB in 2008 to Rana Motors' True Value arm, Delhi who had asked me whether I'd be OK in giving away NCB. Since, my new car was to be in company's name, I said Yes (which should mean, NCB can be transferred)
2. This new car Swift VDI was transferred in my name in Jan-Feb 09 and had insurance in company name till July 31, 2009 (damn, its August 13 today). I am yet to find out the insurance cover which was perhaps transferred by my company to me (relates to Q. 1 above!). I am yet to find the entire file consisting of Swift's docs. Insurance was from Bajaj Allianz. I am pleading with them to allow me to transfer this NCB to Fiat Punto's renewal (to be done before 15th August, which leaves only today and tomorrow). I know that I can pay full now and claim refund later, so that is not THE big issue
3. Sold an Alto last month in my name (only in name for loan purpose, actually belonged to Uncle) and have sent all its papers to new owner/broker through Uncle except RC. Don't even know which Insurance company. Even Uncle doesn't have copy of papers. Trying to get details. It should have 4-5 years NCB. Perhaps will use this NCB for Punto if above doesnít work out. Berkshire Insurance is chasing me for renewal but said NCB is restricted to classes of cars with range of upto 1100 cc, 1100-2000 cc and 2000 cc and above. Hover, the 13 pages have told me itís not true and maybe I will teach the guy something. Even the Punto Dealer guy tells me that class is between 2W and 4W but he is rechecking. Also read somewhere - that 'private to private' is allowed and read an example of transfer of 800 cc to Merc. So, this should be done as long as using my Q1, the new buyer has not used my Insuance on this :(
4. In case I find my Swift's Insurance in my name, Can I use its NCB for claiming refund of Punto's new Insurance done last year. Now, I seem to be talking about squeezing every penny out of Insurance guys. They (Future Generali) did settle my claim last month (hehe) to somewhat satisfactory level after I lodged a few coplaints on helpline number (FYI, I am a 'chamdi jaye par damdi na jaye' type of baniya, champion of 'Jaago Grahak Jaago, mostly that is )
Thanks for being patient with me. Kind words will be appreciated
BTW, this is my first related post on the forum thanks to my company suddenly disallowing posting on office LAN (do allow reading which helped me identfy these Insurance premium savings on account of transfers of NCB)
modisan is offline   (1) Thanks Reply With Quote
Old 13th August 2012, 16:46   #413
BHPian
 
Join Date: Sep 2011
Location: Gurgaon
Posts: 36
Thanked: 13 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Source: IRDA - Faq List

Q. Can I transfer my insurance to the purchaser of my vehicle?

A. Yes, the insurance can be transferred to the buyer of the vehicle, provided the seller informs in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance along with pro-rata recovery of NCB from the date of transfer till policy expiry. It may be noted that transfer of ownership in comprehensive/package policies has to be recorded within 14 days from date of transfer failing which no claim will be payable for own damage to the vehicle.

Did not understand it! recovery of NCB from whom and by whom? Can the owner in this case not claim NCB on his new car? (how afraid I am!)

Apologise for this, but I got my partial answer on the same page that I mentioned. Seems to be more informative than I rated it However, it leads me to another confusion. What is the benefit accruing to the Buyer, if he pays NCB difference - I guess the premium for the partial year which seller is not taking refund of. Will he get benefit of NCB for only 1 year in his next renewal?!

"
Q. What is "No Claim Bonus"?
A. No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%.

If, however, a claim is lodged, the No Claim Bonus is lost in the subsequent policy period.

NCB is given to the insured and not to the insured vehicle. Hence, on transfer of the vehicle, the insurance policy can be transferred to new owner but not the NCB. The new owner has to pay the difference on account of NCB for the balance policy period.The original owner can, however, use the NCB on a new vehicle purchased by him. "

Last edited by Rudra Sen : 13th August 2012 at 17:14.
modisan is offline   Reply With Quote
Old 13th August 2012, 19:13   #414
BHPian
 
Join Date: Sep 2011
Location: Gurgaon
Posts: 36
Thanked: 13 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

"Sunset Clause: If at the renewal falling due any time between 1st July 2002 and 30th June 2003, both days inclusive, (after completion of the full policy period of 12 months) an insured becomes entitled to an NCB of 55% or 65% in terms of the Tariff prevailing prior to 1st July 2002, the entitlement of such higher percentage of NCB will remain protected for all subsequent renewals till a claim arises under the policy, in which case the NCB will revert to "Nil‟ at the next renewal. Thereafter, NCB if any earned, will be in terms of the above table."

Explains the 65% enjoyed by GTO. (How many of those you have Dear GTO?)

Here's the entire circular which I just found on net. Very difficult to read -these circulars are. And imagine, my job requires reading such circulars from RBI from time-to-time :(
Attached Files
File Type: pdf IndianMotorTariff.pdf (1.44 MB, 240 views)
modisan is offline   Reply With Quote
Old 4th October 2012, 18:08   #415
Senior - BHPian
 
panky12345's Avatar
 
Join Date: Mar 2006
Location: New Delhi
Posts: 2,638
Thanked: 116 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a query.. please help.

I bought a new car, took insurance, paid them full premium.

Sold old car, obtained an NCB letter from previous insurer (differnt company) with entitlement of 45% (valid for three years). Now, I wish to lodge a claim with the exisiting insuer under the current policy and then subsequently ditch the old company after the expiry of current policy and use the said NCB letter to the new different company. Possible?? Would they check with the previous insuer as regards claim experience or not??
panky12345 is offline   Reply With Quote
Old 4th October 2012, 20:55   #416
BHPian
 
Join Date: Sep 2010
Location: Bangalore
Posts: 818
Thanked: 112 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Guys

How much should the IDV depreciate from year to year typically? Last year I found it unreasonably low and the agent sid to jack it up I could pay more premium. this year again the calculated IDV has dropped by more than 1 lac and the agent will play the same trick.

Is there a fixed percentage by which IDV is supposed to be calculated year after year?

Thanks
--R
Ragul is offline   Reply With Quote
Old 4th October 2012, 23:27   #417
Newbie
 
Join Date: Oct 2011
Location: Gurgaon
Posts: 23
Thanked: 6 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by saion666 View Post
I would be owning my first car for a year now. So a simple and probably naive question 'Do i need to do anything to get the NCB certificate or will they(ICICI LOMBARD) mail it to my house?'
I have the same question. Can anyone help out a newbie? thanks
nigeltufnel is offline   Reply With Quote
Old 5th October 2012, 08:36   #418
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,807
Thanked: 1,804 Times
Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by panky12345 View Post
Now, I wish to lodge a claim with the exisiting insuer under the current policy and then subsequently ditch the old company after the expiry of current policy and use the said NCB letter to the new different company. Possible??
Not possible, the NCB feature should have been used for the first year Insurance only. You cant buy an Insurance for a new car, claim in the policy year and during renewal use the old NCB. If you had used the NCB for the new car then the premium would have been far more lesser. My personal opinion, do check the same with any Insurance company and let us know too.
Quote:
Originally Posted by Ragul View Post
How much should the IDV depreciate from year to year typically?
The post should have ideally been in Automobile Insurance queries - Ask me Thread. If you had visited the thread you would have got the answer. There is an IDV depreciation table available in every Insurance policy, do have a look at your policy document. Insurance renewal is something which you do on you own instead of relying on the agent.

Quote:
Originally Posted by nigeltufnel View Post
I have the same question. Can anyone help out a newbie? thanks
It depends on whether you want the NCB document specifically delivered to you. In all cases the Insurance co would not bother to do so on their own. You can still use the NCB if you dont have the letter when you intend to buy/renew the Motor insurance.
ghodlur is online now   (1) Thanks Reply With Quote
Old 5th October 2012, 10:40   #419
Senior - BHPian
 
panky12345's Avatar
 
Join Date: Mar 2006
Location: New Delhi
Posts: 2,638
Thanked: 116 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ghodlur View Post
Not possible, the NCB feature should have been used for the first year Insurance only. You cant buy an Insurance for a new car, claim in the policy year and during renewal use the old NCB. If you had used the NCB for the new car then the premium would have been far more lesser. My personal opinion, do check the same with any Insurance company and let us know too.
Buddy.. I think you got it wrong.

Am well aware that the NCB cannot be used after taking claim with the same company.

What am asking is renewing with a different company altogether using the NCB.
panky12345 is offline   Reply With Quote
Old 6th October 2012, 12:19   #420
BHPian
 
Join Date: Feb 2008
Location: Pune
Posts: 344
Thanked: 56 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by panky12345 View Post
Buddy.. I think you got it wrong.

Am well aware that the NCB cannot be used after taking claim with the same company.

What am asking is renewing with a different company altogether using the NCB.
NCB is portable, i.e. it is independent of the insurer.

When one switches insurers, one gets all the benefits only if there are no claims on the previous policy irrespective of insurer and there is a declaration that one signs to that effect. I think there is a clause which states that the insurance stands cancelled or probably one has to pay up if there was a claim on previous policy and the current insurer notices that (may be by contacting the previous insurer).
alto99 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 09:34.

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