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Old 6th November 2006, 17:43   #31
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Great Stuff. I just go to this article in time. I'll be booking a swift soon and will transfer my insurance benefits from Wangon R.

A Question. My current car (Wagon R) is in company name and is leased to me. I need to take ownership in my name before booking Swift through the company lease route again. How do I proceed?

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lsjey
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Old 6th November 2006, 20:05   #32
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Damn good one...never even thought of this...
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Old 6th November 2006, 23:20   #33
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A very good money-saving article. Wanted to know what is rough method to calculate the rate of depreciation of a vehicle. Essentially, I want to know, what the insurance premium will be for my 2006 Indigo TDi, the next year when it is due (so that I have that much amount in my bank). The insurance for car when I bought it was around Rs. 17,000. May be off-topic, please excuse.
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Old 2nd May 2007, 18:07   #34
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Lightbulb I was wondering...

how does it exactly pan out? As in I know the process, theoritically speaking. However suppose I am selling off my car today. Once this process is complete and I get the money I will go ahead and buy a new car. So how do I get the NCB certificate? The buyer will definitely not let me do that if he gets a wind of whats up. And yet, I can not get the certificate till I have got the sale completed. So? How to do it?

Or is it that even if the buyer has already got the insurance transferred in his name I can still saunter into the insurance cos. office and ask for the certificate? If that can be done then it is fine, but I doubt that they will agree to it once the owner of the policy has changed to the new buyer of the car!
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Old 2nd May 2007, 19:42   #35
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Nice article.

how do they arrive at percentage ex - 50% NCB or 100% NCB. Is it based on amount of claim or no.of claims
________________________________________
I guess............

Let us assume that X purchases a car from Y, which has got 50% NCB. When X approaches the insurance office for name transfer, he/she will be asked to pay the 50% NCB amount on prodata basis.

Hence the purchaser cannot utilize it anyway, so there will not be any issues in getting it passed to the seller

Last edited by Surprise : 2nd May 2007 at 19:46.
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Old 3rd May 2007, 10:21   #36
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Quote:
However suppose I am selling off my car today. Once this process is complete and I get the money I will go ahead and buy a new car. So how do I get the NCB certificate? The buyer will definitely not let me do that if he gets a wind of whats up.
Your NCB is yours only. It is based on your "no-claim" record. No one or nothing can stop you from claiming the benefits. The fundamental of the NCB is to reward you for not claiming any damages, and thus your premium gets lesser as you are relatively risk-free.

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how do they arrive at percentage ex - 50% NCB or 100% NCB. Is it based on amount of claim or no.of claims
Insurance companies have slabs. The maximum that I have heard of (and enjoy) is 65% which was the result of 5+ years of no-claims.
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Old 3rd May 2007, 17:21   #37
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Quote:
Originally Posted by lsjey View Post
Great Stuff. I just go to this article in time. I'll be booking a swift soon and will transfer my insurance benefits from Wangon R.

A Question. My current car (Wagon R) is in company name and is leased to me. I need to take ownership in my name before booking Swift through the company lease route again. How do I proceed?

Regards,
lsjey
The NCB is only for your company & not for you in which case, it is immaterial whether the wagonR belongs to you or your company.
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Old 3rd May 2007, 20:58   #38
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Quote:
Originally Posted by GTO View Post

Insurance companies have slabs. The maximum that I have heard of (and enjoy) is 65% which was the result of 5+ years of no-claims.
Nop. Its 50% maximum. It was only pre-2000 that they went upto 65%.

The slabs are as follows:

1 year - 20%
2 year - 25%
3 year - 35%
4 year - 45%
5 year - 50%
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Old 4th May 2007, 01:41   #39
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Quote:
Originally Posted by GTO View Post
Your NCB is yours only. It is based on your "no-claim" record. No one or nothing can stop you from claiming the benefits. The fundamental of the NCB is to reward you for not claiming any damages, and thus your premium gets lesser as you are relatively risk-free.
Oho! Is that how it works? I thought they pass on the NCB as a gratitude since they collected premiums year after year on a car without any payouts. So I thought when the car passes on to the next buyer that person also enjoys the benefit as they keep collecting premiums on the same car wo payouts.

But then in that case if a car is being driven by someone else and it gets into an accident and it can be proven that the owner was not driving it at that point in time the person should keep getting the NCB advantage since he still remains the same risk free driver. Ok I know I am spreading it a bit too thin but then... heinn heinnn heinnnnn
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Old 4th May 2007, 10:52   #40
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Nop. Its 50% maximum. It was only pre-2000 that they went upto 65%.
NOPE! My current Vtec policy (created in May 2006) has a 65% no-claim-bonus discount. I can scan and email it to you for verification.
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Old 4th May 2007, 11:54   #41
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Quote:
Originally Posted by GTO View Post
NOPE! My current Vtec policy (created in May 2006) has a 65% no-claim-bonus discount. I can scan and email it to you for verification.
As posted by F50, the same table is depcited here... see Bonus/Malus clause in link below

The webpage title reads TWO-WHEELERS

Insurancemust.com

Last edited by zakaaaaasss : 4th May 2007 at 11:57.
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Old 4th May 2007, 14:12   #42
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Quote:
Originally Posted by GTO View Post
NOPE! My current Vtec policy (created in May 2006) has a 65% no-claim-bonus discount. I can scan and email it to you for verification.

Even I have been enjoying NCB of 65% for past 4 years now...( september 2006 was the last renewal at 65% NCB )

Understand after the changes to Insurance act in 2006 ( ? ) the new NCB has been capped at 50 %.. but those who were already having more than 50% before this change , will continue to enjoy 65% ..

Last edited by w 12 : 4th May 2007 at 14:16.
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Old 4th May 2007, 16:19   #43
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I want to change my insurer this month. I have not claimed anything from my previous insurer so far.Will the new insurer give me the same NCB benefit ? My question is, will the old insurer give it in writing that I am eligible for NCB, when he is sore that I no longer want to retain that insurer ?
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Old 4th May 2007, 16:30   #44
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Is this availbale for all kinds of insurance..comprehensive and thirdparty?
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Old 5th May 2007, 00:13   #45
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Well, renewed my insurance today with a different insurer: Tata-AIG. My Swift's 1st yr insurance from Maruti-National was expiring on 24 May.

With the deregulation from Jan 07 sailing all insurers in the same boat; the only differentiator being the small services offered by them: Tata-AIG offering 6-month warranty on any spares/bodypanels changed due to accident, upon failure/professional dissatisfaction of the spare/body panel. While the others I spoke with ICICI-Lombard, National Insurance and Bajaj-Allianz were willing to commit to this only verbally, Tata-AIG has it printed on their policy; called AutoSecure/AutoRestore.

Another point to note: Tata-AIG has a complete cashless transaction with all Maruti dealerships(service) except Mandovi. Doesnt bother me since I'm an RNS fan.

No Claim Bonus: 20%. Total insured value: Rs 340000 (depriciated value from original invoice value of Rs 425000).

Final Policy cost including haggling over further discounts: Rs 8800.

Last edited by theMAG : 5th May 2007 at 00:18.
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