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Old 9th June 2013, 09:56   #466
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by IcarusMan View Post
Alto insurance was with ICICI Lombard. When I finally made time to visit their office in Indira Nagar, I was told that to get the NCB letter, I must pay off the NCB portion of my Alto's insurance (also expiring in July). To top this, I must pay this amount only at the Maruti dealer's showroom where I had bought the car, get the receipt and visit ICICI again. This does not seem right to me, even though the amount is not much. Is this the norm when getting an NCB letter?Thanks
Since you have sold the Alto to True Value, Tru value when it transfers the car in its name will have the pay the NCB amount on prorata basis i.e from April to July. For eg if the NCB amount for the year was Rs 1000, then based on 4 months pro rata, the amount returnable would be 1/3 or 333rs which has to be paid back to ICICI either by you or true value. True value may ask you to pay the amount. Once the insurance transfer happens, you will get the NCB letter from ICICI which you can use to buy insurance for your Forester.

Note that only the NCB pro rata amount will be paid by you if you are asked to, other charges like the Inspection costs of Rs 250 or transfer fee of Rs 50+ will have to be paid by true Value. Hope this helps.
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Old 15th June 2013, 15:14   #467
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My wife and I currently have a 800 (in her name) with 50% NCB on it. We're getting a Duster (which is going to be registered in my name) and want to transfer the NCB from her to me, to save cash on the insurance for the Duster. Whats the best and quickest way to go about it?
- Is it better to just pay the full amount of insurance on the Duster fir the 1st year?
- Then claim NCB for the 2nd year? (and do I understand it correctly that the excess premium paid in the 1st year will be refunded by the insurance company ?)
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Old 15th June 2013, 15:34   #468
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by crazydave View Post
My wife and I currently have a 800 (in her name) with 50% NCB on it. We're getting a Duster (which is going to be registered in my name) and want to transfer the NCB from her to me, to save cash on the insurance for the Duster. Whats the best and quickest way to go about it?
- Is it better to just pay the full amount of insurance on the Duster fir the 1st year?
- Then claim NCB for the 2nd year? (and do I understand it correctly that the excess premium paid in the 1st year will be refunded by the insurance company ?)
I don't think you can transfer the NCB which is in your Wife's name to yourself.

The only option is to sell that Maruti and within 3 months buy the Duster in your wife's name.
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Old 16th June 2013, 12:59   #469
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by crazydave View Post
- Is it better to just pay the full amount of insurance on the Duster fir the 1st year?
- Then claim NCB for the 2nd year? (and do I understand it correctly that the excess premium paid in the 1st year will be refunded by the insurance company ?)
As BBlost said you cant claim your wife's NCB, best to buy the Duster in her name. If you are going to continue with the same Insurance co for the Duster too then you can use the NCB to buy Insurance, have a word with the contact of the Insurance co who did the Insurance for M800. For the last year NCB amount claimed which will have to be refunded back to the Insurance co by you, refer to post 466.
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Old 4th July 2013, 17:35   #470
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My insurance is up for renewal for the 2nd year. I currenly enjoy 50% NCB (carried over from my previous car) and have zero depreciation.

Is there any recommendation for an insurance provider who can provide zero dep as well as NCB waiver ? Essentially, what I want is to be able to do a full claim in case of an issue via the Zero Depreciation and not encur any loss in my NCB in subsequent year.
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Old 5th July 2013, 08:29   #471
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by kutts View Post
My insurance is up for renewal for the 2nd year. I currenly enjoy 50% NCB (carried over from my previous car) and have zero depreciation.

Is there any recommendation for an insurance provider who can provide zero dep as well as NCB waiver ? Essentially, what I want is to be able to do a full claim in case of an issue via the Zero Depreciation and not encur any loss in my NCB in subsequent year.
What is your car? And who was the previous Insurer? You may try Future Generali, Royal Sundaram, Tata AIG who do offer Zero dep + NCB waiver. Ensure that the Insurer you choose does have a cashless tie up with the workshop where you get the car serviced. Both the add ons which you want will cost you addtional amount on the regular premium
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Old 5th July 2013, 09:25   #472
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a 50% NCB from my old Alto. My new Quanto met a small accident and i am in the process of claiming about 20000 from National Insurance.
Is it possible to get the NCB which i am yet to get the noc from the company and claim while renewing for the 2nd year.
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Old 5th July 2013, 14:03   #473
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My experience on NCB with Tata AIG and ICICI Lombard. I sold off my old car, and applied for NCB certificate from Tata AIG on 8th May, 2013. By the time the renewal on the other car came up (May 20th), the certificate was nowhere to be found, so I had to pay full premium for a new policy with ICICI Lombard (Tata AIG's quote was higher). After a lot of follow-up with Tata AIG, I managed to get the NCB certificate last week. They claimed that the courier company could not locate my address, so it went back to their head office. Then they got it delivered to their Pune branch, and I went there myself to pick it up.

Now I have applied to ICICI Lombard to refund me the additional premium I have paid. They had promised a refund at the time of buying the policy, and now they are honoring it - fingers crossed!!
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Old 5th July 2013, 14:58   #474
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by mohang_j View Post
I have a 50% NCB from my old Alto. My new Quanto met a small accident and i am in the process of claiming about 20000 from National Insurance.
Is it possible to get the NCB which i am yet to get the noc from the company and claim while renewing for the 2nd year.
Unfortunately no, you will have to claim the insurance from the present Insurance policy. I would suggest get that NCB letter from the previous Insurer at the earliest. The only solace here is during the next renewal, you use the NCB to reduce your Insurance premium burder which otherwise would have increased due to the recent claim.

BTW didnt you opt for zero dep for your new Quanto? If not any particular reason for doing so.
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Old 5th July 2013, 16:25   #475
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ghodlur View Post
The only solace here is during the next renewal, you use the NCB to reduce your Insurance premium burder which otherwise would have increased due to the recent claim.
Yes. I am on the same track, what would be the rebate i could get now after the claim?

Quote:
BTW didnt you opt for zero dep for your new Quanto? If not any particular reason for doing so.
I have opted the Zero dep. for the Quanto. I was told that 1000rs policy excess + 5% on the total amount and 2000Rs of consumables are not covered. Is that correct? the processing from Ananth cars was not smooth, had many communication gaps. I have lost the patience and asked them to process. I had pay first and get the car out and claim later.

Last edited by mohang_j : 5th July 2013 at 16:28.
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Old 5th July 2013, 20:11   #476
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by mohang_j View Post
Yes. I am on the same track, what would be the rebate i could get now after the claim?
You will get the 50% NCB rebate which you are eligible for as per the NCB letter. Suggest to confirm the same with the Insurer too.

Quote:
I have opted the Zero dep. for the Quanto. I was told that 1000rs policy excess + 5% on the total amount and 2000Rs of consumables are not covered. Is that correct? the processing from Ananth cars was not smooth, had many communication gaps. I have lost the patience and asked them to process. I had pay first and get the car out and claim later
Reg your contribution, 1000 rs as compulsory deduction is OK, but other charges are not applicable to you. They should have been borne by the Insurance co as per zero dep.
Is it the case that you have taken the Insurance from the Insurer not having cashless tie up with the Mahindra workshop where you service the car? If thats the case, then you will have to pay the repair charges first and then get it reimbursed.
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Old 21st July 2013, 20:19   #477
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a 5 year old swift car whose insurance renewal is due in the first week of sep 2013. Last year, i had got 25% NCB and this year, during renewal, i am going to get 35% NCB (as told by Maruti showroom guys).

I am planning to go for Ertiga in another 4-5 months without selling my swift immediately. I might sell it in another 2-3 years. I want to transfer the NCB of my swift to Ertiga. Now my questions are:
1) Should I now renew the premium of swift with the same insurer (IFFCO-TOKIO) and think of NCB claim etc when i actually buy the ertiga ?
2) OR should I cancel the insurance now and get the NCB certificate and then get a new insurance for my swift ?

In the point 1 above, will the cancelling of an insurance within few months of its renewal, result in loss of money ?

Thanks,
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Old 22nd July 2013, 08:40   #478
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by n_naik View Post
I have a 5 year old swift car whose insurance renewal is due in the first week of sep 2013. Last year, i had got 25% NCB and this year, during renewal, i am going to get 35% NCB (as told by Maruti showroom guys).

I am planning to go for Ertiga in another 4-5 months without selling my swift immediately. I might sell it in another 2-3 years. I want to transfer the NCB of my swift to Ertiga. Now my questions are:
1) Should I now renew the premium of swift with the same insurer (IFFCO-TOKIO) and think of NCB claim etc when i actually buy the ertiga ?
2) OR should I cancel the insurance now and get the NCB certificate and then get a new insurance for my swift ?

In the point 1 above, will the cancelling of an insurance within few months of its renewal, result in loss of money ?

Thanks,
Couple of things to be clarified. You should not cancel the insurance on any car. Showroom guys are not the correct person to tell you your NCB status, better ask the Insurance persons.
In your case there are two options
1) Renew the Insurance for the Swift with the NCB discounts and buy a new Insurance for Ertiga whenever you buy it. These days the dealers offer free Insurance for new cars so you might be benefitted by this.
2) Renew the Insurance for the Swift and claim the NCB certificate saying that you will be using it for buying insurance for another car. You will need to give back to the Insurer the additional NCB amount which you had claimed during renewal (equal to 10% say). Use the NCB certificate to buy Insurance for the Ertiga.

Another option is to discuss with the present Insurer about the loyalty discounts offered for the Ertiga Insurance.
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Old 22nd July 2013, 10:53   #479
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by n_naik View Post
I have a 5 year old swift car whose insurance renewal is due in the first week of sep 2013. Last year, i had got 25% NCB and this year, during renewal, i am going to get 35% NCB (as told by Maruti showroom guys).

I am planning to go for Ertiga in another 4-5 months without selling my swift immediately. I might sell it in another 2-3 years. I want to transfer the NCB of my swift to Ertiga. Now my questions are:
1) Should I now renew the premium of swift with the same insurer (IFFCO-TOKIO) and think of NCB claim etc when i actually buy the ertiga ?
2) OR should I cancel the insurance now and get the NCB certificate and then get a new insurance for my swift ?

In the point 1 above, will the cancelling of an insurance within few months of its renewal, result in loss of money ?

Thanks,
AFAIK, you cannot claim NCB on a new car without selling / transferring the old one first. As others have said, you cannot cancel the insurance, it is against the law to drive without valid insurance. Also if you cancel the insurance, you may lose a large part or the entire premium depending on short period rates (they are stated in your policy) and period for which you had the insurance.

If the insurance company agrees to 'transfer' the NCB without a sale, very good, but I doubt it. A better way is to negotiate a better discount showing your claim free experience in the old Swift.

Last edited by sandeep108 : 22nd July 2013 at 10:55.
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Old 22nd July 2013, 13:44   #480
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by n_naik View Post
I am planning to go for Ertiga in another 4-5 months without selling my swift immediately. I might sell it in another 2-3 years. I want to transfer the NCB of my swift to Ertiga.

If you intend to keep your Swift for a few more years, why dont you transfer it to your wife's name. Thereby you'd get to keep the car as well as get the NCB letter for your Ertiga.
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