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Old 20th September 2013, 10:46   #496
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by raj_5004 View Post
1) The car's insurance expires in November. I got to know that it will take about two months to get the new RC card in my name. By that time, the insurance will be expired. Can I transfer the insurance to my name without the new RC card?

2) Can I avail the No Claim Bonus of the old owner?
Hi Raj,

1) No issues, you can submit the Insurance transfer application a day after submitting the ownership change documents at the RTO. Just attach the copy of application made at RTO along with the Insurance transfer application. Even before you get the new RC, your insurance would have been transferred in your name and then you can renew it upon expiry. The Insurance co would inspect the vehicle first before they do the transfer. Once you get the RC transferred, submit the copy to the Insurance co for record keeping.
2) Sorry, this is not possible. NCB goes with the old owner itself.
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Old 30th September 2013, 15:58   #497
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I owned a car in my name in 2008 for which I had no claims. After 2008 I've not owned a car in my name though.
Now I'm about to buy a new car & get insurance done through NIC. The agent tells me I cannot transfer my no claims bonus since 2008 is 5 yrs back & transfer time limit is within 3 yrs.
Is this true and/or any workarounds for this time limit? Please help urgently as I plan to get insurance done tomorrow.
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Old 30th September 2013, 16:31   #498
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by csanand View Post
I owned a car in my name in 2008 for which I had no claims. After 2008 I've not owned a car in my name though.
Now I'm about to buy a new car & get insurance done through NIC. The agent tells me I cannot transfer my no claims bonus since 2008 is 5 yrs back & transfer time limit is within 3 yrs.
Is this true and/or any workarounds for this time limit? Please help urgently as I plan to get insurance done tomorrow.
My old car's NCB certificate specifically mentions this 3 year limit. I don't think you can get the benefit beyond that.
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Old 1st October 2013, 13:36   #499
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by csanand View Post
I owned a car in my name in 2008 for which I had no claims. After 2008 I've not owned a car in my name though.
Now I'm about to buy a new car & get insurance done through NIC. The agent tells me I cannot transfer my no claims bonus since 2008 is 5 yrs back & transfer time limit is within 3 yrs.
Is this true and/or any workarounds for this time limit? Please help urgently as I plan to get insurance done tomorrow.
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Originally Posted by bblost View Post
My old car's NCB certificate specifically mentions this 3 year limit. I don't think you can get the benefit beyond that.
+ 1 to bblost's observation. There are no workarounds on this.

csanand, in the period from 2008 till now, you state that, you did not have a car in your name. So what was the position then - were you driving a car that belonged to an employer or leased by them ?

In case you have been driving such a car then the Owner and his insurer can provide a NCB certificated based on a declartion from the Employer that you were the principal driver of a specified car and based on that car's history the Employer's Insurer can issue a NCB Certificate - this works especially, if you can get your new purchase insured with the same insurer as well.

This will not work, if the car in question didn't belong to any institution or part of a larger fleet with proven insurance records readily available (in othere words - driving dad's or FIL's or Wife's etcs cars will not be eligible for this provision)

Best Regards & Drive Safe

Ram
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Old 1st October 2013, 13:46   #500
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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
+ 1 to bblost's observation. There are no workarounds on this.

csanand, in the period from 2008 till now, you state that, you did not have a car in your name. So what was the position then - were you driving a car that belonged to an employer or leased by them ?

In case you have been driving such a car then the Owner and his insurer can provide a NCB certificated based on a declartion from the Employer that you were the principal driver of a specified car and based on that car's history the Employer's Insurer can issue a NCB Certificate - this works especially, if you can get your new purchase insured with the same insurer as well.

This will not work, if the car in question didn't belong to any institution or part of a larger fleet with proven insurance records readily available (in othere words - driving dad's or FIL's or Wife's etcs cars will not be eligible for this provision)

Best Regards & Drive Safe

Ram
I was driving my dad's car in the interim so this option wont work.
I just bought my insurance today with NIC which gives us an employee discount & am glad I didnt take insurance through Maruti as I saved Rs 9K!
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Old 1st October 2013, 14:51   #501
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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 r_nairtvm View Post
were you driving a car that belonged to an employer or leased by them ?

In case you have been driving such a car then the Owner and his insurer can provide a NCB certificated based on a declartion from the Employer that you were the principal driver of a specified car and based on that car's history the Employer's Insurer can issue a NCB Certificate - this works especially, if you can get your new purchase insured with the same insurer as well.
Is this possible? I really doubt it. The Insurance co needs the vehicle to be specifically owned for the NCB certificate to be issued. Based on recommendation from the employer, why would the Insurance co provide the benefit of NCB since the vehicle was anyways in the name of the employer even if leased. Not possible IMHO. Need to double verify this.
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Old 1st October 2013, 15:08   #502
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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
Is this possible? I really doubt it. The Insurance co needs the vehicle to be specifically owned for the NCB certificate to be issued. Based on recommendation from the employer, why would the Insurance co provide the benefit of NCB since the vehicle was anyways in the name of the employer even if leased. Not possible IMHO. Need to double verify this.
Ghodlur,

Please read India Motor Tariff Rule GR 27 sub sec (e)

Quote:

(e) The percentage of NCB earned on a vehicle owned by an institution during the period when it was allotted to and exclusively operated by an employee should be passed on to the employee if the ownership of the vehicle is transferred in the name of the employee. This will however require submission of a suitable letter from the employer confirming that prior to transfer of ownership of the vehicle to the employee, it was allotted to and exclusively operated by the employee during the period in which the NCB was earned.
Unquote:

Based on this, when employee buys a new car on his own - the benefit used to be extended, as a good customer relation practice in the good old days when only the so called "cusrtomer unfriendly goverment insurers" only operated.

Best Regards & Drive/Ride Safe

Ram

Last edited by r_nairtvm : 1st October 2013 at 15:11.
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Old 1st October 2013, 20:38   #503
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajmat View Post
Another process, if you are happy with your existing insurance company, is to go to the insurer with your new car invoice and chassis number. The agent should use your NCB to offer a reduced premium and give you a cover note on the spot. The dealership will need this cover note to register your car with traffic authorities.
Hi Ajmat,

Very nice article on NCB. However, I have a clarification.

I have sold my car to a dealer who is to sell it to the final buyer. But now I need to take delivery of my new car before he actually sells it. I have a no claim bonus in my old car. Thus, if I were to continue with the same insurance company is it possible to get the NCB without the entry on the RC book?

Is there any other alternative to benefit from the NCB for the insurance of the new car? Please advice. I only have the delevery receipt from the dealer who took my car.
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Old 3rd October 2013, 15:18   #504
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Hi Ajmat,

Very nice article on NCB. However, I have a clarification.

I have sold my car to a dealer who is to sell it to the final buyer. But now I need to take delivery of my new car before he actually sells it. Please advice. I only have the delevery receipt from the dealer who took my car.
If you have a delivery note given by the agent, you can use that. If I read correctly, that too works.
Else you can use the NCB letter for your Year 2 renewal i/o year 1 new insurance.
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Old 3rd October 2013, 15:35   #505
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Jude300 View Post
Hi Ajmat,

Very nice article on NCB. However, I have a clarification.

I have sold my car to a dealer who is to sell it to the final buyer. But now I need to take delivery of my new car before he actually sells it. I have a no claim bonus in my old car. Thus, if I were to continue with the same insurance company is it possible to get the NCB without the entry on the RC book?

Is there any other alternative to benefit from the NCB for the insurance of the new car? Please advice. I only have the delevery receipt from the dealer who took my car.

You need to submit that Delivery Note and photocopy of the transfer docs you have signed. The insurance will be cancelled and a NCB letter given to you.

It cannot be done over email.

You can take insurance on your new car and at a later date go to the new insurance company and ask for NCB adjustment as well.

Last edited by bblost : 3rd October 2013 at 15:36.
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Old 4th October 2013, 00:05   #506
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by riteshritesh View Post
If you have a delivery note given by the agent, you can use that. If I read correctly, that too works.
Else you can use the NCB letter for your Year 2 renewal i/o year 1 new insurance.
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Originally Posted by bblost View Post
You need to submit that Delivery Note and photocopy of the transfer docs you have signed. The insurance will be cancelled and a NCB letter given to you.

It cannot be done over email.

You can take insurance on your new car and at a later date go to the new insurance company and ask for NCB adjustment as well.
Thanks you so much.

Since I have agreed for name transfer of the insurance I cannot cancel the insurance.

Just one more clarification. Just incase they dont accept the delivery note will it be accepted if I take the Insurance for the new vehicle from the same company. Because, they will know that the existing insurance has been transferred to some other party and the new insurance is taken by me.
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Old 13th November 2013, 11:47   #507
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Had a couple of questions. Went through several pages of this thread and got a lot of info. But still not very clear about a couple of basic things.

I am in the process of selling my car. The insurance expires in December. I have a buyer and as part of the deal I have agreed to bear the cost of the insurance renewal from my side.
  • As per my understanding the NCB is applied when I renew the policy. The NCB for the current year will get accounted for. Is this correct?
  • If this is the case, then getting a NCB Certificate for use towards insurance of my new car is no longer relevant. Is this a right assumption? I would be getting the new car before the renewed policy takes effect on the old car.
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Old 13th November 2013, 15:45   #508
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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As per my understanding the NCB is applied when I renew the policy. The NCB for the current year will get accounted for. Is this correct?
Yes.
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Originally Posted by Rajeevraj View Post
If this is the case, then getting a NCB Certificate for use towards insurance of my new car is no longer relevant. Is this a right assumption? I would be getting the new car before the renewed policy takes effect on the old car.
For eg, suppose you are eligible for 30% NCB during the next renewal (assume for the current year you have already 20% as NCB). Now you have sold the car and obtained the NCB, you will be entitled to 30% NCB only after the completion of policy year. For all other cases you will still be eligible for 20% NCB. So if you buy a car before the end of the policy year, you will be given an NCB certificate for only 20%. Had you bought a new car post the present policy expiry, you would have been entitled to 30% NCB.
Doe this clarifies or make more confusion.
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Old 13th November 2013, 16:34   #509
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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
Yes.
For eg, suppose you are eligible for 30% NCB during the next renewal (assume for the current year you have already 20% as NCB). Now you have sold the car and obtained the NCB, you will be entitled to 30% NCB only after the completion of policy year. For all other cases you will still be eligible for 20% NCB. So if you buy a car before the end of the policy year, you will be given an NCB certificate for only 20%. Had you bought a new car post the present policy expiry, you would have been entitled to 30% NCB.
Doe this clarifies or make more confusion.
Thank you. This does clarify. So if I understand this correctly. Current NCB is 20%. I renew the policy, the 20% get reflected in my renewal. Now I transfer to the new buyer. When I do that, since the policy year is in progress, I will get a 20% NCB certificate and not 30%. Is that correct?
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Old 13th November 2013, 16:36   #510
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Rajeevraj View Post
I renew the policy, the 20% get reflected in my renewal.
Yes, thats correct. Only instead of 20% read it as 30% since you ahave renewed the policy.
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