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Old 27th November 2013, 15:41   #511
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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, thats correct. Only instead of 20% read it as 30% since you ahave renewed the policy.
Hey Ghodlur, need some advice. My Safari has 40% NCB on it. I am planning to sell it off. Now my question is can the insurance be transferred to the new owner and the NCB be retained for my new car or in order to claim the NCB, I will have to cancel the insurance altogether and sell the Safari without insurance.
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Old 27th November 2013, 15:45   #512
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Originally Posted by damanshaheed View Post
Hey Ghodlur, need some advice. My Safari has 40% NCB on it. I am planning to sell it off. Now my question is can the insurance be transferred to the new owner and the NCB be retained for my new car or in order to claim the NCB, I will have to cancel the insurance altogether and sell the Safari without insurance.
Yes the Insurance can be transferred to the new owner while you retain the NCB and use it while buying Insurance for new car. When you submit the documents for the ownership transfer to RTO, submit a copy to Insurance co also mentioning the change of Insurance ownership too.

You can obtain the NCB certificate from present Insurer which you can use later while buying Insurance for new car. Just check with the Insurer whether you will get the entire 40% NCB or on pro rata basis if you are selling the car during the present policy year.
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Old 27th November 2013, 15:59   #513
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Yes the Insurance can be transferred to the new owner while you retain the NCB and use it while buying Insurance for new car.
thanks a ton, much appreciated.
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Old 2nd December 2013, 16:21   #514
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi
- Sold Santro in April; it carried insurance till Jun (HDFC Ergo)
- Bought used Corolla in April; it carried insurance till Dec (IFFCO TOKIA) and was endorsed to my name
- Requested in Nov for NCB letter from HDFC for the Santro. Got one stating valid for 90 days from date of expiry.
- Since Santro policy expired in June, I will not be able to use this NCB for my Corolla whose renewal is due in Dec

Is 90 days validity on the NCB the current industry norm? Earlier in this thread I saw a mention of 3 years validity. Can someone please clarify?
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Old 6th December 2013, 17:56   #515
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have renewed my Insurace on my old car on 24-11-2013 and sold the car on 02-12-13. I sold the car to a close friend and all paperwork are signed. I am about to book my new car.

As far as I konw, after finishing off the RC transfer, my friend will have to pay the difference of NCB.

My question is that if I now request the insurance company for NCB retention letter, will they cancel the cover on the old car?
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Old 6th December 2013, 19:23   #516
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Is 90 days validity on the NCB the current industry norm? Earlier in this thread I saw a mention of 3 years validity. Can someone please clarify?
It is indeed 3 yrs from the date of issue of the NCB letter. You need to ask HDFC regarding this blunder.

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My question is that if I now request the insurance company for NCB retention letter, will they cancel the cover on the old car?
No, not at all. The Insurance on the car will continue unless the insurance expires.
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Old 7th December 2013, 09:32   #517
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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No, not at all. The Insurance on the car will continue unless the insurance expires.
ICICI is telling me that they will give me the NCB Retention letter only after the car is transferred to the new owner. I know that they are trying to fool me and I will take it up with them. But, i dont understand why would they do this. I will take this as harrassment and not have any further policies with them. Experts, your views on this please.

Actually in a way I agree with them because the procedure is like this (correct me if wrong):
  • On sale of my old car, I get the NCB retention letter and immediately use it to insure my new car.
  • Assuming that my friend who bought my old car will immediately apply with the RTO, it will still take about a month to get the new RC book. Only then can he get the policy transferred in his name after paying the NCB difference for the remaining period of the policy.

Does this not mean that from the period between my using the NCB letter and the transfer of my old policy in the new owners name, ICICI are offering NCB of 1 car on 2 cars?
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Old 8th December 2013, 10:45   #518
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by benzinblut View Post
Assuming that my friend who bought my old car will immediately apply with the RTO, it will still take about a month to get the new RC book. Only then can he get the policy transferred in his name after paying the NCB difference for the remaining period of the policy.

Does this not mean that from the period between my using the NCB letter and the transfer of my old policy in the new owners name, ICICI are offering NCB of 1 car on 2 cars?
The process of Insurance transfer is to be done parallely with the change of ownership. The ownership change documents submitted to RTO can also be submitted to Insurance co for change of policy owner. The insurance policy change will take hardly a weeks time. To update the Insurance records, the changed RC copy will be required which can be submitted upon receipt. This means that the new owner has a valid Insurance during the period of ownership transfer, this will not affect any claims arising during that period.

NCB always goes with the owner and not with the car, so ideally the NCB used will always be on one car i.e your new car. Hope this helps.
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Old 13th December 2013, 00:24   #519
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I had one question for you guys , if anyone can shed some light on this.

I sold my car 2 months ago (september 2013) - thats when i got paid , but it got transferred to the new owner on 29th Nov 2013 (as per transfer paper at RTO)
Now my old insurance which was on my name with 50% NCB was valid till 30th Oct 2013.

Will i be able to get a NCB certificate from my insurance company even though the vehicle was transferred post the expiration of the policy.?
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Old 13th December 2013, 08:18   #520
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Will i be able to get a NCB certificate from my insurance company even though the vehicle was transferred post the expiration of the policy.?
Yes, you will get the NCB applicable to you. The only issue here is that the new owner will have to buy a new Insurance on his own.

One has to take care always during the car selling process to start the Insurance transfer to the new owner parallely with the ownership transfer. This way the insurance would be available always on the car.
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Old 21st December 2013, 19:30   #521
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I was planning to reap benefits of passing on the NCB(25%) of my present car,which will be exchanged for a new one.

The Maruti Suzuki dealer from where im getting the new car told me that there will be disadvantages for the new buyer when they sell off the old car.

I would like to know if there is such a thing or is this just pure scam since they have some tie up with the insurance company?
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Old 22nd December 2013, 10:35   #522
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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The Maruti Suzuki dealer from where im getting the new car told me that there will be disadvantages for the new buyer when they sell off the old car.
What disadvantages does the dealer talk about, can you elaborate more? Also your post does not clearly mention what inputs are you expecting from the forum.

It is a known fact that NCB always goes along with the owner and not with the car. A person selling his old car can use the NCB accumulated while buying insurance for his new car.
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Old 22nd December 2013, 11:25   #523
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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What disadvantages does the dealer talk about, can you elaborate more?
Does the new owner (of our old car) get any less benefits if the NCB was used compared to not using NCB?
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Old 22nd December 2013, 19:36   #524
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Does the new owner (of our old car) get any less benefits if the NCB was used compared to not using NCB?
The new owner for your old car will not get any benefits of NCB. To take the NCB of your old car is purely your decision.
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Old 7th January 2014, 19:44   #525
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Guys need some help.

I have 2 cars in my name, one with 50% NCB (Innova, insured by United India) and one for which I will be eligible for 20% NCB in a month (BMW, insured by Bajaj Allianz), when my current insurance policy expires.

When I spoke to the Bajaj Allianz people, they said that it is possible to transfer NCB from Innova to BMW, however the United India Agent seemed unsure or rather unwilling to do this. Now, what I want to know is, is it possible to transfer NCB from one car to another, if both cars belong to the same person? Has anyone done this before?

Thanks in advance
Pardon me if this has already been discussed before.
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