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


Reply
 
Thread Tools Search this Thread
Old 8th January 2014, 08:23   #526
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 275BHP View Post
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?
FYI the NCB moves with the person and not with the car. In your case the NCB of the Innova can be used during the insurance renewal of the BMW but you cant add up the NCB of both the cars. The max NCB you would get is 50% only provided you submit the NCB letter earned from Innova during BMW insurance renewal. Bear in mind that you would have to buy the comprehensive insurance for Innova at present rates calculated based on depreciation years.

UI person's uninterest stems from the fact that they would lose a customer.
ghodlur is online now   (1) Thanks Reply With Quote
Old 8th January 2014, 09:15   #527
BHPian
 
Join Date: Aug 2012
Location: Cochin, B'lore
Posts: 124
Thanked: 101 Times
Default

Quote:
Originally Posted by ghodlur View Post
FYI the NCB moves with the person and not with the car. In your case the NCB of the Innova can be used during the insurance renewal of the BMW but you cant add up the NCB of both the cars. The max NCB you would get is 50% only provided you submit the NCB letter earned from Innova during BMW insurance renewal. Bear in mind that you would have to buy the comprehensive insurance for Innova at present rates calculated based on depreciation years.

UI person's uninterest stems from the fact that they would lose a customer.
Thanks for the info. What your saying makes sense.

However, what happens in case a person has 2 cars in his name? As I had mentioned in my previous post. I've been getting 50% NCB on my innova for the past 2 years. Last year I bought a BMW for which I am entitled to an NCB of 20% as I hadn't made any claims the past year. Isn't it only logical that I be allowed to transfer my NCB from Innova to BMW and vice versa? Meaning I get 50% NCB on the BMW this year and 20% NCB on the Innova for the rest of the period insured?

I'm pretty confused, to say the truth with this whole NCB deal for 2 cars under a single owner. Sigh!
275BHP is offline   Reply With Quote
Old 8th January 2014, 20:20   #528
BHPian
 
Join Date: Nov 2004
Location: Hyderabad, India
Posts: 287
Thanked: 23 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have shifted from regular insurance to 3rd Party Insurance for my 10 year old car.
I got a No claim bonus Letter from Sundaram ( with whom i had my regular car insurance) - it states " the insured is eligible for 50% NCB at time of renewal, provided the policy is renewed within 90 days from date of expiry"
I dont intend to buy a new car in the next 90 days..
Say if i buy a new car after 6 months, will this 50% NCB be produced ?

Am confused because in the forum i read that the NCB Certificate is valid upto 3 years.
paharino1 is offline   (1) Thanks Reply With Quote
Old 10th January 2014, 13:53   #529
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,614
Thanked: 1,348 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by paharino1 View Post
I have shifted from regular insurance to 3rd Party Insurance for my 10 year old car.
I got a No claim bonus Letter from Sundaram ( with whom i had my regular car insurance) - it states " the insured is eligible for 50% NCB at time of renewal, provided the policy is renewed within 90 days from date of expiry"
I dont intend to buy a new car in the next 90 days..
Say if i buy a new car after 6 months, will this 50% NCB be produced ?

Am confused because in the forum i read that the NCB Certificate is valid upto 3 years.
I am posting below the actual wording of the provision issued by one of the government insurance companies in India - hope this clarifies the situation for you.

Please ignore the 65% NCB as that is carried over from my original insurance under "sunset clause" provisions.

So if the car is going to be with you, please keep the comprehensive insurance renewed till you decide to sell or decide to buy a new one

Best Regards & Thanks

Ram
Attached Thumbnails
ARTICLE: No Claim Bonus - How to save on your insurance premiums!-ncb-cert-1.jpg  

r_nairtvm is offline   Reply With Quote
Old 11th January 2014, 19:11   #530
BHPian
 
dockap's Avatar
 
Join Date: Jun 2007
Location: Mangalore
Posts: 840
Thanked: 364 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi Guys, I sold my Chevy Optra in March 2012 and it had an NCB of 45% at that time. I had called up the Insurance Co (Bajaj Allianz) helpline and they said i can use the NCB for my next car within the next 3 years but they failed to mention that i should apply and get the NCB certificate within 90 days.
Last week i have been to the local office of the Insurance Co and they refused to honor the NCB stating that i had not applied for the NCB certificate within 90 days of the sale even though i had copies of the last insurance policy with 45% NCB, sale and delivery taken note from the new owner of the car. Is there any way i can get the 45% NCB from any other insurance Co by virtue of the above documents.

Last edited by dockap : 11th January 2014 at 19:13.
dockap is offline   Reply With Quote
Old 11th January 2014, 19:29   #531
BHPian
 
Join Date: Jan 2010
Location: Trivandrum
Posts: 204
Thanked: 49 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ScarySkulls View Post
I am currently in the 65% rebate bracket.
Never claim for any minor damages. Saves you LOTS in the long run.
Digging up a very old post- circa 2006. I have a query. I bought RITZ VDI in Feb 2012. Insurance was from dealer itself in Trivandrum (Indus motors). In that year, I had a claim in that year (sept 2012),because of a small accident where the bill came to 13500 rs. From February 2013 onwards, ie, second year term, I do not have any claim. Now How to get this NCB letter? Insurance, done by Maruti dealer online is from National Insurance Corporation. Now I have to renew policy in a bout a week. Please guide me about how to save some amount in this regard.
srikanthns is offline   Reply With Quote
Old 16th January 2014, 08:05   #532
BHPian
 
Join Date: Sep 2009
Location: Mumbai
Posts: 57
Thanked: 4 Times
Default

I have a SX4 of 2009 model. And I have to replace my windshield. The expenditure is coming to around 7500 - 9000/-. Till date I have not made any insurance claim. I want to know, whether it will be worthwhile to claim insurance for replacing the windshield... Thanks in advance
Sea Cruiser is offline   Reply With Quote
Old 16th January 2014, 08:43   #533
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 srikanthns View Post
I do not have any claim. Now How to get this NCB letter? Insurance, done by Maruti dealer online is from National Insurance Corporation.
If you are planning to renew the premium from Maruti itself then you wont need any NCB letter, the NCb amount will be automatically captured in your renewal premium. If you planning to take insurance from outside, then you will need to contact Maruti to obtain the NCB letter to buy Insurance from outside. Now the issue here is if you plan to buy Insurance from outside, then Maruti will not provide the NCB letter in the policy mid year but only at the end of the policy. Since you will have to renew the existing policy before expiry, you may have to get a confirmation from the next insurer that the NCB amount will be refunded back once the NCB letter is provided. Hoep this helps.

Quote:
Originally Posted by Sea Cruiser View Post
I have a SX4 of 2009 model. And I have to replace my windshield. The expenditure is coming to around 7500 - 9000/-. Till date I have not made any insurance claim. I want to know, whether it will be worthwhile to claim insurance for replacing the windshield...
The thumb rule is if the repair charges are more than the NCB amount saved during the next renewal, then claim Insurance or else get it done from own pocket. The amount you mentioned - is it from Maruti? Have you tried getting a quote from Windshield experts? Try the link.
http://www.team-bhp.com/forum/mumbai...ts-mumbai.html (Auto Glass - Windshield Experts (Mumbai))
ghodlur is online now   Reply With Quote
Old 20th January 2014, 18:27   #534
BHPian
 
Join Date: Apr 2006
Location: Mumbai
Posts: 318
Thanked: 155 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My current Car has a NCB of 50% which I would be selling off in next 1 month. Also I had booked a new car assuming that since the current wait period is around 2 months, I would comfortably get the NCB certificate. However dealer confirmed yesterday that the new vehicle can be immediately made available to me. In this scenario, Can I cancel the comprehensive insurance on my current car, get the NCB certificate & simultaneously buy a third party insurance for my current car from a different insurance company? If yes then I would be able to save a large amount on the new car insurance.
malgudi is offline   Reply With Quote
Old 21st January 2014, 01:43   #535
BHPian
 
Join Date: Aug 2012
Location: Cochin, B'lore
Posts: 124
Thanked: 101 Times
Default

Quote:
Originally Posted by malgudi View Post
My current Car has a NCB of 50% which I would be selling off in next 1 month. Also I had booked a new car assuming that since the current wait period is around 2 months, I would comfortably get the NCB certificate. However dealer confirmed yesterday that the new vehicle can be immediately made available to me. In this scenario, Can I cancel the comprehensive insurance on my current car, get the NCB certificate & simultaneously buy a third party insurance for my current car from a different insurance company? If yes then I would be able to save a large amount on the new car insurance.
Yes that shouldn't be a problem. In fact I'm getting something like that done tomorrow. Cancelling the insurance for my current car that has an NCB of 50% and transferring it to another car while taking a new policy for the current car. However I'm getting all this done from the same insurance company. Makes the process easier than having to deal with two different insurance companies.
275BHP is offline   (1) Thanks Reply With Quote
Old 21st January 2014, 08:36   #536
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 malgudi View Post
My current Car has a NCB of 50% which I would be selling off in next 1 month. Also I had booked a new car assuming that since the current wait period is around 2 months, I would comfortably get the NCB certificate. However dealer confirmed yesterday that the new vehicle can be immediately made available to me. In this scenario, Can I cancel the comprehensive insurance on my current car, get the NCB certificate & simultaneously buy a third party insurance for my current car from a different insurance company? If yes then I would be able to save a large amount on the new car insurance.
Another alternative is get the NCB certificate from the Insurer after the transfer of the previous car, buy new Insurance for new car and submit the NCB to get a refund later. This way while selling the car, it would still carry the Insurance with it which the new owner can later transfer the ownership.
ghodlur is online now   (1) Thanks Reply With Quote
Old 21st January 2014, 11:50   #537
BHPian
 
Join Date: Apr 2006
Location: Mumbai
Posts: 318
Thanked: 155 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ghodlur View Post
Another alternative is get the NCB certificate from the Insurer after the transfer of the previous car, buy new Insurance for new car and submit the NCB to get a refund later. This way while selling the car, it would still carry the Insurance with it which the new owner can later transfer the ownership.
Not sure If I would get a refund later. My understanding is once the insurance for new car is issued without NCB, I would get NCB only in the second year which would mean loosing a good 17K on insurance for the first year.
malgudi is offline   Reply With Quote
Old 21st January 2014, 12:13   #538
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 malgudi View Post
Not sure If I would get a refund later. My understanding is once the insurance for new car is issued without NCB, I would get NCB only in the second year which would mean loosing a good 17K on insurance for the first year.
Not quite right, you will get a refund. Thats the deal you will have to make with the Insurer. Would advise to discuss it with the Insurance co rep for more clarity.
ghodlur is online now   Reply With Quote
Old 21st January 2014, 12:47   #539
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,036
Thanked: 1,038 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I plan to change my 12-year old WagonR next year. So far, there's no claim at all on it, and I think the NCB is 50%.

But when I buy a new car, I'll have to pay 14% life tax instead of 12% as it will be a second car registered on my name. I can avoid this by buying the new car in my wife's name. So my question is whether I should transfer the WagonR in her name this year, so that she gets the benefit of NCB on the new car.

But even then, the new car would be a second car on her name, and we'll have to shell out additional 2% life tax. This seems to be a Catch 22 situation.

Any suggestions, guys?
vnabhi is offline   Reply With Quote
Old 21st January 2014, 12:48   #540
BHPian
 
Top-Gear's Avatar
 
Join Date: Mar 2013
Location: Mumbai
Posts: 208
Thanked: 106 Times
Default

Quote:
Originally Posted by malgudi View Post
Not sure If I would get a refund later. My understanding is once the insurance for new car is issued without NCB, I would get NCB only in the second year which would mean loosing a good 17K on insurance for the first year.
As Ghodlur pointed out, it's quite easy. I got a refund on my first year premium by sending across an NCB certificate to the insurer of my new car without any hassles.
Top-Gear 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 09:35.

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