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Old 26th June 2014, 16:49   #556
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Sheel View Post
If the current car is in my father's name, will the next car we buy (in my name) get the benefit of NCB?
No. The NCB goes with the owner and not with the car. If you buy the next car in your father's name then the NCB can be used when buying Insurance.
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Old 26th June 2014, 18:31   #557
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Got to know few more things. To get ncb retention letter, one needs to submit for 29 & 30 duly approved by rto apart from a vehicle delivery note from the dealer in case of exchange of earlier car.
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Old 26th June 2014, 18:33   #558
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Due apologies for the typo. I meant forms 29 and 30.
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Old 27th June 2014, 08:41   #559
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by SSD2122 View Post
Got to know few more things. To get ncb retention letter, one needs to submit for 29 & 30 duly approved by rto apart from a vehicle delivery note from the dealer in case of exchange of earlier car.
No this is not a requirement for obtaining a NCB letter. These forms are required only when you want to transfer the ownership of the vehicle and the Insurance.
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Old 27th June 2014, 10:33   #560
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

They generally want evidence that you have sold off the old car (which has the NCB) before they will give you a NCB letter. That is why they need the transfer form copies. Ideally they would also ask the buyer to approach them for transfer of the insurance. Otherwise only third party claim may be admitted.
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Old 27th June 2014, 10:42   #561
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by sandeep108 View Post
They generally want evidence that you have sold off the old car (which has the NCB) before they will give you a NCB letter. That is why they need the transfer form copies. Ideally they would also ask the buyer to approach them for transfer of the insurance. Otherwise only third party claim may be admitted.
Here in Mumbai, transfer takes about 2 months. I bought a used car in May, and last week have received the NOC for transfer. Now the actual transfer at my RTO is slated to take another 6-8 weeks. In such scenario how can the seller claim NCB for a new/ used vehicle he bought around the time he sold his old one?

Also, I might be transferring my old Swift to a relatives name, in this case, can I transfer the NCB to another vehicle already in my name?

Last edited by latentpotential : 27th June 2014 at 10:44. Reason: Word
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Old 27th June 2014, 10:51   #562
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

The seller can always claim the NCB later, he will get the refund of the pro-rata premium of the NCB.

Yes, once you sell/transfer the Swift and get the NCB letter, you can apply to the insurance company to apply it to the second vehicle in your name. Usually if it is too old a vehicle, they may refuse as generally NCB transfer is for new vehicles only. But they may accept 2-3 years' old vehicle.
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Old 27th June 2014, 18:05   #563
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Originally Posted by ghodlur View Post
No this is not a requirement for obtaining a NCB letter. These forms are required only when you want to transfer the ownership of the vehicle and the Insurance.
Is that so? Here is my predicament. I gave my old car to the dealer and bought new one. The dealer gave me a vehicle delivery note.

When I went to my insurer for NCB letter, they told me that delivery note is not sufficient. Either transferred RC card details or forms 29 and 30 are needed.
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Old 27th June 2014, 22:24   #564
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by flyingkolors View Post
Friends

Can someone tell me if the zero depreciation (bumper to bumper 100% coverage) policy is not applicable for cars that more than 3 years old?

I have my zero dep policy with ICICI and its due for renewal in a weeks time. They claim that for cars more than 3years old (my car just completed 3years in mid of Jan) they do not offer zero dep policies.

Is this true? Any advice will be of great help.
Flyingkolors

It depends on the insurance company , we have 2 cars with zero dep policy for both but from 2 different providers , Tata AIG was happy to provide zero dep insurance for the 4th year on 1 car whilst ICICI exactly stated what they have told you for the other car , generally insurance companies provide zero dep cover up to 3 years only , also note that the car which Tata AIG offered zero dep for the 4th year is my brother's car which has only done 4300 kms as he lives outside India and the car gets a religious weekend run in of 8 kms , sits in a closed garage and is practically spanking new.

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Originally Posted by SSD2122 View Post
Is that so? Here is my predicament. I gave my old car to the dealer and bought new one. The dealer gave me a vehicle delivery note.

When I went to my insurer for NCB letter, they told me that delivery note is not sufficient. Either transferred RC card details or forms 29 and 30 are needed.
Same experience here , gifted dad a Verna petrol last December , sold his old ride SX4 to a child hood friend of mine , had to hastily get my friend to register the SX4 in his name before we bought the new one as United India Assurance wanted proof of sale to issue an NCB letter as we were changing providers , the insurance agent also gave us an option to purchase the insurance at full price and claim back the NCB once the letter was received , we decided to go for the former as I was there on a holiday and didn't want my dad to run around to get NCB refund later on .
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Old 8th July 2014, 20:41   #565
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I need a little clarification.

The scenario could be like this -
My current NCB is 50%. I paid 5000 rupees as premium in July 2014. If I sell my car now and get the NCB letter, will the buyer have to pay full premium when he goes for renewal in July 2015? By full premium I meant, premium without any NCB. It will then come to around 8-9 k for the buyer.

Thanks.
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Old 9th July 2014, 00:48   #566
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by rjvora_2000 View Post
This is easy.

1. You sell your current car without insurance. Submit the current insurance policy to current insurance company and tell them you have sold the car.
A. you will get the NCB letter.
B. you will get the refund of premium of the balance period.

2. If you sale your car with insurance submit the letter along with the sale proof to current insurance company.
A. you will get NCB letter.

That's it.
When I talked to Royal Sundaram service over phone they mentioned that for getting the NCB letter, I have to submit the Delivery Note as proof of sale and they will issue the NCB letter.

Now they are saying the following:

QUOTE:
No claim bonus certificate on sale can be issued only on the following scenarios:

1) After the sale, the new owner should get the RC copy amended to his name and then approach our nearest local branch and opt for name transfer in the policy. Once the name transfer is done, he will be given with a copy of Name transfer endorsement.

2) After the sale, if the new owner is not choosing to opt for name transfer in the policy, you have to approach our nearest local branch and opt for sale endorsement by paying No claim bonus recovery amount. Once it’s done, you will be given an endorsement.

Once you have opted for any of the above option, we request you to contact us with the copy of the endorsement and the amended RC copy reflecting the name.

We assure you that, we shall render your request for No claim bonus certificate then. UNQUOTE


The above process looks complicated and time consuming. After all, shouldn't they issue the NCB letter with the delivery note as the proof of sale ?
I've sold the vehicle with the delivery note and waiting for the owner change in the RC book is too much of a hassle and will take a long time.

My question is: As mentioned by so many on this thread, I believe only the delivery note (which shows the proof of sale) should be sufficient for an insurance company to issue me the NCB letter. Is that not the case ?

Last edited by for_cars1 : 9th July 2014 at 00:53.
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Old 9th July 2014, 01:16   #567
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a query. I have been offered a 3 year zero dep insurance from tata motors on a payment of 23000 only. Of course taking the cash offered in lieu of this,which in this case is 40000 doesn't make sense to me as No other company would be providing me with a 3 year zero dep in 23000. Am i right or missing something?
Also i will be selling my car after sometime . How Can i adjust NCB in my second year insurance when i have already paid it for 3 years upfront? A request to fellow members to answer both.
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Old 9th July 2014, 08:32   #568
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by fordday View Post
will the buyer have to pay full premium when he goes for renewal in July 2015? By full premium I meant, premium without any NCB. It will then come to around 8-9 k for the buyer.
Yes, he will have to pay the applicable premium during renewal. If he too has the NCB from previous ownership he can use it during the insurance renewal next year.

Quote:
Originally Posted by for_cars1 View Post
As mentioned by so many on this thread, I believe only the delivery note (which shows the proof of sale) should be sufficient for an insurance company to issue me the NCB letter. Is that not the case ?
Ideally yes, but many a times the Insurance co need some assurance that the transfer has happened and the only proof of this would be the RC of new owner.

Normally Insurance co do accept the form 29 & 30 copies which is to be submitted to the RTO for the transfer of ownership. When one does that he can apply to the Insurance co for the NCB letter with the copies of the relevant documents.
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Old 2nd August 2014, 12:35   #569
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have been a Tata AIG patron for years however I think their new rules are stupid and hence looking for a change.

I have hefty NCB % on all my cars(some are upto 65% as per the old norms) hence I always take the NCB protection cover. However the new rule with Tata AIG is that if you have NCB protection and do a claim (you are allowed only 1 claim per year to lock NCB, second claim you can do but will lose NCB) then the following year your NCB is shown directly as rate discount and not separately as NCB. If you don't claim the follow year the NCB% shows back up on your policy.

Essentially what Tata AIG is doing is forcing you to stick with them and not be able to transfer the NCB to another car during the period that it is reflected as a rate discount.

Are other insurance companies doing the same tactics?

Which is the best insurance to go with if I am opting for Zero Dep with NCB protection. My insurance agents suggest Future Generali but they too have only one claim permissible per year to protect NCB, second claim is allowed but you lose NCB. Does any other insurance company allow more than two claim on zero dep with NCB staying protected? Hassle free claims settlement are also a priority for me, TATA AIG has been good in this regard.

Last edited by Sahil : 2nd August 2014 at 12:37.
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Old 12th August 2014, 15:49   #570
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by SSD2122 View Post
Is that so? Here is my predicament. I gave my old car to the dealer and bought new one. The dealer gave me a vehicle delivery note.

When I went to my insurer for NCB letter, they told me that delivery note is not sufficient. Either transferred RC card details or forms 29 and 30 are needed.
Hi

Where you able to transfer NCB?

I am in a similar situation. I am exchanging my Hyundai i10 (50% NCB) with my Hyundai dealer for 2014 Hyundai verna. Potentially I can save about INR 10000 by transferring NCB. But TATA AIG is asking for Form 29/30 which I cannot get now (as I am exchanging with dealer). Dealer has already provided a delivery note/purchase receipt for my old car - but TATA AIG is not OK with that.

A quick response will be highly appreciated.

I have another query -

1. In case I pay the entire insurance amount for new car. Can I get a refund for NCB once dealer sells my old car? Has anyone done this?


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