ARTICLE: No Claim Bonus - How to save on your insurance premiums!

[GTO]

I want to change my insurer this month. I have not claimed anything from my previous insurer so far.Will the new insurer give me the same NCB benefit ? My question is, will the old insurer give it in writing that I am eligible for NCB, when he is sore that I no longer want to retain that insurer ?

Squarecut, Absolutely yes. Please read the first post (Ajmats article) which has detailed instructions on this. You will only need an NCB certificate from your existing / previous insuring company.

[csentil]

So does it make sense not to claim for anything less than 10K? I hit a dog last week and my front bumper is damaged. Looks like its got to be replaced and its going to cost quite a bit for the Civic. Rough estimate of 8K for bumper and labour.

4.30 am and the dog ran right through the centre median onto my car (I was in the inner most lane). Neither did the dog or myself stand any chance. It was either swerving and hitting the two wheeler on the left or hitting the median on the right or just hitting the dog !

What say folks? To claim or not to claim is the question?

[GTO]

Well, it really depends on how much your net saving is via the NCB. E.g. my Vtec enjoyed a 17,000 NCB benefit in the initial years so I didnt claim for a rear windscreen damage (cost = 5,000).

Consider the amount saved (present and potential) versus repair costs.

[nitrous]

My case:
I've got NCB on my Sumo for the past 10 years and im planning to buy a new car. Im not planning to sell the Sumo. Since Sumo's IDV over 10 years would be around a lakh and the premium without NCB would be peanuts, I want to transfer the NCB from my Sumo to my new car.

My questions:
1)Is this possible?
2)Has this been done before?
3)What is the procedure?

Thanks in advance.

[GTO]

Nitrous,

Ajmat has already put in an explanation for that situation in the opening article.

Q: I have a cheap Maruti 800 with a 50% NCB and want to buy a Honda City while keeping both cars.

A: One option to consider is to cancel the insurance on your Maruti and claim the NCB certificate for your Honda while insuring the Maruti with a different company. Another alternative is to transfer the Maruti’s ownership and insurance to your spouse or sibling and proceed as above.

[vnabhi]

Gosh, wish I had access to this site before. I did have a hunch about transferring NCB, but I was misinformed by the insurance guy in Ford when I bought a Fiesta in March 2007. He said i could transfer it only if I sold the old car (WagonR), which I still own.
My question now is:-
1. Since my wife uses my WagonR, i have no plans to sell it.
2. Can I take a new insurnace for it on its depreciated value? I have had no claims so far, and my premium last August was Rs 3600 only.
3. Can I transfer the NCB to my new Fiesta next March when it is due for renewal? Please bear in mind that the insurance companies are different--for WagonR it is Bajaj Allianz,and ICICI Lombard for the Fiesta.'
Any suggestions will be of great help.
Thanks

[austere_sly]

Q: I have a cheap Maruti 800 with a 50% NCB and want to buy a Honda City while keeping both cars.

A: One option to consider is to cancel the insurance on your Maruti and claim the NCB certificate for your Honda while insuring the Maruti with a different company. Another alternative is to transfer the Maruti’s ownership and insurance to your spouse or sibling and proceed as above.

I knew about this from some other thread and asked the same to my dealer when buying swift diesel which also did the insurance. My 800 (which i didn't sell) had NCB for 11 yrs. He calculated that benefits will be around only Rs 2000, thats why i didn't transfer NCB. I think i could have got more.

Heard that All new Maruti car owners who have got iCats installed in their car can avail some special discount on insurance. Haven't checked out with any dealer yet.

[babhishek]

"transfer NCB to the most expensive car and you will save some money."
Small query..
Is the NCB transferred as a percentage? Or is it the amount?
I will just expand on my query a bit and try to keep things simple.
CAR A : value : 200000 NCB 50% ; Insurance Amount 5k after 50% NCB
CAR B : value : 400000 NCB 0% ; Insurance Amount 20k after 0% NCB
Total Insurance Cost : 25k.

If I transfer NCB to CAR B;
CAR B : value : 400000 NCB 50% ; Insurance Amount 10k after 50% NCB
CAR A : value : 200000 NCB 0% ; Insurance Amount 10k after 0% NCB
Total Insurance cost : 20k
Savings = 5k.
Is This Correct?

Or after transferring NCB I only get a 5000 discount in amount leading to same overall cost of Insurance (10k +15k).

CAN Someone PLEASE confirm?

[nitrous]

I checked my Insurance certificate and found that New India is giving a maximum NCB of only 50%.
When I called up their office and enquired, they confirmed that 50% is the maximum NCB that they offer.
Do NCB rates differ from company to company??

[animdas]

Good info ajmat, no doubt.

Let me go one more step. Can I combine 2 NCB's and apply on the expensive car? Will take a new insurance for the cheaper car!

[nitrous]

Originally Posted by animdas

Can I combine 2 NCB's and apply on the expensive car?

For getting 100% or 130% discount?? :rl

[esteem_lover]

Use the one with the maximum NCB. obviously, you can't use both.

[Moby]

Frankly speaking i never had any idea about NCB, before reading this thread. A very informative thread..

[F50]

Originally Posted by nitrous

Do NCB rates differ from company to company??

No. All companies have the same NCB slabs.

[ad75]

Originally Posted by austere_sly

Heard that All new Maruti car owners who have got iCats installed in their car can avail some special discount on insurance. Haven't checked out with any dealer yet.

this is applicable for all car security systems.not only for i-cats.though the gain is not much.they add the value of the securtiy system in the car value & then give a discount of 400-500/-.In case of maruti, vehicles with icats are expensive by 3.5-4k.

This thread is useful, i could shift NCB of 20% from my alto(which i sold) to esteem.