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Old 18th December 2014, 15:37   #601
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I wish to cancel an insurance which I have had with National insurance company for the past 13yrs with 50%.
Any idea how to go about the whole ordeal?
There is absolutely no information on all over the web on how to cancel an insurance.
My car is due for renewal and I am on the way to buy another car, so if I can cancel this insurance get a no claim certificate, this will be the right time I can take a new insurance for the old car and use the NCB for the new car.

Is it even a possibility or I am just aiming too high.
I hope someone has done it.
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Old 18th December 2014, 16:19   #602
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Visaster View Post
Is it even a possibility or I am just aiming too high.
I hope someone has done it.
I sold my Wagon R and bought my Chevy Sail Uva.

Paid the insurance for Chevy in full. Approximately 15k.
Then once I got some free time, I went down to the Bajaj Allianz office and cancelled my Wagon R's insurance and got a letter from them.

I took with me a copy of my Wagon R's sale document and a print out from the aptransport website that showed the car against new owners name.

This took about an hour or so. The letter said that I had cancelled my policy and was entitled to 50% NCB.

Went to my Chevy's insurance company, Tata AiG and submitted this. They sent me a cheque after a week.
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Old 18th December 2014, 16:22   #603
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Visaster View Post
I wish to cancel an insurance which I have had with National insurance company for the past 13yrs with 50%.
Any idea how to go about the whole ordeal?
There is absolutely no information on all over the web on how to cancel an insurance.
My car is due for renewal and I am on the way to buy another car, so if I can cancel this insurance get a no claim certificate, this will be the right time I can take a new insurance for the old car and use the NCB for the new car.

Is it even a possibility or I am just aiming too high.
I hope someone has done it.
Its a definite possibility.

Please visit the office which has issued the current Comprehensive policy at the renewal date and give them a letter requesting them to issue a letter of No Claim Bonus Certificate and you would like to continue with a TP Only Insurance for your old car.

If you take a TP Insurance from them, they will be more than happy to oblige you.

Remember you have to sell the old car with in 90 days otherwise you have to get the Comprehensive issued again to keep NCB alive. If you sell then you have 3 years within which you can but a car and avail the NCB on the premium

Take a copy of the below with you if you want as a sample should they pretend to be ignorant

20141218150135.pdf

Best Regards & Drive Safe

Ram
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Old 24th December 2014, 09:29   #604
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi friends, it is a nice and interesting thread.

Please confirm whether my understanding as below is correct:

My existing car has 45% NCB currently. I will buy a new car which will be invoiced by the end of this month ie., Dec 2014.

Situation 1

If I sell my old car before dec 2014, I can submit the delivery note (proof for selling the car) with my current insurer and get the NCB certificate which in turn will be given to my new car insurer for NCB benefit on my new car.

Situation 2

In case, I am not able to sell my car within dec 2014, then may be if i sell during Jan/Feb 2015, then at that point of time I will show the delivery note to my old insurer and get a refund cheque for the NCB amount.

Am I correct?

By the way, my existing car insurer (Insurance Agent) is asking for the original delivery note. He says that we will show it to the company and return it back to me. Is it wise to give the same because that is the only proof that I have for having sold the car.

Last edited by rki2007 : 24th December 2014 at 09:31.
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Old 24th December 2014, 10:33   #605
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by rki2007 View Post
In case, I am not able to sell my car within dec 2014, then may be if i sell during Jan/Feb 2015, then at that point of time I will show the delivery note to my old insurer and get a refund cheque for the NCB amount.

By the way, my existing car insurer (Insurance Agent) is asking for the original delivery note. He says that we will show it to the company and return it back to me. Is it wise to give the same because that is the only proof that I have for having sold the car.
Situation 1 is plain and simple. For situation 2, you need to remember that the cheque refund of the NCB amount will be from the new car Insurer and not old car Insurer. Ensure that you have it in writing from the new car insurer about the cheque refund. Showing the delivery note to old car Insurer will get you only NCB letter after you settle the NCB amount claimed on prorata basis.

Its strange the existing Insurer is asking for original delivery note, a copy of the same actually suffices. Along with the copy of delivery note also provide the copies of the forms which you will be submitting to the RTO for ownership change. Keep a check with the new owner regarding the RC change, get a copy of the same and mail it to the RTO(s) for that extra peace of mind.
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Old 1st January 2015, 21:16   #606
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I am in the process of getting this done, my family has an old zen being sold with 50% NCB insured by TATA AIG. After speaking to call center, i have sent the scan of Sale letter, Insurance Copy and Request letter. Awaiting a reply from them right now.

Meanwhile, i am trading the old car with True value. So till when is the original insurance valid? And will TATA AIG be able to issue me a third party for the old zen, while they issue the NCB certificate? Or the old insurance would be totally void and money gone? Not that it matters much since it was some 2.5k :P Just want to know if i can salvage atleast the 3 party cost for the old car since the current comprehensive insurance was renewed just 2 months back.

ps: Have forwarded the same query to TATA AIG also.
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Old 2nd January 2015, 23:37   #607
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I would like to transfer my 50% NCB from my wagon R to XUV. I am not selling the wagon R so will buy a new / fresh policy for it without any NCB.

Is this possible ? What would be the best way to go about it ?
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Old 2nd January 2015, 23:59   #608
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Quote:
Originally Posted by pgupta
I would like to transfer my 50% NCB from my wagon R to XUV. I am not selling the wagon R.
Are you going buy new XUV or you have one? If its the former, you can cancel the policy on Wagon R and transfer the NCB while taking policy for XUV and take fresh policy for Wagon R.
If you already have XUV then why do you want to transfer the NCB to it from Wagon R?
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Old 3rd January 2015, 12:21   #609
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

The insurance company may not transfer NCB simply on policy cancellation, they require RTO forms, transfer notes, etc. NCB is supposed to be transferred only on sale/transfer of the car. One way is to transfer the Wagon R to your spouse or relative, if you really require to save some money on the insurance.
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Old 3rd January 2015, 14:34   #610
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Quote:
Originally Posted by IndigoXLGrandDi View Post
Are you going buy new XUV or you have one? If its the former, you can cancel the policy on Wagon R and transfer the NCB while taking policy for XUV and take fresh policy for Wagon R.
If you already have XUV then why do you want to transfer the NCB to it from Wagon R?

I have both the cars with me. Wagon R is a decade old and xuv is months old. I could not transfer the NCB while buying the XUV but was told that it is possible to do so without selling the wagon R. But would like to know if someone has done this before.

Quote:
Originally Posted by sandeep108 View Post
The insurance company may not transfer NCB simply on policy cancellation, they require RTO forms, transfer notes, etc. NCB is supposed to be transferred only on sale/transfer of the car. One way is to transfer the Wagon R to your spouse or relative, if you really require to save some money on the insurance.

So NCB transfer is not possible without selling the car ? This is what I need to know for sure so that I don't waste my efforts.

Mod Note: Please use the EDIT or MULTI-QUOTE buttons instead of typing one post after another on the SAME THREAD!

To know how to multi-quote, click here (How to MULTI-QUOTE (when replying to a thread) on Team-BHP).

Last edited by Rudra Sen : 4th January 2015 at 07:41.
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Old 5th January 2015, 09:05   #611
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by pgupta View Post
I could not transfer the NCB while buying the XUV but was told that it is possible to do so without selling the wagon R. But would like to know if someone has done this before.
So NCB transfer is not possible without selling the car ? This is what I need to know for sure so that I don't waste my efforts.
You should be able to transfer the NCB accumulated during the XUV insurance renewal provided that XUV is registered in your name & unless the Insurance co comes up with something foolish reason for rejecting the NCB since the car to which the NCB is being transferred is not of the same segment. The general procedure is :
1) Apply to the existing Insurance co for NCB eligibility. Note that the Insurance co will just endorse your application with the % NCB eligibility, they will not provide the NCB letter specifically since the car is not being sold.
2) Use the NCB during XUV renewal and forward the endorsed application to the new Insurance co.
3) Buy a TP only or a comprehensive policy for Wagon R.
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Old 5th January 2015, 09:19   #612
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by pgupta View Post
So NCB transfer is not possible without selling the car ?
It is possible. I have been enjoying 50% NCB since many years from my Versa to Linea to XUV 500. Just before buying XUV 500, I surrendered the comprehensive insurance of my erstwhile Linea to Oriental Insurance, converted to the third party and obtained a certificate that was valid for 3 years from the date of issue. Later, used that certificate and obtained comprehensive insurance from the same Oriental Insurance for my new XUV 500 in Dec 2013, while using Linea with the third party insurance until Feb 2014, when I sold Linea. The same procedure was followed by me when I bought Linea and sold Versa later.
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Old 5th January 2015, 21:56   #613
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Update: TATA AIG emailed me and offered to make the Comprehensive insurance a Liability only (3rd party one), but they wanted form 29/30 copy also. Have asked them to go ahead and shared the forms scan.

I have sent them the blank but signed form since the car is being purchased by Maruti Truevalue. Let me see if this is enough.
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Old 6th January 2015, 00:12   #614
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Default Transferring No Claim Bonus from Indigo XL (Sold) to (To Be Bought) i20 Elite.

Quote:
Originally Posted by IndigoXLGrandDi
I sold our Indigo XL Grand Dicor for 130000/- on Saturday to a private buyer. I got 120000/- in the form of DD at that time. Today I went for Transfer and submitted the papers to RTO. The officer was not present today. May be tomorrow.
Balance 10000/- will be paid to me once the new owner gets the receipt of transfer fees from Rto (2-3) days.
I will be booking i20 Elite tomorrow. The delivery is expected within a month.
The Indigo XL has Comprehensive Policy and has gathered 50% NCB. I want to use this to reduce the premium of Elite by 50%. What procedure should I have to follow?

I have Delivery Note in Original with me but not copies of the Form No. 29 and 30 currently.

Would I have to submit only the Xerox copy of Delivery Note (along with copies of ID and Address Proof of the Purchaser) for getting the NCB transferred to Elite or the copies of 29 and 30 are also required?

The Insurer of Indigo is New India Assurance and it would be same for Elite as well (I would be taking Insurance from outside myself).
Quote:
Originally Posted by ghodlur
Showing the delivery note to old car Insurer will get you only NCB letter after you settle the NCB amount claimed on prorata basis.
Would I have to pay any money to the Insurer (New India) to transfer the NCB amount of Indigo to Elite i.e. for NCB amount claimed (50% in this case) on prorata basis (as per the post of ghodlur above)? If yes, how much?


EDIT: -
Do I have to obtain NCB Letter from New India Assurance for Indigo or not needed as the Elite will be insured from them?

EDIT2: -
The Insurance of Indigo is valid till 29-4-15. The amount of Insurance Premium paid on 30-4-2014 was 4859/- including Service Tax. So how much of amount would I have to pay if any while obtaining NCB and transferring the Insurance to New Purchaser?

Last edited by IndigoXLGrandDi : 6th January 2015 at 00:25. Reason: As above.
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Old 6th January 2015, 08:18   #615
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Smile Re: Transferring No Claim Bonus from Indigo XL (Sold) to (To Be Bought) i20 Elite.

Quote:
Originally Posted by IndigoXLGrandDi View Post
Would I have to submit only the Xerox copy of Delivery Note for getting the NCB transferred to Elite or the copies of 29 and 30 are also required?

Would I have to pay any money to the Insurer (New India) to transfer the NCB amount of Indigo to Elite i.e. for NCB amount claimed (50% in this case) on prorata basis (as per the post of ghodlur above)? If yes, how much?


EDIT: -
Do I have to obtain NCB Letter from New India Assurance for Indigo or not needed as the Elite will be insured from them?

EDIT2: -
The Insurance of Indigo is valid till 29-4-15. The amount of Insurance Premium paid on 30-4-2014 was 4859/- including Service Tax. So how much of amount would I have to pay if any while obtaining NCB and transferring the Insurance to New Purchaser?
Firstly congratulations on booking the Elite. You need to submit an application to New India for the NCB letter and submit along with the application the delivery note copy (Check with New India if they need original for verification purposes) and forms 29/30 if available. Since you have sold the car, New India will give you the NCB letter, take it for records purposes. Since you are buying Insurance for the Elite from New India itself, the NCB can be directly transferred while buying the Insurance (mention in the NCB application that you are buying Insurance for Elite from New India itself, will make things pretty clearer).

Now when you transfer the Insurance of Indigo to the new owner, the new owner will have to bear the difference in the NCB amount on the pro rata basis. Now its either agreed between you and the new owner then he can make that payment or else he may ask you to bear that cost.

You also need to apply for the Insurance ownership transfer to New India in a separate application. Start this process parallely with the RTO ownership transfer.
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