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

[enygma]

Originally Posted by ajmat

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]

Firstly, thanks a lot for pointing this out.

Am currently on lookout for my 2nd car while still retaining my Gypsy which is at 50% NCB. In this case, the technical hitch that I am hitting is that my current insurers (National - Maruti) say that they can only give the NCB certificate on getting proof of sale, even if it is a sale to a relative. They rule out the possibility of cancelling this insurance of Gypsy and getting a newer insurance (at 100% NCB) on the same Gypsy, if ownership does not change.

Has anyone used the NCB certificate to bring down NCB in the 2nd year of a new car? I mean I know in theory this should be given but has anyone availed it in real?

[pabheda]

hi everyone
i have sold my indigo whihc had 35%ncd and now planning to buy sx4 whihc has insurance value of rs 22700, in this case how much can i save, in my indigo my permium was due in january so 6 months i hvae used it

please guide me so if i am saving little more i might as well plan to buy city

please do advice me
thank u guys
i am really enjoying using this site,it is addictive
pritesh

[ad75]

Originally Posted by pabheda

hi everyone
i have sold my indigo whihc had 35%ncd and now planning to buy sx4 whihc has insurance value of rs 22700, in this case how much can i save, in my indigo my permium was due in january so 6 months i hvae used it

pritesh,

If you have already sold it & signed the papers & the buyer has transferred the insurance into his name,then you wont be able to use the NCB.

you would save 6-8k.

[binoy_tharakan]

Hats off to you Ajmat,

I would have been happier if I visited TBHP few months back. I paid around 27K for my Safari Dicor last march. The mistakes are not to be repeated! I will have to find all options before the insurance companies eat the hard earned money next year.

Warm wishes
Binoy

[Shant]

Are there any other ways that we could save on car insurance? One bhpian pointed out that the iCAT (Immobiliser) in Maruti's save Rs.500 on the premium. How much does a burglar alarm save? Is it worth having one? How about having ABS, Air Bags and Reverse Parking sensors? Does having these, reduce the premiums?

[pabheda]

hi guys
claiming ncb after buying new car and selling old car is possible too.we can do it after buying a car and paying full insurance we might get refund of excess amount paid so people how ahve bought new car and sold old one do contact your insurance agent and ask him to get refund of ncb
some things required for claiming ncb from old car documents are
1 old car insurance copy
2 ncb certificate from old insurance company
3 form 29/30
or
new insurance policy of old car(which new party had issued)
transfer of name in old car rc book

if we give this all things we can get refund of excess amount paid


we can also get refund of premium of old car for the period unused
eg if our policy get refunded in say march and we sold car in aug
so we can get refund from aug to feb's period

this r some ways to say money on insurance .
this all i know as i am just going through as i have sold my indigo and about to get delivery of nhc in few days

[vnabhi]

pabheda---is there no route to claim NCB without selling the old car? I've inquired from Bajaj Allianz and Tata AIG, and both said one must sell the older car.

[GTO]

@ Vnabhi : Would help to check out Ajmats opening post. He has shown a way to get NCB without selling your car.

[kumar2007]

2: Obtain the NCB certificate: Forward a copy of the delivery note to your insurance company and ask for the NCB certificate or holding letter. This letter is valid for three years; you may find it easiest to go to your insurer’s local office to pick it up in person.

Is the delivery note all that you need or do you need the RC book showing a transfer also?

[GTO]

Delivery note is enough.

[pabheda]

Not only delivery note but they ask form no 29 & 30 or insurance policy of old car issued by new owner and rc book where transfer has been done.
and ncb certificate from old car insurance company
i have having real big problem with tata aig
i have given them delivery note, ncb certificate , then they asked for this

today too it has been 1 week my new car is with me but they have not issued insurance
i got car on cover note but now they have cancealed that cover note

[F50]

Originally Posted by pabheda

Not only delivery note but they ask form no 29 & 30 or insurance policy of old car issued by new owner and rc book where transfer has been done.
and ncb certificate from old car insurance company
i have having real big problem with tata aig
i have given them delivery note, ncb certificate , then they asked for this

today too it has been 1 week my new car is with me but they have not issued insurance
i got car on cover note but now they have cancealed that cover note

NCB certificate is obtained from the old company once they are convinced that the car is sold/transfered i.e. either you submit your Form 29 & 30 or show the RC Book. So, I dont understand the point of giving Form 29 & 30 along with NCB Certificate.
Just talk to the guys at Tata AIG and explain them.
Covernote cancelled and no insurance certificate as well be careful.

[pabheda]

well i spoke to them and my direct sales agent too but they did insisted it, i felt that only why is it required when company is issuing ncb certificate.
well we blame only goverment company to work in this style but tata aig is no different.

[pabheda]

at last i got my insurance but in this it starts from 12 th sept and i took delivery of car on 8 th sep. wat do u say should i ask them y or just enjoy my car and forget about the date as it is insured as on date

[nayakrnr]

can NCB taken for third party insurance also??