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Old 16th March 2016, 14:23   #766
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Any rules made by Insurance companies can be disputed, as they are not an authority over rules. Just complain to Insurance regulatory tribunal.
Easier thing to do is just ask them to issue a NCB certificate and tell them that nationalised companies are ready for the transfer, they may agree if not I know the top officer of New India in Pune, I will tell him to refer you to his counterpart in Hyderabad, and you can avail their service for at least the first year.

Rahul
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Old 16th March 2016, 17:36   #767
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Zappo View Post
My NCB from an old Indica was transferred to the new XUV in 2012.
OK, the difference is ~800 CC (2200 - 1400) which I guess is still ok. The Bajaj guy told me that mine was ~1000CC (2179 -1197), so he can't do. I really didn't buy his justification but then didn't try to bargain either as he seemed least interested.

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Originally Posted by Rahul Rao View Post
Any rules made by Insurance companies can be disputed, as they are not an authority over rules. Just complain to Insurance regulatory tribunal.
Easier thing to do is just ask them to issue a NCB certificate and tell them that nationalised companies are ready for the transfer, they may agree if not I know the top officer of New India in Pune, I will tell him to refer you to his counterpart in Hyderabad, and you can avail their service for at least the first year.
Rahul
Thanks for the offer Rahul! I'd tend to agree on the 'rules' part; not sure if I'll take the complain route though. Had a discussion with Policy Bazaar Customer care and got to know that NCB transfer is only possible if one buys via offline (maybe agent) route. You don't even get that option if you're buying online; and the interesting bit was the premium quotes he gave for both modes were almost same amount! I am thinking why bother with the NCB at all for the first year; I'll just take the certificate out and probably use it for next year renewal. I guess I read on the forum that the certificate will be valid for 3 yrs.
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Old 16th March 2016, 20:15   #768
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Few months back I transferred my NCB from 8 year old Wagon-R (IDV around 1 lac) to Creta (IDV around 13 lac).

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Originally Posted by avinash_m View Post
I am thinking why bother with the NCB at all for the first year; I'll just take the certificate out and probably use it for next year renewal. I guess I read on the forum that the certificate will be valid for 3 yrs.
Yes the NCB is valid for 3 years and it can be used even with a renewal (even if not used in the first year). However I think it would be useless if, God forbid, you had to file a claim in the first year itself.

Secondly, the insurance amount is highest in the first year of ownership. By postponing the NCB your savings would be less (difference in amount may not matter much to you).

Another risk - again with a very remote chance - is that the rules are changed in the interim such that IRDA does not allow such NCB transfers.

Last edited by sohu9 : 16th March 2016 at 20:32.
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Old 16th March 2016, 20:15   #769
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by avinash_m View Post
Had a discussion with Policy Bazaar Customer care and got to know that NCB transfer is only possible if one buys via offline (maybe agent) route. You don't even get that option if you're buying online; and the interesting bit was the premium quotes he gave for both modes were almost same amount! I am thinking why bother with the NCB at all for the first year; I'll just take the certificate out and probably use it for next year renewal.
You will get only 20% NCB next year, you can use this NCB only to buy a new car or transfer a second hand car to your name.
Best option is to first get the best quote without NCB, then use that as a base of discussion with the DO. Lastly introduce the NCB and get the appropriate reduction in the own damage basic.
3 Yrs ago when I purchased my Polo the dealers quote was about Rs 22000, negotiation got it to below 14000, and then the 65% NCB certificate got it down further to about Rs 6500. I'm paying a shade above Rs 12000 for the Ecosport.

Rahul
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Old 18th March 2016, 13:45   #770
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Default New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

I sold my car in Nov 2015 and the new purchaser received his RC in Feb 2016. The car insurance is not yet transferred and yet the new purchaser claimed his accident repair through insurance company, which was rejected by the insurance company.

I have contacted the purchaser several times in the last one month for insurance transfer but he has been telling me that he was waiting for a cheque from them for his claim and then we can proceed. Few days ago I contacted Insurance company myself and found that the claim has been rejected and I informed him about it and he hasn't responded to my calls after that. I could sense that he is very reluctant now to bring the car for inspection, though I don't know the reasons.

Is it possible to inform the Insurance company and claim my NCB reservation? I don't have the new RC copy with me. However, I have copy of my Insurance policy and sale deed copy that I had made while selling the car. The insurance is still in my name.

I want to ensure 2 things -

(1) I want my NCB reservation
(2) I would like to remove my name from Insurance now since the car is not in my name.

Please suggest what can be done.
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Old 18th March 2016, 14:58   #771
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Default re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

I gave a letter stating that I have sold my car to such n such a person on this date and request to issue the ncb letter with a copy of the existing policy & my original RC to the insurance office. They issued me the letter immediately.

My old car insurance was with United India Insurance. I had to visit their office personally to get this done. But, I never had any complications of a claim after selling. Suggest you give a letter to safeguard yourself.Hope this helps.

Last edited by null : 18th March 2016 at 15:01.
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Old 18th March 2016, 15:01   #772
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Default re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

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Originally Posted by null View Post
I gave a letter stating that I have sold my car to such n such a person on this date and request to issue the ncb letter with a copy of the existing policy & my original RC to the insurance office. They issued me the letter immediately.

My old car insurance was with United India Insurance. I had to visit their office personally to get this done. Hope this helps.
Exactly what I did.
Went to the Bajaj Allianz who insured my old car and got this done in less than an hour.

Then went to Tata AIG who insure my current car and gave the NCB certificate. Got a cheque from them for Paid Premium - NCB savings.
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Old 18th March 2016, 15:46   #773
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Default re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

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Originally Posted by null View Post
I gave a letter stating that I have sold my car to such n such a person on this date and request to issue the ncb letter with a copy of the existing policy & my original RC to the insurance office. They issued me the letter immediately.

My old car insurance was with United India Insurance. I had to visit their office personally to get this done. But, I never had any complications of a claim after selling. Suggest you give a letter to safeguard yourself.Hope this helps.
Well, in my case my RC was given for RTO ownership transfer. I don't have original RC now though I have photocopy.

Now in this case the RC is already in the new owner's name and my policy is valid till Oct 2016. Should I cancel the policy? Since transfer cannot take place without inspecting the vehicle and RC copy.

Last edited by manish7 : 18th March 2016 at 16:14.
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Old 18th March 2016, 17:11   #774
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Default re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

If the policy is in your name just cancel it. Tell them you don't need insurance. Inform the buyer he needs to get new insurance.

Don't pay premium for someone else car. Makes no sense.
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Old 18th March 2016, 17:45   #775
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Default Re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

Take a Third Party only policy in your name before handing over the car to the buyer. Also obtain the NCB certificate immediately. The buyer can change the TP policy to his name by paying Rs. 100/- only or he can take a new comprehensive cover after adjusting the unused part of the TP policy. This way the seller can rest assured that there would be no hassles.
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Old 18th March 2016, 18:14   #776
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Default Re: New purchaser not responding for insurance transfer, how do I claim my NCB reservation?

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Originally Posted by manish7 View Post
Well, in my case my RC was given for RTO ownership transfer. I don't have original RC now though I have photocopy.

Now in this case the RC is already in the new owner's name and my policy is valid till Oct 2016. Should I cancel the policy? Since transfer cannot take place without inspecting the vehicle and RC copy.
Oh I just meant to say, give the photocopy of the original RC (sorry that). Also attach the sale deed or sale certificate (the copy which the buyer signs and give ti back to you). If they still ask for original, tell that the original is given to the 2nd owner for transfer purposes (and ask them the way out).
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Old 26th March 2016, 20:11   #777
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Visited my grandparents insurance agent and had an interesting conversation. (New India Assurance)

It seems a person can get NCB certificate on selling the vehicle in India and claim the NCB for the vehicle they've bought abroad.
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Old 26th March 2016, 20:31   #778
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by johannskaria View Post
It seems a person can get NCB certificate on selling the vehicle in India and claim the NCB for the vehicle they've bought abroad.
NCB Certificates issued by Insurance Companies are honored world-wide irrespective of country of issue. Indian companies also honor the NCB certificates from rest of the world, like-wise.

Best Regards & Drive Safe

Ram
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Old 28th March 2016, 16:20   #779
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hello, need some advice on NCB Protection. Do I need my NCB to be protected for a 3 year old car with no claims so far? What is the benifit of NCB Protection. From what I studied online, few insurers allow 2 claims without affecting the NCB, but when I switch my insurance to another provider, they ask if I have any claims, and if I say yes they cut the NCB %.
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Old 28th March 2016, 17:06   #780
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

my current car is registered in my sisters name and has 50% NCB, can i transfer the same to the new car which is being registered in my name?

I had a online chat with the insurance company (ICICI Lombard) they wanted me to visit their branch and check!
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