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Old 11th July 2016, 13:13   #811
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by thoma View Post
My car's policy was renewed 4 months back with 35% NCB benefit. So if I am to sell my car now, in between 2 renewals, will I be able to transfer the NCB to a new car? If so how will the NCB be calculated?
Yes, upon selling the car you will be able to transfer NCB of existing car to new car. You will have to return back NCB amount on pro rata basis. For eg. If you have claimed 35% NCB and claimed Rs 5000 as NCB amount while renewing last time, you will have to return 50% of the NCB amount if car is sold six month after renewal. Hope you get the calculation.

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Another car is in my dad's name who has passed away last year and I am yet to transfer it to my name. After transferring registration, will I able to transfer NCB too to my name?
Unfortunately no. NCB goes with the owner. Even if you change the ownership to yourselves, you will not be able to claim the NCB. But worth checking out with the Insurance co. Let us know the outcome of the discussion.
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Old 11th July 2016, 13:23   #812
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Unfortunately no. NCB goes with the owner. Even if you change the ownership to yourselves, you will not be able to claim the NCB. But worth checking out with the Insurance co. Let us know the outcome of the discussion.
True.

Unless - your dad had named you in the Policy as the main driver. If so I think (may be I am wrong) there may be a chance that you can appeal to a competent officer/manager in the company to transfer the insurance to your name, if you have a Heirship Certificate or similar document or a will in your favour (naming you as a heir of your father).

Its possible in UK (See below). So it may be possible in India which largely follows the UK laws in commercial/legal matters

ARTICLE: No Claim Bonus - How to save on your insurance premiums!-ncb-trf-2.jpg

https://www.mariecurie.org.uk/help/m...r-persons-name

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 11th July 2016 at 13:42.
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Old 27th August 2016, 20:48   #813
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

The last time I tried to get this no claims bonus thingy..my insurance agent made it sound like it was a big task and would really not be of any value. So he said why go through the hassle and ordeal of getting it done. This was with reference to my third party insurance on a second hand car that i bought. My new car upgrade was also going to be with 3rd party insurance though.
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Old 28th August 2016, 11:30   #814
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by raycers_honda View Post
The last time I tried to get this no claims bonus thingy..my insurance agent made it sound like it was a big task and would really not be of any value. So he said why go through the hassle and ordeal of getting it done. This was with reference to my third party insurance on a second hand car that i bought. My new car upgrade was also going to be with 3rd party insurance though.

NCB is not applicable to Third Party Cover (Only) Insurances in any way.

Its applicable only for "Comprehensive" (Own Damage + Third Party Coverage) Insurances only.

If your agent didn't know that then, he is not a good agent, in my view

Best Regards & Drive Safe

Ram
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Old 28th August 2016, 13:33   #815
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by r_nairtvm View Post
True.

Unless - your dad had named you in the Policy as the main driver. If so I think (may be I am wrong) there may be a chance that you can appeal to a competent officer/manager in the company to transfer the insurance to your name, if you have a Heirship Certificate or similar document or a will in your favour (naming you as a heir of your father).

Its possible in UK (See below). So it may be possible in India which largely follows the UK laws in commercial/legal matters

Best Regards & Drive Safe

Ram
Ram, I did something similar when I bought my company-leased Cruze from my employer. On my specific request, the Admin contact as well as the lessor (Orix) provided me with letters addressed to the insurer asking for the NCB to be transferred to me as:

A. I was buying the car from the company
B. I was anyway the designated driver (i.e. named driver).
C. Neither of them had any objections to the same.

With this I personally visited the offices of Bajaj Allianz and met the GM of that branch. Seems they usually do not get such requests (shows how little we Indians research when we do such transactions) but made a few calls and agreed.

I thus continued to enjoy my 50% insurance even after the transfer. While it may not be a big sum now (the Cruze is 6+ years old), as and when we buy a NEW car it can make for huge savings!
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Old 28th August 2016, 14:28   #816
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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(shows how little we Indians research when we do such transactions) but made a few calls and agreed.
Fully agree with you. The powers that be do not encourage us to do the research as well.

We, by nature like to complain rather than stand up for our rights at the 1st place.

Best Regards and Drive Safe

Ram
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Old 5th September 2016, 14:06   #817
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Sold our 4 Year old Innova and 5 Year old Swift which has never been claimed.
The ownership of the car and insurance name is also changed now. When i asked about this to my insurance agent,they said the NCB paper would be given before the name change only.
Is it correct or is the agent trying to trick me?
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Old 5th September 2016, 17:53   #818
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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The ownership of the car and insurance name is also changed now. When i asked about this to my insurance agent,they said the NCB paper would be given before the name change only.
Is it correct or is the agent trying to trick me?
He is bullshitting (sorry). Go to the Insurance company directly - if agent is refusing to cooperate.

You should get the NCB Certificate as and when the name change in RTO is effected and a proof of same can be provided to the Insurer. The NCB Certificate is valid for 2 years.

If this was a recent event, say within a month or so you still can get it done.

Best Regards & Drive Safe

Ram
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Old 5th September 2016, 18:45   #819
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Quote:
Originally Posted by ysak View Post
Sold our 4 Year old Innova and 5 Year old Swift which has never been claimed.
The ownership of the car and insurance name is also changed now. When i asked about this to my insurance agent,they said the NCB paper would be given before the name change only.
Is it correct or is the agent trying to trick me?
Nope. NCB certificate is given to the owner after selling car and it doesn't make any change of position if you take it before or after name change.

In fact many companies ask for proof of sale, so change of name is the best proof in that sense. I sold my Accent during August last year and name transferred some time during September. I took my certificate from Oriental in February this year.

As mentioned in above post, contact the branch or customer care directly and not the agent.
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Old 5th September 2016, 19:11   #820
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So how much time do we have after the new owner change our car's insurance policy to their name?
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Old 18th September 2016, 19:42   #821
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I approached dealer after more than 6 months for NCB certificate. He told me that NCB certificate can be obtained within 3 months only. How true is this information?
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Old 19th September 2016, 08:04   #822
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by sourabhzen View Post
I approached dealer after more than 6 months for NCB certificate. He told me that NCB certificate can be obtained within 3 months only. How true is this information?
Very much true. The NCB certificate has to be obtained within 3 months of selling the car. The validity of this NCB certificate is 3 years.
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Old 19th September 2016, 10:36   #823
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Very much true. The NCB certificate has to be obtained within 3 months of selling the car. The validity of this NCB certificate is 3 years.
Thanks a lot! I lost some money due to my stupidity then. That's a shame as this should not happen to an active TBHP member.
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Old 19th September 2016, 11:01   #824
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Thanks a tonne guys. i am about to exchange my old wagonr with new one.
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Old 26th September 2016, 20:23   #825
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I'm completely new to worrying about insurance and this post has opened my eyes. However, I have some questions, if someone can kindly help me out.

I have booked an Ecosport and the Zero Dep insurance is costing almost 44K. My old insurance (ICICI) has 50% NCB. IF I miss to take the NCB on the first year, I know I can use it during the first renewal but how much does the IDV value depreciate every year? Will it be a big loss for me using the NCB the first time vs using it the second time?
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