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Old 23rd May 2017, 14:50   #871
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I recently sold my car at Cars24. I have a delivery note from them, but not the Form 29 / 30 yet. Can I use the delivery note to get an NCB certificate?
I don't think so. My old insurer was very particular about needing the three forms. But usually car dealers have these things handy. Can you can ask them now?
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Old 23rd May 2017, 14:54   #872
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I don't think so. My old insurer was very particular about needing the three forms. But usually car dealers have these things handy. Can you can ask them now?
Yes. I have asked them. He said that usually they provide these documents within 70 days maximum. They will also provide a receipt of the registration fees paid at the RTO. Just wanted to know whether I should wait for the documents or can I get the NCB on the delivery note?
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Old 23rd May 2017, 15:53   #873
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Yes. I have asked them. He said that usually they provide these documents within 70 days maximum. They will also provide a receipt of the registration fees paid at the RTO. Just wanted to know whether I should wait for the documents or can I get the NCB on the delivery note?
I doubt it but ask the insurer.
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Old 23rd May 2017, 17:54   #874
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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This is exactly the situation I was in with Ford last month. What you need to do is this: take the free insurance they are giving you. When you sell your old car to them or to whoever else, take a letter from the new owner (if its to Ford, then on the dealer's letterhead) saying they are buying the car from you. In addition, they need to fill and give you Form 29 and 30 for ownership transfer. Give these three documents to your old car's insurer. They will send you an NCB certificate, which is valid for 3 years. In the second year of ownership of the new car, use the NCB certificate to get a discount on insurance renewal, with any insurer of your choice.
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I recently sold my car at Cars24. I have a delivery note from them, but not the Form 29 / 30 yet. Can I use the delivery note to get an NCB certificate?
No need for any delivery note, Sale letter etc for getting an NCB certificate.Go to your insurer, surrender your comprehensive policy saying
that you are planning to sell your car,and get an NCB certificate which is valid for 3 years during which period you can use that to get a comprehensive policy.You should take a Third party insurance for your old car.Actually it is quite simple.But most owners are not aware of this and many agents either don't know this or don't reveal it
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Old 24th May 2017, 10:27   #875
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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No need for any delivery note, Sale letter etc for getting an NCB certificate.Go to your insurer, surrender your comprehensive policy saying
that you are planning to sell your car,and get an NCB certificate which is valid for 3 years during which period you can use that to get a comprehensive policy.You should take a Third party insurance for your old car.Actually it is quite simple.But most owners are not aware of this and many agents either don't know this or don't reveal it
That alone was not sufficient for my insurer and I think we are talking slightly different timelines - before a car is sold and after a car is sold. The procedure I gave is for after. For example, I never bothered with third-party insurance, that was the new buyer's headache. But yes, I had to tell them to annul the comprehensive insurance on the old car.
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Old 1st June 2017, 19:24   #876
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by StarScream View Post
This is exactly the situation I was in with Ford last month. What you need to do is this: take the free insurance they are giving you. When you sell your old car to them or to whoever else, take a letter from the new owner (if its to Ford, then on the dealer's letterhead) saying they are buying the car from you. In addition, they need to fill and give you Form 29 and 30 for ownership transfer. Give these three documents to your old car's insurer. They will send you an NCB certificate, which is valid for 3 years. In the second year of ownership of the new car, use the NCB certificate to get a discount on insurance renewal, with any insurer of your choice.

Thanks for the clear information.

I checked with the insurance company and they required the same documents along with the sales receipt.
On the Form 29/30, do I need the showroom dealer signature and seal since the car is not sold yet?
Also is there a charge by the insurance company to process the NCB and provide the certificate? They had quoted around 750/- for the same.
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Old 2nd June 2017, 08:50   #877
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ptushar View Post
I recently sold my car at Cars24. I have a delivery note from them, but not the Form 29 / 30 yet. Can I use the delivery note to get an NCB certificate?
The Insurance co will provide the NCB certificate only upon providing the change of ownership transfer proof. Since the car is sold to the dealer who will rarely change the ownership to himself, the best you can do is apply for NCB certificate and get an endorsement of the applicable NCB on the letter. This would be sufficient for taking the credit of NCB while buying Insurance for new car.

Your responsibility does not end here, keep pursuing with the dealer for the change of ownership. Please note till the ownership changes, any liability of the car still lies with you.
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Old 2nd June 2017, 11:51   #878
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Thanks for the clear information.

I checked with the insurance company and they required the same documents along with the sales receipt.
On the Form 29/30, do I need the showroom dealer signature and seal since the car is not sold yet?
Also is there a charge by the insurance company to process the NCB and provide the certificate? They had quoted around 750/- for the same.
I never bothered checking what was in it but the form 29/30 was provided to me by the dealer - and it was all in order and satisfactory to the insurer. If the car isn't sold yet then perhaps the procedure is the one mentioned for prior to sale.

Meanwhile, I can check the documents carefully and let you know what they say.

The charge for the NCB is a surprise. HDFC Ergo, my old insurer, just asked for the documents and sent me the NCB by post. No charge. In fact they even refunded money for the remaining months on cancellation of the comprehensive insurance, without my asking.

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Originally Posted by ghodlur View Post
Your responsibility does not end here, keep pursuing with the dealer
for the change of ownership. Please note till the ownership changes, any liability of the car still lies with you.
Even if you have all the documents for transfer and cancel the comprehensive insurance? Also, if what you say were true, why would the dealer rush to get fresh third-party insurance?
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Old 2nd June 2017, 13:10   #879
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Even if you have all the documents for transfer and cancel the comprehensive insurance? Also, if what you say were true, why would the dealer rush to get fresh third-party insurance?
Sorry not getting the context here.

Why would someone cancel the comprehensive Insurance on the car when sold? The Insurance is for the car. Even if you have all the transfer documents available with you, unless the ownership changes in the RTO record the current owner will be liable. In case of any information requirement by any agency related to the car from RTO, the current owners details will be provided.

Don't understand by what you meant by dealers rushing to get fresh third party insurance. The general tendency of the dealer is to buy TPL only insurance for the cars till they are sold but only after the existing insurance has expired. This is to purely save costs. Once new owner buys the car, he will have to buy the comprehensive coverage (if he wishes to).
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Old 2nd June 2017, 13:29   #880
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ghodlur View Post
Sorry not getting the context here.

Why would someone cancel the comprehensive Insurance on the car when sold? The Insurance is for the car. Even if you have all the transfer documents available with you, unless the ownership changes in the RTO record the current owner will be liable. In case of any information requirement by any agency related to the car from RTO, the current owners details will be provided.

Don't understand by what you meant by dealers rushing to get fresh third party insurance
. The general tendency of the dealer is to buy TPL only insurance for the cars till they are sold but only after the existing insurance has expired. This is to purely save costs. Once new owner buys the car, he will have to buy the comprehensive coverage (if he wishes to).
Comprehensive Insurance Policy is not attached to the car as such that is why it cannot be transferred from one owner to another owner and also it is an inheritable policy (NCB etc gets transferred to the legal successor)
The dealers run to get a Third party insurance for car which previously had a Comprehensive policy, and the seller had kept it for his new car
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Old 2nd June 2017, 13:48   #881
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
Comprehensive Insurance Policy is not attached to the car as such that is why it cannot be transferred from one owner to another owner and also it is an inheritable policy (NCB etc gets transferred to the legal successor)
The dealers run to get a Third party insurance for car which previously had a Comprehensive policy, and the seller had kept it for his new car
You got it all wrong mate.

Comprehensive policy can be transferred to the new owner as it always stays with the car. Only NCB stays with the current owner.

The dealers tend to buy the TPL only policy when the existing comprehensive policy expires.
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Old 2nd June 2017, 14:16   #882
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ghodlur View Post
You got it all wrong mate.

Comprehensive policy can be transferred to the new owner as it always stays with the car. Only NCB stays with the current owner.

The dealers tend to buy the TPL only policy when the existing comprehensive policy expires.
Agreed, I stand corrected to the extent that comprehensive policy can be transferred to the new owner.But it is advantageous only if it does not have NCB attached to it.Otherwise the new owner will have to repay the NCB amt back to the insurer.
Hope you agree that the NCB/ comprehensive policy can be inherited
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Old 2nd June 2017, 16:09   #883
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Why would someone cancel the comprehensive Insurance on the car when sold?
Because that is a requirement to claim the NCB. If there is no NCB, then there is no issue.

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Originally Posted by ghodlur View Post
The Insurance is for the car. Even if you have all the transfer documents available with you, unless the ownership changes in the RTO record the current owner will be liable. In case of any information requirement by any agency related to the car from RTO, the current owners details will be provided.
If that is the case, then the only thing you can do is prove with the papers to the authorities that you sold the car to xyz. Because the new owner may or may not transfer ownership at the RTO. Also, i don't see how one can be liable for someone else's sloppiness
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Old 2nd June 2017, 16:23   #884
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
But it is advantageous only if it does not have NCB attached to it.Otherwise the new owner will have to repay the NCB amt back to the insurer.
No. NCB or no NCB, it does not make sense to cancel the existing Insurance of vehicle being sold and allow the dealer to buy the TPL only policy. Even if the dealer buys the policy, he buys it on the existing owner's behalf since the Insurance transfer has not happened.

Yes, you are right that the NCB amount claimed for the year has to be returned back but on pro rata basis either by the seller or by the buyer when he applies for the Insurance transfer.
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Originally Posted by StarScream View Post
Because that is a requirement to claim the NCB. If there is no NCB, then there is no issue.

If that is the case, then the only thing you can do is prove with the papers to the authorities that you sold the car to xyz. Because the new owner may or may not transfer ownership at the RTO. Also, i don't see how one can be liable for someone else's sloppiness
The requirement for claiming NCB i.e certificate is selling of the vehicle with proof of ownership transfer. You wont get NCB certificate just because you cancelled the policy. If you cancel the policy you will only get the NCB endorsement on an application paper.
What is the proof of selling? Deliver note? No way. Would you have sale documented in any government approved format? I don't think so. All one does is fill the Form 29 and 30 which is merely submitting the document for ownership change. Actual change happens when the RC shows the new owner details for the vehicle with government records updated and RC is a govt approved format. The authorities will believe in RC and not any piece of paper. Even the receipt you get after submission of ownership change documents is a valid govt document.

There have been many examples of vehicles sold to dealer and being used for illegal activities, involvement in accidents etc and the owner as seen in the RC being questioned by relevant authorities. It starts to get ugly when questionable acts with the vehicle is identified.

Hope I have answered the doubts.
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Old 3rd June 2017, 13:01   #885
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Sorry if I gatecrashed here (never thought I would have to write this)!

Being completely aware of the ownership transfer/NCB transfer process, I sold my car on Feb 27, 2017, to one Nayaz. However, I have still ended up being on the wrong side! At the time of sale, he posed himself as the buyer, paid full amount in cash, bought all the required forms himself, got my signatures on those, gave a copy of his DL to me, signed the sale deed/receipt for me, and took my car with him.

After about a month, when I kept calling repeatedly to inquire about the transfer status, he said the car didn't "work out" for him and so he sold it to another friend. Though surprised, helplessly, I asked him to get the transfer done on that friend's name at least ASAP, to which he agreed but nothing moved. Then, after about two months from the date of sale, due to my constant pressure, he came down with his friend's ID proof and got the CC (clearance certificate) issued from my RTO to his friend's name. He said now I can relax as I am safe without any further liability and left.

Now, even after three months of sale, there is no sign of transfer getting completed. The latest is he says his friend is not interested in doing the transfer now and so I can go ahead and cancel the insurance. I forgot to mention above the main reason for my constant followup with them - it was in an attempt to get the NCB transferred to my new car (which I purchased on April 16, 2017), as I had 50% NCB on my old car.

My queries:
1) I have a copy of CC from my RTO stating that so and so date/time, the car is transferred to the buyer's RTO, mentioning his name, and that no further liabilities are on me. Is this all I can do from my end now?

2) The insurance company (ICICI Lombard) is giving the same stereotypic answers regarding my request for NCB transfer despite clearly explaining the situation and my inability to produce the new buyer's RC Book or the Form 29/30 which are in his possession. Is there any alternative option for me to pursue getting NCB retention letter?

3) In case the insurance company still refuses to give me the NCB retention letter without any alternatives and the policy goes on to expire after its due date (expires on December 19, 2017), will the NCB also expire along with the policy at that time or will it become available for transfer then?

I am planning to contact ICICI Lombard regarding this, this coming Monday. Any additional knowledge I can get prior to that would be helpful.

Thanks in advance for all the help I am going to get!

Regards,
Shiju
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