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Old 9th June 2017, 10:23   #901
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Guys, I have an update.

Tuesday, June 6th, ICICI Lombard called me to discuss the issue. I again reiterated the scenario where I can't push the buyer anymore to register the vehicle in his name and that I can't produce his new RC/insurance copy until he decides to do it. My biggest advantage was the CC and my old RC book endorsement that I had attached, which clearly mentioned the vehicle is no longer active in my RTO and that there are no further liabilities on the owner (me). Also, I had attached a screenshot from Vahan website, which displayed details about my CC being issued. With all this info, the lady said the concerned team will check on what can be done and get back to me ASAP.

Wednesday, June 7th early morning, I got an sms saying my NCB reserving letter has been issued. Then, yesterday, June 8th evening, I got the NCB letter in my hand. So, finally, the 3-month battle has come to an end. However, the NCB letter mentions validity of 3 years starting from March 23, 2017 (this is the date my CC was issued from the RTO) instead of June 7th, so now I wonder why they kept refusing to issue this since March, as soon as I attached them these documents. Anyway, now that the letter is in my hand, I think I should stop cribbing and head to my new car dealer to get this NCB incorporated into my new insurance.

Once again, thanks for all the input and advice I received from the members of Team-BHP.

Now, my next agenda is to get my old car's insurance policy cancelled so that the buyer too gets a reality check! Why should he enjoy free insurance coverage until December 2017 when he is refusing to register the vehicle in his name as promised. Please correct me if I'm wrong.

Thanks.
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Old 9th June 2017, 13:22   #902
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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
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.

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.
I have no doubt. I got the NCB on my old car on doing 3 things: 1. letter from dealer saying they are buying car; 2. Form 29 and 30, showing ownership transfer to dealer; 3. cancelling the comprehensive policy on car.

These were the steps the insurer said need to be done. And being satisfied with these, sent me the NCB certificate.

We can argue over technicalities and process but it worked for me - the proof of the pudding is in the eating.
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Old 18th June 2017, 12:21   #903
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Default Policy Expired Without Intimation

I bought a second hand car in Oct, 2015 and the policy was transferred to me with 0 NCB. It was from TATA AIG. After that I bought Bharti Axa policy online in June, 2016 and I claimed 20% NCB. I am now told that I shouldn't have done that. My mistake, I should have known better.

Now this new policy was to expire in June, 2017 but when I made a call to Bharti today they told me that it already expired in Feb, 2017 as NCB shouldn't have been claimed and to recover that amount they shortened the time period. According to them they sent a letter to me for paying that amount. It was around 7k. I didn't receive any such letter or call or email.

So today I came to know that car was running without insurance for 3-4 months. But now the real issue is I am not getting NCB again as 90 days have passed since expiry ( Feb, 2017 ). I didn't know of this otherwise I would have renewed or paid them the 7k.

Can someone tell me what can I do now ?
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Old 18th June 2017, 21:44   #904
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Default Re: Policy Expired Without Intimation

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Originally Posted by Metallicar View Post

Can someone tell me what can I do now ?
It is a common problem with an uninformed average customer. Looking into your issue, you have 2 options.

1. If you haven't received the NCB recovery letter and policy termination letter from the insurance company, you can inform them and prove them the same by getting a confirmation with the concerned postal service. If the postal service confirms that you haven't received, you can fight with the insurance company, pay the balance 7,000 and extend your policy till the policy period (if it is still due for renewal as per actual date).

But, this is not an easy task. In most of the cases, that won't be possible for the insurance company to ratify and extend your policy (IT issues). Even if they could, all this will be a big headache for you and will take a couple of weeks for that to happen.

2. Past is past - Learn a lesson, take a new policy and be aware in these kind of issues from now on.

Last edited by madhav14 : 18th June 2017 at 21:47.
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Old 18th June 2017, 21:46   #905
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Default Re: Policy Expired Without Intimation

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Originally Posted by madhav14 View Post
It is a common problem with an uninformed average customer. Looking into your issue, you have 2 options.

1. If you haven't received the NCB recovery letter and policy termination letter from the insurane company, you have to inform them and prove them the same by getting a confirmation with the concerned postal service. If the postal service confirms that you haven't received, you can fight with the insurance company, pay the balance 7,000 and extend your policy till the policy period.

But, this is not an easy task. In most of the cases, that won't be possible for the insurance company to ratify and extend your policy (IT issues). Even if they could, all this will be a big headache for you and eats up your remaining policy period easily for that to happen.

2. Past is past - Learn a lesson, take a new policy and be aware in these kind of issues from now on.

Policy is expiring in 3-4 days. I am not worried for that. But I won't get any NCB again as policy expired more than 90 days back. I want to get that.
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Old 18th June 2017, 21:52   #906
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Default Re: Policy Expired Without Intimation

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Policy is expiring in 3-4 days. I am not worried for that. But I won't get any NCB again as policy expired more than 90 days back. I want to get that.
That's what. If you want to get the NCB this time, you have to have the policy till this time. But, those guys have adjusted the premium and reduced the policy period. So, if you can talk to their postal service, get a confirmation and fight with the insurance company, they can extend the policy date till this actual renewal date in June by collecting that 7k from you. Then, you can enjoy the NCB in the coming policy.

As per my knowledge and experience as an insurance broker, this is the only way to get NCB in your upcoming renewal in your case.
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Old 20th June 2017, 11:40   #907
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My dad is planning to sell his old car and we are planning to take a new one in my name. He has a NCB from the earlier policy with New India Assurance. Is there any way that his NCB can be transferred to me and used by me for the new car?

If not, can he get some refund for closure of the unexpired policy and the NCB?

Apologies if this has been answered before, just wanted to know about any such recent cases and what was done by fellow bhpians.
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Old 25th June 2017, 11:00   #908
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Djay View Post
My dad is planning to sell his old car and we are planning to take a new one in my name. He has a NCB from the earlier policy with New India Assurance. Is there any way that his NCB can be transferred to me and used by me for the new car?

If not, can he get some refund for closure of the unexpired policy and the NCB?

Apologies if this has been answered before, just wanted to know about any such recent cases and what was done by fellow bhpians.
The NCB cannot be transferred to a car taken in your name but your dad can get a NCB certificate which is valid for 3 years which can be used to claim NCB on a car taken in his name during that period
The prorata premium for the unused period of the unexpired policy will be refunded to your dad on closure of the policy
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Old 25th June 2017, 18:46   #909
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Djay View Post
My dad is planning to sell his old car and we are planning to take a new one in my name. He has a NCB from the earlier policy with New India Assurance. Is there any way that his NCB can be transferred to me and used by me for the new car?

If not, can he get some refund for closure of the unexpired policy and the NCB?

Apologies if this has been answered before, just wanted to know about any such recent cases and what was done by fellow bhpians.
As a rule, NCB cannot be transferred from a person to person at all. However, there are some cases where NCB was transferred to spouse/heir in some insurance companies only in the event of death of the policyholder when the policy was still active and the vehicle got transferred to spouse/heir on the basis of Form-31 (transfer of ownership on death of owner of the vehicle) in RTO.

In your case, if your dad has 20% to 50% NCB, then it makes sense to buy the new car in your dad's name and save insurance premiums on the first couple of years when they are going to be on the higher side. This will definitely be a significant saving. However, if it's just 10%, it may not be worth pursuing, as anyway you would start accumulating your own NCB from the first year if you are a safe driver.

Your dad can pre-close and claim refund on the remainder of the insurance policy only by submitting a copy of the new insurance policy in the name of the buyer of your old car. Without this, it is impossible to pre-close a policy. Lastly, NCB cannot be asked for refund or reimbursement; it's only to be used on paper! Thanks.
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Old 25th June 2017, 18:56   #910
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Djay View Post
My dad is planning to sell his old car and we are planning to take a new one in my name. He has a NCB from the earlier policy with New India Assurance. Is there any way that his NCB can be transferred to me and used by me for the new car?
Apologies. There was a mistake in my earlier reply. I meant 30% to 50% NCB and not 20% to 50%. Also, pls read as "if it's just 20%" and not 10% as typed earlier - there's no 10% NCB as such. Sorry for the typo

Last edited by ampere : 25th June 2017 at 19:16.
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