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Old 16th November 2017, 08:46   #916
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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
As told to Manish in earlier posts, get the NCB endorsement form the existing car Insurance co.
Thanks Ghodlur for your reply.

But, the condition for taking cash discount is not possible as it is the company offer and dealer has no role in it. Now, my only concern is whether I can transfer NCB on my Storme insurance renewal next year. I have 50% NCB currently. I will probably visit dealership today and will find out other options.

Last edited by ampere : 29th November 2017 at 10:41.
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Old 16th November 2017, 09:35   #917
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Originally Posted by Prateek19 View Post
Thanks Ghodlur for your reply.
But, the condition for taking cash discount is not possible as it is the company offer and dealer has no role in it. Now, my only concern is whether I can transfer NCB on my Storme insurance renewal next year. I have 50% NCB currently. I will probably visit dealership today and will find out other options.
Alternatively can the dealer provide accessories worth the Insurance amount? You need to discuss with the dealer and be more persuasive.

Yes, you can use the 50% NCB accumulated during the renewal next year. But you will not be able to take the credit of NCB earned for the first year.
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Old 20th November 2017, 19:36   #918
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Any idea on how the premium increase is calculated when there are too many claims, or is it based on total sum claimed in a policy year?
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Old 21st November 2017, 19:32   #919
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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
Alternatively can the dealer provide accessories worth the Insurance amount? You need to discuss with the dealer and be more persuasive.

Yes, you can use the 50% NCB accumulated during the renewal next year. But you will not be able to take the credit of NCB earned for the first year.

Hi, I have sold my car and got the RC transferred. Now when I visited dealership for NCB certificate, they said it can only be given after the policy expires i.e. 23rd November. They were not very co operative as they are losing one customer. They were very reluctant to get the policy renewed for the new owner but I refused as I am not interested in how he get the insurance renewed.
Now, my question is whether waiting for policy to get expired is OK? If the new owner renews the policy before expiry, then would he get the benefit of 50% NCB that is there in my policy.
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Old 21st November 2017, 20:08   #920
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Originally Posted by Prateek19 View Post
Hi, I have sold my car and got the RC transferred. Now when I visited dealership for NCB certificate, they said it can only be given after the policy expires i.e. 23rd November. They were not very co operative as they are losing one customer. They were very reluctant to get the policy renewed for the new owner but I refused as I am not interested in how he get the insurance renewed.
Now, my question is whether waiting for policy to get expired is OK? If the new owner renews the policy before expiry, then would he get the benefit of 50% NCB that is there in my policy.
Prateek,

NCB stays with you and does not go to the new owner. You have earned the NCB and hence only you can use it for Insurance buying or renewals.
NCB certificate will be given by the Insurance co and not the dealer, so ask your Insurance co for the same and submit the updated RC. It is upto the new owner to renew the policy with the existing insurance co or find an alternative. I hope you have completed the Insurance ownership transfer the same way you did the car ownership change. The new owner can either wait for the policy to expire or renew with same or different Insurance co.
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Old 21st November 2017, 20:16   #921
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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NCB stays with you and does not go to the new owner. You have earned the NCB and hence only you can use it for Insurance buying or renewals.
My insurance was done by the insurance people in dealership. When I went to insurance company office, they asked me to go to the dealership insurance people and they will do the needful. Just now insurance is not transferred. I have submitted the RC copy and insurance copy to them. BTW I have booked the Storme from a different dealer and the insurance guy there also asked me to get the certificate from the other dealer from where the insurance was done. I hope I will get the certificate on 24th. I was only worried about my NCB getting transferred to the new owner. But now you cleared my doubt. Thanks.

Last edited by ampere : 29th November 2017 at 10:41.
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Old 22nd November 2017, 10:43   #922
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hello Folks,
Have a query relating to NCB transfer:

I'm in process of purchasing a used car from an individual. Checked with the insurance company regarding NCB (which is 50%) and according to them, it cannot be transferred to my name and I need to pay the same with applicable GST. Both, me and the owner were unaware of this aspect.

I would like to ask the experts here that what could be the possibilities/ alternative of transferring the bonus during the insurance transfer?

Thank you.

Last edited by metropolis : 22nd November 2017 at 10:46.
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Old 22nd November 2017, 10:54   #923
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

When there's an ownership change in car insurance, it's like buying a new insurance. The NCB for the new owner would start from 0%. The old owner can use the accumulated NCB bonus in a new policy by getting an NCB certificate.

In plain terms, the insurance company is awarding the owner/driver a bonus for not getting into any accident and hence, not making any claims. Since this award is given to the driver/owner for his/her skills, its ownership is linked to the policy owner and not the vehicle.
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Old 27th November 2017, 18:58   #924
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Prateek19 View Post
My insurance was done by the insurance people in dealership. When I went to insurance company office, they asked me to go to the dealership insurance people and they will do the needful. Just now insurance is not transferred. I have submitted the RC copy and insurance copy to them. BTW I have booked the Storme from a different dealer and the insurance guy there also asked me to get the certificate from the other dealer from where the insurance was done. I hope I will get the certificate on 24th. I was only worried about my NCB getting transferred to the new owner. But now you cleared my doubt. Thanks.
Hi Prateek,

Just went through your dilemma regarding your NCB and the new car purchase. Firstly, congrats on your new car, and as others have rightly mentioned here, NCB is only yours and cannot be transferred to anybody at any time.

I too went through the same confusion couple of months back. Please note that your dealer will not help you in getting the NCB transferred, even if they had got that insurance for you. So, it's better to contact the customer care of your insurance company directly and submit them a copy of RC with a request for NCB retention letter. Do not talk to them about transfer of insurance or preclosing it (that will complicate your NCB transfer). Renewing or closing it would be buyer's prerogative and he/she can do as per their wish since you have sold your insurance as well along with the car. Your aim should be only getting the NCB retention letter. As per standard procedure, once you submit all that they need, they will courier you the NCB letter to your registered address in 7-10 working days. This NCB letter will be valid for 3 years from the date of issue that is mentioned on the letter.

You don't have to worry about taking new insurance by paying full premium on your new vehicle because later by submitting the original NCB retention letter to your new insurance company along with a canceled cheque leaf of your bank account, they will calculate the difference and transfer the amount to your bank account. In my case, it was ICICI Lombard and I got the difference amount transferred into my account the next working day after submitting the original NCB retention letter along with a canceled cheque leaf. By the way, I had got my NCB letter after about three months of purchasing the new car/insurance. I guess this is the standard procedure for all insurance companies and won't change, as these are rules laid down by IRDA.

Thanks.

Last edited by shijanto4 : 27th November 2017 at 19:02.
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Old 27th November 2017, 19:25   #925
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by metropolis View Post
Hello Folks,
Have a query relating to NCB transfer:

I'm in process of purchasing a used car from an individual. Checked with the insurance company regarding NCB (which is 50%) and according to them, it cannot be transferred to my name and I need to pay the same with applicable GST. Both, me and the owner were unaware of this aspect.

I would like to ask the experts here that what could be the possibilities/ alternative of transferring the bonus during the insurance transfer?

Thank you.
Hi,

NCB cannot be transferred to any other person under any circumstances. That solely belongs to the owner/driver and continues to remain with the person entitled and does not move with the vehicle when it is sold. Hence, in your case, one of the following would be the best approach:

1) Bargain further on the buying price, as you are going to have to pay a full premium on the used car and you are not going to benefit by the seller's NCB in any way. According to me, you should at least try getting the extra premium amount discounted from the seller.

2) Make this deal without transfer of insurance, i.e., you can buy a brand new insurance of your own in your name, comparing between insurance companies for the best available premium. On the other hand, the seller can choose to preclose the insurance and use the NCB on his/her new car. Obviously, in this case, you should ask the seller to exclude insurance cost in the selling price.

If this is your first car purchase, it makes sense to buy a new insurance and start building your own NCB. This will help you big time in future.

Hope this helps.

Thanks.
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Old 28th November 2017, 09:59   #926
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shijanto4 View Post
Hi Prateek,

Just went through your dilemma regarding your NCB and the new car purchase.
=======
I guess this is the standard procedure for all insurance companies and won't change, as these are rules laid down by IRDA.

Thanks.
Thanks Shijanto4.

Actually I have to take delivery of my new car in coming week. My old insurance policy is expired and I sold my vehicle before expiry. The dealer from where I got the insurance renewed is saying that they will provide the letter but are taking time. Maybe they are not interested in giving as they are not benefiting in any way. A person there is helpful and has promised to get me the letter today.

You are saying that the NCB letter can be given after purchasing but the insurance company and dealership people are saying that it can be applied only when purchasing a new vehicle. I have to inquire about this. My insurance is from National Insurance and due to its PSU nature my querry will not be easily resolved through call center.

I have one more question. I sold my Tata Indigo eCS, and purchasing Tata Storme VX, so as per Maruti practice, can the dealership not directly insure my new vehicle from National and directly obtain my NCB online from my old policy. In Maruti, if we buy the same brand then they directly get it transferred without obtaining a NCB letter.
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Old 28th November 2017, 12:04   #927
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Prateek19 View Post
You are saying that the NCB letter can be given after purchasing but the insurance company and dealership people are saying that it can be applied only when purchasing a new vehicle. I have to inquire about this. My insurance is from National Insurance and due to its PSU nature my querry will not be easily resolved through call center.

can the dealership not directly insure my new vehicle from National and directly obtain my NCB online from my old policy. In Maruti, if we buy the same brand then they directly get it transferred without obtaining a NCB letter.
Prateek,

Irrespective of whether yopu have the NCB letter in hand or applied for, you can use the NCB accumulated when buying Insurance for the Storme. No Insurance co will stop you from doing it when buying, but you will have to provide them the NCB letter at a later stage or when buying Insurance for the Storme give the New India Policy details of the old car. The Insurance co generally do talk to each other when it comes to NCB discounts claimed. So relax and buy the Insurance for the new car, NCB letter will follow.

Generally if the Insurance is bought directly from the Insurance co and you intend to continue them for the new car insurance, they can check the records and apply the NCB accumulated when calculating the premium for new car. Since you had bought through the dealer and New India being a Sarkaari co, they would not want to deal without directly but through agent. Main reason for this being, the agent would want the commission for the new Insurance too.
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Old 28th November 2017, 14:31   #928
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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
Prateek,

Irrespective of whether yopu have the NCB letter in hand or applied for, you can use the NCB accumulated when buying Insurance for the Storme. No Insurance co will stop you from doing it when buying, but you will have to provide them the NCB letter at a later stage or when buying Insurance for the Storme give the New India Policy details of the old car. The Insurance co generally do talk to each other when it comes to NCB discounts claimed. So relax and buy the Insurance for the new car, NCB letter will follow.

Generally if the Insurance is bought directly from the Insurance co and you intend to continue them for the new car insurance, they can check the records and apply the NCB accumulated when calculating the premium for new car. Since you had bought through the dealer and New India being a Sarkaari co, they would not want to deal without directly but through agent. Main reason for this being, the agent would want the commission for the new Insurance too.

Just returned from the dealership. The insurance person assured that he will take care of the NCB. Initially he was asking me to bring the letter from the other dealership from where I have renewed the insurance due to competition and bad relationship with other dealer. Now after several discusions with him, he himself agreed that he will take care of everything. Hope everything goes positive during delivery that is scheduled in this week.
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Old 29th November 2017, 10:11   #929
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Hi,

If this is your first car purchase, it makes sense to buy a new insurance and start building your own NCB. This will help you big time in future.
Well, if the present insurance is transferred with NCB value of 50% to be paid by me, then what will be the NCB offered at the renewal of this insurance next year?

Secondly, how buying a new insurance is effective leaving aside NCB?

Thank you.

Last edited by metropolis : 29th November 2017 at 10:12.
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Old 29th November 2017, 10:39   #930
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Well, if the present insurance is transferred with NCB value of 50% to be paid by me, then what will be the NCB offered at the renewal of this insurance next year?

Secondly, how buying a new insurance is effective leaving aside NCB?
Only the Insurance ownership is transferred, accumulated NCB stays with the previous owner only. That cannot be transferred to you. So when the Insurance ownership transfer is applied for, the NCB discount given to the previous owner for the policy period will be recovered by the Insurance co on the pro rata basis. This amount will either be have to paid by the previous owner or new owner i.e yourself. So you need to negotiate with the previous owner regarding who pays the difference amount. Unless the NCB amount is recovered, the Insurance co will no complete the Insurance ownership transfer. How much is the amount will be confirmed by the Insurance co only.

Regarding the NCB eligible during the renewal, this will be 20% provided you have a claims free year. If you make any Insurance claims, then your NCB will be zero.

Since you have no NCB accumulated for your self, buying a new Insurance will be effective since the policy period will start from the day you purchase the policy and not wait till the old policy expires.
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