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Old 29th November 2017, 11:47   #931
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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

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.
20% will be both in case if I get a new insurance or continue with this one as NCB becomes zero now?

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Originally Posted by ghodlur View Post

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.
Yes, going in for a new one is anytime better but I don't want to lose the remaining amount as the deal has been already finalized and will be completed shortly.

I will be paying the 50% NCB value.

Thank you.
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Old 29th November 2017, 13:04   #932
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Originally Posted by metropolis View Post
20% will be both in case if I get a new insurance or continue with this one as NCB becomes zero now?

Yes, going in for a new one is anytime better but I don't want to lose the remaining amount as the deal has been already finalized and will be completed shortly.

I will be paying the 50% NCB value.
Yes, irrespective of whether you buy new insurance or old insurance, you NCB will start from zero. Once you complete one year of claim free insurance, you will be eligible for 20% NCB. Please note that if you continue with old insurance but in your name and do not complete one year, then you will be still not eligible for any NCB. So better buy a new insurance policy. Ask the owner to cancel the existing policy and before you take the delivery of the vehicle, buy a new Insurance policy. Do not drive without a valid insurance.

If you are paying the NCB amount to the Insurance co, then it will be on pro rata basis and not the complete 50% NCB amount. How much amount you need to return back to Insurance co needs to be calculated.
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Old 29th November 2017, 13:16   #933
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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
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.
Hi Prateek,

NCB letter can be presented any time within 3 years from its date of issue. So, what your insurance agent and dealership are saying is absolutely wrong! Like I mentioned in my post earlier, even after you take new insurance for your new vehicle, register it in RTO, and take delivery, you will still be able to submit the NCB letter any time before next year renewal and get the discounted premium credited to your account. I am a living example who did this and got the discounted premium credited some months back. However, as you have rightly mentioned, National Insurance is a govt company and may tend to slow down or complicate the process, trying to extract something from you, but rules are the same and they cannot deny.

Also, your mention of Maruti practice is not really true. No dealership or insurance agent can get the NCB letter issued on behalf of its entitled owner. So, it is only you who can apply for it and get it to your address as registered in your old insurance policy. They will not directly hand it over to dealership or another insurance company. Lastly, if NCB letter is not obtained from the old policy and submitted to the new policy, even if both the old and new insurance companies are the same, the NCB benefit cannot be utilized (my old and new insurance companies were the same, but still the NCB letter came to my residence and then I had to courier it along with my new policy details).

Hope I have answered your query.

Thanks.

Last edited by shijanto4 : 29th November 2017 at 13:19.
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Old 29th November 2017, 13:44   #934
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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
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.
Read in your subsequent posts that you have decided to pay for the NCB value, as the deal is already finalized and will be completed. Since that NCB was not yours and can never be yours, your decision makes sense. However, it's not a better decision than buying a new insurance policy, especially since your total out-of-pocket expense now (partly in your purchase amount and partly as payment towards NCB) would almost be the same as buying a new one. Thanks.

Last edited by shijanto4 : 29th November 2017 at 13:45.
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Old 4th December 2017, 11:29   #935
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Ok, My car is completing 1 year in 20 days. I have to renew my new car insurance now. for my previous car, I had 50% NCB. Since I sold my previous car after I purchased my current car, I couldn't use it when I purchased this car. I want to use it for the first year renewal.
I have the NCB reservation letter from my previous insurer
I have the Clearance Certificate (CC) mentioning that it is sold with details of the buyer.
Now the issue...when I contacted an insurance agent, he says he'll need the new RC copy of the new owner. But the buyer has not yet got the new RC in his name (He says he has submitted in the new RTO). The Vahan website still shows my name but also the issue of clearance certificate.
The insurance agent says, CC is not enough and RC is needed. But he's not completely sure. I wanted to check if the RC is really needed. My situation is that the buyer he's is in a different city. Although I've been following it up with him and he's also responding to me, I fear that if I push him too much, he may not respond well because there is nothing in it for him.

I wanted to check if the RC is really needed. Has anybody got the NCB transferred without the new RC?
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Old 4th December 2017, 11:51   #936
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hemanth.anand View Post
I wanted to check if the RC is really needed. Has anybody got the NCB transferred without the new RC?
I know a couple of people who didn't have access to old car's updated RC. The insurance company accepted the vehicle information obtained from the RTO. It costs Rs. 50 IIRC. You can also try this. In both cases, the insurance broker was Maruti Insurance.
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Old 4th December 2017, 11:58   #937
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hemanth.anand View Post
Ok, My car is completing 1 year in 20 days. I have to renew my new car insurance now. for my previous car, I had 50% NCB. Since I sold my previous car after I purchased my current car, I couldn't use it when I purchased this car. I want to use it for the first year renewal.
I have the NCB reservation letter from my previous insurer

I wanted to check if the RC is really needed. Has anybody got the NCB transferred without the new RC?
Hemanth,

There is no relation between the previous car ownership transfer and the renewal of your existing car with accumulated NCB. Since you already have the NCB certificate from the previous Insurance co and that you could not use the NCB during the new car Insurance purchase, you could do it now during the renewal. Just submit the NCB endorsement to the new Insurance co and you should be able to get the NCB discount.

I would suggest you to do it online directly instead of engaging the agent. This way you will get the premium paid receipt as well as the policy documents online itself. Don't have to wait for the agent o provide you the same.

The old car RC transfer is the responsibility of the new owner. Yes, you need to make sure the RC transfer happens. I hope you have taken care to transfer the old car Insurance ownership too.
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Old 4th December 2017, 12:07   #938
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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
There is no relation between the previous car ownership transfer and the renewal of your existing car with accumulated NCB.
I guess the insurance companies ask for old RC as it is possible to get the NCB certificate without selling the car. E.g. is it possible that I ask for for an NCB certificate and use it on a new car without selling the old car? In this case the insurance company asks for the old RC just to check ownership transfer, to ensure that I have actually sold the car or not.
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Old 4th December 2017, 12:12   #939
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by blackwasp View Post
E.g. is it possible that I ask for for an NCB certificate and use it on a new car without selling the old car?
In this case you will not get the NCB certificate but still get the NCB accumulated endorsed on an application letter to the Insurance co. This NCB endorsement does hold value when the NCB will be used for buying new insurance or during renewal.

In case the owners sells the car, then NCB certificate has to be given by the Insurance co.
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Old 7th December 2017, 19:40   #940
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I exchanged my old car for a new one back in August. Whilst I was aware of the NCB transfer, for some reason I hadn't gone to my insurer (National Insurance via Maruti Insurance Brokers) and asked for a copy of the NCB certificate. The policy expired in October 2017 whilst I exchanged it in August. Now I contacted Maruti Insurance and they tell me I can't get the NCB certificate since the policy has lapsed. They've referred me to National Insurance and now I have to pay a visit to them to figure out what to do. Any help I'd appreciate with respect to what are my rights in this case?
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Old 8th December 2017, 08:02   #941
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nkapoor777 View Post
I exchanged my old car for a new one back in August. Whilst I was aware of the NCB transfer, for some reason I hadn't gone to my insurer (National Insurance via Maruti Insurance Brokers) and asked for a copy of the NCB certificate. The policy expired in October 2017 whilst I exchanged it in August. Now I contacted Maruti Insurance and they tell me I can't get the NCB certificate since the policy has lapsed. They've referred me to National Insurance and now I have to pay a visit to them to figure out what to do. Any help I'd appreciate with respect to what are my rights in this case?
You will definitely need to visit National Insurance for the NCB certificate but I doubt you will get your NCB certificate. Reason being the NCB certificate has to be applied for or obtained within 45 days of ownership transfer. If the above condition is met in your case, you will get it. Else you will have to forfeit the NCB accumulated and it would be a big shame. Although Insurance co can consider as a special case and provide you the same. The 45 days rule is on the paper, in reality it is upto the whim and fancy of the Insurance co.
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Old 11th December 2017, 16:19   #942
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hemanth.anand View Post
Ok, My car is completing 1 year in 20 days. I have to renew my new car insurance now. for my previous car, I had 50% NCB. Since I sold my previous car after I purchased my current car, I couldn't use it when I purchased this car. I want to use it for the first year renewal.
I have the NCB reservation letter from my previous insurer
I have the Clearance Certificate (CC) mentioning that it is sold with details of the buyer.
Now the issue...when I contacted an insurance agent, he says he'll need the new RC copy of the new owner. But the buyer has not yet got the new RC in his name (He says he has submitted in the new RTO). The Vahan website still shows my name but also the issue of clearance certificate.
The insurance agent says, CC is not enough and RC is needed. But he's not completely sure. I wanted to check if the RC is really needed. My situation is that the buyer he's is in a different city. Although I've been following it up with him and he's also responding to me, I fear that if I push him too much, he may not respond well because there is nothing in it for him.

I wanted to check if the RC is really needed. Has anybody got the NCB transferred without the new RC?
There is absolutely no need of buyer's RC copy if you have already managed to get the NCB letter in hand. Usually, your old insurance company insists on buyer's updated RC copy when you apply for the NCB letter. Now that you have the NCB letter with you, the new insurance company has no reason to be worried about your old car's RC status. All that you need is a valid NCB letter and your new car RC book in your name (name should be matching as in your NCB letter). I got this done in the exact same manner in August 2017 without approaching the buyer for his RC copy. If this agent is not sure, it's better you contact the insurance company's customer care directly. They will definitely help you out on this (however, mine was ICICI Lombard, so it was pretty easy. If your's is a govt insurance, then customer service may not be of much help!). Good luck.

Last edited by shijanto4 : 11th December 2017 at 16:32.
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Old 11th December 2017, 16:29   #943
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nkapoor777 View Post
I exchanged my old car for a new one back in August. Whilst I was aware of the NCB transfer, for some reason I hadn't gone to my insurer (National Insurance via Maruti Insurance Brokers) and asked for a copy of the NCB certificate. The policy expired in October 2017 whilst I exchanged it in August. Now I contacted Maruti Insurance and they tell me I can't get the NCB certificate since the policy has lapsed. They've referred me to National Insurance and now I have to pay a visit to them to figure out what to do. Any help I'd appreciate with respect to what are my rights in this case?
Once a policy is lapsed, technically all benefits of the policy also cease, including the accumulated NCB, unless it is renewed within the grace period. However, insurance companies can work around in such cases in an effort to retain a customer. So, visiting National Insurance in person without further delaying is worthwhile. In addition, if your new car insurance is also with them, then it may make things a bit easier. Also, they may ask for your old car's updated RC copy (with the new owner's name endorsed in it). Good luck and hope you get your NCB. Keep us posted after visiting them.

Last edited by shijanto4 : 11th December 2017 at 16:36.
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