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Old 3rd January 2018, 19:33   #946
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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
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.
I was placed in a somewhat similar situation. Could manage to sell my old car only after I purchased the new one, hence had to pay full insurance ( NO NCB), though I had 45% NCB on the car I had sold. A tele call to the local office of the insurance company ( Royal Sundaram) clarified all issues. They wanted a photocopy of the insurance policy of car that was sold and a copy of car registration card of the new owner. A simple one page handwritten application along with these papers was sent 6 months after the sale/purchase ( since my insurance on the old car was valid till Feb 2018). Wasn't aware of the 45 day limit.
In about a week's time the insurance co. mailed me the NCB substitution letter which I intend to utilise when I renew insurance of my new car.
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Old 3rd January 2018, 20:57   #947
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

[quote=hemanth.anand;4332568]Thanks, I did get the 50% NCB transferred during renewal. Th agent was not sure of it initially. I sent a photo of the NCB letter to him and he checked with his manager.He told me that he will only generate the new policy after he gets the original Reservation letter. I was out of town and gave it to him after 4 days, exactly on the date of expiry of the previous policy. He sent me the new policy a day after that. That one day when the car wasn't covered, I didn't remove the vehicle out of the parking lot.

Congrats, Hemanth. I know how good it feels when finally it's done!
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Old 3rd January 2018, 21:04   #948
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I was placed in a somewhat similar situation. Could manage to sell my old car only after I purchased the new one, hence had to pay full insurance ( NO NCB), though I had 45% NCB on the car I had sold. A tele call to the local office of the insurance company ( Royal Sundaram) clarified all issues. They wanted a photocopy of the insurance policy of car that was sold and a copy of car registration card of the new owner. A simple one page handwritten application along with these papers was sent 6 months after the sale/purchase ( since my insurance on the old car was valid till Feb 2018). Wasn't aware of the 45 day limit.
In about a week's time the insurance co. mailed me the NCB substitution letter which I intend to utilise when I renew insurance of my new car.
You are absolutely right. In most cases, a solution can always be worked out with insurance companies. Just that we will have to go through some additional tasks when we deviate from the normal protocol. Anyway, congratulations on your NCB letter!
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Old 3rd January 2018, 21:09   #949
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I was told by Royal Sundaram that I can go back with my NCB whenever it is ready after I sell. My old vehicle and get back the NCB I paid for when taking a new policy on my new car. I hope this is true
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Old 8th January 2018, 18:22   #950
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I was told by Royal Sundaram that I can go back with my NCB whenever it is ready after I sell. My old vehicle and get back the NCB I paid for when taking a new policy on my new car. I hope this is true
Yes, you can get your NCB any time after selling your existing vehicle, but please note that NCB letters are usually valid for 3 years from the date of issue. Also, please make sure your name is exactly the same in your NCB letter and your new car's insurance/RC (any mismatch would lead to NCB entitlement issues). All the best!

Last edited by shijanto4 : 8th January 2018 at 18:24.
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Old 9th January 2018, 07:04   #951
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Yes, you can get your NCB any time after selling your existing vehicle, but please note that NCB letters are usually valid for 3 years from the date of issue.
thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
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Old 9th January 2018, 08:20   #952
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thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
Yes, you should be getting the refund from Royal Sundaram on producing the NCB certificate.

In fact you could have used the NCB accumulated while buying the new car Insurance policy and later submitted the NCB certificate.
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Old 17th January 2018, 08:50   #953
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
Yes, they are right. The refund will be done via NEFT to your bank account. For this, you will have to send them a canceled cheque leaf of your bank account along with your NCB certificate. Once the NCB certificate and the cheque leaf reah them, they say it takes about 7 working days to process, but usually we get it much earlier than that (in my case, I got it the immediate next afternoon!).
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