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Old 18th March 2018, 10:07   #961
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Irish View Post
Hi Experts,

I've got my TATA Safari 2.2 transferred in my name from my Brother in law. New RC has also been provided by RTO.

Please advise if the NCB of existing policy (from Universal Sompo) can be transferred / used during the upcoming policy renewal (in May 2018)? As per Policy Bazar customer care, this can only be availed after 12 months of policy transfer.

Please advise.

Cheers!
Irish
Here, Policy Bazar customer care may be wrong. From all the info available, across insurance companies, NCB is not transferable from an individual to another, expect only in case of individual's death and the subsequent transfer to his/her heir. So, as far as I am aware, the 12-month wait doesn't seem to be true. Thanks.
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Old 25th March 2018, 14:38   #962
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Irish View Post
Hi Experts,

I've got my TATA Safari 2.2 transferred in my name from my Brother in law. New RC has also been provided by RTO.

Please advise if the NCB of existing policy (from Universal Sompo) can be transferred / used during the upcoming policy renewal (in May 2018)? As per Policy Bazar customer care, this can only be availed after 12 months of policy transfer.

Please advise.

Cheers!
Irish
NCB cannot be transferred to another person only exception being inheritance. Your brother can use that NCB for any car he owns currently or which he buys within a period of 36 months
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Old 17th April 2018, 18:51   #963
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Regarding claiming the NCB during the first year renewal.

I have the 50% NCB certificate of my previous car, which I exchanged at Ford. The insurance of the new car was done with the showroom and for some reason I couldn't use the NCB then.
The renewal is coming up and there is a 20% NCB on the new car for the first year. So is it right that the maximum I can get is 50% which is 20% from the new car and 30% from the old car? Also does it differ depending on the type of insurance?
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Old 17th April 2018, 22:29   #964
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Team,

Slightly off-topic; but about insurance transfer. Please help.

I had purchased a second-hand car and transferred RC to my name couple of months back. Insurance is third party and is still on previous owner name.

As i heard from a reliable agent in insurance company third party insurance can be changed (they call it as endorse) - at any point of time once RC is transferred to new owner of car. Does any one aware the procedures to transfer the third party insure to new buyer name. Are there any charges to be paid.


Thanks
Prsn
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Old 19th April 2018, 22:18   #965
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by prsnck View Post
Team,

Slightly off-topic; but about insurance transfer. Please help.

I had purchased a second-hand car and transferred RC to my name couple of months back. Insurance is third party and is still on previous owner name.

As i heard from a reliable agent in insurance company third party insurance can be changed (they call it as endorse) - at any point of time once RC is transferred to new owner of car. Does any one aware the procedures to transfer the third party insure to new buyer name. Are there any charges to be paid.


Thanks
Prsn
It is quite simple. You have to contact the insurance company that issued the existing policy. It would be better to contact the same office and even the same agent if possible. I recently had the insurance transferred on my Passat to my name. All I paid was Rs 210 for inspection (not needed for third party) and around Rs 100 for transfer charges. It took just a few hours. You might be asked for an authorization to transfer the insurance from the previous owner. I wasn't asked but the dealer had given me a form signed by the previous owner authorizing the insurance company to transfer the insurance policy.
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Old 22nd April 2018, 10:49   #966
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by prsnck View Post
Team,

Slightly off-topic; but about insurance transfer. Please help.

I had purchased a second-hand car and transferred RC to my name couple of months back. Insurance is third party and is still on previous owner name.

As i heard from a reliable agent in insurance company third party insurance can be changed (they call it as endorse) - at any point of time once RC is transferred to new owner of car. Does any one aware the procedures to transfer the third party insure to new buyer name. Are there any charges to be paid.


Thanks
Prsn
It is very simple,since it is TP policy.You just go to any insurance company(preferably PSU) with a copy of the RC and the original insurance certificate and they will endorse your name in the policy .Transfer charges is Rs.61/-
.
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Old 22nd April 2018, 21:12   #967
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by tharian View Post
Regarding claiming the NCB during the first year renewal.

I have the 50% NCB certificate of my previous car, which I exchanged at Ford. The insurance of the new car was done with the showroom and for some reason I couldn't use the NCB then.
The renewal is coming up and there is a 20% NCB on the new car for the first year. So is it right that the maximum I can get is 50% which is 20% from the new car and 30% from the old car? Also does it differ depending on the type of insurance?
You can either use your old car's 50% NCB or (if you wish to forgo that) then the new car's 20% NCB. They wouldn't calculate 20% from the new car and remaining 30% from the old car. In case you submit your old car's NCB certificate, you get the full 50% NCB discount, which is what I believe you should be doing to get the maximum benefit. Note: Your old car's NCB certificate is valid for a period of 3 years from the date of issue, so holding it further without using may not be a wise idea, as your new car's IDV/premium keeps decreasing year on year. Good luck!
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Old 22nd April 2018, 22:59   #968
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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
You can either use your old car's 50% NCB or (if you wish to forgo that) then the new car's 20% NCB. They wouldn't calculate 20% from the new car and remaining 30% from the old car. In case you submit your old car's NCB certificate, you get the full 50% NCB discount, which is what I believe you should be doing to get the maximum benefit. Note: Your old car's NCB certificate is valid for a period of 3 years from the date of issue, so holding it further without using may not be a wise idea, as your new car's IDV/premium keeps decreasing year on year. Good luck!


Thank you.
So 50% NCB means I pay half the premium that is quoted for the second year insurance? And that is regardless of the type of insurance?
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Old 23rd April 2018, 07:53   #969
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by tharian View Post
Thank you.
So 50% NCB means I pay half the premium that is quoted for the second year insurance? And that is regardless of the type of insurance?
NCB would be applicable only on OD premium amount. Its valid only on comprehensive insurance and not on TP alone.
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Old 23rd April 2018, 09:54   #970
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Lobogris View Post
It is quite simple. You have to contact the insurance company that issued the existing policy. It would be better to contact the same office and even the same agent if possible. I recently had the insurance transferred on my Passat to my name. All I paid was Rs 210 for inspection (not needed for third party) and around Rs 100 for transfer charges. It took just a few hours. You might be asked for an authorization to transfer the insurance from the previous owner. I wasn't asked but the dealer had given me a form signed by the previous owner authorizing the insurance company to transfer the insurance policy.
Lobogris, thanks for the info. I asked over phone the same office - they mentioned bring updated original RC and original of Insurance. And yes mine is third party. I am yet to get previous owner authorization to transfer, let me try my luck. I will plan to do it coming Friday - I will keep you posted if it was through. Only catch is RC transfer was done in Feb 2018, hope its fine.
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Old 23rd April 2018, 10:01   #971
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
It is very simple,since it is TP policy.You just go to any insurance company(preferably PSU) with a copy of the RC and the original insurance certificate and they will endorse your name in the policy .Transfer charges is Rs.61/-
.
Thanks Ajay, will try do it this week. Its United India Insurance; are they open on Saturday. Will update once its through.
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Old 23rd April 2018, 17:16   #972
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I never thought it would happen, but I managed to transfer my NCB (45%) from my existing car to my new car without selling or transferring the vehicle. The only compromise I had to make was to go with the same insurance company (HDFC ERGO).

I had to pay the difference in NCB prorated for the remaining days and the premium for the new car, and they sent me the cover note the next day. The whole process was done without me going to their office or filling any forms - but only phone, email and whatsapp.

If you have to go with a different insurer for the new car (dealer tie up), you would be issued an NCB certificate in a few days, which you have to present to the new insurer and claim NCB.

Even if you are in a hurry, and can't wait for the certificate, you can go ahead with the new insurance paying the full amount, and when the certificate arrives, you can submit it to the new insurer and get the NCB refunded.
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