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Old 31st October 2007, 13:39   #91
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Default No Claim Bonus

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Originally Posted by debkumarroy View Post
Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.
Hi,

What u can do is take a third party for your old car and then transfer the comprehensive to the new car you are planning to buy.

I was going thru the thread and I think now we have a maximum NCB of 50%. It doesnt go beyond 50%. 65% NCB is for old insurance policy which was taken probably 10 or 15 yrs back. Correct me if I am wrong.

I had used my NCB of my old car when I bought my new Viva in 2004. At that time I had a UNO which I had used for 4 years and had 50% NCB. At that time I had checked with my insurance agent and he told that 50% is the maximum you can get.

Cheers!!!
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Old 31st October 2007, 15:16   #92
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Most probably, you would be claiming NCB from the second year onward. Unless you can convince your insurance company to give you a refund once the NCB certificate is forwarded to them.
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Old 31st October 2007, 15:22   #93
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Is there any way i can get the NCB for the car i have sold recently and transfer it to my new car? of course if the buyer agrees!!!
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Old 31st October 2007, 17:18   #94
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Quote:
Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.
Every vehicle must be insured at the time of registration.Hence you will need to insure the new vehicle
What you could do is, take 3rd party insurance till you sell the old vehicle then transfer the NCB - (though I'm not sure if you are allowed 3rd party ins on a new vehicle).
FYI - once you sell a vehicle the NCB can be transfered within 3 years to the new vehicle.
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Nan
Is there any way i can get the NCB for the car i have sold recently and transfer it to my new car? of course if the buyer agrees!!!
What do you mean by "buyer agrees" - The Insurance is in YOUR name - you need to decide if you want to sell the vehicle with the insurance or not!
Here too I have the view that you cannot sell/ transfer the insurance to the new owner.

Last edited by Gerardfdz : 31st October 2007 at 17:21.
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Old 17th November 2007, 00:52   #95
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Regarding the 65% no NCB, I was speaking to somebody from HDFC chubb who confirmed the rules were changed some time back. ( think its less then 3 years back but cant be certain ) the maximum NCB possible now is 50%.


Quote:
Originally Posted by tifosikrishna View Post
I would like to add one more thing. You are eligible to transfer your NCB even across insurance companies that comes under the GIC umbrella.

What does GIC stand for? does this include the private insurance companies? And any idea where I can get a list of all the insurance companies in this organization?
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Old 17th November 2007, 10:44   #96
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Quote:
Regarding the 65% no NCB, I was speaking to somebody from HDFC chubb who confirmed the rules were changed some time back. ( think its less then 3 years back but cant be certain ) the maximum NCB possible now is 50%.
Correct. But it could be only for new policies / NCB buildup. My insurance policies, dated before this rule came into place, still read (and give the benefits of) 65% NCB.
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Old 17th November 2007, 11:01   #97
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Motor Insurance FAQ

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Under what circumstances No Claim Bonus (NCB) can be allowed?
  • It is a reward for No claim in the previous year. It can be accumulated over a period of time
  • Starts with 20% and goes upto 50%
  • NCB becomes Nil in case of a Claim
  • NCB follows the fortunes of the customer and not the vehicle
  • Validity - 90 days from the date of Expiry of the policy
  • NCB can be utilised within 3 years (where the existing vehicle is sold and a new car is purchased)
  • NCB recovery to be done in case of a Name Transfer
  • NCB gets transferred to the legal heir in case of Death of customer
  • NCB can be transferred to the New vehicle in case of Substitution of vehicle of the same class
  • NCB earned abroad can be given in India
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Old 17th November 2007, 11:17   #98
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Quote:
Originally Posted by Surprise View Post
Motor Insurance FAQ
NCB can be transferred to the New vehicle in case of Substitution of vehicle of the same class
That means I have 50% NCB for my indica, I can not transfer it if I am buying Safari.
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Old 17th November 2007, 11:30   #99
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Quote:
Originally Posted by rkbharat View Post
That means I have 50% NCB for my indica, I can not transfer it if I am buying Safari.
__________________________________________________ ____________

What they mean by class is "Private vehicle to Private vehicle". Hence you can transfer you Indica NCB to Safari.
ps: Post edited

Last edited by Surprise : 17th November 2007 at 11:46. Reason: Correction
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Old 21st November 2007, 12:25   #100
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Quick question here...
I am trying to sell my old indica to third party dealer and going to buy a new Getz...
The third party dealer insists that the insurance also be sold along with the car.. I dont want to do that because insurace has 50% NCB which i can use for my new car
The dealer insists that it is standard practise that they get back cars included with the insurance....
Just wanted to check with the knowledgeble folks here
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Old 21st November 2007, 14:28   #101
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums

Thomas,
What I would suggest is get a third party insurance for the old car and hand over the same to the dealer to whom u r selling the car.
That is the best bargain u can have.
Cheers!
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Old 21st November 2007, 17:09   #102
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Quote:
Originally Posted by thomasmatthew View Post
Quick question here... I am trying to sell my old indica to third party dealer and going to buy a new Getz... The third party dealer insists that the insurance also be sold along with the car.. I dont want to do that because insurace has 50% NCB which i can use for my new car
The dealer insists that it is standard practise that they get back cars included with the insurance.... Just wanted to check with the knowledgeble folks here
Practice is different from rule. You can price the car without insurance (or get a 3rd party as carlover98 says). You will save quite a lot on your Getz premium. The bonus is attached with the driver, so the new buyer anyways cannot use that for renewal.

Last edited by determinus : 21st November 2007 at 17:11.
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Old 21st November 2007, 18:50   #103
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hi thomas,
dont give away the NCB policy .it is actually a valued 'treasure' .keep it ,because you are going to reap increased benefits as you upgrade from one car to another
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Old 21st November 2007, 20:11   #104
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Another question.
Let us say I bought a car and during the first year no claims were made. This makes me eligible for the NCB in the second year. Now in the second year, if I make a claim, I cannot have NCB in the third year. If in the third year, no claims were made, then can I get the benefit of NCB in the fourth year?
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Old 21st November 2007, 20:17   #105
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I have got my answer. It is a reward for No claim in the previous year. So it takes longer to build up the 50% benefit.
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