Insurance Query

[RJK]

Hi,

I vaguely remember GTO & ajmat saying something about No claim bonus being transferred to a new policy. I can't remember it properly but is this true? I have a policy with Iffco tokio for my Indica & I'm going for TATA AIG for my new car. Now what I was wondering is could the NCB from this policy be transferred to the new one? Could GTO & Ajmat throw some more light on it?

Thanks.

[GTO]

Topic moved to Indian car scene

[Jaggu]

yes its possible, NCB is for owner which cannot be transferred to a new buyer, so its better to get a 3 rd party and transfer when selling n carry the policy to ur new buy, same when u change company u can ask them to include it in the new policy, again dont forget to re evaluate ur car coz the COs are smart enough and wont give, not a single penny more than the market value or depriciated value WHICHEVER IS LESSER in case of a claim

[GTO]

Absolutely RJ. And this is something that no insurance agent will tell you (Higher premium = More commission)

Your NCB (No Claim Bonus) can be transferred from your old car to the new car. Butttttttttt you have to sell the old car first and then follow these procedures:

1. Inform your current insurance company that you have sold the car, with a covering letter and the delivery note from the Indica sale.

2. Request them to cancel your policy. Ask them to issue you an NCB certificate (Just a simple statement on their letter head).

3. Dont forget to take a refund of any premium that is pending for unused insurance coverage.

3. Provide this to Tata AIG and they will apply the discounts.

Thanks to Ajmat for throwing light on this. It saved me 17 grand on my Vtec's annual premium.

GTO

[RJK]

GTO,

Thanks for your prompt reply.

Originally Posted by [b

Quote[/b] ]. Inform your current insurance company that you have sold the car, with a covering letter and the delivery note from the Indica sale

Would this mean that Indica remains without any insurance cover? or the person I have sold it to has to take a policy on his own?
Now where do we get a delivery note for a 2nd hand sale! We usually sell cars through some mechanic or to a known person or some private party. How to arrange for a delivery note?
Lastly, is there no way this can be done after my new car comes since I can't sell off the old one till the new car comes.

[GTO]

Originally Posted by [b

Quote[/b] ]Would this mean that Indica remains without any insurance cover? or the person I have sold it to has to take a policy on his own?

To get an NCB certificate, your old car must be sold and your insurance policy cancelled. Either the buyer of your Indica takes a policy on his own or you make a new one for him for the remaining period of your current policy. The refund you get from your insurance company will take care of that amount.

Originally Posted by [b

Quote[/b] ]
Now where do we get a delivery note for a 2nd hand sale! We usually sell cars through some mechanic or to a known person or some private party. How to arrange for a delivery note?

Any person dealing in used or new cars will be able to give you a delivery note. Its a very simple document requiring details and signatures of buyer, seller and the car.

Originally Posted by [b

Quote[/b] ]
Lastly, is there no way this can be done after my new car comes since I can't sell off the old one till the new car comes.

Speak to TATA-AIG and tell them that you will give them the NCB within two weeks of taking delivery of your Hyundai. Its totally at their discretion to give you that time period or not. Or you pay the entire insurance amount to TATA-AIG, then give them the NCB once you have it in hand...and take a refund for the upper amount.

There are many other ways in which this can be done. Speak to your insurance agent or TATA-AIG for information on the exact procedures.

GTO

[Jaggu]

it can be done, when ur new car is ready for registeration get the insurance transferred and get a cheap 3 rd part for old car (reason being if the buyer gets your old car in trouble before transferring u still have your money liability guarded)

best thing is to get papers transferred yourself (or at least clearance certificate issued from your RTO in the new owners name) and hand over the car, worth the pain

or get 3rd party cover insurance and inform insurance and rto

delivery note usually comes along with the transfer forms which u get in RTO, legal validity is limited..

[RJK]

Originally Posted by [b

Quote[/b] ]Speak to TATA-AIG and tell them that you will give them the NCB within two weeks of taking delivery of your Hyundai. Its totally at their discretion to give you that time period or not. Or you pay the entire insurance amount to TATA-AIG, then give them the NCB once you have it in hand...and take a refund for the upper amount.

Spoke to TATA AIG just now. I asked them exactly what you had said & they said that it could be done. I just have to produce a letter like you said from Iffco Tokio & I could pay the insurance amount upfront & they would reimburse the amount later on or could be adjusted in the premium that I pay next year.

Thanks you guys for the help. Appreciate it.