NCB-for used car

[raghp74]

Hi,

I have purchased the used car (Wagon R) from my brother on last month.
Today the documents have been submitted to the RTO for transfer of ownership.
It has got insurance from Maruthi itself.

My brother has purchased a new Wagon R duo.
The NCB was not transferred to the new car insurance, since the ownership of old car was not transferred to my name at that time. He paid full money to the new car insurance.

Now after getting ownership transferred to my name, I am planning transfer insurance too to my name. My brother never claimed anything from old car insurance.

Here are my questions,
1) The used car insurance is valid till June15, 2008
If I transfer it now to my name then, I have to pay premium from the day I get
transfer. Is this right?

2) How much fees I should pay for this transfer?

2) How could my brother get back NCB for the old car?
Will they give cheque for this amount?
OR
If I get an authorization letter from my brother, can I use it for the premium what
I have to pay after it gets transferred?

Please provide your comments

(Actually this was posted by me as a reply to one the thread -. Today I got to know how to start a new thread. That's the reson I am posting it as a new thread)

Regards
Raghu

[sushrutha]

Originally Posted by raghp74

1) The used car insurance is valid till June15, 2008
If I transfer it now to my name then, I have to pay premium from the day I get
transfer. Is this right?

2) How much fees I should pay for this transfer?

2) How could my brother get back NCB for the old car?
Will they give cheque for this amount?
OR
If I get an authorization letter from my brother, can I use it for the premium what
I have to pay after it gets transferred?

Here's my reply,
Nopes , right now u'll be enjoying his insurance validity till June 15-08, But Insurance transfer charges you have to pay.
And also you need to pay his NCB.
I'm not so sure about the amount, pls check with the insurance guys.
Guys correct me if i'm wrong.

[@400Kph]

Hi All, I recently purchased a used maruti and now the transfer of Insurance is pending along with RC book transfer.The car had a No claim Bonus for this year and the insurance ( From Iffco Tokyo )is valid till april 2010.The dealer is asking me to pay something called " No Claim Bonus " amount (600 Rs )whcih needs to be payed to the insurance company.Is there such procedure existing while transferring Insurance to my name or am i being duped ? i have asked for the original reciept for 600 Rs of the same to be on safer side.Please advice as i need to go to him tomorrow to collect RC book and insurance documents.

[GTO]

You aren't being duped. If the previous owner got a discounted insurance rate (thanks to his NCB), you aren't eligible for the discount (unless you have an NCB of your own). Check the policy cover note. If the NCB amount is 600, that's exactly what you will have to pay.

[@400Kph]

Thanks for the inputs , GTO and Jaggu. Jaggu directed me here with his edit and i could read from sushrutha that it is normal for me to pay the NCB. Well i guess i will pick up the documents tomorrow after paying him 600 Rs.

[ACM]

A NCB query.

Got a used car in 2006 for my wife. Got the Insurance transferred.

Then in 2008 after the expiry of the earlier insurance got a new insurance done with ICICI, while working out the deal over the phone with them, they offered NCB for two years and I took it.

The car had an accident a month prior (jan 2009) to the next renewal in 2009 Feb. got the claim amount as due, had another accident the same month, again got the claim amount as due. Then during the renewal the ICICI guy on the phone again offered NCB for 3 years, i stated that I have made recent claim, the guy stated that this is a recorded call and since the new notice had come before amendement of the records it was fine, and I should go ahead and get the insurance done at the reduced rate. (so went ahead without negotiating with another Insurance agency). There was another accident last month, the car has been repaired, and while making the claim tahe ICICI agent (another person) now stated that the records call for NCB deductions, and I would have to pay Rs. 11,000 from the approved Rs. 17500 due towards towards repair claims out of the total of Rs. 29000 odd.

Is this correct?
Why did they given the insurance with NCB if that was the case?
Should the Agent not have informed of this before the new claim repairs itself?
If I (wife) has another accicent. For the claim to be valid what is the gap between accidents.?

[rjvora_2000]

Originally Posted by ACM

A NCB query.

Got a used car in 2006 for my wife. Got the Insurance transferred.

Then in 2008 after the expiry of the earlier insurance got a new insurance done with ICICI, while working out the deal over the phone with them, they offered NCB for two years and I took it.

The car had an accident a month prior (jan 2009) to the next renewal in 2009 Feb. got the claim amount as due, had another accident the same month, again got the claim amount as due. Then during the renewal the ICICI guy on the phone again offered NCB for 3 years, i stated that I have made recent claim, the guy stated that this is a recorded call and since the new notice had come before amendement of the records it was fine, and I should go ahead and get the insurance done at the reduced rate. (so went ahead without negotiating with another Insurance agency). There was another accident last month, the car has been repaired, and while making the claim tahe ICICI agent (another person) now stated that the records call for NCB deductions, and I would have to pay Rs. 11,000 from the approved Rs. 17500 due towards towards repair claims out of the total of Rs. 29000 odd.

Is this correct?
Why did they given the insurance with NCB if that was the case?
Should the Agent not have informed of this before the new claim repairs itself?
If I (wife) has another accicent. For the claim to be valid what is the gap between accidents.?

I have been shouting loud on T-Bhp that please stay away from Icici, there quote's are excellent but service is very poor. Icici and its staff is known for this....

When you were renewing the policy on phone the sales guy fooled you. NCB cannot be given if you have made any claim. Sorry to say but i think you will have to pay the amount which is being told by them.

Ask them for any other way you can escape form this? - I don't think so..

[shankar.balan]

NCB is simply the abbreviation for NO CLAIM BONUS. The words are completely self explanatory as I am sure you will agree.

NCB cannot and will not be extended by ANY Insurance Company to the customer/ policy holder if there is some kind of claim made during the period of validity of the policy. Any claim made automatically cancels the NCB - the whole idea of NCB is that they reward the fact that the user has not made a claim, by offering him/ her a bonus at the time of renewal. This manifests itself in a reduced premium amount on the policy.

I think the ICICI chap, in his eagerness to make the sale and retain you are a customer, has simply over-committed to you and now is unable to deliver on the committment. The Committment is verbal and not recorded in writing so you cant even take them to task for the same - it becomes your word against his.

Unfortunately, in this case you will probably have to bear the cost.

Originally Posted by ACM

A NCB query.

Got a used car in 2006 for my wife. Got the Insurance transferred.

Then in 2008 after the expiry of the earlier insurance got a new insurance done with ICICI, while working out the deal over the phone with them, they offered NCB for two years and I took it.

The car had an accident a month prior (jan 2009) to the next renewal in 2009 Feb. got the claim amount as due, had another accident the same month, again got the claim amount as due. Then during the renewal the ICICI guy on the phone again offered NCB for 3 years, i stated that I have made recent claim, the guy stated that this is a recorded call and since the new notice had come before amendement of the records it was fine, and I should go ahead and get the insurance done at the reduced rate. (so went ahead without negotiating with another Insurance agency). There was another accident last month, the car has been repaired, and while making the claim tahe ICICI agent (another person) now stated that the records call for NCB deductions, and I would have to pay Rs. 11,000 from the approved Rs. 17500 due towards towards repair claims out of the total of Rs. 29000 odd.

Is this correct?
Why did they given the insurance with NCB if that was the case?
Should the Agent not have informed of this before the new claim repairs itself?
If I (wife) has another accicent. For the claim to be valid what is the gap between accidents.?

[sgiitk]

I would suggest you take out fresh insurance and get your brother to surrender the policy wih NCB, and get a certificate which he can use next year for the NCB. The certificate is valid for three years! You missed the best way, he should have put your car on Act Only and transferred his NCB to the new car. They once you got the car in your name you could have gone in for a full policy! The dealer gets a commission on the gross premium and will never telly you about this.

[Spitfire]

Originally Posted by rjvora_2000

I have been shouting loud on T-Bhp that please stay away from Icici,

+1. Please please for heavens sake stay away from ICICI Insurance. I am hearing too many horror stories. They are nothing but a bunch of cheats and liars.