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Old 17th July 2009, 10:57   #271
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Default How is NCB calculated?

Dear Mr rjvora,

I wanted to know the exact calculation of the NCB amount.

I have a 2004 Hyundai Getz 1.3 GL. Latest IDV is around 2.61 lacs with a premium of around 8k odd.

The scenario is this - About 7 months back, my car got his by a cab from behind. The bumper came off slightly and there was a dent in the hatch door. This was on the rear right side.

A couple of days later, another cab braked suddenly in front and I bumped into him. Front right side headlight got pushed back a little (no breakage though) and the front bumper got a bit dislodged.

So I took it to my mechanic who said that the total cost of repairing these two damages (denting+painting) would be around 5k. He advised me not to claim insurance as I will lose my NCB.

Now yesterday, a truck rammed into the rear right door causing scratches, dent and chipping of paint.

Since all three damages are on the same side of the car, can I get all of them repaired at the same time and claim insurance? (I know they create hassles if damages are on different sides as they end up proving that these were 2 separate accidents and by some weird rule, you can claim insurance once for 1 accident only - I faced this with National Insurance 5 years back).

My question is - is NCB computed as a % of annual premium paid?

Or in other words, what is the threshold amount below which it is better to pay from own pocket rather than claiming insurance, so that I wont lose out on the NCB?
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Old 18th July 2009, 10:09   #272
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Quote:
Originally Posted by saildrive View Post
How much of a % of NCB should I ask for?

Saildrive
NCB is something which is given by company and that has a specific structure that is if you don't claim then from second year 20%,25%,35%,45%,50%.

Quote:
Originally Posted by nishantgandhi View Post
My question is - is NCB computed as a % of annual premium paid?
Ncb is given on % only, % on OD premium. You need to see the amount on case to case basis. Amount of claim is increasing above 20k then I think the insurance claim is must.
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Old 21st July 2009, 01:05   #273
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Hi Guys,

My 6 months new Hyundai i10 got hit by a thela-wala day before y'day resulting in a deep scratch (in a straight line) on the left side rear door. I showed it to the car dealer who gave me a quote of Rs.3000+taxes to get the entire door painted (is it expensive?).

My questions:

-Should I go for a claim? I am paying approx. Rs.10,800 as premium to HDFC Ergo. If I don't claim it and qualify for the NCB, I'll get a 20% discount which is around Rs.2100. Doesn't it make sense to go for a claim then (I would need to pay only Rs.500 towards claim charges) rather than paying the Rs.3000+taxes from my pocket? Moreover, the policy still has 6 months left for renewal and during this phase, there could be more incidents where I would need to claim. Please suggest.

-There are a couple of more scratches on the car, most noticeably, on the left side of front bumper and the right side of rear bumper, not related to the above incident. Can I claim them as well with it? Or do they need to be convinced that all the scratches were caused by the same accident?

Thanks!
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Old 21st July 2009, 08:56   #274
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Quote:
Originally Posted by NK@Hyd View Post
"hit by a thela-wala"
a quote of Rs.3000+taxes
NCB, I'll get a 20% discount which is around Rs.2100

left side of front bumper and the right side of rear bumper
Your bumper can not be claimed with this claim. (I need to see the photo's) I think you should not claim and get this done from local garage. (If not you can get the quote from them at list.)
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Old 21st July 2009, 10:58   #275
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Quote:
Originally Posted by rjvora_2000 View Post
Your bumper can not be claimed with this claim. (I need to see the photo's) I think you should not claim and get this done from local garage. (If not you can get the quote from them at list.)
Hi Rupesh,

Thanks for your response but I am trying to understand if there's anything wrong with my calculation and reasoning for going ahead with the claim. The Rs.3000+taxes is just for painting the door which got scratched.
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Old 21st July 2009, 16:59   #276
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Quote:
Originally Posted by NK@Hyd View Post
The Rs.3000+taxes is just for painting the door which got scratched.
I hope I gave you proper answer over phone. Please tell me if anything more is required to understand.
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Old 21st July 2009, 17:22   #277
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Some quick questions!

My friend's car insurance is due for renewal in a week's time. He had made a claim last year and do not qualify for the NCB.

1. So, what if he goes for a different Insurance company and take the new insurance the car?

2. What if he hides the fact that he claimed insurance last year while moving to a different insurance company?

3. And is it feasible to do that?
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Old 22nd July 2009, 09:41   #278
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Quote:
Originally Posted by TomRider View Post
Some quick questions!

My friend's car insurance is due for renewal in a week's time. He had made a claim last year and do not qualify for the NCB.

1. So, what if he goes for a different Insurance company and take the new insurance the car?

2. What if he hides the fact that he claimed insurance last year while moving to a different insurance company?

3. And is it feasible to do that?
No issues if he goes with new insurance provider. But he should have the reason like less quote good service etc as already you told he claimed insurance so he may have the experience for the present company. If you stick with present company they may offer something good as being loyal to them

Insurance claims: you cannot hide if you switch to new company as they will ask for present insurance policy and they will come to know through it. I guess it is not feasible.
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Old 22nd July 2009, 10:37   #279
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I will never advice you to hide anything from insurance company as if they come to know that you had claimed last year they can reject there claims as well.

Your policy may get canceled as you are hiding the fact to them.

Eg. If you are renewing this policy to other insurer and you are facing any claim in first year the one insurer may ask your older insurance company for your past records and if they come to know the old claims history, your new claim along with the policy issued to you will be canceled. - Don't Do That.

Last edited by rjvora_2000 : 22nd July 2009 at 10:38.
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Old 22nd July 2009, 11:15   #280
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May be off the topic but still one information

"This thread becomes the highest posted thread" under Indian Car Loans & Insurance.

I wish to thank all the fellow TEAM-BHP members for posting there comments,views and questions to me on this trend. I will see to it that what ever little knowledge I have on insurance should not be wasted and used in a good and truthful manner.

Once again I thank all the TEAM-BHP member's.

Mod. :- I request you not to remove this post.

Last edited by Rehaan : 22nd July 2009 at 16:34. Reason: Typos corrected (trend = thread).
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Old 22nd July 2009, 13:33   #281
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Hi Rupesh,
I have a Civic for renewal before 27 July 09.
This is heavily ICEd - about 3 lakhs, done in 2006, not sure where bills are
Mods include - Dynamat Sound deadning, Leather upholstry, HID lights,

I am also planning to change tyres next month - they will continue to be tubeless (as original) but of different company and slightly wider size (from 190 to 205mm).

Few questions I have on
Mods
1. What all is considered modification to the car and must be disclosed
2. What is the process of disclosing modifications (what if the agent ignore it, while trying to get the business) so that insurance company at time of claim does not make it as an excuse

IDV
Resale value of my car is 8.5-9 lahks. My Last years IDV was 7.83 lakhs, this year most companies have offered around 7.75 lakhs (without knowing last years IDV).
I would like to get highest possible IDV on this as I have 50% NCB already runnning on the car.
1. What should be the IDV I should get the car insured for?

Preffered Insurance company vs Others
Dakshin Honda showroom, has tie up with Bajaj, Reliance, ICICI, and few other.
Based on your recommendarion I have shortlisted Bajaj and Tata AIG. both have offered me Rs.11600 premium on 7.74 lakhs IDV.

TATA AIG does not have tie up with my show room, but is offereing two interesting offers
1. I will not lose my No Claim Bonus if your vehicle needs reparing for any Fibre, Plastic, and glass parts. However, to avail of this offer the vehicle should be repaired at our Key Preferred Garages only
2 Two scratch cards (options - Nokia phone/holiday voucher / Ipod Nano / Nikon Digi cam)

Which one should I go for?

Premium
None of the companies is willing to lower the premium / give additional discounts even after I told them I am getting lower elsewhere. Reliance & ICICI are giving much lower rates. How do I negotiate this further?
Please advise at the earliest...

Also the premium I get on Bajaj Allianz Website for same details in Rs.10245 only.

Last edited by ST7677 : 22nd July 2009 at 13:38.
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Old 22nd July 2009, 15:03   #282
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Hi,

A general question, does it make sense to ask for a higher IDV value than one suggested by the insurance company while asking for a quote.

I am asking this coz, say in case the car is totalled, I guess the insurance company would be giving only what it thinks is the market value of the car on that day and not give what the IDV of the car since it was owner who fixed it?

Am I right or wrong here?
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Old 22nd July 2009, 16:00   #283
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Quote:
Originally Posted by ST7677 View Post
Mods
1. What all is considered modification to the car and must be disclosed
2. What is the process of disclosing modifications (what if the agent ignore it, while trying to get the business) so that insurance company at time of claim does not make it as an excuse

IDV
1. What should be the IDV I should get the car insured for?

Preffered Insurance company vs Others
1. I will not lose my No Claim Bonus if your vehicle needs reparing for any Fibre, Plastic, and glass parts. However, to avail of this offer the vehicle should be repaired at our Key Preferred Garages only
2 Two scratch cards (options - Nokia phone/holiday voucher / Ipod Nano / Nikon Digi cam)

Which one should I go for?

Premium
None of the companies is willing to lower the premium / give additional discounts even after I told them I am getting lower elsewhere. Reliance & ICICI are giving much lower rates. How do I negotiate this further?
Please advise at the earliest...

Also the premium I get on Bajaj Allianz Website for same details in Rs.10245 only.
Mods
1. Any thing other then a standard fittings must be informed to insurance company while taking insurance policy. (Copy of the bills has to be attached)
2. Insurance company will not pay you the claim if it not there in the policy.

IDV
If you have some more fittings in the car then they can increase you IDV you can take what ever IDV you want.
Eg. your car value (After Deprecation this year comes to) 700000 but you have fittings more then 100000 then your Idv will be 800000 for renewal. Your last year policy may show value of Rs. 775000.

Insurance company
Tata Aig's offer is mouth watering but condition's are not something which I will take it. I will go to bajaj and my regular garage only.

Premium
Show the quote physically (give a copy if required) to bajaj and tell there employee that you are going to Icici if they are not comming down. That's the best way.
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Old 22nd July 2009, 16:15   #284
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Quote:
Originally Posted by anandtheleo View Post
does it make sense to ask for a higher IDV value than one suggested by the insurance company while asking for a quote.
Yes it does.

Eg. One person (Not like me) is keeping his car in too good condition and not compromising on the service or any other thing related to car then his car will have more value then a person who is not maintaining the car well.

At the time of claim or total loss of your car Insurance company has to pay the IDV of the car and not the market value of the car.

If they pay market value then you can challenge them in court of law.
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Old 23rd July 2009, 00:44   #285
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Should I get ICE insured separately or should I just do it as part of the IDV itself. I guess later will be cheaper.
Also I don;t know if I still have the bills, it's all imported stuff.

Last edited by ST7677 : 23rd July 2009 at 00:46.
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