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Old 19th July 2011, 21:27   #31
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Default Unclear about the transfer process - Kindly help!!

First up, my apologies for digging up an old entry. However, in the spirit of not crowding the forum with lazily created new ones, here is my doubt. Thanks in advance for the response/s!

My father has a Ford Ikon 1.6 ZXi Petrol (Delhi registration) which he plans to sell now. Over the years, it has accumulated ~35% NCB (should have been 50 by now as no claim was ever filed, but our agent goofed up and forgot to factor in NCB for one particular year. Of course he got a earful from dad!)

Anyhow, dad has just booked a ANHC and they are offering him free zero-dep insurance. They will NOT give a cash discount in lieu of that.

My question is:
A) When dad sells the Ikon, he transfers the RC to the new owner, gets the record, goes to the insurer and takes the letter that says he is eligible for 35% NCB for his next car. How does he use this NCB during the renewal of insurance after 1 year passes post ANHC purchase?
B) Is the new owner of the Ikon justified to be pissed that we are not giving over the insurance? In other words, will s/he try to negotiate the price southwards upon hearing this?

Any guidance will be much appreciated!

Thanks!
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Old 25th August 2011, 00:18   #32
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Default Re: Unclear about the transfer process - Kindly help!!

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Originally Posted by idle_wild View Post
First up, my apologies for digging up an old entry. However, in the spirit of not crowding the forum with lazily created new ones, here is my doubt. Thanks in advance for the response/s!

My father has a Ford Ikon 1.6 ZXi Petrol (Delhi registration) which he plans to sell now. Over the years, it has accumulated ~35% NCB (should have been 50 by now as no claim was ever filed, but our agent goofed up and forgot to factor in NCB for one particular year. Of course he got a earful from dad!)

Anyhow, dad has just booked a ANHC and they are offering him free zero-dep insurance. They will NOT give a cash discount in lieu of that.

My question is:
A) When dad sells the Ikon, he transfers the RC to the new owner, gets the record, goes to the insurer and takes the letter that says he is eligible for 35% NCB for his next car. How does he use this NCB during the renewal of insurance after 1 year passes post ANHC purchase?
B) Is the new owner of the Ikon justified to be pissed that we are not giving over the insurance? In other words, will s/he try to negotiate the price southwards upon hearing this?

Any guidance will be much appreciated!

Thanks!
The client who buys your ford ikon, has to anyways pay for a fresh insurance policy with a low IDV value of the car, he will anyways have 0 NCB. so its good that you take the letter for your ikon's policy, that is the NCB certificate.

Let honda give you the free zero deperciation plan, speak to that insurance company and tell them once honda pays for the insurance, you will give them the NCB certificate, they must honour this and give you a return cheque for the NCB amount. from next year you will get a lesser premium amount after reduction of NCB.
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Old 11th August 2012, 07:30   #33
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

I brought a pre-owned BMW in april 12 and transferred the insurance in my name. It had 20% NCB benefit and I had to pay the difference of premium (20% of the value for the remaining period) as NCB does not get transferred from one owner to other. Now its time for renewal.

So now, Am I entitled to the 20% NCB for not having any claims during the validity of this current policy or Do I need to wait till next renewal to be entitled for this NCB ?
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Old 11th August 2012, 10:33   #34
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

Another new thing I heard about NCB is that it can only be transferred by the owner to another vehicle of the same class.

Is this class difference clause within the LMV category or is it between LMV and two wheeler?
I.e. if you had a 50% NCB on a nano and decided to buy a Merc, can you transfer the Nano's NCB to the Merc, since they are a different category within the same class of vehicles.
I know that you cannot transfer NCB from a two wheeler to a Car.
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Old 8th August 2013, 20:57   #35
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

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Originally Posted by hrman View Post
Another new thing I heard about NCB is that it can only be transferred by the owner to another vehicle of the same class.
Check the previous page. GTO has transferred NCB between vehicles of different classes. But someone else did say that they had issues. Not sure why... maybe we are talking about something that has changed over time. But since it is a very competitive area, it might make sense to check with different companies.

I'm trying to transfer an NCB of 35% from a Scorpio to the XUV I will be getting shortly. The Scorpio's new owner wanted to get the insurance transferred and was prepared to pay the difference. There's about 4 months left on the policy.

Apparently, when you are transferring an NCB, you have the following options depending on what you do.
  • If you have sold the vehicle, you can surrender the policy and they will refund you for whatever period that is remaining. You need to submit copies of the transfer papers along with the Delivery note. Either that or a copy of the Smart card that shows the car is registered to the new owner.
  • If you are not selling it, you need to pay the difference since you can have that NCB on only one car. This works out to a small amount depending on how many months are left and the IDV of the vehicle.
  • If you are selling the car and transferring the insurance, the new owner can pay the difference and you can walk away with the NCB.
It's sad that they don't consider NCB on a pro rata basis. I have an NCB of 35% and its 8 months and I haven't made any claim. If I had completed the term of 12 months without any claims, I would have been eligible for a 45% NCB. There's nothing in between.

Last edited by triedeverything : 8th August 2013 at 21:10.
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Old 1st February 2014, 19:05   #36
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

I transferred my car to my name from my company's name (employer) in Mar 2014. The car was bought in Feb 2010 and I had been paying the premium since the beginning because the car was a buyback arrangement with my employer to save on taxes via leasing. I submitted all the docs and was told by my insurance company (BA) that you will retain the NCB of 35% because it was employer-employee transfer and they did not charge me the NCB amount for 11 months (insurance was renewed in Feb). However, now they are saying yo won't get any NCB because of the transfer! Anyone has any experience with this?
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Old 1st February 2014, 23:55   #37
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Default

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Originally Posted by heysac View Post
I transferred my car to my name from my company's name (employer) in Mar 2014. The car was bought in Feb 2010 and I had been paying the premium since the beginning because the car was a buyback arrangement with my employer to save on taxes via leasing. I submitted all the docs and was told by my insurance company (BA) that you will retain the NCB of 35% because it was employer-employee transfer and they did not charge me the NCB amount for 11 months (insurance was renewed in Feb). However, now they are saying yo won't get any NCB because of the transfer! Anyone has any experience with this?
Not sure how relevant this is to your case, however I recently did a transfer of ncb from one car to another that belonged to 2 different companies owned by me. Didn't have a problem doing this. Just submitted an official letter saying that both cars belonged to me.
Hence I feel if the car was registered in your name in the company you shouldn't have a problem retaining the NCB.
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Old 21st April 2014, 12:09   #38
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

Experts Seek your advice.

Sold my car nearly 6 months ago and have found out that the buyer has not transferred the insurance onto his name. However he has transferred the Car to his name. My car carried a good 50% NCB. Can i write to the insurance office seeking them to close/cancel the insurance as it is still in my name? How would I also transfer the NCB for my new car?
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Old 21st April 2014, 12:28   #39
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

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Originally Posted by ku69rd View Post
Experts Seek your advice.

Sold my car nearly 6 months ago and have found out that the buyer has not transferred the insurance onto his name. However he has transferred the Car to his name. My car carried a good 50% NCB. Can i write to the insurance office seeking them to close/cancel the insurance as it is still in my name? How would I also transfer the NCB for my new car?
If the vehicle is transferred to the buyers name ,immediately he is supposed to transfer the insurance also. Call up the guy and ask to transfer.Tell him if the transfer is not done the insurance is void.To be safe from your side,you can ask for a copy of the RC and go to the insurance company to get a NCB retaining letter. This letter can be used for your next car purchase within 3 years.When you buy a new car ,tell the dealer ,you have a 50% NCB certificate . Give a copy of NCB certificate while booking the car. If its free insurance don't give ,use it while renewing next year.
The buyer is not transferring the insurance because he have to pay the residual NCB amount. If this issue is taken up by your current Insurance company pay that amount and retain the NCB.
It sounds simple ,but in my experience it is not so because of the attitude of Insurance companies..
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Old 21st April 2014, 12:35   #40
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

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Originally Posted by ku69rd View Post
Experts Seek your advice.

Sold my car nearly 6 months ago and have found out that the buyer has not transferred the insurance onto his name. However he has transferred the Car to his name. My car carried a good 50% NCB. Can i write to the insurance office seeking them to close/cancel the insurance as it is still in my name? How would I also transfer the NCB for my new car?
If your insurance is still valid, you can do the following:
1) Apply to discontinue the insurance on the old car, providing proof of sale of the car;
2) The insurance co. will discontinue the insurance and issue you a NCB certificate valid for 3 years;
3) The co. will also give you a credit for the proportionate sum of premium paid - i.e. if your validity still has 4 months to run, the co. will give you a refund credit for 1/3rd of the premium paid for the year, valid for the next 3 years;
4) You can transfer the premium credit to your next car to pay a part of its insurance premium, as well as get the NCB benefit.

Buyer cannot transfer the old insurance of the car to his name unless you ask the insurance co. to transfer the same. Even then, the NCB benefit cannot be availed by the buyer, so he will have to pay up the proportional difference in premium between the discounted amount that you paid, and the full premium - i.e. if the insurance is due to expire in 4 months' time when you ask the co. to transfer the insurance to the buyer, he will need to pay 1/3rd of 50% of the full premium.

Since the buyer has already transferred the vehicle to his name, it is obvious that he has purchased fresh insurance for the vehicle, since RTOs do not accept transfer applications without a valid insurance in the name of the transferee.
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Old 21st April 2014, 13:15   #41
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Red face Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

Quote:
Originally Posted by ku69rd View Post
Sold my car nearly 6 months ago and have found out that the buyer has not transferred the insurance onto his name. However he has transferred the Car to his name. My car carried a good 50% NCB. Can i write to the insurance office seeking them to close/cancel the insurance as it is still in my name? How would I also transfer the NCB for my new car?
Two basic mistakes from your side:
1) Didnt tranfer the Insurance along with the vehicle ownership.
2) Didnt apply for the NCB certificate after the vehicle was sold. The NCB certificate will be issued by the Insurance co within 3 months of vehicle selling. I guess you have missed the bus.

Since the Insurance is still not transferred, better inform the Insurance co of the same and get it cancelled. As far as NCB is concerned, you will have to make an application for the same and be prepared to bear the Insurer antics.
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Old 21st April 2014, 14:04   #42
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

Quote:
Originally Posted by ghodlur View Post
1) Didnt tranfer the Insurance along with the vehicle ownership.
Yes, I should have acted quickly and transferred the insurance as well. When the vehicle ownership has been transferred it is just that I should have done the insurance transfer.

Quote:
Originally Posted by SS-Traveller View Post
If your insurance is still valid, you can do the following:
1) Apply to discontinue the insurance on the old car, providing proof of sale of the car;
2) The insurance co. will discontinue the insurance and issue you a NCB certificate valid for 3 years;
Thank you very much for the inputs, Yes I will request the insurance agent to cancel the insurance on my old car after sending a note to owner and give him some grace time to comply else will have it cancelled. Wanted to check if that was an option.
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Old 21st April 2014, 14:52   #43
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

AFAIK The Insurance company cannot cancel the insurance on the car without making sure that another insurance exists on the car. Make sure that the buyer had taken an insurance from elsewhere. If not he can transfer your existing insurance itself. This would be the simplest and the best way.
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Old 17th November 2014, 09:02   #44
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Default Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole?

Quote:
Originally Posted by GTO View Post
Look up your current insurance policy. It will have the NCB value stated.



1st year of no claims : 20%
2nd year : 25
3rd year : 35
4th year : 45
5th year : 50 (maximum NCB). Used to be 65% earlier.
GTO, Others - I have a situation with our good old Bajaj Allianz inmsurance. I have sold my vehicle (a Scorpio) to another seller - I have the delivery/sale deed, and I also have a copy of the new RC (in the name of the new owner). When I contacted Bajaj Allianz, my insurer - they seem to say that the existing policy on the Scorpio needs to be fully paid up, ie, we need to pay the amount that was given as discount under the NC and then they can look to issue an NCB certificate. I think this is bollocks really. I have this in an email. Any idea what I can do from here? Please advise.

Thanks
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Old 17th November 2014, 13:39   #45
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Originally Posted by anshuman_v View Post
When I contacted Bajaj Allianz, my insurer - they seem to say that the existing policy on the Scorpio needs to be fully paid up, ie, we need to pay the amount that was given as discount under the NC and then they can look to issue an NCB certificate.
BA is correct in saying that. They have given a discount in the premium for the NCB and this is applicable for the current year of Insurance policy. If you have sold the car mid year then the NCB amount on pro rata basis will be recovered from you. You will then be issued an NCB certificate.
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