ARTICLE: No Claim Bonus - How to save on your insurance premiums!

[Sahil]

Originally Posted by GTO

Older insurance policies that have accumulated 65% NCB continue with the same benefits. Recently, insurance companies got together and reduced the max NCB to 50%. This is applicable only to newer policies.

I hate the insurance companies for doing that.... Isn't that rather monopolistic it should be illegal for them to gang up and come up with company policies.
I think we still have a few 65% NCB policies at hand but have lost out on a few so never gonna get those back to 65% !

[mdsaab]

I called up the insurance company the other day to find out abt NCB

We sold our old car and the insurance was in my Dad's name.
Now the new car is bought in my name.
Can we transfer the NCB from the old car to the new one?
The insurance guy did not seem to be fully aware and asked me to call back when the big boss will be in.
Thanks for your help as always.

[GTO]

We sold our old car and the insurance was in my Dad's name.
Now the new car is bought in my name.

Nope. NCB is transferable only within the same individual / company

[mithun]

Originally Posted by phamilyman

I have had NCB on my motorbike for like three years now. Can I use that to get any bit lower rates on car purchase?

I don't think it's possible since there is a difference in the no. of wheels !

[shankar.balan]

the new vehicle needs to be in the name of the same person in whose name the old one was. In this case, your dad.
remember that the insurance on the vehicle is completely dependent on the individual who drives/owns it and in whose name it is.The credibility of that individual in terms of "no claims" is what is rewarded by the insurance company in the form of "no claim bonus".

Originally Posted by mdsaab

I called up the insurance company the other day to find out abt NCB

We sold our old car and the insurance was in my Dad's name.
Now the new car is bought in my name.
Can we transfer the NCB from the old car to the new one?
The insurance guy did not seem to be fully aware and asked me to call back when the big boss will be in.
Thanks for your help as always.

[autoenthusiast]

Folks, how does the NCB transfer work with exchanging your old car with the dealer for the new vehicle ? I checked with the dealer and the salesperson claimed he wasn't aware of NCB (surprising), if I intend to give my car to the dealer just prior to taking delivery of my new vehicle I'm wondering how my NCB will still apply. Incase my insurance is with the same insurance company can I still avail NCB on the new vehicle before transferring my old one ?

[GTO - Touring]

Originally Posted by autoenthusiast

Folks, how does the NCB transfer work with exchanging your old car with the dealer for the new vehicle ? I checked with the dealer and the salesperson claimed he wasn't aware of NCB (surprising), if I intend to give my car to the dealer just prior to taking delivery of my new vehicle I'm wondering how my NCB will still apply. Incase my insurance is with the same insurance company can I still avail NCB on the new vehicle before transferring my old one ?

Autoenthusiast, please read the entire thread. Your query has been answered in previous posts.

[Rahulk76]

Hi
I just recieved the NCB certificate of 45% after i sold it.This is is from New India Assurance.

The guy has neatly cut the 3 year validity and put instead 3 months validity from 14 oct 08. I called him and asked him about the same and he said rules have changed and its only 3 months now. I argued with him to show me where officially its written, but he wouldnt budge.

Is it true that NCB is now valid for 3 months instead of 3 years..

Regards
Rahul

[GTO - Touring]

Rahul, I wouldn't worry about it as long as New India is ready to issue another certificate as & when you need it. I have taken an NCB certificate from new india a full year after selling the car.

[Surprise]

My friend has gained the NCB for three years and on the fourth year he made a claim (bit on higher side). While receiving the renewal notice, he was asked to pay the NCB saved all these years.

The real trouble here is paying that hefty amount in one shot.

[Peter]

Hi Team,

Sorry to barge into this thread but have a quick question ..maybe you guys could help me with in relation to Car insurance.

My Car insurance has expired this month and it was Comprehensive insurance.

Now since I wont be using the car for the next 1 year as I will be out of country I was thinking of doing the Third party insurance as the premium would be much lesser , cause I feel comprehensive insurance for the next 1 year would be unnecessary for me.

When I spoke to a Bajaj Allainz rep about this he said that thrid party insurance cannot be done as my car is Hypotheticated to HDFC bank. Is it true ? or is the guy just trying to just goof things up and force me into getting a Comprehensive insurance again?

Team Please advice.....

Cheers,

Peter.

[GTO - Touring]

Originally Posted by Surprise

My friend has gained the NCB for three years and on the fourth year he made a claim (bit on higher side). While receiving the renewal notice, he was asked to pay the NCB saved all these years.

Your friend is being CHEATED! If you make a claim, your next policy renewal will be at non-NCB rates. You don't have to pay up anything for 3 years worth of NCB benefits

Originally Posted by Peter

When I spoke to a Bajaj Allainz rep about this he said that thrid party insurance cannot be done as my car is Hypotheticated to HDFC bank. Is it true ?

Most finance companies will enforce a clause that comprehensive insurance is mandatory when the loan is active. They are only protecting their own interests. If your car gets stolen on a third-party insurance, who is going to pay them?

[greenhorn]

for some odd reason for the past two years, I've always ended up making claims > the insurance amount + NCB, So far , I've only gained money from insurance

[Maverick1977]

Originally Posted by GTO

Nope. NCB is transferable only within the same individual / company

I had also requested for my Insurance Company (Bajaj Allianz) for a NCB certificate few days back. However the Insurance Company said that there would be no problems in transferring the NCB from my Mom's name to my Wifey's name, since the new car is booked in her name.
Now I am confused, because if I have to pay the full Insurance amount then my finances will go for a toss.
Can some one please confirm if the NCB is NOT TRANSFERRABLE even within the family.

[ghostrider]

Hey guys. Brilliant thread.

Quick question... my Ikon 1.6 is due for renewal in about 3 days. It's going to complete 3 years and start its 4th year. i have never made an insurance claim for this car.

How much NCB can I claim? I read on this thread that the NCB for the fourth year is 45%. Does this mean that if the Premium is say, Rs. 8000, then I can get a 45% discount on the premium and wind up paying only Rs. 5,400?

Also, how is the Premium calculated on the IDV? Is there a formula that determines premium based on IDV (Insured Declared Value)?