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

I have a 50% NCB in my policy for my Honda Civic which is now sold. The insurance policy was with National Insurance bought through Policy Bazaar. I raised a request with Policy Baazar for the NCB certificate. They are insisting on new RC or Parivahan screenshot with new owners name. Now the matter is that Ranchi RTO is taking its own sweet time to update the transfer of ownership. The first step of entry is complete but the verification is pending since 17-18 days.

As far as I know, if I’m cancelling the policy, I’m entitled for the NCB certificate anyway. It’s not mandatory that the vehicle in question has to be sold for the NCB certificate to be issued. I told this to Policy Baazar but they are not processing my request and insisting that it can be done only when RTO reflects the new owner’s name in the website.

What are Bhpians thoughts and advice on the matter. I need to close this soon.

Thanks.

Do we lose NCB if we initiate a claim and don't proceed with it anyway?
To give a background, we faced a severe hailstorm 4 weeks ago, and my insurance renewal is due this week. I was in two minds about whether to go ahead with the work for several reasons. And when I did, the surveyed said the claim may not be approved since it was 3 weeks already, plus recommended a garage that has more negative reviews. So we didn't go ahead with the work. And now when the message for renewal comes, it says you have used the insurance, so NCB is lost completely.

Quote:

Originally Posted by saket77 (Post 5738867)

Hi Saket,

Pretty much understand your situation. Its truely a catch 22 situation. Unless the car is registered in the new party's name, you cannot get the NC bonus in your name for your new purchase . Its practically not possible as , we would be looking to buy a new vehicle as soon as we sell the older one. The only option is to sell the vehicle , get the RC transferred and upon completion, then apply for the new vehicle registration with the applicable NCB component which rarely happens.

So with a pinch of salt, go ahead and buy your new vehicle and forget about the earlier NCB portion. Do not let this hamper your joy of enjoying your new vehicle buying process. I've been through this and do not worry about this NCB component at all.

Regards,

Quote:

Originally Posted by saket77 (Post 5738867)

In my opinion you should be asking National Insurance for the NCB certificate and not Policy bazaar even though you have bought the Insurance from them. Policy bazaar is an aggregator and not a licensed Insurance provider. In any case the RTO receipt of the application of ownership transfer is also considered as proof for the issuance of NCB certificate by the Insurance provider.

If the Insurance co is not providing the NCB certificate then the Insurance Ombudsman can be approached.

Quote:

Originally Posted by mjkaushal (Post 5745950)

Quote:

Originally Posted by ghodlur (Post 5745954)

Thank you Gentlemen for your elaborate replies. Here’s an update:

I did visit National insurance’s office and met the Manager who told me that unless new name reflects in the parivahan website, he cannot issue me the NCB as the current policy will need to be cancelled. If the policy is canceled then RTO will not transfer the vehicle as documents checklist will not be complete for them. So, it would be a big hassle for the buyer. Also, as per the rule, the car can not be left uninsured (at least third party) at any point of time, hence to cancel the policy, he will need a new policy number insuring the vehicle.

I discussed this predicament with the buyer. He is a young guy and it took 2-3 rounds of discussion for him to understand the catch-22 situation. Finally he renewed the TP insurance from current date in my name (as I’m still the owner on papers) and shared the new policy with me. I met the manager again and he issued me the NCB hand to hand. I’ve assured the buyer that I’ll get the policy transferred to his name once transfer is done at RTO. So, with some understanding of situation and patience, I was able to secure the NCB.

Thanks a lot to both the members for replying.

Regards.