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

Deprecation calculation: -

There can be multiple way of calculating the deprecation. I am giving two ways hear.

Example 1
Question: - I have my car which I drive rashly. I keep my car not so in good condition. In a year I make insurance claims twice then how much should be the Deprecation on my car?
Answer: - 20% reason because I am not taking good care of my car. My car's value in the market must have gone down.

Example 2
Question: - I am like parsi bawa (Just kidding please don't make this an issue)keeping my car in very good condition. I am doing regular service to the vehicle I haven’t made any claim in last 5 years to insurance company then how much should be the Deprecation on my car?
Answer: - 10% reason because my car still is in good condition I am taking good care of my car.

See as I told you earlier this is a personalized matter. You can change the % of Deprecation.

Quote:

Originally Posted by somebodystopme (Post 1044788)

also want the name to be changed to my name or anyother name. Can it be done? With of course the NCB benefit?

Please read through the thread. NCB is non-transferable.

Quote:

Originally Posted by soumobakshi (Post 1044842)

I have a letter from Maruti which states that the NCB % on my old card was 25% dated Sep'08. Can i use this letter for my 2nd Year Renewal of my Logan (Currently insured with ICICI)?

Of course a letter will suffice too!

Hi,
I have a few questions.

I am selling my current car to Maruti Truevalue and buying a new one. To get a NCB letter, my current insurance company requires proof that insurance for the car sold is continued by the new buyer. But, since i am selling it to Maruti dealer, the new buyer has yet to be identified. Can someone tell me how to get a NCB letter in the current situation?

It is likely that i may not get the NCB letter before i purchase insurance for my new car. I read that the old NCB letter can be applied at the time of renewal of insurance. Will the old NCB letter still be considered if I make a claim between now and renewal time of insurance (of new car)?

thanks

Quote:

Originally Posted by autoenthusiast (Post 1038890)

I got my NCB certificate from my Insurance company. They were so prompt in issuing my NCB certificate that I was really taken by surprise the way services have improved in this sector.

I sold my car to the Hyundai dealer in Pune, he provided me a delivery note and I also had him sign on a sale note that I had drafted.
I submitted the following to the Insurance company.
1. Delivery note with dealers stamp.
2. Sale note with dealers stamp.
3. RC book copy.
4. Insurance certificate copy.
5. Hypothecation removal NOC copy from the bank.
6. Copy of the payment Demand Draft from the dealer.
7. Application to the Insurance company to issue a NCB certificate to me (Hand written one at the Insurance firm).

Ditto they issued me the NCB certificate in 5 minutes ! The certificate is valid for 3 years from date of last Insurance premium and is a 50% NCB.

I now have only 1 concern, maybe forum members might be able to help me here.
The vehicle is still in my name, since a dealer sells the car to a prospective buyer and then transfers it in one go. If by some mishap (I pray not), there is some accident with my vehicle, can the dealer claim the insurance that is currently valid on the vehicle ? Or can I prevent him from doing it (the vehicle/insurance is still on my name). I have signed the transfer forms and provided them to the dealer.
Also what would happen to the new NCB that the Insurance company gave me in this case ?

Quote:

Originally Posted by Dnot (Post 1052933)

I think this will help you. You can get the NCB letter before you buy the new car.

Once you claim then all the NCB (old or new) is gone for a toss.

Get the letter from the insurance company of NCB first then take the new insurance with NCB in this year only. Don't wait for next renewal.

Quote:

Originally Posted by Dnot (Post 1052933)

Isn't Maruti Truevalue going to pay you for the car? A letter from them should suffice alongwith a copy of the transfer form + payment proof.

Quote:

Originally Posted by vinit.merchant (Post 1056844)

What if I have a third party insurance on my current car and no claim is made in the last 4 years on it. I will be selling the car soon. I bought a new (used) car, which i want to get insured in my name, but comprehensive.
Is it possible to transfer the NCB? I have my doubts, but want to clarify.

Quote:

Originally Posted by autoenthusiast (Post 1056968)

Nope as far as I know NCB is only with comprehensive insurance. If you have only 3rd party insurance you won't get a NCB certificate.

Spot on!! that's true.

There are no NCB on TP insurance. NCB is there only for OD premium.

I need some advice here, long story I must warn readers though :)

I was with Royal Sundaram from June 2005 for my Bolero, which I sold in Dec 2007, the buyer as well as I played with the idea of transferring the insurance to the buyer's name for 6 months on and on and in June 2008 the 3rd year completed and he got the vehicle insured with another firm. There was no claim made in this 3 year period.

I bought my Safari in Dec 2008 and as the selling and buying periods overlapped, couldn't find time to do what this thread says, transfer NCB and pay less, this time with Tata AIG.

Now the second year premium of the Safari is due and so I thought let me try the NCB thing. Visited Royal Sundaram and they said they would need to be shown the sale records for issueing a NCB certificate and I can collect it anytime I can bring in the sale record, no issues there.

Visited Tata AIG branch today, this year's premium is 19k+ considering NCB of 20% for the first year. When asked if they'd give me a refund if I pay the premium in full now and later produce the NCB certificate procured from Royal Sundaram, they say that if I produce the certificate, I'd be eligible for 25% NCB from Royal Sundaram (RS) and I can either take the 20% being offered by Tata or the 25% offered by RS and both of them can't be combined to get me an NCB of 25% + 20% = 45% over 4 years of no claim history.

Meanwhile, I have been bugged by various other insurance players including HDFC, Reliance and Bajaj Allianz guys, not to mention the other DSA guys. The catch here is that they all are offering a 35% direct deduction even without providing them with any NCB certificate as well as a higher IDV. The IDV calculated by tata is coming out to 554k (727k * 0.95 * 0.80) and the quote given by Bajaj Allianz for an IDV of 588k (727 * 0.95 * 0.85) is net 15k+.

So guys, I'd want to ask here, should I continue with Tata itself, paying a higher premium for a lower IDV (about 21k less than other parties) or change over to Bajaj Allianz. Also, any feedback on various insurance providers would be helpful.

My premium date is tomorrow, now don't bash me :-D and I need to decide fast, so appreciate all comments.

Cheers!

Quote:

Originally Posted by aburagohain (Post 1079682)

Why you think to pay higher premium? transfer your self from Tata to Bajaj you will save lot of money.

Quote:

Originally Posted by aburagohain (Post 1079682)

Meanwhile, I have been bugged by various other insurance players including HDFC, Reliance and Bajaj Allianz guys, not to mention the other DSA guys. The catch here is that they all are offering a 35% direct deduction even without providing them with any NCB certificate as well as a higher IDV.

Remember this is not an NCB this is the other discount. (In insurance it is called De-Tariff Discount.)

for details please see the Insurance trend in TBhp.