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

[aburagohain]

Thank you rjvora for the suggestions, I have decided to dump tata and go for bajaj, you just tilted the scales a little more with your kind comments

[rjvora_2000]

Originally Posted by aburagohain

Thank you rjvora for the suggestions, I have decided to dump tata and go for bajaj, you just tilted the scales a little more with your kind comments

Please inform all of us at what IDV with how much NCB what premium have you paid?

Please do this...

[aburagohain]

yes sure will do that, the agent is coming over to my office in the afternoon to collect the cheque, will update here once the process is done.

[aburagohain]

Finally renewed the insurance with Bajaj Allianz, for an IDV of 588k (727k * 0.95 * 0.85), premium paid was 15272 for comprehensive insurance, no Voluntary Deduction applicable so that claims can be made from 1k to full IDV, got this free from them.

Bajaj calculated the IDV with 15% depreciation as the vehicle is 6 months to 1 year old (going to next bracket of 1-2 year old tomorrow) whereas Tata straightaway put it as 20% with a disclaimer on top of it that they look for the best interest of the customer, had given a mouthful to the sales guy then and there itself yesterday.

This makes me think that one should go for Voluntary Deduction and enjoy a premium reduction of upto 1.5k, this would ensure that claims till 15k are not eligible, but anyway we do not make claims for small amounts in order to keep the NCB valid, am I right?

[rjvora_2000]

Originally Posted by aburagohain

Finally renewed the insurance with Bajaj Allianz, for an IDV of 588k (727k * 0.95 * 0.85), premium paid was 15272 for comprehensive insurance, no Voluntary Deduction applicable so that claims can be made from 1k to full IDV, got this free from them.

Bajaj calculated the IDV with 15% depreciation as the vehicle is 6 months to 1 year old (going to next bracket of 1-2 year old tomorrow) whereas Tata straightaway put it as 20% with a disclaimer on top of it that they look for the best interest of the customer, had given a mouthful to the sales guy then and there itself yesterday.

This makes me think that one should go for Voluntary Deduction and enjoy a premium reduction of upto 1.5k, this would ensure that claims till 15k are not eligible, but anyway we do not make claims for small amounts in order to keep the NCB valid, am I right?

Yes you are right!!

There is a very simple logic behind saving the Excess. If someone is regular claimer then he should not opt for higher deductibles. (I have seen people claiming all-most every year!!!) and if you don't claim regularly then opt for it and save lot of premium.(Like you say you are!!!)

[appuchan]

I too have both my cars insured with Bajaj Allianz. My 7 year old Santro has its latest premium at Rs.1944 only, without any insurance claims so far. Been getting 50% NCB for few years.

[rjvora_2000]

Originally Posted by appuchan

I too have both my cars insured with Bajaj Allianz. My 7 year old Santro has its latest premium at Rs.1944 only, without any insurance claims so far. Been getting 50% NCB for few years.

Good to know that.

Earlier this NCB was till 65% but now all the insurance companies have reduce it to 50%.

[aburagohain]

Thanks to this thread, I saved quite a good amount on premium, wish I'd known these things earlier. Hope other BHPians also benefit from this.

rjvora cheers:

[rjvora_2000]

Originally Posted by aburagohain

Thanks to this thread, I saved quite a good amount on premium, wish I'd known these things earlier. Hope other BHPians also benefit from this.

rjvora cheers:

I love to Share and Learn in insurance subject. Thank you very much for your kind words. Need any help please feel free to ask!!!

[RX135]

Question :

Suppose, I have 45% NCB at the start of the year, but during the year I make an insurance claim.

Do I loose all 45% NCB next year or, does it get reduced previous slab i.e. 35%?

(Sorry if this is already answered earlier in this thread. I skimmed through but didn't find this).

On related note,

MODS, can you please update the FAQ on front page with more information? There are many Q & A littered across the thread.

[rjvora_2000]

Originally Posted by RX135

Question :

Suppose, I have 45% NCB at the start of the year, but during the year I make an insurance claim.

Do I loose all 45% NCB next year or, does it get reduced previous slab i.e. 35%?

(Sorry if this is already answered earlier in this thread. I skimmed through but didn't find this).

On related note,

MODS, can you please update the FAQ on front page with more information? There are many Q & A littered across the thread.

Next year Ncb goes to 0%.

[ntranced]

Please pardon my ignorance if this query has been answered before.
I just sold my OPEL CORSA 3 days back to a dealer but didnt part with the insurance policy. The policy has a 35% NCB insured with icici lombard. The dealer has given me a delivery note.
1) Is it enough or do i need any other documents from him.
I have also booked a FIAT LINEA which i will be recieving in a couple of weeks.
2) What is the procedure to transfer this NCB to the new policy for my new car.
Thanks in advance.

[DieselFan]

Originally Posted by ntranced

Please pardon my ignorance if this query has been answered before.
I just sold my OPEL CORSA 3 days back to a dealer but didnt part with the insurance policy. The policy has a 35% NCB insured with icici lombard. The dealer has given me a delivery note.
1) Is it enough or do i need any other documents from him.
I have also booked a FIAT LINEA which i will be recieving in a couple of weeks.
2) What is the procedure to transfer this NCB to the new policy for my new car.
Thanks in advance.

Delivery note has got nothing to do with your insurance. please take your insurance docs to your insurance provider, cancel the insurance and get a NOC for claiming NCB on the next car you purchase.

[rjvora_2000]

Originally Posted by ntranced

Please pardon my ignorance if this query has been answered before.
I just sold my OPEL CORSA 3 days back to a dealer but didnt part with the insurance policy. The policy has a 35% NCB insured with icici lombard. The dealer has given me a delivery note.
1) Is it enough or do i need any other documents from him.
I have also booked a FIAT LINEA which i will be recieving in a couple of weeks.
2) What is the procedure to transfer this NCB to the new policy for my new car.
Thanks in advance.

Originally Posted by DieselFan

Delivery note has got nothing to do with your insurance. please take your insurance docs to your insurance provider, cancel the insurance and get a NOC for claiming NCB on the next car you purchase.

@dieselfan you are right.
@ntranced you need to cancel the old policy first... (Approach your old insurance company for this)

Then old insurance company will issue NCB certificate which you can give it to your new insurance company.

You will pay 35% less premium on your new car!!

[vinaydas]

a small Q 1 of my vehicles insurance has expired since 3 months (i know its illegal and all to not have insurance im going to renew it ASAP) will my NCB be affected? no claims since almost 5 years.