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

- - ARTICLE: No Claim Bonus - How to save on your insurance premiums! (https://www.team-bhp.com/forum/buying-car/18602-article-no-claim-bonus-how-save-your-insurance-premiums-14.html)

Quote:

Originally Posted by vinaydas (Post 1157046)

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.

NCB will not be effected. Better to approach your old insurance company or even new one ASAP so that your car is covered. They will inspect the car now

another Q this is a hypothetical question.. im guessing my ncb is around 50%
..so if i transfer this while buying say a Rolls Royce :D do i get 50% rebate on the premium of the RR or 50% of my old car ?

Quote:

Originally Posted by rjvora_2000 (Post 1156977)

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

Well went to icici lombard office today with my insurance papers to get it cancelled. They said they can only cancel the insurance once i give them the proof that it has been insured by the buyer(either third party or comprehensive). Also they wanted a copy of form 29 and 30 and a delivery note or sale note.

WHAT TO DO NOW as i sold it to a dealer and dont know who the actual owner is n weather he has insured it or not.

Quote:

Originally Posted by aka_iitd (Post 1157059)

NCB will not be effected. Better to approach your old insurance company or even new one ASAP so that your car is covered. They will inspect the car now

I think there is a limit of 3 month's only please do it fast, other wise you will loos all the benefit of your NCB.:Frustrati

Quote:

Originally Posted by vinaydas (Post 1157362)

Yes you are 100% right on this one. One of my friend who had many car's (Approx 9) with him. When he bought Merc. he had one M800 with him which had 65% NCB which he got it transferred in his wife's name and paid full premium on that and 65% he saved it on brand new Merc.:)

Quote:

Originally Posted by rjvora_2000 (Post 1157613)

he had one M800 with him which had 65% NCB which he got it transferred in his wife's name and paid full premium on that and 65% he saved it on brand new Merc.:)

My insurance agent informed me that the NCB is not transferable to a different name policy. It can be transferred to another car only if the new car is under registered under the same name.

I have a 65% NCB on my company name, can I get this transferred to my personal name as a owner/director of the company?

Quote:

Originally Posted by Sahil (Post 1159513)

Sorry sir I don't think so. you wont be able to get the NCB.

Quote:

Originally Posted by Sahil (Post 1159513)

Please check car may be in owner name but Insurance would be in your name or that is also in company name. Let me check this as I also own car registered in company name.

Quote:

Originally Posted by aka_iitd (Post 1161069)

car may be in owner name but Insurance would be in your name

None of your insurance claim's would be paid if that is the case.:Frustrati

Car has to be insured in the same name which is there in RC book. You can not have two different name's, one for policy and other for car.

Since, I am buying a new Safari I applied for 50% NCB certificate on my Old Wagon-R. I canceled the comprehensive insurance policy on it and got a new 3rd party policy for the same.

National Insurance (Maruti Insurance) sent me the NCB certificate within a week, however, they still have not sent me the pro-rated refund check. More than 6 months of cover was still available on the old policy. Hence, I am expecting about 50% of premium paid as refund.

Can anyone tell me how to get the refund or what is the usual timeframe of processing the refund by NATMAR (National -Maruti) policy? Unfortunately they are located in Delhi and my local Maruti dealer is not helping much in processing the refund.

tia,
-BJ

Quote:

Originally Posted by bj96 (Post 1161342)

Mail your refund problem to this e-mail id they will surly reply.
OnlineMI@maruti.co.in

Quote:

Originally Posted by rjvora_2000 (Post 1161051)

Sorry sir I don't think so. you wont be able to get the NCB.

In that case how did your friend manage to transfer the policy of 65% to his wifes name?

Quote:

Originally Posted by rjvora_2000 (Post 1138065)

Next year Ncb goes to 0%.

Thanks!

It's that bad since you end up forfeiting all the accumulated NCB. Logically, I think, it should have dropped to the previous slab given the good record till then.

Quote:

Originally Posted by Sahil (Post 1176280)

In that case how did your friend manage to transfer the policy of 65% to his wifes name?

Sirji he paid full premium for Maruti and saved on merc.

He sold the car to wife she went for new policy. My friend got the 65% Ncb certificate then he bought the Merc.

I have a pretty basic doubt...

If I have made no claims for one year, and I get 20% discount on premium as NCB, and I make use of it.

So, next year will I get 25% again, or will I have to start again?

I have read over this forum that NCB is accumulated. What is not clear to me is, is it accumulated by not using it every year, or just by not making claims, and using it every year...

Thanks,
Deepak

Quote:

Originally Posted by d4dpak (Post 1182018)

What do you mean by "I make use of it" Do mean making a claim?

See if you claim Ncb becomes 0% you have to start all over again...