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-   -   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-15.html)

Thanks a lot Ajmat . What an eye opener, so many nitty gritty that we tend to forget at times, it's a real blessing to be a part of Team Bhp.
Thanks

Just wanted to post an update for the benefit of the group

I got my refund after >3 months, w/o any interest, any calculation, statement etc... I had to write tons of emails and escalate the matter to their C&MD (incl. Maruti Chairman).

Since, there was no more interest left for local Maruti dealer (no commission on canceled policy), M/s Chowgule, Pune, my local NATMAR broker, washed off its hand and National Insurance local office in Pune was useless as all the NATMAR stuff is centralized and handled from their Delhi office :Frustrati. Looks like they do not have any SLA for refunds on canceled policies.

Unfortunately there was no response from Maruti, incl to a regd AD post (sent to Chairman) and emails (to maruti insurance), too. I am disappointed since, it is Maruti who aggressively canvasses for NATMAR but does not support its customers.

Imagine my plight, coordinating with Delhi/ Calcutta (HO)/Pune etc...

They are as professional as as an organized thieves' syndicate could be. I am sure many gullible customers just give up and do not pursue such refunds with them. This inflates their balance sheets.

Stay away!

-BJ

I am having a peculiar problem. The buyer has bought a TP policy and got the car transferred. Now Ins co is insisting since comprehensive policy is not transferred, they will not issue NCB certificate. So I am stuck with losing 25% NCB on my new car. What can I do?

I was trying to do the same. I have an old Santro for which I can get 50% NCB. If I insure Santro with a new insurer, with that policy certificate, can get an NCB certificate from current insurer. But new insurer stated that as per IRDA rules, transfer of NCB to new vehicle is allowed only if I show the proof of sale of old vehicle. Is that correct? Anybody has any idea?

Here, I am trying to keep both the vehicles in my name, by insuring it with different insurance agencies and to transfer NCB to the new vehicle. Is it possible?

Yup, some insurance companies would logically need to see the proof of sale, though most don't. I haven't had anyone ask me for the same. Why don't you "sell" the car to a family member (wife, son etc.) and use the NCB toward your new car?

Or look for some other insurance company which does not insist on you selling the previous car. Try Reliance / ICICI...

But in that case, if we transfer the ownership of the car to family, it will be second owner in RC and wont that reduce the resale value of the vehicle?

From what I know selling the old car is necessary. I had spoken to different insurance companies and all told the same.

Bajaj Allianz is the worst of them all, no one seems to know what the rules are. Each person I spoke to had a different thing to say. Like, value of the new car should be the same as the old one, the engine should be of the new car should be the same or smaller etc. I 'sold' mine to my wife and got a neat 50% off my new car insurance. My old car was with Bajaj Alliance and since they were incorrigible I went to National Insurance and they were absolutely clear in what could be done and did that without any hassles.

@Chandrainsky: By selling your car to wife, does it not change to second owner? then you are loosing on resale value of the car right? then you may loose more on selling that car than you saved on new car insurance?

I dont know how is works, i told what is according to my understanding. Please clarify.

That will not be the case.

Even if it goes to second owner, you are selling the car in future you can always make the new buyer understand this that you had done this to save NCB. Selling the car is must for NCB letter.

Hi,

Have couple of situations here.

1. On my Zen 2000 lx bangalore registration, insure (Maruti Insurance) is going to expire in Oct 09. I had paid Rs 2960(I got 25% NCB) for comp insure in last oct 2008. But,I made some claims in this year, so will my NCB start from 0% nowonwards.

Will I need to pay the same amount I paid last year (Rs 2960/-) or less/more.

Any calculation to be done here to get the premium I need to pay now.

3. On my Yamaha RX135, I had renewed 4 times the comprehensive insure.

2006-2007
2007-2008
2008-2009 - I got 35% NCB and paid total amount Rs 633-/ (premium of 563 + taxes Rs 70)

Is it correct that in 2009-2010 (current insure will expire on 25 July 2009), I can get 45% NCB which is 45% of Premium amount Rs563-/ = 310

Per insurance company - 45% on 4th renewal.

So is the premium amount I need to pay is Rs310-/ . IS this right calculation.

3. Also the bike RC and Insure is still on my friend's name. Is there a way I can leverage the Owner-driver insure of Rs 1 lakh. Or is it appropriate or valid if I just transfer only the Insure to my name without transferring the RC.

Thanks
prsn

1. You will have to pay some more amount then the last year premium.
2. In your premium there is TP premium also which will not get discount so your this calculation will not work. (See your last year policy you will understand easily.)
3. you can not have RC on one name and insurance on other name.

guys, can anyone help me finding out the NCB for my car. This is the first year of ownership.

You wont have NCB for the first year renewal i guess. From the next year you can claim NCB.

But please get quotes and compare from good companies like Bajaj Allianze, ICICI and TATA AIG etc. . This way you can get huge discounts.

I change my insurer every year and get good deals on the renewal.

Is there any prob in changing insurer every year?? I dont know about it though. Can somebody explain?

On renewal of your car insurance you will get NCB 20% on your OD premium.

There is no problem as such, but still it is good in case of claims if you are having relationship with one insurer for longer duration.
I think that will be showing your loyalty towards the insurance company.