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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-18.html)

Folks - one query on this topic.

I've sold my Alto and have bought a used Elantra. I went through this thread and called Bajaj Allianz, with whom I have my Alto's insurance, about the NCB transfer to Elantra's insurace (on which there's no existing insurance).

However, they're telling me that the NCB transfer is applicable ONLY if the engine capacity of the old and new vehicles are the same!! Baffles me - why would anyone buy another car with same cc? Is this another trick the company's pulling to avoid giving NCB?

Can someone advise pls?

Thanks,
Sriram

Insurance company is laying and playing a trick go to there branch office and I am sure they will guide you properly in this case.

Thanks for the super fast reply Rupesh! The insurance companies try to pull every trick in the book to deny this. This time I spoke to the branch office and the guy says he'll transfer the NCB once I show him proof that the new owner has transferred the insurance in his name and has paid for your NCB!! What the new owner does with the insurance is his business - how can I follow-up with him to ensure he's transferred it and paid my NCB discount!!

Armed with the info in this thread, I said I'll provide copy of the delivery note and he better get the NCB transferred. I also checked with ICICI Lombard and they were ready to give the NCB on the new policy provided I give them the delivery note and copy of the existing policy. Though it'll be hassle free with the same company, but looks otherwise!

Imagine the plight of people that don't have access to the kind of info this forum has!

Don't go to Icici as they are the worst in customer service:Frustrati in case of claim and they are the best in the quotes. If you give your policy copy and a copy of delivery note any company in India they have to give you the benefit of the NCB.

Hello Guys, I feel fortunate to stumble upon this article. I was about to purchase a new Civic and sell my current car - Chev AVEO 1.6LT, and the Civic dealers are not ready to give any cash discounts, let alone insurance discounts.

I have 25% NCB written on my previous Insurance statement and I think i can save alot on my new insurance quote. But it also has a line like this -

"The No Claim Bonus will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy."

The last time i renewed the policy was on June 2009, which was a few days before it expired. Does that mean I am not eligible for the claiming the NCB certificate? But the NCB % was listed in the breakup of the premium summary, so I guess its still valid.

Can anyone clarify what the above statement means?

On a related note (sorry if the doubt is redundant, I just wanted to make sure I understand this correctly), from what I have read in the above posts, the second person buying the car can still keep the existing insurance after he transfers it in his name, and I (the previous owner) will just have to keep a copy of the transfered insurance and a Copy of the Transfer Document to the insurance company to apply for the NCB certificate?

I think you are seeing the renewal notice and not the policy. As this statement means that if you do not renew your policy before the renewal date then NCB can be given, only for 90 days after the renewal days.

If your current policy is showing NCB then you are eligible for NCB certificate.

New owner can get this policy transferred to his name once he pay's the part of your NCB amount to your insurance company.

Thanks for the clarification. You are right. They were talking about the eligibility of NCB calculation.
My next renewal is June 2010 And the premium is 12k. Does the new owner have to pay the NCB amount in addition to this? What would be the NCB amount if my current insurance premium is 12k. Would that be 25% of 12k?
Oh ok... so since the NCB discount for that year and the following year is related to my usage and not the new owners, the new owner should technically be starting from stage 0 as if its his first year, unless he has another NCB for his own usage. Correct?

Yes if you sell your car today to him and you take NCB certificate the new owner has to pay the NCB amount to transfer the insurance to his name. Your current policy must be having the % please refer to that. (May be 35%)

Understood. This is Awesome.

I can finally save money on my car insurance (US insuance ad pun intended :) ) Never thought I would say that line.

I transferred my old car to my dad's name and will be getting a 25% NCB certificate from the Insurance Co. in a few days .

Now I already purchased a car ( before transferring my old car ) and the insurance came free with the new car.

My question is next year what NCB am I entitled to ? Just 25% from my old car or more ? Will I get anything extra for the new car if there's no claim on it this year ?

I think (I am not sure) you will be getting 35% NCB on the renewal. As your current policy does not have NCB so on renewal it will be 20% and you show them the NCB certificate of 25% which is the second step of NCB so you will get 35% NCB.

Step of NCB is 0%, 20%, 25%, 35%, 45% & 50%.

I hope my point is clear to you.

Thanks rj bhai. That's what I was expecting also, so let's see next year how it goes.

I was able to transfer my NCB claim of 50% from my old esteem-1995 to ANHC even though both were two insurance companies. It was not so easy with just the NCB letter from the old company even though the NCB letter was issued only after the insurance company got a confirmation that my car was legally transferred to the new owner (Copy of RC book with the new owners name).

The new insurance company too wanted a copy of old RC copy and the old insurance copy along with the NCB certificate. It took nearly one month to get my claim back as a cheque. However, it was really worth the wait since my return was around INR 12K.

I also got an additional benefit of Rs 200/- due to the AA membership. AA member is really worthy to have on an life time membership. The life membership cost is INR 3500/-

I get Rs 200/- for each of my car and bike insurance. I was able to change the address in my RC Book with minimal RTO costs, ZERO bribes involved. Additionally, there are many discounts you could get due to the membership car in India and Abroad.

I have a small doubt in transferring the NCB. My current car's insurance is valid till Mar 2010. I am almost in the final stages of selling my car. I have a NCB of 50%
When I had a word with my insurance agent, the advice he gave me is as follows

(1) I have to send a request to suspend the current insurance policy
(2) I have to take a Third party insurance or the buyer has to take a new insurance for the car
(3) then the insurance company will issue me a NCB certificate.

Now, what I heard from this agent is different from what I read in this forum and hence would like to clarify the same.

(1) Do I have to cancel the existing policy so that I can get the NCB ? if so, I am not sure whether the buyer will agree to that

I have feeling that agent is trying to con me in to taking another policy in the context of issuing me a NCB letter (?)

(2) Also, if the buyer of the car transfers the policy to his name, will I lose the NCB ? ( this is what my agent told me).

What does it mean AA member?