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

hyper-VTEC · 2nd November 2006, 19:44

Quote:

Originally Posted by black12rr

Gurus one more info need . Does NCB % increase every year ?
Like for example this year the insurance compay will give 5 % NCB .
Next year if you dont claim anything ,it will be 10 % and next year 15 % and so on ?

Yes, it increases till a certain percentage. Though i am not sure of the rate of increase every year or the maximum, but it does....

black12rr · 2nd November 2006, 19:54

Hyper_VTEC thanks for info .If any one can confirm the % NCB increase per year ?
Ok forgot to ask this , suppose right now you have 30 % NCB , you have an accident you claim it , the entire 30 % NCB is gone and there is no NCB next year since you claimed?

hyper-VTEC · 2nd November 2006, 21:11

No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.)

Transfer your NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy to another company.

Source: www.icicilombard.com

I am sure ajmat and other knowledgable bhpians would be able to answer you question. I think if you claim, you lose everything.

pdev29 · 2nd November 2006, 21:53

Hey Ajmat,
Thanx a ton for this post, never knew about this thing..

suren181 · 3rd November 2006, 13:35

Boss, Khudos to you for the lovely information passed on to all... Over the years we have wasted quite some money... but however as they say better late than never.... Now I know many of our Team BHPians would save more money and money saved is car mod earned...

navdeep · 3rd November 2006, 14:39

Quote:

Originally Posted by ajmat

3: Use the NCB: Forward the NCB letter to your new car’s dealer. Voila! You have just transferred the NCB to your new car insurance and saved a bundle.

FAQ

Q: I have not sold my old car and need to take delivery of a new one.

A: Go ahead and buy the new car: you cannot claim your NCB for the first year but make sure you get the NCB letter when you sell your old car. You can use the letter to reduce your second year’s premium.

This is an excellent article. Even I was not aware of it.

I am bit confused with the above two statements in quote. Please throw some light on them.

Thanks..

navdeep · 3rd November 2006, 14:55

NCB is transferable from your old car only when you have sold it ?

Can I use the NCB of the old sold car owned by Dad/Wife ?

ajmat · 3rd November 2006, 15:09

Quote:

: Go ahead and buy the new car: you cannot claim your NCB for the first year but make sure you get the NCB letter when you sell your old car. You can use the letter to reduce your second year’s premium.

I learnt this the hard way, I was selling one car but had not sold the old car. The insurance agent misinformed me to pay the full policy on the new car and get a rebate once the old car was transferred and I received the NCB certificate. Alas as per the Insurance rules, I could not get the rebate and had to wait till renewal time. Unless you are superstitious, take your time to sell old car, transfer it then get the NCB

Quote:

Originally Posted by navdeep

NCB is transferable from your old car only when you have sold it ?

Can I use the NCB of the old sold car owned by Dad/Wife ?

1: Yes

2: No - pertains only to person who took out policy

sumitdongerkery · 3rd November 2006, 16:56

Guys!!!!

Is NCB based on Policy no. or on policy holders name.
what I mean to ask is that once a claim is made on a particular policy then if the policy is transferred to some other persons name, is he eligible for NCB.

If not then we need to be careful while purchasing second hand cars from dealers because most of them redo the car by claiming car insurance only and the new owner will lose out on NCB.

Cheers

sukheshkumar · 3rd November 2006, 17:05

I Purchased my Diesel Palio from Sundaram Motors in July 2004.

I was driving Premier for fifteen years and there was no claim in those 15 years.

When I enquired for transfer of NCB, Mr Srinivasan, GM and Mr Tilak Ram did a decent Job of helping me out to transfer this to my new car. i get full rebate and currently I pay Rs 7000 as my insurance premium.

My exprience with TVS Koramangala was pleasurable which was perhaps not the case with others.

MaserQ · 4th November 2006, 23:46

Superb article that. Please keep the informative articles coming ajmat!

abhijit 2284 · 6th November 2006, 13:34

Quote:

Originally Posted by ScarySkulls

I am currently in the 65% rebate bracket.
Never claim for any minor damages. Saves you LOTS in the long run.

i think this is a very good statement , I believe that anything below 10K is not worth claiming for

mahadev_kc · 6th November 2006, 16:41

Kudos to Ajmat. Very helpful information. Never knew these things.

When my 2-wheeler policy is transferred, I did not knew of the NCB transfer. If I had this information earlier, could have saved around 300Rs.

Mugen_Power · 6th November 2006, 17:15

A Real Eye opener.
This is a really good information, Never heard or knew this before.

Thanks for sharing.

tif0si · 6th November 2006, 17:15

what an article Ajmat!!! i never knew these things and this has come accross at just the right time for me,this community is a blessing for everyone,seriously knowledge becomes more usefull only wen it is shared.thanks.

2nd November 2006, 19:54	#17
black12rr Senior - BHPian Join Date: Dec 2005 Location: Ridin earth now Posts: 1,278 Thanked: 339 Times	Hyper_VTEC thanks for info .If any one can confirm the % NCB increase per year ? Ok forgot to ask this , suppose right now you have 30 % NCB , you have an accident you claim it , the entire 30 % NCB is gone and there is no NCB next year since you claimed? Last edited by black12rr : 2nd November 2006 at 19:56.
	() Thanks

2nd November 2006, 21:11	#18
hyper-VTEC BHPian Join Date: Oct 2006 Location: Bengal...ooroo Posts: 648 Thanked: 243 Times View My Garage	No Claim Bonus: If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy.) Transfer your NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy to another company. Source: www.icicilombard.com I am sure ajmat and other knowledgable bhpians would be able to answer you question. I think if you claim, you lose everything.
	() Thanks

2nd November 2006, 21:53	#19
pdev29 Senior - BHPian Join Date: Feb 2006 Location: Mumbai Posts: 1,039 Thanked: 288 Times View My Garage	Hey Ajmat, Thanx a ton for this post, never knew about this thing..
	() Thanks

3rd November 2006, 13:35	#20
suren181 BHPian Join Date: Aug 2006 Location: Hyderabad Posts: 850 Thanked: 11 Times View My Garage	Article is of Immense help Boss, Khudos to you for the lovely information passed on to all... Over the years we have wasted quite some money... but however as they say better late than never.... Now I know many of our Team BHPians would save more money and money saved is car mod earned...
	() Thanks

3rd November 2006, 14:55	#22
navdeep BHPian Join Date: Sep 2006 Location: Pune Posts: 892 Thanked: 4 Times	NCB is transferable from your old car only when you have sold it ? Can I use the NCB of the old sold car owned by Dad/Wife ?
	() Thanks

3rd November 2006, 16:56	#24
sumitdongerkery BHPian Join Date: Mar 2006 Location: Mumbai Posts: 166 Thanked: 82 Times View My Garage	Guys!!!! Is NCB based on Policy no. or on policy holders name. what I mean to ask is that once a claim is made on a particular policy then if the policy is transferred to some other persons name, is he eligible for NCB. If not then we need to be careful while purchasing second hand cars from dealers because most of them redo the car by claiming car insurance only and the new owner will lose out on NCB. Cheers
	() Thanks

3rd November 2006, 17:05	#25
sukheshkumar BHPian Join Date: Jun 2006 Location: Bangalore Posts: 27 Thanked: 5 Times	No Claim Bonus I Purchased my Diesel Palio from Sundaram Motors in July 2004. I was driving Premier for fifteen years and there was no claim in those 15 years. When I enquired for transfer of NCB, Mr Srinivasan, GM and Mr Tilak Ram did a decent Job of helping me out to transfer this to my new car. i get full rebate and currently I pay Rs 7000 as my insurance premium. My exprience with TVS Koramangala was pleasurable which was perhaps not the case with others.
	() Thanks

4th November 2006, 23:46	#26
MaserQ Senior - BHPian Join Date: Oct 2006 Location: Bangalore Posts: 1,196 Thanked: 166 Times	Superb article that. Please keep the informative articles coming ajmat!
	() Thanks

6th November 2006, 16:41	#28
mahadev_kc BHPian Join Date: Apr 2006 Location: Bengaluru Posts: 328 Thanked: 48 Times View My Garage	Kudos to Ajmat. Very helpful information. Never knew these things. When my 2-wheeler policy is transferred, I did not knew of the NCB transfer. If I had this information earlier, could have saved around 300Rs.
	() Thanks

6th November 2006, 17:15	#29
Mugen_Power Senior - BHPian Join Date: Oct 2005 Location: Gujarat 03 Posts: 1,302 Thanked: 18 Times	A Real Eye opener. This is a really good information, Never heard or knew this before. Thanks for sharing.
	() Thanks

6th November 2006, 17:15	#30
tif0si BHPian Join Date: Jan 2006 Location: mumbai Posts: 52 Thanked: 0 Times View My Garage	what an article Ajmat!!! i never knew these things and this has come accross at just the right time for me,this community is a blessing for everyone,seriously knowledge becomes more usefull only wen it is shared.thanks.
	() Thanks