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

[ghodlur]

Originally Posted by carboy

But the current policy would be a year old - how would the new company know that I haven't had any claims in the 1 year since that policy was issued.

During renewal your old policy no and the Insurer details will be asked for if done online. The new Insurer will co-ordinate with the old Insurer for any verfications.

As I told earlier the discount given for NCB by the new Insurer will be revoked if found false whenever you go for a claim with the new Insurer. The new Insurer is more than happy to get the business from you as long as you dont make any claims for the Insured year. Once you make claim, then the details of earlier NCB will come into picture, till then no one is bothered.

[Dieseldunk]

That is what we call hidden info
One thing for sure ensure that your agent puts the correct value on the vehicle since the IDV(insured depreciated value) is the real eye opener since normally companies evaluate at 50% of the cost in loss estimations and if you have underquoted then the loss is all yours.
Also ensure that you ask for coverage from all acts including( riots, fire and flood) since the premia is inbuilt for these too and the agent may quote a lesser premia and also lesser cover.
comprehensive cover is also a good buy since for older cars the insurance guy will entice with a third party cover alone

rgds
DP

[shankar.balan]

most insurance policies specifically exclude riots, terrorist acts, war, floods, acts of god, fire etc in my observation.
even my Tata AIG policy has these exclusions and I ve remained with them for more than 7 years now.
any suggestions? And yes, comprehensive coverage is absolutely essential.

Originally Posted by Dieseldunk

Also ensure that you ask for coverage from all acts including( riots, fire and flood) since the premia is inbuilt for these too and the agent may quote a lesser premia and also lesser cover.
comprehensive cover is also a good buy since for older cars the insurance guy will entice with a third party cover alone

rgds
DP

[Dieseldunk]

Hi Shankar
there are policy exclusions and general exclusions
the difference is general exclusions are total exclusions and are never given and policy exclusions are case to case. For example if you were to stay in a area prone to Volcanic attacks then all insurance policy operative in that region will have a genral exclusion for loss(direct or indirect ) from Volcanic eruptions.
Generally in auto insurance we do need to enquire that if for eg., TATA-AIG has the same available then we can request them to add it but in case they do not then no point in going further.

[hrman]

Today, I got an NCB for 50% from National Insurance for my old car's policy in 2009.
The certificate metions no claims are made as on 1st Feb 2011 although the policy expired in 2009.
But the certificate also mentions that the NCB is valid for 3 months from 10th Jan 2010. So can I transfer my NCB for my other car's policy with National Insurance getting renewed in March 2011? Will the validity be affected? I thought NCB was for 3 years.

[stefanm]

Hi,

I have searched the thread for information regarding my current situation, I couldn't find anything 100% relevant.

I am in the process of selling my car, i will be part exchanging with another vehicle, I have currently 2 years ncb ( the car was registered in October 2008) the car I'm exchanging with was registered in march 2009, therefore the insurance will be up for renewal shortly.

Now do I need to transfer my ncb? and if the exchange car is coming up for 2 years ncb (haven't checked as yet) do I really need to bother with it?

Cheers,

Stefan

[r_nairtvm]

Originally Posted by stefanm

Hi,

I have searched the thread for information regarding my current situation, I couldn't find anything 100% relevant.

I am in the process of selling my car, i will be part exchanging with another vehicle, I have currently 2 years ncb ( the car was registered in October 2008) the car I'm exchanging with was registered in march 2009, therefore the insurance will be up for renewal shortly.

Now do I need to transfer my ncb? and if the exchange car is coming up for 2 years ncb (haven't checked as yet) do I really need to bother with it?

Cheers,

Stefan

This question has been answered many times in the past in this forum as well.

When you are selling your car, get a Certificate of NCB from your insurer (the buyer can not use your insurance as it is any way - if he wants it transferred in his name then the insurer will ask him to pay the pro-rata portion of the NCB they had originally allowed to you).

You will have to use your NCB for the insurance of the car you are buying, immeterial of whether that has an NCB or not, as the reverse of the above will be applicable in your case

NCB follows the owner and not the Vehicle

Trust this clears your doubt

Best Regards & Drive/Ride Safe

Ram

[ownerofazkaban]

Has anybody off late compared the IDV value considered for insurance.

I found instances across cover notes
1) IDV is 5 % less of Ex-show room value -- which practically makes the 100% claim within 6 months look stupid.
2) IDV is anywhere between 80-85% of Ex-showroom prices.

What is the max allowed IDV of brand new car ? I know competitive premium rates are not matching in IDV value(s) for brand new cars ?

[shrjun]

I have a 2006 model Swift Lxi.Insurance was claimed once in 2006.
1. Am I entitled to claim NCB when I renew insurance in Mar 2011
2. NCB has not been given in the last 4 yrs as I was unaware of this provision.Therfore,the last premium certificate does not mention any bonus in the appropriate column.Do I need to contact the last insurer to get an NCB certificate ?
3 . Is online car insurance better than approaching an insurer physically ? Any caveats ?

[jinojohnt]

Originally Posted by IQBAL VEERJI

No Claim Bonus needs only a certificate from Insurance co. to the whom so ever it may concern to give 15,20,25,30,35, Percent noclaim bonus for new car.

I had 9 year's no-claim bonus on my old car, but the (old) insurance company gave me the certificate only for 50% discount. Was I being ripped?

I am also not happy with "having to beg for the no-claim certificate" and with the sarkari attitude "what ever you say, and whichever recommendation you may have, I can give you the certificate only after 4 days" from Oriental insurance office at Ulloor, Trivandrum. This was inspite of having a friend at the Ulloor office, and 3 existing cars having comprehensive insurance from them.
I wanted to tell them that BSNL staff also had the same arrogance 15 years back - things need not be the same in all the coming years.

[IQBAL VEERJI]

Originally Posted by jinojohnt

I had 9 year's no-claim bonus on my old car, but the (old) insurance company gave me the certificate only for 50% discount. Was I being ripped?

I am also not happy with "having to beg for the no-claim certificate" and with the sarkari attitude "what ever you say, and whichever recommendation you may have, I can give you the certificate only after 4 days" from Oriental insurance office at Ulloor, Trivandrum. This was inspite of having a friend at the Ulloor office, and 3 existing cars having comprehensive insurance from them.
I wanted to tell them that BSNL staff also had the same arrogance 15 years back - things need not be the same in all the coming years.

No claim bonus is never more then 50% however old your policy maybe.
In my case it was New India Assurance Co. Ltd, whose head office gave me my NCB in 2 days flat, infact in the first certifiate they sent me while signing the letter that officer had torn the certificate I asked for new one to be sent and it was done again in 4 days time.I have already got my new car with NCB on it with 25% less then the new policy cost , for Alto K10 it worked out something like 3000/-.less.Next year I will get 30% NCB.

[jinojohnt]

I really donot understand why any insurance company should take more than one hour to give you the no-claim letter. They just need to verify in their system and then draft a letter in their letter pad, right? (In my case the letter was hand written, so it should take even less time. This is some thing that can be done at the branch itself - no need to get a letter from the head office).

[jaykayess]

I had sold my old Octavia 2 to an agent in Jan 2011. The insurance premium was due in the same month, but I had obviously not paid it. There was an accumulatd no-claim bonus of 50% on that policy.

Meanwhile, I had bought a new Laura in Oct 2010. I had paid the full premium at that time.

My insurance agent told me that the bonus from the old car could only be transferred to the new car if I produced the registration book of the new owner to prove it had been sold.

However, the agent did not transfer the car to his own name. Instead, he managed to re-sell it to a new owner only a week ago. The only paper he gave me is a copy of the NOC issued by Mumbai RTO to transfer the car to the new owner in Sholapur RTO.

Now I want to transfer the no-claim bonus from my old Octavia to the new Laura. Can I do this? Do I have to wait for the Laura policy renewal time (October) or can I transfer the bonus immediately and get pro-rata credit for the premium already paid?

Can I make a claim for windshield damage right now and then transfer the no-claim bonus at the time of renewal in October?

[jinojohnt]

You don't need to even sell your old car. You can even cancel your insurance on your old car (and go for 'third Party' for your old car). The old insurance company just needs to give you a letter stating that you are eligible for 50% no-claim bonus on your new car. This is what I did when I purchased my new car.

[Guderian]

Originally Posted by jaykayess

Now I want to transfer the no-claim bonus from my old Octavia to the new Laura. Can I do this? Do I have to wait for the Laura policy renewal time (October) or can I transfer the bonus immediately and get pro-rata credit for the premium already paid?

Hi jks,
I have given a step by step description of the process in my thread on transfer of the NCB to a new vehicle in a case which is similar to your circumstances.

http://www.team-bhp.com/forum/test-d...-sails-38.html

(Page 38).
Trust it would help you !