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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-3.html)

Great Stuff. I just go to this article in time. I'll be booking a swift soon and will transfer my insurance benefits from Wangon R.

A Question. My current car (Wagon R) is in company name and is leased to me. I need to take ownership in my name before booking Swift through the company lease route again. How do I proceed?

Regards,
lsjey

Damn good one...never even thought of this...

A very good money-saving article. Wanted to know what is rough method to calculate the rate of depreciation of a vehicle. Essentially, I want to know, what the insurance premium will be for my 2006 Indigo TDi, the next year when it is due (so that I have that much amount in my bank). The insurance for car when I bought it was around Rs. 17,000. May be off-topic, please excuse.

how does it exactly pan out? As in I know the process, theoritically speaking. However suppose I am selling off my car today. Once this process is complete and I get the money I will go ahead and buy a new car. So how do I get the NCB certificate? The buyer will definitely not let me do that if he gets a wind of whats up. And yet, I can not get the certificate till I have got the sale completed. So? How to do it?

Or is it that even if the buyer has already got the insurance transferred in his name I can still saunter into the insurance cos. office and ask for the certificate? If that can be done then it is fine, but I doubt that they will agree to it once the owner of the policy has changed to the new buyer of the car!

Nice article.

how do they arrive at percentage ex - 50% NCB or 100% NCB. Is it based on amount of claim or no.of claims
________________________________________
I guess............

Let us assume that X purchases a car from Y, which has got 50% NCB. When X approaches the insurance office for name transfer, he/she will be asked to pay the 50% NCB amount on prodata basis.

Hence the purchaser cannot utilize it anyway, so there will not be any issues in getting it passed to the seller

Your NCB is yours only. It is based on your "no-claim" record. No one or nothing can stop you from claiming the benefits. The fundamental of the NCB is to reward you for not claiming any damages, and thus your premium gets lesser as you are relatively risk-free.

Insurance companies have slabs. The maximum that I have heard of (and enjoy) is 65% which was the result of 5+ years of no-claims.

The NCB is only for your company & not for you in which case, it is immaterial whether the wagonR belongs to you or your company.

Nop. Its 50% maximum. It was only pre-2000 that they went upto 65%.

The slabs are as follows:

1 year - 20%
2 year - 25%
3 year - 35%
4 year - 45%
5 year - 50%

Oho! Is that how it works? I thought they pass on the NCB as a gratitude since they collected premiums year after year on a car without any payouts. So I thought when the car passes on to the next buyer that person also enjoys the benefit as they keep collecting premiums on the same car wo payouts.

But then in that case if a car is being driven by someone else and it gets into an accident and it can be proven that the owner was not driving it at that point in time the person should keep getting the NCB advantage since he still remains the same risk free driver. Ok I know I am spreading it a bit too thin but then... heinn heinnn heinnnnn :D

NOPE! My current Vtec policy (created in May 2006) has a 65% no-claim-bonus discount. I can scan and email it to you for verification.

As posted by F50, the same table is depcited here... see Bonus/Malus clause in link below

The webpage title reads TWO-WHEELERS

Insurancemust.com

Even I have been enjoying NCB of 65% for past 4 years now...( september 2006 was the last renewal at 65% NCB )

Understand after the changes to Insurance act in 2006 ( ? ) the new NCB has been capped at 50 %.. but those who were already having more than 50% before this change , will continue to enjoy 65% ..:)

I want to change my insurer this month. I have not claimed anything from my previous insurer so far.Will the new insurer give me the same NCB benefit ? My question is, will the old insurer give it in writing that I am eligible for NCB, when he is sore that I no longer want to retain that insurer ?

Is this availbale for all kinds of insurance..comprehensive and thirdparty?

Well, renewed my insurance today with a different insurer: Tata-AIG. My Swift's 1st yr insurance from Maruti-National was expiring on 24 May.

With the deregulation from Jan 07 sailing all insurers in the same boat; the only differentiator being the small services offered by them: Tata-AIG offering 6-month warranty on any spares/bodypanels changed due to accident, upon failure/professional dissatisfaction of the spare/body panel. While the others I spoke with ICICI-Lombard, National Insurance and Bajaj-Allianz were willing to commit to this only verbally, Tata-AIG has it printed on their policy; called AutoSecure/AutoRestore.

Another point to note: Tata-AIG has a complete cashless transaction with all Maruti dealerships(service) except Mandovi. Doesnt bother me since I'm an RNS fan.

No Claim Bonus: 20%. Total insured value: Rs 340000 (depriciated value from original invoice value of Rs 425000).

Final Policy cost including haggling over further discounts: Rs 8800.