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

[n_naik]

Thanks all for the response. I talked to that insurance guy and he assured me that he will give NCB certificate when i buy the new vehicle. For now, i am going ahead with the renewal of my swift's insurance.

Originally Posted by arup.misra

If you intend to keep your Swift for a few more years, why dont you transfer it to your wife's name.

There is a problem. I am still unmarried.

[ranjeetnair]

My Current situation

Have sold my old Car Last week and have 45 % NCB on the same.
I have book ecosport which i will "hopefully" get in september.

I know i can get the NCB transfered to my name.My old car Premium renewal date is in December. My Main question is if i get the NCB transfered to my name whether the insurance for the car will continue till December.because when i put the advertisement for selling the car i had mentioned Comprehensive Insurance for the same.

Secondly how will the buyer of my car will transfer the insurance in his name.whether he can transfer it without NCB or he has to take a all new insurance Immediately

If my question is already answered kindly use discretion for replying me as the buyer is coming today for signing the all the remaining sale/transfer documents for the car

[ghodlur]

Originally Posted by ranjeetnair

My Main question is if i get the NCB transfered to my name whether the insurance for the car will continue till December.because when i put the advertisement for selling the car i had mentioned Comprehensive Insurance for the same.

Secondly how will the buyer of my car will transfer the insurance in his name.whether he can transfer it without NCB or he has to take a all new insurance Immediately

Ideally you should transfer the Insurance to the new owner. The buyer can apply for the Insurance transfer within 15 days of application made to the RTO for the change of ownership. Once the transfer is done, you can obtain the NCB letter from the Insurance co (pls bear in mind you may have to pay back the Insurance co the NCB amount claimed on prorata basis) and use the NCB for the Ecosport. Pls note that NCB always stays with the owner and not with the car.

[Weathered]

I have accrued 50% NCB on my bike in the past decade. Now I've decided to buy a new car. I intend to close off the existing comprehensive insurance on my bike and replace it with a 3rd party insurance by the same insurer. So I should be getting the NCB certificate. Can I use this NCB on my new car?

[r_nairtvm]

Originally Posted by Weathered

I have accrued 50% NCB on my bike in the past decade. Now I've decided to buy a new car. I intend to close off the existing comprehensive insurance on my bike and replace it with a 3rd party insurance by the same insurer. So I should be getting the NCB certificate. Can I use this NCB on my new car?

You can get the NCB Certificate and use it for a bike with in next 2 years. You can't use bike's NCB for a car - as the NCB is valid only for a same class of vehicle - bike for bike and as in <800 cc car to 800 cc car & <1600 car etc.

Best Regards & Drive/Ride Safe

Ram

[bblost]

I recently sold my Wagon R that had 50% no claims bonus.

I was told by the customer support of Bajaj Allainz that all I had to do was send a scanned copy of the delivery note and the insurance certificate for claiming my ncb certificate.

Now when I am finally sent them the email, they are making me run in circles.
They now want me to get a scanned copy of the changed RC or Transfer Forms.

This for a car registered in AP, where a RTO portal exists to verify car ownership details.

Does this request for RC copy have any merit?

[ghodlur]

Originally Posted by bblost

They now want me to get a scanned copy of the changed RC or Transfer Forms.
Does this request for RC copy have any merit?

Normally to claim the NCB of the previous car or get the NCB letter after you have sold the car, you have to provide the old Insurance copy and the Insurance ownership change documents which can be the new Insurance policy in the name of new owner or the transfer documents submitted to the RTO. If the NCB is to be used for a new car but with same Insurer, the above applies. If its to a different Insurers for the new car then Yes, the RTO transfer docs are must. You can submit the receipt which you get after the documents submitted at RTO, thats a valid proof of ownership change. Changed RC is not required.
Hope this helps.

[r_nairtvm]

Originally Posted by ghodlur

Normally to claim the NCB of the previous car or get the NCB letter after you have sold the car, you have to provide the old Insurance copy and the Insurance ownership change documents which can be the new Insurance policy in the name of new owner or the transfer documents submitted to the RTO.

This seem to be a very strange rule/practice that is being followed by the so called "customer friendly" "new generation Insurance Comapanies" in India in the "customer service oriented" Private Sector.

This puts into inconvenience a lot of people who want to retain their old car only with a TP insurance and to use the NCB on New Car - for reason obvious as the NCD will make a huge difference in the premium they (Insurers) can get for a new car if there was no NCB/NCD.

However, in PSU (National, Oriental, United, New India ) - "old generaion insurance comapanies" all you have to give is a proof of another insurance (either TP or Comp) for the vehicle (old) and you can cancel your Comp policy if its claim free and get the NCB Certificate, which is valid for 2 years from the date of issue. This NCB can be happily used for purchase of the insurance of the new car

Time some one took the "private sector insurers" and their customer service practices to the Insurance Ombudsman or the IRDA

Best Regards & Drive Safe

Ram

[pvgeorge]

Thanks to Team BHP. my 16,200 quote on my new Punto got reduced to 7636 bucks.. thanks to the 50% NCB transfer from an old Indica.

a saving of 8.5K (that's more than the Comp insurance i was paying for the Indica for last 2 yrs)

[sunit5]

Originally Posted by r_nairtvm

OK.

He can just buy a TP Only Cover for Zen and then Cancel the Comprehensive Cover. That way he would not loose any thime and can still use the Zen.

When he decides what to do with Zen, he can decide what Insurance he wants, if he is reatining his the Zen with him/wife.

Best Regards & Drive/Ride Safe

Ram

Hi Ram,

will this work ? I am buying new card and would like to retain the old one too, however would like to utilzie NCB of my exiting car on new one without selling it.

so shall i go ahead cancel my comprehensive policy on existing car, get third party or a new comprehensive policy from new company, get NCB letter. Is this possible ?

Secondly I also own a two wheeler with 50% NCB, which my nephew is using, can i transfer to bike to my nephew and utilize 50% NCB on my new car?

Thanks,

Sunit

[sunit5]

Originally Posted by sunit5

Hi Ram,

Will this work ? I am buying new card and would like to retain the old one too, however would like to utilzie NCB of my exiting car on new one without selling it.

So shall i go ahead cancel my comprehensive policy on existing car, get third party or a new comprehensive policy from new company, get NCB letter. Is this possible ?

Secondly I also own a two wheeler with 50% NCB, which my nephew is using, can i transfer to bike to my nephew and utilize 50% NCB on my new car?

Thanks,

Sunit

IN addition to above following are details :

Exisiting car Cheovorlet UVA - Comprehensive insurance from Reliance - 25% NCB expiring in 1st week of Nov 2013

New Car Storme - getting delivery by 10th of september.

What are the options available for me.

[r_nairtvm]

Originally Posted by sunit5

Hi Ram,

will this work ? I am buying new card and would like to retain the old one too, however would like to utilzie NCB of my exiting car on new one without selling it.

so shall i go ahead cancel my comprehensive policy on existing car, get third party or a new comprehensive policy from new company, get NCB letter. Is this possible ?

It is possible by the letter and spirit of Insurance Laws and as long as Insurance is from a Goverment Insurance Company - where the employees still understand what insurance is and where the managers still make decisions.

If its with some private sector insurers - "God Save You" in this regard (its a fact I am stating here and in no way am I demeaning the otherwise value added services which the Private Sector players provide - but in this respect they suck. Again there is a reason here - most of the employees in Private sector are pressured by premium production targets etc unlike their counter parts in PSU Insurers - and hence use this ploy as a means to maximise the premium they can get from a new car which has no NCB)

Secondly I also own a two wheeler with 50% NCB, which my nephew is using, can i transfer to bike to my nephew and utilize 50% NCB on my new car?

No you can't - the NCB of one type and class of vehicle can only be used for similar type and class of vehicle - bike to car not possible

Thanks,

Sunit

Sunit, I have put my thoughts on this in bold letters above

Trust this was useful

Best Regards & Drive/Ride Safe

Ram

[ghodlur]

Originally Posted by sunit5

so shall i go ahead cancel my comprehensive policy on existing car, get third party or a new comprehensive policy from new company, get NCB letter. Is this possible ?

Sunit, the NCB is applicable only after completion of one policy year. Any in between cancellation and you will lose the NCB for that year. So in your case if you do the above, you will get NCB of last to last year and you will have forfeit the NCB amount claimed last year on prorata basis. Would you want to do that?

Secondly I also own a two wheeler with 50% NCB, which my nephew is using, can i transfer to bike to my nephew and utilize 50% NCB on my new car?

This is not possible.

[sunit5]

Originally Posted by ghodlur

Sunit, the NCB is applicable only after completion of one policy year. Any in between cancellation and you will lose the NCB for that year. So in your case if you do the above, you will get NCB of last to last year and you will have forfeit the NCB amount claimed last year on prorata basis. Would you want to do that?


This is not possible.

Thanks Ram & Ghodlur for clearing my doubts. You are right, I intend to sell my existing car anyways and will get the NCB certificate after selling it, which I can utilize on renewal next year on my new Storme.

[raj_5004]

I am buying a used Civic and I have two queries regarding its insurance -

1) The car's insurance expires in November. I got to know that it will take about two months to get the new RC card in my name. By that time, the insurance will be expired. Can I transfer the insurance to my name without the new RC card?

2) Can I avail the No Claim Bonus of the old owner?