![]() | #586 | |
Senior - BHPian ![]() Join Date: Aug 2013 Location: BLR/PHL
Posts: 1,119
Thanked: 1,302 Times
| ![]() Quote:
IMO it should be made available because EOD the insurance is bought by the same owner. | |
![]() |
|
![]() | #587 |
BHPian Join Date: Aug 2014 Location: DEL, SFO
Posts: 539
Thanked: 1,440 Times
| ![]() I find NCB to be very hard to transfer unless one plans the purchase in advance. I recently purchased a slightly used car from a dealer. I traded in my 18 month old car with this dealer as well. I had a NCB of 25% from the past two renewals but I found it hard to transfer it. I ended up driving the new car away the same evening. The new insurance company's agent wanted a NCB certificate from the existing company. The existing company stated that it will take them a few weeks to process it and I had to provide proof in form of a copy of the new RC registered to the new owner. This dealer will sell my car to someone down the line so I obviously didn't have this new RC yet. In addition, I needed insurance to allow me to drive the new car away and I couldn't have waited for the NCB for a week or two. I ended up paying a lot for the new insurance compared to purchasing it online. Online required inspection and a lot of documents that I didn't yet have for the newly purchased car. Has anyone else handled this in a different manner? Is there any procedure for getting the NCB dded after the policy has been issued? |
![]() |
![]() | #588 | ||||
Senior - BHPian ![]() | ![]() Quote:
Quote:
Quote:
Quote:
Regarding NCB, I dont think its a cumbersome process and also buying a car is never an impromptu decision one makes. Its an depreciating investment you see. Ideally NCB transfer can be immediated the day you start the ownership transfer. The docs submitted to the RTO, a copy of the same can be submitted to the Insurance people for NCB certificate which you can use for next purchase. Some insurance co do require the changed RC but a formal request beforehand can help provided you plan the buy the insurance for the next purchase from the same Insurance co. NCB is meant to save you your money on Insurance but in your case you spent an extra I guess. | ||||
![]() | ![]() |
![]() | #589 | |
BHPian Join Date: Aug 2014 Location: DEL, SFO
Posts: 539
Thanked: 1,440 Times
| ![]() Quote:
I did try to get the same insurance company to insure my new vehicle but they demanded a new RC in the name of the new owner and that takes a few weeks even if the dealer had agreed to transfer in his name. | |
![]() |
![]() | #590 | |||
BHPian ![]() Join Date: Nov 2009 Location: Ahmedabad
Posts: 144
Thanked: 133 Times
| ![]() Quote:
This whole thing of providing proof in form of RC copy and then only NCB transfer letter could be issued is a big lie. I was facing the same issue last year, when I sold my Accent to a dealer and was to take delivery of a new Ertiga. Accent was insured by CholaMandlam and local agent was giving me all stories of RC book etc. I contacted their Chennai HO and got NCB transfer letter in two days flat. Quote:
Quote:
Also, regarding NCB transfer to your new insurance, I believe it will be possible only at renewal next year and not mid way. If you want to do it mid way, then it may involve cancelling the current policy and taking the new policy - I am not sure about the procedure, but this is the impression I have from my various exchanges and communications last year. Regards, JLS Last edited by JLS : 3rd September 2014 at 20:38. | |||
![]() | ![]() |
![]() | #591 | |
Senior - BHPian ![]() | ![]() Quote:
| |
![]() |
![]() | #592 |
Senior - BHPian Join Date: Oct 2008 Location: Pune
Posts: 1,708
Thanked: 2,803 Times
| ![]() A first owner transfers the ownership to dealer, who in turn sells the car to next buyer. Won't that make the last buyer the third owner of the car? Like 'Temp registrations', is there any 'Temp ownership'? |
![]() | ![]() |
![]() | #593 |
BHPian Join Date: Jan 2014 Location: Chennai
Posts: 314
Thanked: 357 Times
Infractions: 0/2 (8) | ![]() All, I have an existing car and planning to get another car(for my wife). Is it possible to transfer the existing NCB from my current car to the new car? I will not be selling my current car. |
![]() |
|
![]() | #594 |
BHPian ![]() Join Date: Jun 2014 Location: KL
Posts: 924
Thanked: 1,108 Times
| ![]() Yes you can. The insurance guys will calculate and tell you the amount you need to pay without applying the NCB for the remaining duration of your valid insurance of the current car. You pay that and they will issue you the NCB certificate which you can apply on insurance for your next car. |
![]() | ![]() |
![]() | #595 | |
Senior - BHPian ![]() | ![]() Quote:
NCB is not transferred for the vehicle my friend. It remains with the owner. If you buy the new car in your name only then can you transfer the NCB, if buying in wife's name then you cannot tranfers the NCB. | |
![]() |
![]() | #596 |
BHPian ![]() Join Date: Aug 2013 Location: Chennai
Posts: 268
Thanked: 774 Times
| ![]() First let me thank Team-BHP for putting up this article. It has helped me save thousands in my car insurance. I would want to put my experience on getting the NCB here so that it helps others. I owned a Zen Estilo and it was insured with NATMAR (National insurance for Maruthi). I bought my new Ford Ecosport in October 2013 while the Estilo was sold in December 2013. I took the new insurance online from Royal Sundaram but since I had not sold my Estilo then, I could not claim NCB on the new insurance. However, the internet marketing guy for Royal sundaram assured me that I could ask for a refund of the NCB once I had sold the Estilo by giving them the NCB certificate. After the sale of Estilo, I sent the scanned copy of the RC book (after the name transfer) and the Insurance copy to NATMAR (mail ID: noclaimbonus@gmail.com). They where prompt to respond and asked me whether I wanted a hard copy / soft copy of the NCB certificate. Though I had suggested to have the hard copy they only sent me a soft copy, which was only a word document. I forwarded this to Royal sundaram and they said they would not accept the document as it did not have a company seal / signature. I had to get back to NATMAR for the hard copy and that is when the trouble started. They refused to give me a hard copy stating that I had already received the soft copy. After multiple mails with I had to finally have it escalated. That is when the higher authority explained to me detail the difference between the use of the soft & hard copy. If, your new car is from Maruthi, then a soft copy is enough to claim NCB on its Insurance and it will be accepted at the time of buying the new insurance itself. But for any other car of a different manufacturer, the NCB has to be a hard copy duly signed and with official seal. Fortunately, since I had requested for a hard copy (it was they who sent the soft copy) they sent me a hard copy of the NCB (45%) in a couple of working days. I took a scan of this hard copy and sent it across to Royal Sundaram. They calculated the NCB for the first year insurance on a pro-rata basis from the date of sale of my Estilo (since I sold it after the purchase of the Ecosport). They also adjusted the service tax paid on it. Since the insurance on my Ecosport was up for renewal, they set-off the refund with the payment for the renewal. They also applied 50% NCB on the basic insurance for the current year. Thus, I had to pay very little for the renewal this year. The process is fairly simple. I didnt have to even visit any insurance office. I was just sending follow-up mails. The delay in my case was because of the confusion with the soft copy of the NCB. Hence I suggest that you ask for the hard copy to be sent to you and never settle for the soft copy. Thanks again Team-BHP |
![]() |
![]() | #597 |
Senior - BHPian ![]() | ![]() Guys, have a quick clarification. A friend is trying to get the NCB transfer of his old car. And the insurance person is asking him to pay some Recovery amount. The new car will be registered in the same person name(but the brand of car is different) So is this a norm to pay recovery amount ? |
![]() |
![]() | #598 | |
Senior - BHPian ![]() Join Date: May 2008 Location: Bangalore
Posts: 1,122
Thanked: 469 Times
| ![]() Quote:
| |
![]() |
![]() | #599 | |
Senior - BHPian ![]() | ![]() Quote:
When i sold my car and got the NCB letter, my insurance renewal data of old car had already passed, hence i never paid any money for the letter. Hence i got confused | |
![]() |
![]() | #600 |
Senior - BHPian ![]() | ![]() My Friend who owns a Punto recently had a harrowing time with regards to the NCB letter. He had previously a claim free year with Oriental Insurance and wanted to get a NCB letter for the same so that he could use it for his renewal with Bharati Axa. He had a word with the Oriental guys and was assured a NCB letter. The branch from where the NCB was to be obtained was in Thane and since I stay in Thane offered to help my friend by getting the NCB letter on his behalf. Armed with the authorization letter upon reaching Oriental I was told that they don't give the NCB letter and instead offered to write the NCB eligibility on the authorization letter with Oriental Insurance stamp. They firmly argued that the Insurance co (i.e Bharati Axa in this case) would write them a letter in their format asking Oriental to endorse the same which they would do. No amount of argument for the hard copy of NCB made the Oriental guys budge (too adamant - typical Sarkari style). Returned the endorsed authorization letter to my friend and suggested him to discuss with Bharai Axa. If needed my friend will have to revisit the Oriental office in Thane for re-endorsement on a separate application. I fail to understand Oriental's logic. Why shouldn't they hand over the NCB letter in case of claim free year then & there? According to them the hard copy NCB letter is issued only in case of car sale & not otherwise. |
![]() |