[barcode]

Originally Posted by sandeep108

@barcode. Without a valid insurance policy, the RTO will not transfer any car. So you need to let the seller renew the insurance and then transfer the insurance into your name. To do this, you will have to pay the NCB difference since NCB stays with the previous owner.

Alternatively if you wish to take a risk for a few days, you will have to buy a separate third party liability policy in your name and then upgrade to comprehensive policy if you wish once transferred into your name.

If I don't want NCB, then its fine to not pay? I found the future generali's comment a little weird about buying NCB, but I think you are suggesting there is a NCB cover possible by paying for it? thanks in advance.

[sandeep108]

Originally Posted by barcode

If I don't want NCB, then its fine to not pay? I found the future generali's comment a little weird about buying NCB, but I think you are suggesting there is a NCB cover possible by paying for it? thanks in advance.

I think what he meant was that when you transfer a vehicle with valid insurance which has NCB, the buyer is not entitled to NCB, therefore to transfer the insurance, he has to 'buy' or pay the NCB difference of premium.

There is no question of buying any NCB or any NCB cover since NCB is an incentive given by way of discount in premium for no claim being made in the previous period of insurance.

[Sarath_MoJa]

Guys some info needed. This year while I was renewing my Insurance, the insurance company official told me that the NCB is capped to maximum of 50% and it will not be further increased for the coming years. Is it true or is the Insurance company trying to play tricks?

[smrtdvl]

Originally Posted by Sarath_MoJa

Guys some info needed. This year while I was renewing my Insurance, the insurance company official told me that the NCB is capped to maximum of 50% and it will not be further increased for the coming years. Is it true or is the Insurance company trying to play tricks?

50% is the maximum NCB you can accumulate. So once you have reached 50% it stays the same for the following years if there are no claims.

[rakirank]

I recently sold my Esteem to Maruti True Value.
They have finalized the deal with a buyer and expect the transfer of ownership & insurance to take about a week's time.
As such, I don't have the NCB certificate for the Esteem.

After selling the car I bought a pre-owned SX4.
The SX4 insurance renewal is due in a week.

How do I get the benefit of my old NCB of 35% (in 2014, which I presume will be 40% now, as there were no claims)?

1) Do I pay the full premium for the SX4 now and claim the NCB portion back when I get the NCB certificate for the Esteem (expected in about 1-2 weeks)?

2) Do I pay the full premium and lose the benefit for this year and can only leverage the NCB from next year onwards?

3) What other options (if any) do I have?

Look forward to your thoughts/suggestions.

Thanks.
Ravi.

[sandeep108]

You will have to pay the full premium and get refund of 35% NCB, once you get the certificate from the insurance company of the Esteem. I suggest you negotiate maximum discount on the premium so that 5% NCB difference that you will lose is negated. Then from next renewal only you will get 40% NCB (if no claims).

It may also be possible that if you wait a week for the Esteem insurance to expire and then apply for the NCB certificate, they should give you NCB certificate of 40% since there are no claims in the previous year.

If not, you will lose out on one year's NCB due to not much time being available for completion of insurance / NCB, etc. formalities. Anyway it is only 5% and value of second hand SX4 not being very high 5% NCB may not be very material amount as such.

[ghodlur]

Originally Posted by rakirank

After selling the car I bought a pre-owned SX4.
The SX4 insurance renewal is due in a week.

How do I get the benefit of my old NCB of 35% (in 2014, which I presume will be 40% now, as there were no claims)?

1) Do I pay the full premium for the SX4 now and claim the NCB portion back when I get the NCB certificate for the Esteem (expected in about 1-2 weeks)?

2) Do I pay the full premium and lose the benefit for this year and can only leverage the NCB from next year onwards?

3) What other options (if any) do I have?

Ravi,

The first step would be to transfer the SX4 insurance in your name. You could have applied for NCB certificate from Esteem Insurance co parallely when you sold the Esteem (i.e during ownership transfer, do ensure that ownership and Insurance gets transferred to the new owner).

When renewing the SX4 insurance you can mention the NCB % and provide the NCB certificate when asked for. No NCB certificate shouldn't stop you from utilizing the NCB earned during SX4 insurance renewal provided that you do obtain the certificate and hand over to the new Insurance co. Hope this clarifies.

[black12rr]

Does RC transfer is a must to issue NCB certificate ? Royal sundaram finance is insisting that RC transfer is a must to issue NCB bonus .They are not willing to accept Delivery note to issue NCB certificate . Is there any rule as such ? Their customer service is pathetic .

[ghodlur]

Originally Posted by black12rr

Does RC transfer is a must to issue NCB certificate ? Royal sundaram finance is insisting that RC transfer is a must to issue NCB bonus .They are not willing to accept Delivery note to issue NCB certificate . Is there any rule as such ? Their customer service is pathetic

Surprised to hear about customer service comments, usually they are very good. Generally the rule does exists but many Insurance co do make an exception based on their needs. Many Insurance co do process the NCB certificate request based on the copies of documents submitted for ownership transfer.

[kaushik_s]

Hi All,
I need an urgent help here. I am selling my car and a party have already booked the vehicle 3 weeks back. They've done a part payment and were supposed to make the full payment within a week and take the vehicle. But due to some financial reasons they've delayed the payment and the car is still with me. But the insurance policy got expired yesterday and when I talked to them they said that they would get the insurance done in their name once they take the car. They are taking the responsibility as they were supposed to take the car two weeks back itself but couldn't. But is it possible to transfer the ownership without a valid insurance policy (as someone have mentioned before and also the RTO site mentions about valid insurance policy)? What are my options here?
a. Should I ask them to renew the policy in my name and then transfer it when they are taking the vehicle?
b. Wait for them to take the vehicle and let them do the insurance themselves?
c. What should I do till the car is with me? I am planning to not use the car without insurance.
It seems now a fresh insurance policy anyway has to be done as the policy got expired.
Regards,

[augustinepaul4u]

Originally Posted by kaushik_s

Hi All,
I need an urgent help here. I am selling my car and a party have already booked the vehicle 3 weeks back. They've done a part payment and were supposed to make the full payment within a week and take the vehicle. But due to some financial reasons they've delayed the payment and the car is still with me. But the insurance policy got expired yesterday and when I talked to them they said that they would get the insurance done in their name once they take the car. They are taking the responsibility as they were supposed to take the car two weeks back itself but couldn't. But is it possible to transfer the ownership without a valid insurance policy (as someone have mentioned before and also the RTO site mentions about valid insurance policy)? What are my options here?
a. Should I ask them to renew the policy in my name and then transfer it when they are taking the vehicle?
b. Wait for them to take the vehicle and let them do the insurance themselves?
c. What should I do till the car is with me? I am planning to not use the car without insurance.
It seems now a fresh insurance policy anyway has to be done as the policy got expired.
Regards,

To transfer the Vehicle without valid insurance is not permitted by RTO. I went to RTO to transfer a car which had an insurance valid for next 2 days and they refused to accept the application and told me that the procedure takes almost 45 days and asked me to renew the insurance.

What I did was renew the insurance policy in previous owners name and later transferred it to my name after registration.

[ghodlur]

Originally Posted by kaushik_s

a. Should I ask them to renew the policy in my name and then transfer it when they are taking the vehicle?
b. Wait for them to take the vehicle and let them do the insurance themselves?
c. What should I do till the car is with me? I am planning to not use the car without insurance.

Answering your questions serially:
a) Yes, you could do that. Ask the new owners to renew the Insurance which is currently in your name and once the ownership transfer formalities are completed, transfer the Insurance then in their name.
b. Unless the ownership transfer happens in totality, I would suggest not to release the car to the new owner.
c. Its a good idea not to drive your car without valid Insurance document.
Please note that though the Insurance transfer and ownership transfer will be done by the new owners, it becomes your responsibility to ensure that the transfer happens correctly. Till its done, pls ensure that things are done as per process.

[TorqueHP]

Hello, This question was probably addressed in this thread but I could not find an answer easily and hence asking.

I recently bought a new car & plan to keep my old car as well. In order to get the NCB transferred to the new car I cancelled the insurance policy of my old car & got a new insurance policy for it without NCB - also received a NCB certificate valid for 3 years from my old insurance company. What is the correct process to transfer this NCB using the NCB certificate to my new car without selling my old car / transferring ownership etc.? Kindly advise!

[DevendraG]

Originally Posted by TorqueHP

Hello, This question was probably addressed in this thread but I could not find an answer easily and hence asking.

I recently bought a new car & plan to keep my old car as well. In order to get the NCB transferred to the new car I cancelled the insurance policy of my old car & got a new insurance policy for it without NCB - also received a NCB certificate valid for 3 years from my old insurance company. What is the correct process to transfer this NCB using the NCB certificate to my new car without selling my old car / transferring ownership etc.? Kindly advise!

The very first post has your answer . Reposting it:

Q: I have a cheap Maruti 800 with a 50% NCB and want to buy a Honda City while keeping both cars.

A: One option to consider is to cancel the insurance on your Maruti and claim the NCB certificate for your Honda while insuring the Maruti with a different company. Another alternative is to transfer the Maruti’s ownership and insurance to your spouse or sibling and proceed as above.

[TorqueHP]

Originally Posted by DevendraG

The very first post has your answer . Reposting it:

Q: I have a cheap Maruti 800 with a 50% NCB and want to buy a Honda City while keeping both cars.

A: One option to consider is to cancel the insurance on your Maruti and claim the NCB certificate for your Honda while insuring the Maruti with a different company. Another alternative is to transfer the Maruti’s ownership and insurance to your spouse or sibling and proceed as above.

Thank you for your response Devendra!!

Actually I've done exactly that - cancelled my insurance on my old car, got NCB certificate stating 50% NCB eligibility, insuring old car with a different company with 0% NCB and I am requesting 50% NCB from insurer of my new car (basically a refund).

However, new car insurer says that this clause needs to be removed "The insured is entitled to 50% NCB. In the event of vehicle continuing in the ownership of the insured named herein, the NCB will be available within period of 90 days from the expiry of the policy mentioned above" from the NCB certificate! If I speak to the insurer of my old car they say it is standard format, they cannot make amends and I am eligible for NCB using this letter. I feel I am being played by my new insurer as the NCB certificate clearly says I am entitled for 50% bonus! At this time I have 0% NCB on both policies!