![]() | #661 | |
BHPian Join Date: Jul 2013 Location: Pune
Posts: 76
Thanked: 48 Times
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Q: I have not sold my old car and need to take delivery of a new one. A: Go ahead and buy the new car: you cannot claim your NCB for the first year but make sure you get the NCB letter when you sell your old car. You can use the letter to reduce your second year’s premium. I'd have thought the same but I had to read it again to understand ![]() Guru's/Mods, please clarify if I'm wrong here. | |
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![]() | #662 | |
Newbie Join Date: Jan 2015 Location: Bangalore
Posts: 20
Thanked: 6 Times
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Actually my new insurer has returned my NCB letter asking me make the amendment as stated in my earlier post to even have it as 50% (but my old insurer says amendment is not feasible). Right now both my policies have 0% NCB and I am hoping to fix this situation quickly. Last edited by ampere : 8th June 2015 at 22:42. Reason: Removed bulk of the quoted post; Post formatted | |
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![]() | #663 | |
BHPian Join Date: Jul 2013 Location: Pune
Posts: 76
Thanked: 48 Times
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I suggest you try another insurer just to understand whether your insurer's claims are true or not. Meanwhile, if the mods have any suggestions, that'll be very helpful. | |
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![]() | #664 |
BHPian ![]() Join Date: Oct 2014 Location: Chennai
Posts: 94
Thanked: 119 Times
| ![]() A friend of mine bought a used car six months ago, and got the insurance transferred to his name after paying the pro rated NCB of the previous owner. Now the insurance is up for renewal. He has not made any claims in his six months of ownership of the vehicle. Is he entitled to a NCB now? |
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![]() | #665 |
Senior - BHPian Join Date: Mar 2007 Location: Delhi
Posts: 2,221
Thanked: 207 Times
| ![]() NCB is a vicious cycle. Let me illustrate. I have a NCB of 50% on Corolla which is now around 6K. Max is 50%. I go for a claim and he dealer says that since total bill is 7K, I lose (6K+2K file charges). So I do cash work and pay 7K. The same thing happens next time and so just to preserve the NCB, I pay 7K again. Instead I could have taken a loss of 1K the first time, and saved money the 2nd time. The point is that I have now decided that is better to take a loss on NCB the first time, and recover on the 2nd time and 3rd time. |
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![]() | #666 | |
Senior - BHPian ![]() | ![]()
Yes, he will be entitled to NCB. If he has any NCb from previous car, then he will be entitled to next slab of NCB. Quote:
You would not recover any amount after the NCB goes zero. So basically you have only saved the NCB amount or 6K irrespective of the number of claims in the year. | |
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![]() | #667 |
BHPian ![]() Join Date: Oct 2014 Location: Chennai
Posts: 94
Thanked: 119 Times
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Nope, it is his first car. I heard somewhere that one should not have made claims for atleast one year to be eligible for NCB. Is this really the case? |
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![]() | #668 |
Senior - BHPian ![]() | ![]() |
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![]() | #669 | |
Newbie Join Date: Jan 2015 Location: Bangalore
Posts: 20
Thanked: 6 Times
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![]() | #670 | |
BHPian Join Date: Jul 2013 Location: Pune
Posts: 76
Thanked: 48 Times
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![]() | #671 | |
Team-BHP Support ![]() | ![]() Pjbiju provided some important info - added to initial post Quote:
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![]() | #672 |
BHPian ![]() Join Date: Aug 2014 Location: Bangalore
Posts: 176
Thanked: 254 Times
| ![]() My car insurance is expiring in two days, and I've shopped around and decided to change the provider from Bajaj Allianz with Drive Assure Economy add-on (Zero-Dep) to Tata AIG with Pearl Plus add-on (again zero dep). I'm eligible for 20% NCB on my previous policy for which I had paid 35K as premium. But in the new quote, they have calculated NCB discount on the new proposed premium and that discount is only Rs 3500. My understanding is that NCB discount should have been calculated from the previous premium amount. Isn't that so? |
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![]() | #673 | |||
BHPian ![]() | ![]() Quote:
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Looking from some suggestions from you guys. It was nice to read that your(TorqueHP) NCB was refunded. I was getting into such a position myself and was looking around for experiences. My case is a little different to yours but your advice would be highly appreciated. 1. I own a Honda City from 2009 on my name and the current NCB on that is 50% as I have no claims on the car since its purchase. The policy is with Bajaj Allianz. It expires on Dec 18th, 2015. 2. I recently bought a pre-owned BMW X1. The RC just got transferred into my name and I have 10 working days to get the insurance policy changed to my name. It is valid until Sep 20th, 2015. 3. I was planning to cancel the policy on my Honda City and get the NCB letter while renewing the policy with 0% NCB. How does the cancel on the current policy work, does it get cancelled from say the night I make the call and can I get the new policy to start the same night without any continuation issues? I plan to retain Bajaj Alliaz as the provider for both the cars. 4. Now, should I go ahead and initiate the transfer of the previous insurance on the BMW to my name and use the NCB letter while renewing the policy in September. Or, should I wait for the NCB letter to arrive for the insurance on Honda City and use that now itself to get the current policy on the BMW transferred to my name with the NCB. I am not looking for a pro-rated refund as the previous owner had 0% NCB since the period of covered insurance left-out on the new car is less than a month. Thanks & Regards, Kalyan | |||
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![]() | #674 |
BHPian ![]() Join Date: Aug 2014 Location: Bangalore
Posts: 176
Thanked: 254 Times
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Very much, Kalyan. Looks like there is very little to choose between Bajaj Allianz and Tata AIG in terms of coverage and when it comes to premium, Bajaj is about Rs 1500-2000 pricier than Tata AIG. So I may very well continue with them since they are my current provider and also the preferred provider for the garage I'm servicing the car at. Thanks a lot for your help. |
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![]() | #675 | ||
Senior - BHPian ![]() | ![]() Quote:
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let me answer your queries for points 3 & 4 Answer to point#3: The cancelling of the Current Insurance does not happen overnight unfortunately. You will need to submit an application for the current Insurance cancellation and request for the NCB letter. Once the insurance is cancelled , you will need to buy a TPL only insurance for the Honda city as bare minimum requirement. This policy can be bought online too so the cover will start form the time the policy is issues. So this takes care of the Honda City Insurance. Answer to point#4: You will need to initiate the transfer of the existing Insurance from previous owner to your name. Anyways you wont be paying for the Insurance on the BMW till the present insurance expires. Once you get hold of the NCB letter from BA (which you need to expedite since the BMW insurance expires in the coming month), you can renew the Insurance for the BMW from BA using the NCB eligibility. So this way both the cars will be covered by BA. I must admit your fascination to stick to only one Insurance co in these competitive times. I also assume you must have confirmed that both the car workshops have cashless tie up with BA. | ||
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