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

R18A · 21st September 2007, 12:07

IMO, NCB is applicable only on the basic Insurance amount

musicmanaman · 22nd September 2007, 18:59

Hi Ajmat and GTO, Please let me know if the below is possible.

I bought a 99 carb zen in Nov 06, The car was valued at 105k and I had to pay 4571 as insurance, I suppose this is comprehensive insurance, as the amont is quite big for a 99 zen.
Now the time is coming close to renew the insurance, and this time I want to go in for 3rd party as the primieum I suppose will be a lot lesser, and I will also get a 20% NCB.
Now if I go in for 3rd party insurance and continue this porocess till I own the zen and when I sell the same claim a NCB and then when I buy a new car go in for a Comprehensive with the new car, is this possible.

In summary, can 3rd party NCB be used later on a comprehensive Insurance.
If the above works then, I'll be accumulative NCB on a low premium and getting benefits on a comprehensive on a new car.

Thanks in advance.

GTO · 24th September 2007, 13:59

Quote:

Originally Posted by musicmanaman

In summary, can 3rd party NCB be used later on a comprehensive Insurance.
If the above works then, I'll be accumulative NCB on a low premium and getting benefits on a comprehensive on a new car.

Thanks in advance.

I dont think this will be possible. My insurance policy clearly states that NCB can be earned ONLY in the own damage section of policies. Whereas, third party insurance has nil "own damage" coverage. I would like to be proven wrong though.

I dont suggest you let go of the comprehensive coverage. Either ways, on an older car, the difference between comprehensive and third-party is negligible.

R18A · 25th September 2007, 16:53

Yes, I agree with GTO, comprehensive coverage is always a good idea.

It is not always possible to predict what might happen or control what might happen. For example, I see that you are from Kolkatta, which is flooded right now.
What if, god forbid, your car was an unlucky one??? For saving few thousands you would end up paying a lot more!

Chandrainsky · 27th September 2007, 10:54

I am thinking of upgrading to SX4 from my M-800. I spoke to Bajaj Allianz who is the current insurer about transfer of NCB. The lady who first responded said this is possible only if the new vehicle is of the same cubic capacity. I asked her if she was very sure. She then transferred the call to another lady who (after checking with some one else) said it is permitted only if the new car is of the "same class". As per her definition of "same class" in my case if the new vehicle is upto 1000 cc I can transfer NCB. I have asked her to confirm this by mail.

Also asked them if this is mentioned anywhere on their website but no one at Bajaj Allianz seems to be aware. I think they are either bluffing or not sure. I went through the thread and my understanding is, NCB can be transferred from any car to any other car. Anyone heard knows about this restriction?

jash · 27th September 2007, 14:18

I have booked a new CIVIC with insurance from Bajaj Alliance & I have also claimed NCB from my OHC with ICICI Lombard. Whatever they told is a crap.

kryptik83 · 1st October 2007, 10:50

hi all,
am just a newbie in the car-owners community.. I had a query: can one claim NCB on the Insurance premium while paying the insurance for the 2nd yr?

pabheda · 1st October 2007, 17:41

u will get ncb as u might have not claim insurance last year,
but about tranfering from other car i don't think it is possible, as policy is already active u cannot get in that case

rags · 2nd October 2007, 17:44

You can avail the benefit of NCB for your new car provided U BUY THE new car in your name and close the old insurance policy in ur old car and subsitute it with a third party cover.

The NCB is beneficial only if u are selling ur old car and without selling / transfering the insurance to the purchaser you have to avail the NCB for the New car by surrendering the insurance policy and taking a new policy with NCB for the new car with the same insurer.

Caution do not sell the old car without a running insurance and always insist on the new buyer to first insure the car with third party insurance atleast. as the purchaser will not get the NCB transfered in his name, with transfer the difference of NCB will be collected by the insurance co.

cutdcrap · 2nd October 2007, 19:19

Right, the NCB can be transferred. Now the question is how is it evaluated?

For example, I have a 40% NCB running on a Maruti 800. Now I were to sell it and buy a SX4, will I get a 40% rebate on the new insurance premium?

If that is the case, why not sell a small used car with high NCB to buy an expensive car and get a discount?

Please enlighten me

breezydrive · 2nd October 2007, 19:26

Quote:

Originally Posted by cutdcrap

Right, the NCB can be transferred. Now the question is how is it evaluated?

For example, I have a 40% NCB running on a Maruti 800. Now I were to sell it and buy a SX4, will I get a 40% rebate on the new insurance premium?

If that is the case, why not sell a small used car with high NCB to buy an expensive car and get a discount?

Please enlighten me

You will get discount in insurance premium for SX4 equivalent to the NCB amount for Maruti 800

balaji_n29 · 30th October 2007, 15:28

Spotted this gem of a article now. I wasn't aware of this. I have a question. I already took insurance for my new car. Now if I sell my old car can I transfer the NCB during the next year renewal?

swapnil.rahate · 30th October 2007, 17:18

Hi
I have a question.....If I claim insurance then my NCB is lost for that year or for the policy for coming years???
I want to claim insurance my car is just 10 days old and it got dent. The cost of repair is 5000rs..what to do????

itwasntme · 30th October 2007, 20:26

Balaji_n29,

You may even be able to get a pro-rata refund from your current policy if both the insurance policies were taken from the same insurer. I produced my National Insurance Kolkata NCB (from previous car) 3 weeks after I bought my new car in Bangalore. Nat Ins Bangalore promptly recalculated my premium with my 40% NCB and gave me a refund cheque!

However, a private insurer will quote you a zillion excuses why they can't do that :-)

Let us know how things go.

ItWasntMe

Quote:

Originally Posted by balaji_n29

Spotted this gem of a article now. I wasn't aware of this. I have a question. I already took insurance for my new car. Now if I sell my old car can I transfer the NCB during the next year renewal?

debkumarroy · 31st October 2007, 12:25

Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.

21st September 2007, 12:07	#76
R18A Newbie Join Date: Sep 2007 Location: Hyderabad Posts: 18 Thanked: 0 Times	IMO, NCB is applicable only on the basic Insurance amount
	() Thanks

22nd September 2007, 18:59	#77
musicmanaman BHPian Join Date: Nov 2006 Location: kolkata Posts: 927 Thanked: 25 Times	Hi Ajmat and GTO, Please let me know if the below is possible. I bought a 99 carb zen in Nov 06, The car was valued at 105k and I had to pay 4571 as insurance, I suppose this is comprehensive insurance, as the amont is quite big for a 99 zen. Now the time is coming close to renew the insurance, and this time I want to go in for 3rd party as the primieum I suppose will be a lot lesser, and I will also get a 20% NCB. Now if I go in for 3rd party insurance and continue this porocess till I own the zen and when I sell the same claim a NCB and then when I buy a new car go in for a Comprehensive with the new car, is this possible. In summary, can 3rd party NCB be used later on a comprehensive Insurance. If the above works then, I'll be accumulative NCB on a low premium and getting benefits on a comprehensive on a new car. Thanks in advance.
	() Thanks

25th September 2007, 16:53	#79
R18A Newbie Join Date: Sep 2007 Location: Hyderabad Posts: 18 Thanked: 0 Times	Yes, I agree with GTO, comprehensive coverage is always a good idea. It is not always possible to predict what might happen or control what might happen. For example, I see that you are from Kolkatta, which is flooded right now. What if, god forbid, your car was an unlucky one??? For saving few thousands you would end up paying a lot more!
	() Thanks

27th September 2007, 10:54	#80
Chandrainsky Newbie Join Date: Sep 2007 Location: Bangalore Posts: 20 Thanked: Once	I am thinking of upgrading to SX4 from my M-800. I spoke to Bajaj Allianz who is the current insurer about transfer of NCB. The lady who first responded said this is possible only if the new vehicle is of the same cubic capacity. I asked her if she was very sure. She then transferred the call to another lady who (after checking with some one else) said it is permitted only if the new car is of the "same class". As per her definition of "same class" in my case if the new vehicle is upto 1000 cc I can transfer NCB. I have asked her to confirm this by mail. Also asked them if this is mentioned anywhere on their website but no one at Bajaj Allianz seems to be aware. I think they are either bluffing or not sure. I went through the thread and my understanding is, NCB can be transferred from any car to any other car. Anyone heard knows about this restriction?
	() Thanks

27th September 2007, 14:18	#81
jash Newbie Join Date: Oct 2006 Location: Chennai Posts: 19 Thanked: 0 Times	I have booked a new CIVIC with insurance from Bajaj Alliance & I have also claimed NCB from my OHC with ICICI Lombard. Whatever they told is a crap.
	() Thanks

1st October 2007, 10:50	#82
kryptik83 BHPian Join Date: Mar 2007 Location: Calcutta Posts: 34 Thanked: 0 Times	hi all, am just a newbie in the car-owners community.. I had a query: can one claim NCB on the Insurance premium while paying the insurance for the 2nd yr?
	() Thanks

1st October 2007, 17:41	#83
pabheda BHPian Join Date: Aug 2007 Location: mumbai Posts: 105 Thanked: 4 Times	u will get ncb as u might have not claim insurance last year, but about tranfering from other car i don't think it is possible, as policy is already active u cannot get in that case
	() Thanks

2nd October 2007, 17:44	#84
rags BHPian Join Date: Mar 2006 Location: bangalore Posts: 54 Thanked: 4 Times	No claim Bonus You can avail the benefit of NCB for your new car provided U BUY THE new car in your name and close the old insurance policy in ur old car and subsitute it with a third party cover. The NCB is beneficial only if u are selling ur old car and without selling / transfering the insurance to the purchaser you have to avail the NCB for the New car by surrendering the insurance policy and taking a new policy with NCB for the new car with the same insurer. Caution do not sell the old car without a running insurance and always insist on the new buyer to first insure the car with third party insurance atleast. as the purchaser will not get the NCB transfered in his name, with transfer the difference of NCB will be collected by the insurance co.
	() Thanks

2nd October 2007, 19:19	#85
cutdcrap BHPian Join Date: Nov 2006 Location: New Delhi Posts: 139 Thanked: 10 Times	Right, the NCB can be transferred. Now the question is how is it evaluated? For example, I have a 40% NCB running on a Maruti 800. Now I were to sell it and buy a SX4, will I get a 40% rebate on the new insurance premium? If that is the case, why not sell a small used car with high NCB to buy an expensive car and get a discount? Please enlighten me
	() Thanks

30th October 2007, 15:28	#87
balaji_n29 BHPian Join Date: Apr 2007 Location: Chennai Posts: 135 Thanked: 0 Times	Spotted this gem of a article now. I wasn't aware of this. I have a question. I already took insurance for my new car. Now if I sell my old car can I transfer the NCB during the next year renewal?
	() Thanks

30th October 2007, 17:18	#88
swapnil.rahate BHPian Join Date: Oct 2007 Location: Mumbai Posts: 103 Thanked: 8 Times	Hi I have a question.....If I claim insurance then my NCB is lost for that year or for the policy for coming years??? I want to claim insurance my car is just 10 days old and it got dent. The cost of repair is 5000rs..what to do????
	() Thanks

31st October 2007, 12:25	#90
debkumarroy Newbie Join Date: Oct 2007 Location: Pune Posts: 2 Thanked: 0 Times	Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.
	() Thanks

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