Go Back   Team-BHP > Team-BHP > Team-BHP Advice > On buying a car


Reply
 
Thread Tools Search this Thread
Old 3rd January 2018, 19:33   #946
BHPian
 
Join Date: Mar 2017
Location: Panchkula
Posts: 62
Thanked: 72 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by shijanto4 View Post
Once a policy is lapsed, technically all benefits of the policy also cease, including the accumulated NCB, unless it is renewed within the grace period. However, insurance companies can work around in such cases in an effort to retain a customer. So, visiting National Insurance in person without further delaying is worthwhile. In addition, if your new car insurance is also with them, then it may make things a bit easier. Also, they may ask for your old car's updated RC copy (with the new owner's name endorsed in it). Good luck and hope you get your NCB. Keep us posted after visiting them.
I was placed in a somewhat similar situation. Could manage to sell my old car only after I purchased the new one, hence had to pay full insurance ( NO NCB), though I had 45% NCB on the car I had sold. A tele call to the local office of the insurance company ( Royal Sundaram) clarified all issues. They wanted a photocopy of the insurance policy of car that was sold and a copy of car registration card of the new owner. A simple one page handwritten application along with these papers was sent 6 months after the sale/purchase ( since my insurance on the old car was valid till Feb 2018). Wasn't aware of the 45 day limit.
In about a week's time the insurance co. mailed me the NCB substitution letter which I intend to utilise when I renew insurance of my new car.
vkr15 is offline   Reply With Quote
Old 3rd January 2018, 20:57   #947
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

[quote=hemanth.anand;4332568]Thanks, I did get the 50% NCB transferred during renewal. Th agent was not sure of it initially. I sent a photo of the NCB letter to him and he checked with his manager.He told me that he will only generate the new policy after he gets the original Reservation letter. I was out of town and gave it to him after 4 days, exactly on the date of expiry of the previous policy. He sent me the new policy a day after that. That one day when the car wasn't covered, I didn't remove the vehicle out of the parking lot.

Congrats, Hemanth. I know how good it feels when finally it's done!
shijanto4 is offline   (1) Thanks Reply With Quote
Old 3rd January 2018, 21:04   #948
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vkr15 View Post
I was placed in a somewhat similar situation. Could manage to sell my old car only after I purchased the new one, hence had to pay full insurance ( NO NCB), though I had 45% NCB on the car I had sold. A tele call to the local office of the insurance company ( Royal Sundaram) clarified all issues. They wanted a photocopy of the insurance policy of car that was sold and a copy of car registration card of the new owner. A simple one page handwritten application along with these papers was sent 6 months after the sale/purchase ( since my insurance on the old car was valid till Feb 2018). Wasn't aware of the 45 day limit.
In about a week's time the insurance co. mailed me the NCB substitution letter which I intend to utilise when I renew insurance of my new car.
You are absolutely right. In most cases, a solution can always be worked out with insurance companies. Just that we will have to go through some additional tasks when we deviate from the normal protocol. Anyway, congratulations on your NCB letter!
shijanto4 is offline   Reply With Quote
Old 3rd January 2018, 21:09   #949
BHPian
 
diyguy's Avatar
 
Join Date: Jun 2009
Location: Chennai
Posts: 355
Thanked: 184 Times
Default

I was told by Royal Sundaram that I can go back with my NCB whenever it is ready after I sell. My old vehicle and get back the NCB I paid for when taking a new policy on my new car. I hope this is true
diyguy is offline   Reply With Quote
Old 8th January 2018, 18:22   #950
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by diyguy View Post
I was told by Royal Sundaram that I can go back with my NCB whenever it is ready after I sell. My old vehicle and get back the NCB I paid for when taking a new policy on my new car. I hope this is true
Yes, you can get your NCB any time after selling your existing vehicle, but please note that NCB letters are usually valid for 3 years from the date of issue. Also, please make sure your name is exactly the same in your NCB letter and your new car's insurance/RC (any mismatch would lead to NCB entitlement issues). All the best!

Last edited by shijanto4 : 8th January 2018 at 18:24.
shijanto4 is offline   Reply With Quote
Old 9th January 2018, 07:04   #951
BHPian
 
diyguy's Avatar
 
Join Date: Jun 2009
Location: Chennai
Posts: 355
Thanked: 184 Times
Default

Quote:
Originally Posted by shijanto4 View Post
Yes, you can get your NCB any time after selling your existing vehicle, but please note that NCB letters are usually valid for 3 years from the date of issue.
thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
diyguy is offline   Reply With Quote
Old 9th January 2018, 08:20   #952
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,232
Thanked: 2,485 Times
Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by diyguy View Post
thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
Yes, you should be getting the refund from Royal Sundaram on producing the NCB certificate.

In fact you could have used the NCB accumulated while buying the new car Insurance policy and later submitted the NCB certificate.
ghodlur is offline   Reply With Quote
Old 17th January 2018, 08:50   #953
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by diyguy View Post
thanks for the reply, will I get a refund on NCB on newly purchased policy once I get the NCB certificate of existing car after I sell it? This is what the Royal Sundaram agent told me.
Yes, they are right. The refund will be done via NEFT to your bank account. For this, you will have to send them a canceled cheque leaf of your bank account along with your NCB certificate. Once the NCB certificate and the cheque leaf reah them, they say it takes about 7 working days to process, but usually we get it much earlier than that (in my case, I got it the immediate next afternoon!).
shijanto4 is offline   Reply With Quote
Old 26th February 2018, 17:05   #954
BHPian
 
Join Date: Mar 2012
Location: New Delhi
Posts: 158
Thanked: 49 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi

Apologies before hand if this question has been answered before: kindly direct me to the page/section if so.

I own a Maruti Ritz and am contemplating buying a Baleno or new Swift (still undecided). In either case, i will be 'selling' my old car in exchange (in case I go for the Swift, it will be through the same dealer I bought my Ritz from).

How do I ensure full NCB on the insurance I have been paying? I have a National Insurance Policy from Maruti Insurance on the Ritz.

Thanks in advance.
amitayu is offline   Reply With Quote
Old 4th March 2018, 11:00   #955
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Cool Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by amitayu View Post
Hi

Apologies before hand if this question has been answered before: kindly direct me to the page/section if so.

I own a Maruti Ritz and am contemplating buying a Baleno or new Swift (still undecided). In either case, i will be 'selling' my old car in exchange (in case I go for the Swift, it will be through the same dealer I bought my Ritz from).

How do I ensure full NCB on the insurance I have been paying? I have a National Insurance Policy from Maruti Insurance on the Ritz.

Thanks in advance.
Hi amitayu,

Firstly, congrats on upgrading to a Baleno or new Swift!

I assume your query is how to ensure carryover of your full NCB from your Ritz policy to your new car's insurance policy.

In this case, even if insurance company is going to be the same, first you will need to get a NCB retention letter issued from your old policy and then submit it with your new car's insurance policy for inclusion of that NCB.

If you are able to sell your Ritz, get your NCB retention letter in hand before buying the new car insurance policy, and submit it prior to the new car insurance being issued, then your new car premium will be inclusive of your NCB discount amount upfront. However, it's usually difficult to get the NCB retention letter in hand prior to buying a new car/after selling the old car, especially when selling to an unknown buyer as they would take their own time to complete ownership transfer process.

In case you end up buying the new car insurance by paying its full premium before getting your NCB retention letter from old policy, then you will have three years' time to submit this NCB retention letter to get the NCB discount added into your new policy. So, whenever you submit it, they will refund the NCB discount amount via NEFT. This normally takes 3-5 working days from the date it is submitted (in my case, I got the refund within 24 hours of submitting, from ICICI Lombard). If you are exchanging Ritz with the dealer itself, then maybe they would help you finish the transfer process quickly, which would also help you get your NCB retention letter faster.

By the way, to get NCB retention letter, documents to be produced to the existing insurance company are:
1) New/updated RC of your Ritz car with the name of the new owner endorsed in it (OR) copy of forms 29 & 30 duly filled and acknowledged by your RTO if the new/updated RC book is not yet issued in the name of the new owner along with CC (clearance certificate) or NOC (as it is called in some cities).
2) A copy of your existing insurance policy (it shouldn't have expired as on the date you are requesting NCB transfer).
3) A handwritten letter requesting transfer of NCB in case you are submitting the request in person to your insurance company. If you are e-mailing the request with scanned copies of all necessary documents attached from your registered e-mail ID, then no need of a handwritten letter.

Hope this helps. Thanks.
shijanto4 is offline   (1) Thanks Reply With Quote
Old 4th March 2018, 11:13   #956
Senior - BHPian
 
GrammarNazi's Avatar
 
Join Date: Apr 2013
Location: Bangalore
Posts: 1,050
Thanked: 1,682 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I wanted the 50% NCB reservation letter for my old Nano that I sold & I provided all that Royal Sundaram asked me, they said I had to pay a fee of ~₹600/- & they'll send me a link, but they didn't get back even after many follow ups (this happened all the way back in December). After which I gave up.

It may not work as easily as one may think so please rigorously follow up with them.
GrammarNazi is offline   (1) Thanks Reply With Quote
Old 11th March 2018, 11:14   #957
Senior - BHPian
 
Join Date: Oct 2007
Location: trivandrum
Posts: 2,455
Thanked: 1,012 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by GrammarNazi View Post
I wanted the 50% NCB reservation letter for my old Nano that I sold & I provided all that Royal Sundaram asked me, they said I had to pay a fee of ~₹600/- & they'll send me a link, but they didn't get back even after many follow ups (this happened all the way back in December). After which I gave up.

It may not work as easily as one may think so please rigorously follow up with them.
It is probably because your insurance company was a private sector one.These private insurance companies will offer you hefty discounts on premium etc when you buy a package for a new vehicle, but when it comes to insuring second hand vehicles,NCB certificate, etc they will just avoid you.In my humble opinion, stick to the 4 public sector insurance companies as far as possible.How many private companies will continue to give comprehensive policy coverage for existing vehicles which are more than 15 years old, as per my info none, but all the public sector companies continue to give that package for their existing policy holders
ajay99 is offline   (1) Thanks Reply With Quote
Old 11th March 2018, 22:20   #958
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 72
Thanked: 48 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by GrammarNazi View Post
I wanted the 50% NCB reservation letter for my old Nano that I sold & I provided all that Royal Sundaram asked me, they said I had to pay a fee of ~₹600/- & they'll send me a link, but they didn't get back even after many follow ups (this happened all the way back in December). After which I gave up.

It may not work as easily as one may think so please rigorously follow up with them.
A fee for issuing NCB reservation letter is something unheard of! Would be worthwhile finding out the exact reason for that fee and who collected it. Having said that, yes, I agree individual experiences can differ from an insurance company to company. Mine was a private one (ICICI Lombard) and still I got it without any delay or issues; maybe I was lucky. Same with couple of my friends who all could easily get their NCB reservation letters in a matter of 5-7 working days from Tata AIG, Bajaj Allianz, ICICI Lombard, etc., and none of us had to pay anything to get this.

Last edited by shijanto4 : 11th March 2018 at 22:22.
shijanto4 is offline   (1) Thanks Reply With Quote
Old 16th March 2018, 18:45   #959
BHPian
 
Join Date: May 2009
Location: India
Posts: 600
Thanked: 649 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi Experts,

I've got my TATA Safari 2.2 transferred in my name from my Brother in law. New RC has also been provided by RTO.

Please advise if the NCB of existing policy (from Universal Sompo) can be transferred / used during the upcoming policy renewal (in May 2018)? As per Policy Bazar customer care, this can only be availed after 12 months of policy transfer.

Please advise.

Cheers!
Irish
Irish is offline   Reply With Quote
Old 16th March 2018, 20:45   #960
Senior - BHPian
 
androdev's Avatar
 
Join Date: May 2007
Location: bangalore
Posts: 1,718
Thanked: 2,506 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Does NCB apply to policy add ons like zero depreciation, engine protector, etc.? What I see is that they are offering discounts only on own-damage premium and not on add ons. Sounds unfair not to get NCB on add ons that are being continued from previous policy.
androdev is online now   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance claim? Pay a little extra and retain your No-Claim Bonus! parrys Indian Car Loans & Insurance 12 1st November 2017 19:11
Car Insurance - Possible NCB (No Claim Bonus) Loophole? koshyjohnuk Indian Car Loans & Insurance 63 11th October 2017 13:47
Insurance premiums vs claims - Would 'Self Insurance' be cheaper for you? GTO Indian Car Loans & Insurance 46 28th February 2016 15:38
Insurance and No Claim Bonus vennarbank Indian Car Loans & Insurance 9 18th September 2006 12:51


All times are GMT +5.5. The time now is 13:01.

Copyright 2000 - 2018, Team-BHP.com
Proudly powered by E2E Networks