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Old 3rd June 2018, 11:48   #976
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Thank you shijanto4.

I have all the documents you mentioned and will try with other insurers as well.Tried with Digit (which is a new insurer) , they were also unaware of this kind of a possibility.

I will follow up with Bajaj Allianz, Tata AIG and HDFC Ergo.

Thanks once again!!!

Thanks
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Old 4th June 2018, 20:41   #977
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

My Cruze's comprehensive insurance (from Bajaj-Allianz) is expiring soon, and even after 50% NCB the quote is an alarming 15k. I am considering moving it to Third Party (TP) only as the vehicle is 7 years old, and I am gambling on a accident-free year!

Will of course get the all important NCB letter (valid for 36 months) for the next purchase :-)

A few questions:
Will Bajaj-Allianz provide me TP or do I need to approach a PSU insurer?
What are the administrative charges? Rs. 61 I think plus a car inspection?

TP rates are astronomical for big cars at 9.3K with GST! Is it worth it at all?
Should I instead move to a PSU insurer, drop the IDV to the lowest possible and stick to comprehensive?

Last edited by itwasntme : 4th June 2018 at 20:46.
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Old 4th June 2018, 21:02   #978
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Hello Experts,

Alternatively , I can try the other insurers (private online ones) if they accept the NCB letter/certificate from United India. If I buy online , what is the procedure to share my 50% NCB letter ?

Thanks
Suhas
This should be the most easy way of doing it. I did the exact same thing 5 years back. Moved from National to Bharati AXA and I did not leave my desk while this was completed. Sent them the original soft copy over email and they took care of the rest.
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Old 5th June 2018, 07:56   #979
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
A few questions:
Will Bajaj-Allianz provide me TP or do I need to approach a PSU insurer?
What are the administrative charges? Rs. 61 I think plus a car inspection?

TP rates are astronomical for big cars at 9.3K with GST! Is it worth it at all?
Should I instead move to a PSU insurer, drop the IDV to the lowest possible and stick to comprehensive?
As per the IRDA directive, all Insurance cos are required to offer Third Party liability only policy too. So Bajaj should be offering you TPL only policy if you ask for it. There would be no administrative charges applicable if the Insurance is being bought before the expiry of the previous policy.

By default approx 10k would need to be spent on TPL premium anyhow so you might as well buy the comprehensive policy for an additional 5K for that extra peace of mind.
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Old 5th June 2018, 09:15   #980
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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By default approx 10k would need to be spent on TPL premium anyhow so you might as well buy the comprehensive policy for an additional 5K for that extra peace of mind.
Agree. Let me lower the IDV to the lowest possible and go ahead.

Another query is that practically speaking with GM closing down, resale values of Chevy vehicles has halved. Should I ask BA to lower the IDV to match the actual market value (in case of a total loss claim)? From their web app, I am not able to lower more than 40k rupees (~5.7 to 5.4) when the actual market value now if now around ~4L.

However, I believe other companies will allow a much lower IDV.
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Old 5th June 2018, 09:34   #981
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Should I ask BA to lower the IDV to match the actual market value (in case of a total loss claim)? From their web app, I am not able to lower more than 40k rupees (~5.7 to 5.4) when the actual market value now if now around ~4L.
Since your vehicle is more than 5 years old, the IDV of the vehicle should be mutually agreed between Insurer and you. IDV is never linked to the market value of the car, so suggest to get a comparative quote based on the year of manufacture/registration. Check the one that fits perfect.
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Old 22nd June 2018, 00:06   #982
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A friends car was having 50% NCB and was due for renewal on 15th July 2018. As he had no claims during this year he renewed the policy again with a 50% NCB on 18th June 2018.

Two days later, that is, today he had a mishap and must claim insurance.

Now what will happen to his next years NCB ? Will he have to pay the difference?
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Old 22nd June 2018, 07:32   #983
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Now what will happen to his next years NCB ? Will he have to pay the difference?
Absolutely, yes. The new policy starts at 0001 (midnight +1 minute) on the day the old policy lapses, and hence a valid claim will now be registered against the old policy. Hence NCB becomes 0% on the new policy.

One unethical step to take is to file the claim after the new policy starts but I would strongly discourage the same.
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Old 22nd June 2018, 07:54   #984
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Red face Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vikash49 View Post
A friends car was having 50% NCB and was due for renewal on 15th July 2018. As he had no claims during this year he renewed the policy again with a 50% NCB on 18th June 2018.

Two days later, that is, today he had a mishap and must claim insurance.

Now what will happen to his next years NCB ? Will he have to pay the difference?
Did you get an estimate of the repair? If the repair amount is lesser than the NCB amount saved, then get the repairs done from your own pockets. If not, then raise an Insurance claim. If you raise a claim now, your NCB for next year will be zero and you will have to payback the NCB amount claimed (complete).
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Old 29th June 2018, 15:55   #985
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it possible to get an NCB certificate for old car by paying the difference to the insurance company (and retaining the policy) and using that NCB certificate while buying a new car? Old car will be sold eventually but looking for a way to buy the new car without waiting for the old one to be sold.
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Old 29th June 2018, 17:54   #986
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Originally Posted by aviraj View Post
Is it possible to get an NCB certificate for old car by paying the difference to the insurance company (and retaining the policy) and using that NCB certificate while buying a new car? Old car will be sold eventually but looking for a way to buy the new car without waiting for the old one to be sold.
You would not get a NCB certificate per say, but you can get an NCB endorsement from the Insurance co of your old car. You can use the NCB eligibility when buying Insurance for a new car provided that the new car is owned by you.

If the Insurance co for the new car is same as that of the old car, things move pretty much faster and NCB eligibility then becomes a formality.
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Old 3rd July 2018, 22:26   #987
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Hi guys, my car (kizashi) met with an accident today. No injuries but impact was such that the side/curtain airbags got deployed only. There is no body damage as the other car crashed directly into the rear right tyre. Hence the rear right suspension is damaged very badly. Maruti has given an estimate of about 2 lakhs (1.5 for airbag replacement and .5 for suspension replacement). My liability will be around 1 lakh.
Now my question is, can I claim insurance only for the suspension replacement and not for airbags replacement? Any help would be greatly appreciated. Thanks
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Old 4th July 2018, 07:51   #988
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Smile Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Now my question is, can I claim insurance only for the suspension replacement and not for airbags replacement? Any help would be greatly appreciated. Thanks
Yes, you can do that. I am sure the Surveyor and the workshop would not have any issues with it. But that's a strange logic. You want to pay for the costliest replacement/repair? Do you have zero dep add on cover, if so then your liability would be far less than 1L which you mentioned.

Edit: How is your query related to No Claim Bonus? If not, then request mods to move to http://www.team-bhp.com/forum/indian...es-ask-me.html

Last edited by ghodlur : 4th July 2018 at 07:53.
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Old 8th July 2018, 20:21   #989
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ghodlur View Post
You would not get a NCB certificate per say, but you can get an NCB endorsement from the Insurance co of your old car. You can use the NCB eligibility when buying Insurance for a new car provided that the new car is owned by you.

If the Insurance co for the new car is same as that of the old car, things move pretty much faster and NCB eligibility then becomes a formality.
Thanks. Convinced the insurer (Bajaj Allianz) to give me the NCB certificate as I am ready to pay the premium difference due to removal of NCB. The existing policy continues without NCB and the certificate allows me to put the NCB on the new vehicle.
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Old 17th July 2018, 17:48   #990
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by aviraj View Post
Thanks. Convinced the insurer (Bajaj Allianz) to give me the NCB certificate as I am ready to pay the premium difference due to removal of NCB. The existing policy continues without NCB and the certificate allows me to put the NCB on the new vehicle.
I am looking at doing the exact same thing to transfer my 50% NCB to my new car. My insurer too is Bajaj. How did you go about this and how long did it take ?

I spoke to customer care and was asked to send them an email with this request. I am now waiting for Bajaj to get back to me.
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