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Old 8th August 2018, 13:13   #1006
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
I suggest you personally accompany the actual owner of the Santro to the branch office of NI. Similarly, when you renew for your new car too. Much easier in case any forms need to be signed on the spot etc.
So basically, we need to contact the insurance company to obtain the NCB? Also can I get the NCB for the previous years?
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Old 8th August 2018, 15:25   #1007
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Why did they refuse? Was it because of the huge difference in IDV between the M800 and Jetta?
The reason Bajaj refused is because of the change in the engine capacity class. A 50% NCB amount for M800 is very low when compared to that for Jetta. The discount which needs to be provided for Jetta for NCB would be very high and hence a loss of business for Bajaj. Unfortunately IRDA does not have any stringent regulations in such cases and depends solely on the Insurance co to take a call for the Insurance provision.
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Old 8th August 2018, 17:03   #1008
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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
Q.1) Are all the car registered in your name
Thank you for the response
Yes, all three cars have the same owner.

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For Car A, ideally the previous owner should have paid the NCB retention amount since he will be benefiting from the NCB accumulation. If you were to pay the NCB retention then it should have been deducted from car price.
I deducted some amount anticipating a nominal charge, I was hoping I could transfer my existing policy's NCB until I landed at Bajaj's office.

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Bajaj cannot refuse the NCB eligibility accumulated on Car C. If they persists, get the NCB endorsement done from United India and buy a new policy with the accumulated bonus. No need to stick with Bajaj.
The existing policy on Jetta expires almost 11 months from now. Can I get another insurance for the same car ? If that's the case I'll just go with any company which gives me cashless+0 depn policy on the car. I was under the impression this couldn't be done.
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Old 8th August 2018, 18:00   #1009
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by _nitink_ View Post
So basically, we need to contact the insurance company to obtain the NCB? Also can I get the NCB for the previous years?
If you are having a Comprehensive policy and renewing it every year the NCB would have been credited to you every year provided you did not make any claim.Please check your policy first.
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Old 8th August 2018, 18:51   #1010
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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If you are having a Comprehensive policy and renewing it every year the NCB would have been credited to you every year provided you did not make any claim.Please check your policy first.
We have always had the comprehensive insurance. My dad always bought the insurance from different agents which meant that the company changed everytime we renewed the insurance. Since my dad's friend is now an insurance agent, he started to renew the policy from him and he never told us about NCB.
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Old 8th August 2018, 19:06   #1011
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by _nitink_ View Post
We have always had the comprehensive insurance. My dad always bought the insurance from different agents which meant that the company changed everytime we renewed the insurance. Since my dad's friend is now an insurance agent, he started to renew the policy from him and he never told us about NCB.
Nitin, NCB if accruing, will benefit you even if you change insurers. That's the norm. Check the details of your insurance policy, esp. under the head 'own damages' where current NCB must be listed, both as a % and as amount.

Let us know.

Regards,
Saket
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Old 8th August 2018, 19:10   #1012
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by saket77 View Post
Nitin, NCB if accruing, will benefit you even if you change insurers. That's the norm. Check the details of your insurance policy, esp. under the head 'own damages' where current NCB must be listed, both as a % and as amount.

Let us know.

Regards,
Saket
ok sir. will revert back to this as soon as dad comes back home.
thank you
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Old 8th August 2018, 20:02   #1013
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shashank.nk View Post
The existing policy on Jetta expires almost 11 months from now. Can I get another insurance for the same car ? If that's the case I'll just go with any company which gives me cashless+0 depn policy on the car. I was under the impression this couldn't be done.
You should be able to cancel the policy. Make an application accordingly and mention the reason that Bajaj is not agreeing to transfer the accumulated NCB from Car C to Car A and that there are Insurance co who are willing to do so. If Bajaj want your business, they will do it. Or else the policy gets cancelled. Buy a new policy for Jetta with the NCB endorsement letter from United.

If Bajaj challenges you that this cannot be done, mention the forum where they could check. Bajaj follows Team BHP closely (I am told).
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Old 8th August 2018, 20:14   #1014
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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 should be able to cancel the policy.Buy a new policy for Jetta with the NCB endorsement letter from United.
Well, this is something worth trying. Will update the thread on the progress a few days from now. The only reason I didn't want to cancel the policy was the IDV, its insured for around 17L, whereas most others are willing to offer around 14L. I know high IDV is of no use, but I plan to retain the car for another 5-6 years so don't want it reduced to around 5-6L by then.
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Old 8th August 2018, 20:41   #1015
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shashank.nk View Post
The only reason I didn't want to cancel the policy was the IDV, its insured for around 17L, whereas most others are willing to offer around 14L.
I suggest to calculate the IDV correctly. If you are confused with the IDV, use the calculation as seen in the policy document which is current Ex show room cost of the model/variant times the depreciation value in % based on the years of ownership.

If the ownership is more than 5 yrs old then IDV has to be mutually agreed with the Insurance co.
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Old 8th August 2018, 21:07   #1016
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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
I suggest to calculate the IDV correctly. If you are confused with the IDV, use the calculation as seen in the policy document which is current Ex show room cost of the model/variant times the depreciation value in % based on the years of ownership.
I went through the policy document and was able to find only the premium break-up, not how the IDV was arrived. The last ex-showroom price was arnd 20 lakhs some three years ago when the vehicle was purchased.

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If the ownership is more than 5 yrs old then IDV has to be mutually agreed with the Insurance co.
I didn't quite understand this, sorry. What does it involve and how do I go about this ?
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Old 9th August 2018, 07:49   #1017
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shashank.nk View Post
I went through the policy document and was able to find only the premium break-up, not how the IDV was arrived.

I didn't quite understand this, sorry. What does it involve and how do I go about this ?
The calculation which I mentioned is in the policy wording document. In the premium statement you can only see the thumb rule calculated IDV i.e 10% less than last year's IDV.

Till 5 years of ownership, the depreciation rule applies as per the chart available in the policy wordings. Post 5 yrs the IDV will have to be mutually agreed i.e you cannot use the depreciation chart to arrive at the IDV
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Old 9th August 2018, 12:42   #1018
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Got following response from Bajaj Alliance,
Note that o have renewed the policy last week before selling my car to an individual. The buyer has started the registration process , but it will take some time for RC to get transferred in his name. Until then, I cannot proceed with registration and delivery of my new car.

Your thoughts are most welcome.

Dear Sir,

I have checked with my U/W team, We have the below 2 options in absence of the transferred RC or the RTO acknowledgement.

We will issue the certificate after recovering the NCB on pro-rata basis or option 2 customer may cancel the policy and take the NCB certificate.

Subject to no claims.
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Old 13th August 2018, 09:49   #1019
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by sary View Post
Got following response from Bajaj Alliance,
Note that o have renewed the policy last week before selling my car to an individual. The buyer has started the registration process , but it will take some time for RC to get transferred in his name. Until then, I cannot proceed with registration and delivery of my new car.

Your thoughts are most welcome.

Dear Sir,

I have checked with my U/W team, We have the below 2 options in absence of the transferred RC or the RTO acknowledgement.

We will issue the certificate after recovering the NCB on pro-rata basis or option 2 customer may cancel the policy and take the NCB certificate.

Subject to no claims.
Had been reading this issue throughout, and I guessed this is how Bajaj Alliance would put it at the end. Here, in my opinion, 2nd option seems better since the buyer can anyway buy a new insurance in his/her name and your NCB is not going to benefit the buyer at all. Going with the first option may minimize your monetary gain as you will need to pay the pro-rata amount that they quote out of your pocket, only to utilize it later as a NCB discount. This is how I would perceive.

Last edited by shijanto4 : 13th August 2018 at 09:52.
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Old 13th August 2018, 10:12   #1020
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

To claim NCB upon a recent car sale I did the following:
1. Allowed comprehensive insurance to lapse.
2. Took a third party insurance.
3. Sold the car.
3. Took a new insurance for new car.
4. NCB can be claimed after new buyer transfers RC to his name.
5. ICICI lombard says the NCB amount will be refunded after giving them transferred RC.
6.NCB claim must be made within three months of old comprehensive insurance lapse.
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