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Old 16th August 2018, 11:52   #1021
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shijanto4 View Post
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.
Finally here is the update, after rigorous follow-up with the buyer of my previous car and with the agent who is helping him to transfer the ownership, I could get hold of a picture of Transfer of ownership challan from RTO. Immediately forwarded that to Mr. Jagswaroop of Bajaj Allianz Rajajinagar, Bangalore office. He's been very helpful and issued me the NCB certificate in a days time. Produced that to the Trident SA and he has confirmed that insurance has now been issued. Car is going for registration today. I plan to perform the PDI tomorrow after work and take delivery by Saturday.

Last edited by sary : 16th August 2018 at 11:53. Reason: Editorial changes
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Old 16th August 2018, 13:37   #1022
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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
Finally here is the update, after rigorous follow-up with the buyer of my previous car and with the agent who is helping him to transfer the ownership, I could get hold of a picture of Transfer of ownership challan from RTO. Immediately forwarded that to Mr. Jagswaroop of Bajaj Allianz Rajajinagar, Bangalore office. He's been very helpful and issued me the NCB certificate in a days time. Produced that to the Trident SA and he has confirmed that insurance has now been issued. Car is going for registration today. I plan to perform the PDI tomorrow after work and take delivery by Saturday.
Congratulations on the new car! Finally, the ordeal ends. However, please confirm if the NCB discount has been preapplied to the new insurance policy. There are some cases where they have said NCB can't be preapplied to a fresh policy, so they issue policy first taking the full premium and then issue refund of the NCB discount after the policy is issued.
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Old 16th August 2018, 23:47   #1023
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by shijanto4 View Post
Congratulations on the new car! Finally, the ordeal ends. However, please confirm if the NCB discount has been preapplied to the new insurance policy. There are some cases where they have said NCB can't be preapplied to a fresh policy, so they issue policy first taking the full premium and then issue refund of the NCB discount after the policy is issued.
I managed to get hold of the insurance policy copy directly thru Aditya Birla Insurance Brokers who are partners to Hyundai Assurance program. Insurer is ICICI Lombard. The NCB discount of 35% has been preapplied. What amuses me is, for E plus 1.6 Petrol varient, the zero dep insurance premium mentioned in the quotation is close to 52K, however on my policy its about 25K. Ofcourse I negotiated , but wonder how much profits these dealers book when a customer is ignorant
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Old 17th August 2018, 16:22   #1024
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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
I managed to get hold of the insurance policy copy directly thru Aditya Birla Insurance Brokers who are partners to Hyundai Assurance program. Insurer is ICICI Lombard. The NCB discount of 35% has been preapplied. What amuses me is, for E plus 1.6 Petrol varient, the zero dep insurance premium mentioned in the quotation is close to 52K, however on my policy its about 25K. Ofcourse I negotiated , but wonder how much profits these dealers book when a customer is ignorant
You're right. Usually, in excitement of new purchase, most of us tend to not pay attention to all premium components since it comes as a package within car price and the dealer is also in a hurry to push for registration. Anyway, thanks for the update and good luck for delivery tomorrow!
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Old 19th August 2018, 12:26   #1025
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Friends kindly enlighten me on this NCB related scenario i am stuck with:

(1) I sold my 6 year old i-10 in July 2018. No accidents. Never claimed insurance.
RC transfer in process. Insurance not transferred yet.

(2) As soon as i sold my i10 i bought a year 2012 Highline preowned Vento in July 2018
itself. RC already transferred in my name. Insurance transfer yet to be initiated.
The previous owner of Vento has provided me an NOC mentioning he has no
objection if NCB be transferred in my name (i am not sure if this is permissible
though the executive from insurance company says it will be done for sure).

Now come the major concern. This guy whom i sold the i-10 and RC/insurance is still in my name, has met with an accident and has already initiated insurance claim through some agent. He says i will be receiving the insurance claim cheque in my name soon which i should be handing over to him.

Can you guys please suggest what should be done now? If insurance is claimed in my name, will i be able to avail the advantage of NCB in my name (i-10) for the Vento insurance that i am about to transfer?

Is it that if this insurance claim for i-10 is processed, it will be tagged in my name forever irrespective of the vehicles i purchase in future?

Kindly advise. Thanks
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Old 19th August 2018, 21:12   #1026
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by SpeedFanatic View Post
The previous owner of Vento has provided me an NOC mentioning he has no
objection if NCB be transferred in my name (i am not sure if this is permissible though the executive from insurance company says it will be done for sure).
No, NCB is not transferrable as it follows the Original Insured (Owner & Named Drivers if any)

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Originally Posted by SpeedFanatic View Post
Can you guys please suggest what should be done now?
If you have any written proof that you have sold the vehicle, you can write to the insurance company and tell them that this claim is not initiated by you as you've sold the vehicle already. You can return the claim cheque to the Insurance Company.

Quote:
Originally Posted by SpeedFanatic View Post
Is it that if this insurance claim for i-10 is processed, it will be tagged in my name forever irrespective of the vehicles i purchase in future?
Yes, you will be with out any NCB Credit to your account and you will be treated as a "new comprehensive insurance buyer". All your "good driving history" will be expunged from the records

Hope this helps.

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 19th August 2018 at 21:13.
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Old 19th August 2018, 22:18   #1027
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Thanks a ton Ram. Yes indeed this info is of much help to me.

In fact I had a word with him today and he said I should have made him aware beforehand while selling the vehicle that insurance transfer should be kept on hold until NCB transfer takes place.

Seems like I will have to let it go like that only. The i-10 has been sold to a relative and debating on NCB with him will only spoil the relations for sure.

Last edited by Gannu_1 : 20th August 2018 at 00:06. Reason: Please avoid typing dotty posts.... like.... this.... Thanks.
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Old 17th September 2018, 01:09   #1028
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Recently have sold my ciaz to a friend and bought a preowned octavia. Ciaz is still in my name and the octy is also transferred to my name. I have still not transferred the insurance to my name. How do i transfer ncb from my old car to the new one. Old policy is from bajaj allianz and octavia has insurance from ICICI Lombard. Previous owner had NCB of 50% but he had initiated a claim. So should I let the insurance expire and go for a new policy from bajaj or should I transfer and change it at the time of renewal? Please let me know your opinion.
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Old 23rd September 2018, 18:41   #1029
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by BLACKRiVAL View Post
Recently have sold my ciaz to a friend and bought a preowned octavia. Ciaz is still in my name and the octy is also transferred to my name. I have still not transferred the insurance to my name. How do i transfer ncb from my old car to the new one. Old policy is from bajaj allianz and octavia has insurance from ICICI Lombard. Previous owner had NCB of 50% but he had initiated a claim. So should I let the insurance expire and go for a new policy from bajaj or should I transfer and change it at the time of renewal? Please let me know your opinion.
You can transfer the NCB in your name after cancelling the comprehensive policy of the CIAZ and get a TP policy for it.The NCB can be credited to your newly bought Car policy.It is better you stick with your Insurer ie,Bajaj provided they don't make any hassles. Based on experience of many friends, in matters like NCB etc, Public Sector insurers are the best bet anyday
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Old 24th September 2018, 14:26   #1030
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi,
I am planning to transfer my current policy NCB of 50% to my new car policy from Maruti insurance. My current car will be exchanged by Maruti itself as part of the deal.

Now my dealer is saying I would benefit approx INR 8000 of which INR 3434/- would be the TPA part.
So effectively my savings would be around INR4.5k.
Want to know if this is correct or should this TPA part be handled by the dealer itself.


Thanks in advance
Roy
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Old 24th September 2018, 15:00   #1031
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
You can transfer the NCB in your name after cancelling the comprehensive policy of the CIAZ and get a TP policy for it.The NCB can be credited to your newly bought Car policy.It is better you stick with your Insurer ie,Bajaj provided they don't make any hassles. Based on experience of many friends, in matters like NCB etc, Public Sector insurers are the best bet anyday
Thank you for the advice. Will I have to wait for the policy of my new car to get over to get the ncb or should I cancel both the policies and get a new bajaj policy on my new car with the ncb from old car.
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Old 25th September 2018, 14:32   #1032
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Default

Quote:
Originally Posted by BLACKRiVAL View Post
Thank you for the advice. Will I have to wait for the policy of my new car to get over to get the ncb or should I cancel both the policies and get a new bajaj policy on my new car with the ncb from old car.
You can work this out better by talking to the development officer of you insurer.It will depend on the specifics, time remaining till the expiry of premium of the third party premium of your new car, etc

Quote:
Originally Posted by redeye10 View Post
Hi,
I am planning to transfer my current policy NCB of 50% to my new car policy from Maruti insurance. My current car will be exchanged by Maruti itself as part of the deal.

Now my dealer is saying I would benefit approx INR 8000 of which INR 3434/- would be the TPA part.
So effectively my savings would be around INR4.5k.
Want to know if this is correct or should this TPA part be handled by the dealer itself.


Thanks in advance
Roy
It all depends on the Insurer. In my view if you can take a bit of time out for this process,it is always better to get an NCB endorsement and go to a PSU insurer and get a Comprehensive policy for your newly bought car.In other words, keep the dealer and agents out.They will always look at their benefit primarily

Last edited by Gannu_1 : 25th September 2018 at 14:38. Reason: Back to back posts merged. Please use the multi-quote option (QUOTE+) while quoting and responding to multiple posts. Thanks.
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Old 26th September 2018, 23:14   #1033
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Default NCB from previous car

Hello all, I received NCB reserving letter from my previous car's policy (HDFC ergo) after I bought new car. Now the new car's policy (Tata AIG) is due for renewal. I contacted Tata AIG to apply my previous car's ncb during the renewal. They didn't refuse but made me wander around with many emails and no action. Contacted HDFC for renewal to see if they honor their own NCB reserving letter. They had no clue and said this is not possible.
Any ideas how I can make use of the previous NCB? Thanks in advance.
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Old 26th September 2018, 23:51   #1034
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Default Re: NCB from previous car

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Originally Posted by penpavan View Post
Hello all, I received NCB reserving letter from my previous car's policy (HDFC ergo) after I bought new car. Now the new car's policy (Tata AIG) is due for renewal. I contacted Tata AIG to apply my previous car's ncb during the renewal. They didn't refuse but made me wander around with many emails and no action. Contacted HDFC for renewal to see if they honor their own NCB reserving letter. They had no clue and said this is not possible.
Any ideas how I can make use of the previous NCB? Thanks in advance.
It can be done but your existing policy on the new car has to run out and you have to start a fresh policy and not a renewal.
Shouldn't be an issue with any provider, strictly speaking.
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Old 27th September 2018, 14:15   #1035
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Default Re: NCB from previous car

Thanks agambhandari. I am ready to get the existing policy lapsed. However, I am worried for
1. If I apply for new policy, the insurer will ask NCB on the expired policy or the NCB reserving letter?
2. If NCB reserving letter, then would there be a question on how was the car covered last year? (NCB letter has 2017 date)




Quote:
Originally Posted by agambhandari View Post
It can be done but your existing policy on the new car has to run out and you have to start a fresh policy and not a renewal.
Shouldn't be an issue with any provider, strictly speaking.
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