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Old 17th January 2019, 14:14   #1051
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

The ncb letter is valid for upto three years.

But any damage incurred before you get the policy won't be covered by it, ncb or not.

If you already got the policy before the ncb letter, apply ncb the next year when renewing.

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Originally Posted by PetrolRider View Post
I exchanged my Micra which had 50% NCB on its insurance. Again, as with any exchange process, the dealer was able to sell of the car only recently and it might take some more time for me to get hold of the NCB certificate. Hence, I thought of using of the NCB while renewing my new car insurance.


Now, I may have to do some repair and claim insurance of my new car. In this case, during renewal, can I use the 50% NCB of my old car?
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Old 17th January 2019, 17:30   #1052
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by PetrolRider View Post
I exchanged my Micra which had 50% NCB on its insurance. Again, as with any exchange process, the dealer was able to sell of the car only recently and it might take some more time for me to get hold of the NCB certificate. Hence, I thought of using of the NCB while renewing my new car insurance.


Now, I may have to do some repair and claim insurance of my new car. In this case, during renewal, can I use the 50% NCB of my old car?
You should definitely get the benefit of NCB on renewal of your insurance on your new car since your present policy has no NCB on it .But having said that I have heard that Private insurers are generally very noncooperative with regards to NCB issues compared to PSU insurance companies
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Old 17th January 2019, 19:20   #1053
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by PetrolRider View Post
I exchanged my Micra which had 50% NCB on its insurance. Again, as with any exchange process, the dealer was able to sell of the car only recently and it might take some more time for me to get hold of the NCB certificate. Hence, I thought of using of the NCB while renewing my new car insurance.


Now, I may have to do some repair and claim insurance of my new car. In this case, during renewal, can I use the 50% NCB of my old car?
What stopped you from getting the NCB eligibility endorsement from the Insurance co? You could have saved a few thousands on your new car insurance.

If you claim insurance on your new car, you cannot use the 50% NCB during renewal. If you get the repairs done at your own cost without insurance claim, then you can use the 50% NCB during renewal. Check which is lower - repair charges or the NCB saved amount and decide accordingly.
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Old 18th January 2019, 10:46   #1054
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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What stopped you from getting the NCB eligibility endorsement from the Insurance co? You could have saved a few thousands on your new car insurance.

If you claim insurance on your new car, you cannot use the 50% NCB during renewal. If you get the repairs done at your own cost without insurance claim, then you can use the 50% NCB during renewal. Check which is lower - repair charges or the NCB saved amount and decide accordingly.

Sadly, dealer has an idiot as insurance person and getting insurance from dealer was part of the deal. Leaving the past aside, repair would involve replacement of bumper, hence quiet substantial in terms of cost.

I guess, I have 2 options left now, differ the repair job for another 6-7 month or forget the NCB. At-least some lesson learnt, don't get too close to a bullet with extra-long, super-hot, without cladding silencer pipe in a traffic signal, it can melt your bumper and also can melt you .
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Old 18th January 2019, 13:34   #1055
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

If the repair job is less than 1x your premium then pay out of your pocket. Simple rule of thumb.
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Old 18th January 2019, 16:22   #1056
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hserus View Post
If the repair job is less than 1x your premium then pay out of your pocket. Simple rule of thumb.

Estimation provided by AS service center nears 12K, almost half of my owner damage premium. Again, if I wont claim insurance, 50% NCB will get me similar kind of benefit. Hence the dilemma.
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Old 18th January 2019, 21:48   #1057
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by PetrolRider View Post
Estimation provided by AS service center nears 12K, almost half of my owner damage premium. Again, if I wont claim insurance, 50% NCB will get me similar kind of benefit. Hence the dilemma.
The ncb loss will also result in an increased premium over the next few years - you can't apply your ncb letter either.

Get a 3rd party trusted garage they will quote somewhat less.
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Old 22nd February 2019, 12:47   #1058
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi,
I sold my scorpio recently and I have approached Bajaj Allianz Bangalore for the NCB certificate. I believe it should be 50% as when I was checking out the renewal I saw that they are offering me 50% NCB. My old insurance expires in 28th Feb 2019.
I am buying a new car (Creta) through Shreenath Hyundai in Chembur, Mumbai. The delivery and registration will happen post 15th March 2019. The sales person has advised me against using of NCB certificate while taking insurance for the new car as she felt that I would get lower discounts due to taxation. She has recommended to apply the NCB during renewal in 2020. She did not have further data to corroborate her statement.
Kindly advice whether I should insist in applying NCB for the new car.

PS: I think I should, new car has bumper to bumper and I drive in Mumbai. In case if there is an unfortunate event and I am forced to claim insurance, I wont be able apply NCB during renewal. So, even if it means a loss I should apply for NCB for the new car in the 1st year itself.
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Old 22nd February 2019, 13:27   #1059
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

If you apply the ncb the sales team gets less commission. So why are you surprised?
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Old 22nd February 2019, 20:10   #1060
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by SU-30MKI View Post
I am buying a new car (Creta) through Shreenath Hyundai in Chembur, Mumbai. The delivery and registration will happen post 15th March 2019. The sales person has advised me against using of NCB certificate while taking insurance for the new car as she felt that I would get lower discounts due to taxation. She has recommended to apply the NCB during renewal in 2020. She did not have further data to corroborate her statement.
Kindly advice whether I should insist in applying NCB for the new car.
The Sales person is BSing you. Why are you buying insurance from dealer, you will get a far more better deal online where you can use your NCB with much ease. if Hyundai dealer tries to arm twist you into buying Insurance from them, ask them to match online prices. If you use your NCB during renewal, the amount of savings will be less as during the renewal the IDV will be less by 15 % and OD premium calculated will be lesser. NCB is applied on OD premium amount only.

If you approach BA, they would infact sweeten the deal further for you for being a loyal customer. Hope you have the NCB certificate.

Last edited by ghodlur : 22nd February 2019 at 20:11.
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Old 23rd February 2019, 12:34   #1061
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Originally Posted by ghodlur View Post
Why are you buying insurance from dealer, you will get a far more better deal online where you can use your NCB with much ease.
Well, this may not be true for some specific cases. For example, Honda Assure program. I think it is much more convenient to have insurance under Honda Assure for Honda Cars. Many hassles are eliminated. I don't know if others have issues in Honda assure program, but for me, it has been quite a smooth ride so far - 3 insurance claims in three years

Quote:
Originally Posted by hserus View Post
If the repair job is less than 1x your premium then pay out of your pocket. Simple rule of thumb.
Shouldn't it be that if your repair job is more than your NCB claim, go for insurance? After all, what's the use of keeping insurance unclaimed every year and keep paying a premium annually (even reduced premium due to NCB advantage) when car repairs are ultimately going from our pockets?

Last edited by khan_sultan : 25th February 2019 at 14:24. Reason: Back to back posts
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Old 23rd February 2019, 18:47   #1062
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by evilminstrel View Post
Shouldn't it be that if your repair job is more than your NCB claim, go for insurance? After all, what's the use of keeping insurance unclaimed every year and keep paying a premium annually (even reduced premium due to NCB advantage) when car repairs are ultimately going from our pockets?
It is not necessarily like that. You will get a great benefit when you upgrade to a costly luxury car maybe few years later. I know the case of friend who was not aware of the nuances of NCB.He had accumulated NCB of 50 percent on his Toyota Corolla Altis and last year he made a claim which was more than the NCB amount.He has decided to upgrade to a HONDA CRV this year and now only he has realised his folly.He would have got a substantial monetary benefit as NCB on his new cars own damage premium if he had not made the claim and lost his NCB status
Of course, these days there is also a provision of NCB protection for upto 2 claims in an year provided by some insurers.
On another note, I know of few long term car owners who still enjoy upto 65 percent NCB benefit.

Last edited by ajay99 : 23rd February 2019 at 18:49.
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Old 25th February 2019, 13:20   #1063
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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After you sell your current ride, reach out to the insurance company to transfer the name on the insurance to the new buyer. The insurance company will give you a letter stating the NCB you have accrued, and also charge the new buyer the difference amount considering the NCB you enjoyed on the current policy.

Using this letter, you can take an insurance for your next ride from the same or for that matter, any insurance company. This letter does have an expiry date.
I have a peculiar problem; I'm selling off my 2010 Scorpio to someone known to me, the price has been negotiated and I have decided to buy XUV W7 AT, insurance for which is cheaper on policybazaar rather the one offered by the dealer.

My Scorpio is registered in my Father's proprietorship firm and we have planned to buy the new XUV in individual name (of my father) so we don't have to pay higher Delhi RTO charges as they charge a higher price for company registrations. Meanwhile, we still enjoy the IT benefits as the car can be shown as company expense in my father's proprietorship firm. In such a case, can the NCB be transferred from my old car registered in my father's firm to his new car registered in his own name?

If yes, then what happens to the insurance on my old car? Would my friend have to buy a new one or pay some extra amount to the insurer of the old car?
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Old 25th February 2019, 17:38   #1064
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

NCB is not transferrable in this manner I am afraid. Just calculate whether higher road tax now is offset by the cost saved in insurance premium by applying NCB, and figure out whether to buy in your father's company name itself. Also cars bought by a company can claim depreciation whereas individual cars cannot.

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Originally Posted by desiaztec View Post
I have a peculiar problem; I'm selling off my 2010 Scorpio to someone known to me, the price has been negotiated and I have decided to buy XUV W7 AT, insurance for which is cheaper on policybazaar rather the one offered by the dealer.

My Scorpio is registered in my Father's proprietorship firm and we have planned to buy the new XUV in individual name (of my father) so we don't have to pay higher Delhi RTO charges as they charge a higher price for company registrations. Meanwhile, we still enjoy the IT benefits as the car can be shown as company expense in my father's proprietorship firm. In such a case, can the NCB be transferred from my old car registered in my father's firm to his new car registered in his own name?

If yes, then what happens to the insurance on my old car? Would my friend have to buy a new one or pay some extra amount to the insurer of the old car?
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Old 25th February 2019, 17:53   #1065
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hserus View Post
NCB is not transferrable in this manner I am afraid. Just calculate whether higher road tax now is offset by the cost saved in insurance premium by applying NCB, and figure out whether to buy in your father's company name itself. Also cars bought by a company can claim depreciation whereas individual cars cannot.
But Suresh, as it is a propreitorship firm, shouldn't all expense done and revenues earned by an individual be reported in his IT return?
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