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Old 16th April 2019, 10:07   #1096
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by pacman2881 View Post
I have a company car lease and my company name has now changed. This has led to a change in my RC where the 'New Company' name is updated as the second owner. Now, how do I make sure my no claim bonus is maintained. My insurance is up for renewal and Royal Sundaram is telling me that I may not get the the NCB benefit. Is there a way I can get it considering it is actually the same owner.
So being a subject matter expert in this, Here is my reply- You may try to a obtain a clarification on company's letter head stating that company is same however due to some reason name of the company has been changed hence NCB may be allowed. Actual ownership doesn't change as vehicle hasn't been sold.

Just for your information, In case of sale of the car from Owner A to Owner B then owner B will not get NCB as NCB is always applicable to the original owner of the car.
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Old 16th April 2019, 12:36   #1097
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by NAVREVV View Post
You may try to a obtain a clarification on company's letter head stating that company is same however due to some reason name of the company has been changed hence NCB may be allowed. Actual ownership doesn't change as vehicle hasn't been sold.
Absolutely right. When my wife changed jobs, she 'bought' her company car (50% NCB) from her employer and became the second owner on the RC. We also specifically asked her then HR department to give a detailed letter stating that:
1. She was buying her 'own' company car
2. She was the designated user of the company car on the books
3. The Company has no objections to transferring the insurance NCB

Armed with these I visited the insurance office and paid the token transfer fee and 'moved' the NCB to her. It MAY take some legwork and research to make it happen though. Best of luck!
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Old 2nd May 2019, 15:07   #1098
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

This might be a relatively simple query for the members here but it is something not really addressed in detail in the numerous articles scattered across the web.

I have an old car, lets call it Car A.
  • Car A had a 50% NCB active on its insurance. In preparation of buying a new car, Car B, i have taken an NCB certificate.
  • Subsequently the insurance policy for Car A has been revised to reflect the change in NCB discount after payment of the balance amount.
  • After i utilize the NCB during purchase of Car B, i would like to make an insurance claim on Car A as and when the need arises.
Is there any risk in impacting the NCB on Car B on making this claim since both cars would be registered against the same person ?
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Old 2nd May 2019, 18:02   #1099
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by theMandarin View Post
Is there any risk in impacting the NCB on Car B on making this claim since both cars would be registered against the same person ?
No, there will be no impact on the NCB when used for insurance buying of car B. Will the car B insurance be bought before the claim for car A?
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Old 2nd May 2019, 19:25   #1100
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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
No, there will be no impact on the NCB when used for insurance buying of car B. Will the car B insurance be bought before the claim for car A?
Don't be too sure of this. The Motor Vehicle Insurance details are now sort of available on many common platforms and any vigilant employees can theoretically track Insured details etc and can connect the name of the Insured with the claim of Car A

Remember, the NCB follows the Insured, and in matured/developed insurance markets, claim on one car will impact the Premium of other car covered in the name of the same Insured, unless the different cars have different people named as the primary user/Driver.

Best Regards & Drive Safe

Ram
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Old 2nd May 2019, 19:31   #1101
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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
No, there will be no impact on the NCB when used for insurance buying of car B. Will the car B insurance be bought before the claim for car A?
Yes the intention is to proceed using this approach:Take the insurance for Car B after utilizing the NCB certificate and only then consider claims for Car A.

Since i am considering opting for a NCB protect add-on for Car B, i just want to ensure that the NCB values can be considered independently for both cars especially in case i do not make any claim on Car A. This is because i read that NCB is linked to the owner and not the car and in our case, the owner would be the same person and if no claim is made, we should ideally have NCB of 20% and 50% available during the next renewal.

Thanks for your reply.
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Old 11th May 2019, 22:12   #1102
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Need a help!

I am selling my car and I have not claimed insurance during last 8 years so it has 50% NCB. I will be buying new car next year. I will ask the buyer of my current car to get new insurance. What is the process of getting NCB certificate in this scenario which I can use for my next car purchase later?

Last edited by Latheesh : 11th May 2019 at 22:15.
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Old 12th May 2019, 09:46   #1103
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Latheesh View Post
Need a help!

I am selling my car and I have not claimed insurance during last 8 years so it has 50% NCB. I will be buying new car next year. I will ask the buyer of my current car to get new insurance. What is the process of getting NCB certificate in this scenario which I can use for my next car purchase later?
Approach your insurance company with a copy of the sale letter(delivery note) and get a NCB endorsement letter.This NCB is valid for 3 years
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Old 12th May 2019, 09:53   #1104
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Latheesh View Post
Need a help!

I am selling my car and I have not claimed insurance during last 8 years so it has 50% NCB. I will be buying new car next year. I will ask the buyer of my current car to get new insurance. What is the process of getting NCB certificate in this scenario which I can use for my next car purchase later?
Will need to send the RTO-endorsed sale deed or Form 29/30 to your current insurance company, intimating them about the sale of car and initiation of transfer of ownership. If the buyer is going for a new insurance, they will ask for a copy of that as well, as by law they are not allowed to foreclose an active policy without an alternate policy running on the vehicle. Once you submit all these, they will issue the NCB retention letter in about 3-4 working days, which will be valid for 3 years from the date of issue. With private insurance companies, you may be able to do this by calling their customer care and attaching soft copies from your registered e-mail ID, but not sure if it will work with government insurance companies without paying a visit. Hope this helps.

Last edited by shijanto4 : 12th May 2019 at 09:57.
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Old 13th May 2019, 14:53   #1105
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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
Approach your insurance company with a copy of the sale letter(delivery note) and get a NCB endorsement letter.This NCB is valid for 3 years
Quote:
Originally Posted by shijanto4 View Post
Will need to send the RTO-endorsed sale deed or Form 29/30 to your current insurance company, intimating them about the sale of car and initiation of transfer of ownership.
Can buyer get insurance before transferring ownership to his name? My buyer is ready to buy insurance. How to go ahead about it? Can I give copy of the RC that he can get insurance before taking delivery of the car from me?
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Old 13th May 2019, 14:57   #1106
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Latheesh View Post
Can buyer get insurance before transferring ownership to his name? My buyer is ready to buy insurance. How to go ahead about it? Can I give copy of the RC that he can get insurance before taking delivery of the car from me?
Once you have accepted the money and handed over the car with the sale paperwork, he can approach any insurer with a copy of this and have them insure the vehicle. The insurer will normally insist on inspecting the car first as they are insuring a used vehicle.

The other alternative is, you give the insurer a letter (part of any standard sale paperwork, templates available online) where you say you have sold the car to this guy on date [xxx] so the insurance policy on the car may please be transferred to him. If he takes that to the insurer whose policy it is, they will endorse his name onto the policy, and ask him to submit the RC as and when the RTO sends it back.

Don't transfer insurance when the car is still in your possession.
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Old 13th May 2019, 15:21   #1107
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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
Don't transfer insurance when the car is still in your possession.
I am not transferring insurance as I have 50% NCB.

Buyer is ready to get insurance. I will handover all documents and get insurance tomorrow itself.
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Old 13th May 2019, 15:23   #1108
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Latheesh View Post
I am not transferring insurance as I have 50% NCB.

Buyer is ready to get insurance. I will handover all documents and get insurance tomorrow itself.
Your insurance policy is only valid on your current car.

You can get an NCB letter from the insurer and then that is good for upto 3 years before it is applied onto the next car that you get.

Only the POLICY is transferred, not your NCB.
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Old 13th May 2019, 15:27   #1109
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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
Your insurance policy is only valid on your current car.

You can get an NCB letter from the insurer and then that is good for upto 3 years before it is applied onto the next car that you get.

Only the POLICY is transferred, not your NCB.
Thanks!

So I can transfer insurance to his name and get NCB letter from insurance company. I did not know that, thank you very much!
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Old 13th May 2019, 18:04   #1110
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Latheesh View Post
Can buyer get insurance before transferring ownership to his name? My buyer is ready to buy insurance. How to go ahead about it? Can I give copy of the RC that he can get insurance before taking delivery of the car from me?
Yes, insurance transfer takes place first followed by RTO transfer (RTO transfer will take more time). Even for the buyer to get a new RC in his name, he will first need to submit insurance for the vehicle in his name to the RTO. As hserus has mentioned, valid sale deed and/or relevant RTO forms are good enough for the insurance company to discontinue your existing policy on the date mentioned. There is no harm in giving a copy of your RC to facilitate the buyer get his own insurance. Also, please don't allow the buyer to drive around with the insurance policy in your name for a long time; you should get your insurance discontinued ASAP.

Also, in case you are not aware, for most insurance policies, they refund the premium amount on a pro rata basis for the remaining duration of the policy, though there may be some minimum number of days clause with a cancellation fee, but would still be worth inquiring.

Last edited by shijanto4 : 13th May 2019 at 18:08.
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