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Old 4th June 2019, 08:49   #1111
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Our family has almost finalized a new car. Our old car is being sold as an exchange to the dealer.
Can anyone please guide through the steps that I should follow to get the NCB transferred.

Thanks in Advance.
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Old 4th June 2019, 08:53   #1112
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Bhatia.D17 View Post
Our family has almost finalized a new car. Our old car is being sold as an exchange to the dealer.
Can anyone please guide through the steps that I should follow to get the NCB transferred.

Thanks in Advance.
Go to your old insurer with a xerox of the old car's sale paperwork and ask for an NCB letter.

Once you buy a new car take the car's documents back to the same insurer and ask them to insure it for you, along with a copy of the NCB letter so they can apply the NCB.

Once your old car's RTO formalities are over, they will expect you to send them a copy of the endorsed RC book from the new owner.
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Old 4th June 2019, 09:11   #1113
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Go to your old insurer with a xerox of the old car's sale paperwork and ask for an NCB letter.
My old car has 25% NCB and the value quoted for new insurance is 29,000. So will the NCB be applied to this whole amount.

Sorry for these small questions.
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Old 4th June 2019, 09:15   #1114
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Bhatia.D17 View Post
My old car has 25% NCB and the value quoted for new insurance is 29,000. So will the NCB be applied to this whole amount.

Sorry for these small questions.
Yes the NCB eligibility will be applied on the Insurance premium quote. Are you buying Insurance from dealer or on your own? Suggest to buy on your own since the dealer's quote will be an inflated one.

Just ensure that you apply the NCB during the new car insurance buying only and not wait for the next renewal to use it or depend on Insurance co for refund.
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Old 4th June 2019, 09:46   #1115
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Yes the NCB eligibility will be applied on the Insurance premium quote. Are you buying Insurance from dealer or on your own? Suggest to buy on your own since the dealer's quote will be an inflated one.
The above mentioned quote is from the dealer itself.
Car: Grand i10 Asta (P) (including zero dep)
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Old 4th June 2019, 10:31   #1116
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Bhatia.D17 View Post
My old car has 25% NCB and the value quoted for new insurance is 29,000. So will the NCB be applied to this whole amount.

Sorry for these small questions.
NCB is only for the Own Damage (OD) portion and not on the annually fixed Third Party (TP) part. Please do ensure your insurer either incorporates it directly into the new car first year premium OR you approach the insurer ASAP later and get back a prorated refund!
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Old 10th June 2019, 17:12   #1117
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I got NCB substitution letter from Royal Sundaram. I emailed proof of sale to customer care and have to pay small NCB recovery amount (online). They issued NCB letter and it is valid for 3 years. Whole process took around 10 days. Thanks all.
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Old 15th July 2019, 22:14   #1118
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Very useful and informative thread . Saved around 14000 rupees by applying the NCB of the old car when I purchased a new one. My old car had 50% NCB documented in its insurance, never claimed insurance in 7+ years of car being with me.

Here is what I did. Got Form-30 signed & stamped from Maruti True value, emailed the soft copy of the same & old car's RC copy to Bharti AXA customer care. Then called up the customer care and requested them to issue the NCB reserving certificate based on the documents emailed by me. Next day, got an e-mail reply from customer care stating that I can collect NCB reserving certificate on company's letter head from nearest Bharti AXA office by visiting in person.

The person in Bharta AXA Gurugram office unaware of the fact that I have already completed the required paper work, shared with me a list of documents to be submitted. Explained him that I have completed all the formalities and now I am here just to collect the certificate. He looked convinced and told me to collect it in few hours. Called customer care there and then to do the needful, after waiting for around 30 minutes, the person handed over me the NCB letter. Overall it took 2.5 days end to end in getting a NCB letter from Bharta AXA.

Opted for 3 years long term zero depreciation insurance on the new car. Even with Maruti Insurance, by applying 50% NCB, I believe it was a good deal. However I observed that there is no standard process to obtain a NCB letter, it varies from company to company. Often dealership sales representatives are not very excited about customer using NCB because it slows down the new car sale process. It generally happens in cases when a customer is selling old car and buying a new car at the same time.
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Old 15th July 2019, 23:19   #1119
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Struggling with Bajaj Allianz to get my NCB letter over 33 days now with dozens of calls, emails, tweets.

Wrong information and pathetic service even after escalations. Best to avoid Bajaj.
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Old 16th July 2019, 13:43   #1120
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Struggling with Bajaj Allianz to get my NCB letter over 33 days now with dozens of calls, emails, tweets.

Wrong information and pathetic service even after escalations. Best to avoid Bajaj.
Surprised to hear this! Why not escalate to IRDA or to the Bajaj Allianz grievance cell? I recollect I got my NCB letter with a single telephone call coupled with a 15 minute visit to the local BA office.

Do you have any documentary lapses which is holding things up?
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Old 16th July 2019, 15:41   #1121
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Surprised to hear this! Why not escalate to IRDA or to the Bajaj Allianz grievance cell? I recollect I got my NCB letter with a single telephone call coupled with a 15 minute visit to the local BA office.

Do you have any documentary lapses which is holding things up?
My relation with Bajaj goes back to at least a decade of motor insurance but they were never this shoddy.

The first agent a month+ back insisted no documents were needed for NCB letter, while I said I will send over the delivery note! And then there were a bunch of folks who had equally poor knowledge, Plus lots of plain negligence overall.

I had raised it via Twitter and emailed grievance officer many days back with limited action, even though all documents were sent. I reckon their customer service has degenerated overall - I had several instances of them saying they will call back by a time and never calling back - clear symptoms or poor process.

I am considering cancelling my policy for my other car that is still with Bajaj, unsure how good they are with claims these days, given this experience.
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Old 16th July 2019, 16:09   #1122
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Glass View Post
Struggling with Bajaj Allianz to get my NCB letter over 33 days now with dozens of calls, emails, tweets.

Wrong information and pathetic service even after escalations. Best to avoid Bajaj.
Have you visited their branch office in your city and submitted the application? Better to walk to their branch office with an application requesting for the NCB eligibility, get an endorsement on the application form. This will suffice during the buying of Insurance for the new car. You can mention to the new car Insurer of providing the NCB certificate once made available by Bajaj.
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Old 20th July 2019, 16:10   #1123
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Back again with another query.

Lets assume a person owns two cars, Car A which is 5 years old and Car B which is 2 years old.
  • Both cars have accrued a No Claim Bonus (NCB) to the tune of 50% and 20% respectively.
  • The registration and insurance policy for both cars have been issued against the same individual.

If an insurance claim is made on either car, the NCB will natural be lost entirely. The question is does a claim on one car affect the NCB value for the other car(s) owned by the same person?

Logically i would assume that since the rate of accrual has been independent to one another, the same would apply for any claims such that both NCB values would be treated differently. But since the NCB is supposed to be associated to the individual and not the car, i am not sure how this scenario would play out.

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Old 20th July 2019, 17:07   #1124
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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

If an insurance claim is made on either car, the NCB will natural be lost entirely. The question is does a claim on one car affect the NCB value for the other car(s) owned by the same person?

From what I understand, when you sell the car - you will receive a NCB certificate applicable for that car's policy.
So whether one car of the two meet with an accident, it will not impact the other's NCB.

If this was the case, we could also argue that both cars should be applicable for the 50% NCB in the first place (not 50% & 20%).

However, in other countries, like the USA - discounted insurance rates are basis the experience of the driver. Thankfully that is not the case here.
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Old 20th July 2019, 18:03   #1125
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Guys, this is kind of a vague question, but seems to be the right place to ask, Over the years the insurance price has risen to extreme levels, even with 50% NCB I am paying more than half of what I paid when the car was new!

This makes me think, does people making more claims make the insurance companies bump up the price? If yes, then the scam that is common at all A.S.S needs to stop doesn't it? I even got message saying I can claim insurance and get body work done for free(irony).

One of my friend was told he can drive as he wishes and claim insurance for any damage that occurs, if NCB is the only loss then this seems too good to be true.
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