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Old 21st July 2019, 13:45   #1126
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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
Can anyone please guide through the steps that I should follow to get the NCB transferred.
Since I did this as recent as 4 months ago here are the things
  • When selling your car be careful about the page where you sign on transferring the NCB. I thought NCB was non-transferable, yet the dealers had a page in the booklet that I signed for selling the car. The booklet is nothing but a collection of various RTO forms and one of the pages was authorizing a transfer of NCB !
  • Do not tell the dealer anything about NBC transfer until you work out the details of your new car purchase. For example if he is giving the insurance free, take it and later you can apply the NCB and get the refund
  • Immediately after selling the car or better just before signing the dotted lines, apply for an NCB reservation letter from your insurer and protect your NCB. Tell your insurer that you have sold the vehicle and you need an NCB reservation letter. You need to have a hard copy of the same as the new insurer typically expects it. Do NOT skimp on this.
  • If you are doing insurance on your own, first negotiate a good price and then provide the NCB certificate for further mark down on price.
  • If you already have the insurance certificate issued, do not fret, reach out to the new insurer, submit the NCB certificate and get a refund. If you choose something like a group insurance policy like Hyundai Assured Protect, this is the way to go and you have to go through the car dealers.
  • Follow up on getting the refund and updation of your insurance certificate with NCB.
  • If you got the insurance issued already. dealers / agents might some time give you crap like you can use your NCB reservation letter to claim NCB when you renew next year, dont fall for that trap. Yes the NCB certificate is valid for a period of 3 years from date of issuance. But if you make any claims on the new insurance before NCB transfer, your reservation letter becomes useless. You never know what happens in a year

Last edited by SR-71 : 21st July 2019 at 13:49.
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Old 3rd August 2019, 22:23   #1127
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a strange situation.

I sold my previous car in April 2019. Insurance is with BajajAllianz and was valid till 11 July 2019. NCB 50%. Transfer of ownership not yet complete.

Bought another pre-owned car in April 2019. Insurance was valid till 15 July 2019, again with Bajaj Allianz. NCB 35% for previous owner. Transfer of ownership complete on 25 July 2019.

Now when I am asking BA to renew my car insurance with the NCB, they are giving me a reason NCB cannot be transferred till I show the RC of my old car with new owner name. As the sale was more than three months old, the signed Form 29/30 and delivery note will not be acceptable.

This might be just a ploy to deny NCB. Or does their reasoning hold good?
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Old 3rd August 2019, 22:27   #1128
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by fordday View Post
Now when I am asking BA to renew my car insurance with the NCB, they are giving me a reason NCB cannot be transferred till I show the RC of my old car with new owner name. As the sale was more than three months old, the signed Form 29/30 and delivery note will not be acceptable.

This might be just a ploy to deny NCB. Or does their reasoning hold good?
This is 100% correct sorry to say. You probably sold it to someone who will use it unregistered and sell it off without adding to the number of owners. I hope you filed form TCR with the RTO along with a copy of the sale paperwork else do so ASAP, or else any accident that guy is involved in will lead to the cops knocking at your door. And as per court decisions you will be held liable because its still your car, unless you intimate the RTO.
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Old 4th August 2019, 10:04   #1129
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by fordday View Post
I have a strange situation.

I sold my previous car in April 2019. Insurance is with BajajAllianz and was valid till 11 July 2019. NCB 50%. Transfer of ownership not yet complete.

Bought another pre-owned car in April 2019. Insurance was valid till 15 July 2019, again with Bajaj Allianz. NCB 35% for previous owner. Transfer of ownership complete on 25 July 2019.


This might be just a ploy to deny NCB. Or does their reasoning hold good?
Before selling the car you should have terminated the policy and get an NCB endorsement which you could have used when you bought the car in july.A new Third party insurance would have to be taken for the old car,but it is still worth considering all the other hassles you are now into
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Old 4th August 2019, 21:06   #1130
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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
Before selling the car you should have terminated the policy and get an NCB endorsement which you could have used when you bought the car in july.
I don't understand how do you terminate the policy on selling the car. The buyer will have to do insurance immediately to drive. But he cannot buy insurance till the ownership transfer is complete to his name. So it means he cannot drive the car till all paperwork is done. Am I right?

Quote:
Originally Posted by ajay99 View Post
A new Third party insurance would have to be taken for the old car,but it is still worth considering all the other hassles you are now into
Now the old car policy is expired. Do you still suggest me to take a third party policy?
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Old 6th August 2019, 12:40   #1131
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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
Before selling the car you should have terminated the policy and get an NCB endorsement which you could have used when you bought the car in july.A new Third party insurance would have to be taken for the old car,but it is still worth considering all the other hassles you are now into
Quote:
Originally Posted by fordday View Post
Now the old car policy is expired. Do you still suggest me to take a third party policy?
My old car had a Bharti Axa General Insurance, when I took NCB reserving certificate on selling it, person in Bharta Axa insurance office confirmed to me that as soon as NCB is issued, own damage cover is taken off from the policy. However third party insurance remains valid until expiry of the said insurance policy.

Trust that it is specific to an insurance provider, I am not aware if Insurance Regulatory and Development Authority has issued any rules & regulations on the matter. Best bet is to check with insurance company.
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Old 6th August 2019, 16:50   #1132
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by fordday View Post
I don't understand how do you terminate the policy on selling the car. The buyer will have to do insurance immediately to drive. But he cannot buy insurance till the ownership transfer is complete to his name. So it means he cannot drive the car till all paperwork is done. Am I right

Now the old car policy is expired. Do you still suggest me to take a third party policy?
If I understand correctly, you had a comprehensive policy with 50 percent NCB and the policy in your name and the RC is still in your name.If so what you can do is you can renew the policy as a third party only policy and reserve the NCB component in your name which you can use later. But these private insurers have this tendency of somehow not give the NCB endorsement, if there is any option.In your case, I don't know whether they will agree to do the renewal since you have already informed them that you have sold the car and the policy has also expired. But you can definitely make a try.These days NCB of 50 percent means a tidy sum to the customer and the insurers will be only too happy if they can dodge it in some manner

Last edited by ajay99 : 6th August 2019 at 16:53.
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Old 26th August 2019, 20:52   #1133
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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
If I understand correctly, you had a comprehensive policy with 50 percent NCB and the policy in your name and the RC is still in your name.
Okay here is the update.
RC is transferred to the new owner. Insurance expired. New owner may or may not renew insurance.

I asked Bajaj Allianz to give me a NCB certificate, giving them a copy of the transferred RC with new owner name. Now BA is asking me for RC-extract, because the RC copy does not have the RC transferred date.

Is RC-extract required when I gave them the RC itself?

Seems like a delaying policy. And going to the BA office in Residency Road, I found them like govt office/bank setup. Not much customer oriented.
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Old 26th August 2019, 22:11   #1134
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Bajaj is junk. I am still waiting after 2.5 months for my NCB certificate after giving all documents.
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Old 30th August 2019, 20:51   #1135
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by fordday View Post
Okay here is the update.
RC is transferred to the new owner. Insurance expired. New owner may or may not renew insurance.

I asked Bajaj Allianz to give me a NCB certificate, giving them a copy of the transferred RC with new owner name. Now BA is asking me for RC-extract, because the RC copy does not have the RC transferred date.

Is RC-extract required when I gave them the RC itself?

Seems like a delaying policy. And going to the BA office in Residency Road, I found them like govt office/bank setup. Not much customer oriented.
It is all a delaying tactic. Actually in case of getting NCB issues Public insurers are way more client friendly.Private insurers are purely profit oriented
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Old 4th September 2019, 15:20   #1136
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I had a hyundai verna which I recently exchanged for a pre-owned Honda Brio. The Brio already has insurance cover till next year. Shall I be transferring any NCB from my previous sold car to my current Brio?
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Old 4th September 2019, 15:43   #1137
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I recently sold my car and got the NCB certificate after paying the ncb recovery amount.

Should I inform the buyer since I dont want to leave him with any part of his insurance hanging
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Old 6th September 2019, 10:39   #1138
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by wmax View Post
I had a hyundai verna which I recently exchanged for a pre-owned Honda Brio. The Brio already has insurance cover till next year. Shall I be transferring any NCB from my previous sold car to my current Brio?
You can use your accumulated NCB during the renewal of insurance of Brio.

Quote:
Originally Posted by bottle View Post
I recently sold my car and got the NCB certificate after paying the ncb recovery amount.

Should I inform the buyer since I dont want to leave him with any part of his insurance hanging
Not necessary, NCB certificate stays with you. All you need to inform the new owner is that Insurance ownership needs to be transferred once RC formalities are done.
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Old 9th September 2019, 06:56   #1139
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

The car I am driving is registered in my Father's name. The accumulated NCB for this car's insurance is 50%. I am planning to sell this car and buy a pre-owned car. This car would be registered in my name. So how would the insurance part work out?
1. Do I need to take any certificate so that my Father can continue to enjoy his accumulated NCB?
2. The cost of the Insurance premium would be included in the price of the pre-owned car. Would the premium go up next year because I do not have any car registered in my name?
Thank you.
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Old 9th September 2019, 09:12   #1140
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

You have to get the car registered in your fathers name if you want to avail his NCB on your new car’s insurance. Just tell his insurance provider and they will issue an NCB letter.
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