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Old 11th September 2019, 12:08   #1141
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Thinking of selling off current vehicle and getting a new one. I enjoy 50% NCB. Which option below is better?

A. Get a TP only policy (9K!), cancel current comprehensive insurance policy, and get short-period refund (as per IRDA rules) and NCB reservation letter immediately. Apply on new car from day 1.

B. Sell current vehicle to direct buyer or dealer. Buy new vehicle with full insurance. Wait for RC for old vehicle to be changed to buyer's name in say 2 months time. Then apply for NCB reservation letter and approach new insurer for pro-rata refund.

Which is preferable? I am tending towards option A as it is cleaner although need to fork out extra 9K for the TP only policy. In option B, is there any time limit within which I need to apply for pro-rata refund?
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Old 11th September 2019, 12:11   #1142
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Many insurers are glad to issue you a provisional NCB transfer based on just the vehicle sales paperwork, and will tell you to give them a copy of the RC as soon as you get it. Try if that is an option .. usually is, if you go through a broker or directly through an insurer's office, instead of online.

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Originally Posted by itwasntme View Post
Thinking of selling off current vehicle and getting a new one. I enjoy 50% NCB. Which option below is better?

A. Get a TP only policy (9K!), cancel current comprehensive insurance policy, and get short-period refund (as per IRDA rules) and NCB reservation letter immediately. Apply on new car from day 1.

B. Sell current vehicle to direct buyer or dealer. Buy new vehicle with full insurance. Wait for RC for old vehicle to be changed to buyer's name in say 2 months time. Then apply for NCB reservation letter and approach new insurer for pro-rata refund.

Which is preferable? I am tending towards option A as it is cleaner although need to fork out extra 9K for the TP only policy. In option B, is there any time limit within which I need to apply for pro-rata refund?
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Old 11th September 2019, 12:13   #1143
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Many insurers are glad to issue you a provisional NCB transfer based on just the vehicle sales paperwork, and will tell you to give them a copy of the RC as soon as you get it. Try if that is an option .. usually is, if you go through a broker or directly through an insurer's office, instead of online.
Great idea combining best of both options! Let me see - existing insurer is Royal Sundaram in BLR. Will reach out to them and post later.
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Old 12th September 2019, 12:12   #1144
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Great idea combining best of both options! Let me see - existing insurer is Royal Sundaram in BLR. Will reach out to them and post later.
Spoke to them - your suggestion was spot on. They only need Form 29/30, current policy, current RC and request letter and a visit to any RS office to issue a provisional NCB letter.

Will personally visit them once to confirm matters. Thanks again!
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Old 5th October 2019, 08:26   #1145
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Guys,

I purchased used honda civic on Jan 2019.

Earlier i had Wagon R, sold off in May 2019. (I have NCB of 25%)

The civic insurance will expire within few days, can i apply the NCB of 25% while getting insurance.

Policy bazaar say since the car was transferred with 1 year, NCB cannot be applied.

Is this true.

Please suggest.

Thanks,
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Old 31st October 2019, 08:55   #1146
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it possible to take the benefit of NCB on individual's name while buying a car on company name?
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Old 31st October 2019, 10:13   #1147
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Is it possible to take the benefit of NCB on individual's name while buying a car on company name?
No. Buy the car in your own name?
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Old 4th November 2019, 20:44   #1148
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

If anybody knows, Can a two wheeler's NCB transferred to a to be purchased 4 wheeler?

Edit : My guess is since it is the policyholder who is insured not the vehicle hence doesn't matter if the vehicle is 2 or 4 wheeler, please correct me if I am wrong.

Last edited by mathur2012 : 4th November 2019 at 21:07.
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Old 5th November 2019, 07:05   #1149
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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If anybody knows, Can a two wheeler's NCB transferred to a to be purchased 4 wheeler?

Edit : My guess is since it is the policyholder who is insured not the vehicle hence doesn't matter if the vehicle is 2 or 4 wheeler, please correct me if I am wrong.
Depends on the rules of each insurer. Most of them specify that ncb can only be transferred between vehicles of the same class.
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Old 5th November 2019, 08:52   #1150
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have another query, dealer is quoting me a 1 yr comprehensive + 3 yr third party insurance for 37k and 3 yr comprehensive for 73k. Online it's around 27k and 58k respectively.(Even lower if I reduce it to lowest IDV) My question is wouldn't it be cheaper to buy 1 yr + 2 yr TP policy instead of buying a 3 yr policy as IDV will get reduced over two years and even NCB will increase each year (until 50%)
E.g. In above mentioned case online I am being quoted 27k for 1 yr +3 yr TP cover for a brand new car. However for the same car model if I check online to renew a year old policy the price comes down to 13k so for third year it will be even more cheap. So 27k+13k+11k = 51k for 3 yrs.
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Old 5th November 2019, 10:21   #1151
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Is it possible to take the benefit of NCB on individual's name while buying a car on company name?
I've done it the other way around, i.e. when we purchased my wife's company car after 2 years (when she resigned), I procured a NCB letter in her individual name after interacting at length with her then insurer and providing comprehensive details of her employment, resignation and a NOC from her employer. I ultimately received the NCB letter (exactly as per IRDA format) after ~2 months.

You can definitely try as most lease companies (I am assuming it's a lease rather than outright capex by your company) enjoy excellent rapport with insurers & dealers.

Let us know how it goes!
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