Team-BHP > Team-BHP Advice > On buying a car


Reply
 
Thread Tools Search this Thread
Old 27th November 2019, 15:59   #1156
BHPian
 
Join Date: Mar 2019
Location: Sydney
Posts: 53
Thanked: 140 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by itwasntme View Post
I'm not an expert but my take is that it is a conditional yes for the first but no for the second.

Firstly, under the IRDA rules, you can apply your overseas NCB provided by an insurer duly registered under that country's insurance regulator after selling your foreign car or transferring to a Third Party only policy (if allowed in that country), within 3 years in India. I would suggest the latter if allowed in OZ. You can of course reinsure it again comprehensively again with another insurer as per your wish.

Secondly, a NCB reservation letter (valid for 3 years from date) is issued by the expiring policy insurer for porting your claim-free record to another insurer. As you do not have a valid one from your earlier stint in IN, you cannot go the statutory way. However, you can seek discounts based on your earlier claim-free history.

Hope this helps in some way.
Many thanks itwasntme for your very valued response. Much appreciated.
Shivaji is offline  
Old 27th November 2019, 16:15   #1157
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by mathur2012 View Post
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.
So far as price is concerned it best serves not to buy insurance from dealer, more so if you are buying a Honda or A Maruti because the OEM's have tie up with insurers at national level and they keep the price high by forming a cartel.

So buy from open market - online or broker or even a known agent but not from the dealership network.

Further, your calculation is correct. Go for 3yrs tp and 1 yr comprehensive so that next year you can enjoy the benefit of NCB (if you don't take any claim) and reduced IDV of vehicle.
PAkshay is offline   (1) Thanks
Old 29th November 2019, 17:21   #1158
BHPian
 
kap04's Avatar
 
Join Date: Oct 2004
Location: Bangalore
Posts: 184
Thanked: 107 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I recently sold my car at Olx cash my car. It had a policy from HDFC Ergo valid till Aug 2020, and i have a 50% NCB on it. The olx guys gave me a letter mentioning that they have taken delivery of the vehicle and they are responsible for anything until ownership is transferred . Thats the only document they provided. Until they find a buyer , i wouldnt get a Form 29/30 from them , which might take another 180 days.

I emailed HDFC ergo for a NCB certiifcate (attached the letter from OLX) , and i got a call back from them a while back. They say i have to first request a cancellation of the OD premium first and then they can provide the NCB certificate hard copy. Has anyone gone through a similar scenario? I contacted the OLX person and he said i shouldn't be cancelling the OD as the insurance would be transferred once they get the buyer and i shouldnt be changing anything from how the car was handed over to them, which i feel is right.

Since my new car would have to get registered next week , and if i dont get the NCB certificate in time , what are the options available to utilize the NCB i have earned so far?

Last edited by kap04 : 29th November 2019 at 17:45.
kap04 is offline  
Old 29th November 2019, 18:35   #1159
Senior - BHPian
 
Join Date: Oct 2007
Location: trivandrum
Posts: 2,611
Thanked: 1,343 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by kap04 View Post
I recently sold my car at Olx cash my car. It had a policy from HDFC Ergo valid till Aug 2020, and i have a 50% NCB on it.

Since my new car would have to get registered next week , and if i dont get the NCB certificate in time , what are the options available to utilize the NCB i have earned so far?
I feel you should have got the NCB certificate after getting a third party insurance only for the car before handing over the car. Generally insurers (except some public insurers) are not too happy with people having NCB of 50percent or more because their premium amount will be much lesser.

Last edited by Sheel : 29th November 2019 at 18:41. Reason: Please quote ONLY the relevant bits of a post. Thanks.
ajay99 is offline  
Old 29th November 2019, 18:59   #1160
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,451
Thanked: 2,840 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by kap04 View Post
I recently sold my car at Olx cash my car. It had a policy from HDFC Ergo valid till Aug 2020, and i have a 50% NCB on it. The olx guys gave me a letter mentioning that they have taken delivery of the vehicle and they are responsible for anything until ownership is transferred . Thats the only document they provided. Until they find a buyer , i wouldnt get a Form 29/30 from them , which might take another 180 days.

I emailed HDFC ergo for a NCB certiifcate (attached the letter from OLX) , and i got a call back from them a while back. They say i have to first request a cancellation of the OD premium first and then they can provide the NCB certificate hard copy. Has anyone gone through a similar scenario? I contacted the OLX person and he said i shouldn't be cancelling the OD as the insurance would be transferred once they get the buyer and i shouldnt be changing anything from how the car was handed over to them, which i feel is right.

Since my new car would have to get registered next week , and if i dont get the NCB certificate in time , what are the options available to utilize the NCB i have earned so far?
You absolutely shouldnt be cancelling the insurance on the car you sold. Instead ask HDFC to provide the NCB eligibility, you may get this endorsement on an application on plain paper. This would be sufficient to get the NCB for the new car Insurance. The NCB certificate from HDFC can be obtained later and submitted to the new car Insurance co.

One thing you need to be aware of is that HDFC will provide the NCB certificate only after you provide them the proof of ownership transfer which in your case OLX will provide once they find a new owner for your car. Meanwhile I suggest you write an application to the RTO with the Forms provided by OLX about the ownership transfer through a registered post (get the acknowledgement receipt), this will lessen your liability towards the car although not fully nullifying it.

Hope the above helps.
ghodlur is online now   (1) Thanks
Old 30th November 2019, 00:10   #1161
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default

Quote:
Originally Posted by kap04 View Post
I recently sold my car at Olx cash my car. It had a policy from HDFC Ergo valid till Aug 2020, and i have a 50% NCB on it. The olx guys gave me a letter mentioning that they have taken delivery of the vehicle and they are responsible for anything until ownership is transferred . Thats the only document they provided. Until they find a buyer , i wouldnt get a Form 29/30 from them , which might take another 180 days.

I emailed HDFC ergo for a NCB certiifcate (attached the letter from OLX) , and i got a call back from them a while back. They say i have to first request a cancellation of the OD premium first and then they can provide the NCB certificate hard copy. Has anyone gone through a similar scenario? I contacted the OLX person and he said i shouldn't be cancelling the OD as the insurance would be transferred once they get the buyer and i shouldnt be changing anything from how the car was handed over to them, which i feel is right.

Since my new car would have to get registered next week , and if i dont get the NCB certificate in time , what are the options available to utilize the NCB i have earned so far?
Hi
There is a provision in your motor policy to substitute your vehicle by same class of vehicle ( for example a 2wheeler by 2wheeler, a private car by a private car et) provided you arrange a third party insurance for vehicle so substituted.

So you can arrange a TP policy for your old vehicle which you gave to OLX and you can include the details of new vehicle in your old policy and enjoy 50% ncb from day one!

In your situation this is the best solution.

In kap04 substitution of vehicle in the existing policy after arranging TP only policy for old vehicle is the best option.

For more and authentic information one csn refer to India motor tariff on 'insurance information bureau' official website (an IRDA arm).

Last edited by BlackPearl : 30th November 2019 at 00:43. Reason: Merged back to back posts
PAkshay is offline  
Old 1st December 2019, 15:13   #1162
BHPian
 
Sukanta73's Avatar
 
Join Date: Aug 2019
Location: CRJ (WB) / UAE
Posts: 58
Thanked: 58 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I got my 1st year insurance from showroom. It will be due for renew in Jan 2020.

I have not claimed anything so far.

If I renew online for 2nd year can I get the NCB benefit? If yes then how can I get it while renew the policy online?

Experts please advice.
Sukanta73 is online now  
Old 1st December 2019, 22:17   #1163
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Sukanta73 View Post
I got my 1st year insurance from showroom. It will be due for renew in Jan 2020.

I have not claimed anything so far.

If I renew online for 2nd year can I get the NCB benefit? If yes then how can I get it while renew the policy online?

Experts please advice.
You will get 20% NCB at the time of renewal whether you renew it online or through regular channels like agent, broker, bank, dealer etc.

When you are renewing online the portal will ask for details of claim if any, if you declare you have not claimed you will be allowed NCB. If you come across any difficulty call the insurer on customer care number they will help.

BTW it is best not to buy from dealer as the prices are generally high. Opt for online or broker they provide cheapest option.
PAkshay is offline   (1) Thanks
Old 12th December 2019, 11:00   #1164
BHPian
 
Join Date: Jan 2006
Location: Bangalore
Posts: 185
Thanked: 77 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I’m selling my old car this weekend and will be applying for NCB letter by Monday. HDFC Ergo claims that they’ll issue a letter within 24-48 hrs.

If I register my new car before the same , will it be possible for me to get a refund of the NCB difference once I submit the NCB letter to the new insurer ?
Mistakenguy is offline  
Old 12th December 2019, 11:13   #1165
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Mistakenguy View Post
If I register my new car before the same , will it be possible for me to get a refund of the NCB difference once I submit the NCB letter to the new insurer ?
Yes the insurer is bound to refund NCB once ypu submit the required document. However they may deduct some amount on propotionte basis. Suppose you take insurance for your new vehicle on 12 dec without NCB and you submit proof of NCB on 20th dec the insurer may deduct ncb premium for 8 days and refund you the rest.

However, it is best to wait, if possible, for a couple of days before you buy new insurance and buy it once you have NCB reservation letter.
PAkshay is offline   (1) Thanks
Old 25th December 2019, 17:48   #1166
BHPian
 
mathur2012's Avatar
 
Join Date: Jan 2015
Location: Rohini, Delhi
Posts: 53
Thanked: 43 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ajay99 View Post
I feel you should have got the NCB certificate after getting a third party insurance only for the car before handing over the car.
Hi I have two old cars
One is alto 2005 model which will turn to scrap in March 2020 due to non renewal of fitness ( Delhi RTO isn't renewing fitness citing BS norms). I never claimed any claim for it but now it has Third party insurance.

Another is swift 2015 which is having 45% NCB

and I am going to register a new Ertiga on 1st Jan 2020.

At first I was thinking to transfer NCB from swift to ertiga but then I remembered I have alto too without any claims( I have given alto to a close relative for usage without transferring ownership hence had forgotten about it) but since it has TP insurance can I get NCB certificate for that?

I guess it has been TP insurance for alto since 2015 (the time I bought swift and gave alto to relatives) before that it was comprehensive.
mathur2012 is offline  
Old 25th December 2019, 20:15   #1167
Senior - BHPian
 
bluevolt's Avatar
 
Join Date: Jan 2011
Location: New Delhi
Posts: 3,247
Thanked: 3,290 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I am in the process of selling off my City and want to ensure that I get the NCB claim on my new car purchase which will be delivered in Jan/Feb 2020. Insurance for my City is with Bharti Axa, so I called them and asked the process. The advisor told me that they will need proof of the sale of the car and the NCB cannot be claimed till insurance is valid.

He can only share with me a certificate from the company stating applicable NCB in my case and that I can share with the dealership from where I am buying the car.

Now I want to understand the process as this is the first time I am doing this effort. Will I have to share sale proof with them? I am yet to sell it though but getting evaluated from different sources. Will I not able to make NCB benefit till my insurance is valid i.e. till Oct 2020. Will I have to cancel my existing insurance to get the benefit?

What is the overall process in a nutshell?
bluevolt is offline  
Old 25th December 2019, 22:33   #1168
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by bluevolt View Post
Now I want to understand the process as this is the first time I am doing this effort. Will I have to share sale proof with them? I am yet to sell it though but getting evaluated from different sources. Will I not able to make NCB benefit till my insurance is valid i.e. till Oct 2020. Will I have to cancel my existing insurance to get the benefit?

What is the overall process in a nutshell?
You have two options:

1) you can substitute your new vehicle in the existing policy and enjoy NCB benefit as per existing policy. For doing this you will have to arrange for a third party policy of your existing vehicle.

2) you will have to submit the proof of sale of existing vehicle to the insurer to get NCB benefit in the new policy for the new vehicle. You need not produce the RC copy / bluebook in the name of new owner , form 29 & 30 will do the trick. The dealer guy who is assisting your sale of old vehicle will be able to guide in this regard.

Quote:
Originally Posted by mathur2012 View Post
but since it has TP insurance can I get NCB certificate for that?

I guess it has been TP insurance for alto since 2015 (the time I bought swift and gave alto to relatives) before that it was comprehensive.
NCB discount is only applicable on the Own Damage part of the premium. Since you have a TP only policy you will not be able to claim any NCB.
PAkshay is offline   (1) Thanks
Old 31st December 2019, 20:20   #1169
BHPian
 
mathur2012's Avatar
 
Join Date: Jan 2015
Location: Rohini, Delhi
Posts: 53
Thanked: 43 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I had my old Swift's insurance policy (35%NCB) with acko which was due for renewal on 28th Dec. For my new car - Ertiga, I zeroed on getting it insured from acko, which I am going to get registered at RTO tomorrow ie 01/01/2020.

I tried with acko to issue me NCB certificate for my old policy and generate me a quote to renew it with 0%NCB but after pursuing the matter for around 7days they denied saying they can issue NCB certificate only if either the car is sold or policy is expired. So finally on 28th at the last moment I decided to opt out from acko and get my old car insurance renewed from some other insurer hence chose Shri Ram Insurance via policy bazzar and renewd car policy with 45%NCB.

Now on 29th I mailed acko to issue NCB certificate as my old car's policy had expired. So within a few minutes they issued me a NCB certificate.

The certificate read :

Quote:
. Dear Sir/Madam,
The Insured under the policy No. ************ covering vehicle no. ***********
was enjoying 35% Bonus for the policy year 2019-20.
There were no claims reported under the policy as on 28-12-2019
The insured is hereby entitled to 35% Bonus.
In the event of the vehicle continuing in the ownership of the Insured named herein, the NCB will be
available within a period of 90 days from the date of expiry of the Policy mentioned above. In the
event of sale of this vehicle by the Insured, the NCB will be available within a period of 3 years from
the date of expiry of the Policy mentioned above.
This all was done on 29th Dec 2019. Now today on 31st Dec 2019, I bought my new car's insurance from acko and sent them that NCB certificate, I thought may be they will deny the NCB saying I had not sold my old car or NCB has been claimed in renewing my old car from Shri Ram insurer but within a few minutes they updated the NCB (35%) in my new car's policy and issued me a refund for NCB.

Now My old swift's car policy has Shri Ram insurance policy with 45% NCB and new ertiga has Acko Policy with 35% NCB. Should I Inform policy bazar that I had transferred my NCB to my new car's policy and pay the NCB discount which I got while renewing or Its fine to have NCB in both policies?
mathur2012 is offline   (1) Thanks
Old 1st January 2020, 12:02   #1170
BHPian
 
TROOPER's Avatar
 
Join Date: Jul 2019
Location: BOM<->IXE
Posts: 298
Thanked: 2,340 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Am in a bit of a confusion here.

So my old car's (exchanged for the new one) policy expired with ICICI on 28th Dec and I applied for NCB, which I am eligible for @ 20% on the 29th.

Now problem is ICICI and Professional courier are both clueless wrt the location of the NCB reserving letter. ICICI says we've dispatched it and the courier says we haven't received it. Nothing shows up on their online tracker. Anyways ICICI guarantees delivery by 9th Jan. But we need to get our new Hexa registered tomorrow and hence take out the insurance for the same.

So what can I do with the NCB reserving letter which I'll get on a later date? Apply for a refund, or would it be valid for 3 years? Say I don't make any claim in the 1st year, I can get 40% waived in the 2nd year clubbing both the NCBs?
TROOPER is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2020, Team-BHP.com
Proudly powered by E2E Networks