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Old 1st January 2020, 13:04   #1171
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by TROOPER View Post
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?
Firstly, you can apply the NCB in the first year itself - simply provide it when it arrives and they will refund on a pro-rata basis. Inform your new insurer in writing that you intend to do this.

Secondly, Bajaj Allianz granted me my new car policy (i.e. factoring in my 50% NCB) based on the scanned PDF NCB letter with the caveat that they would charge me the balance premium if I could not produce the original in 30 days. Please explore this as it makes things simpler for you!

Last edited by itwasntme : 1st January 2020 at 13:07.
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Old 1st January 2020, 13:45   #1172
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Secondly, Bajaj Allianz granted me my new car policy (i.e. factoring in my 50% NCB) based on the scanned PDF NCB letter with the caveat that they would charge me the balance premium if I could not produce the original in 30 days. Please explore this as it makes things simpler for you!
Here's where things went sour between us and ICICI. They say issuing soft copy of NCB is against company policy. I said I'll pick one copy of the same ASAP from their office, after providing relevant documents, same response, against company policy

I have saved the PDF of the old policy renewal web-page which shows 20% NCB. If they agree on that and give me a week's time, that would be great.
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Old 1st January 2020, 14:33   #1173
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Here's where things went sour between us and ICICI. They say issuing soft copy of NCB is against company policy. I said I'll pick one copy of the same ASAP from their office, after providing relevant documents, same response, against company policy

I have saved the PDF of the old policy renewal web-page which shows 20% NCB. If they agree on that and give me a week's time, that would be great.
Rubbish! If they don't want to share the formal PDF, ask them for a picture of the same. Who is the new insurer? Talk to them if you can or visit their regional HO if there is one.

Last edited by itwasntme : 1st January 2020 at 14:49.
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Old 1st January 2020, 15:02   #1174
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Rubbish! If they don't want to share the formal PDF, ask them for a picture of the same. Who is the new insurer? Talk to them if you can or visit their regional HO if there is one.
Spoke to them. No pictures too. Coaxed them into sending an email that says we are eligible for 20% NCB and the hard copy has been dispatched. That too the email will come by EOD or max by tomorrow, after approval from their 'email team'.

ICICI never fooled around with our claims, but they're testing our patience to the fullest now.

Last edited by TROOPER : 1st January 2020 at 15:11.
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Old 1st January 2020, 15:43   #1175
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Coaxed them into sending an email that says we are eligible for 20% NCB and the hard copy has been dispatched. That too the email will come by EOD or max by tomorrow, after approval from their 'email team'.
Hi

There is a provision of self declaration of eligible NCB with your new Insurer subject to submission of proof later. Just talk to the guy who is selling you insurance. They will allow you NCB right away and you can submit proof in few days once you receive the hard copy.

Last edited by PAkshay : 1st January 2020 at 15:44. Reason: Correction of typo errors
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Old 1st January 2020, 15:45   #1176
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I have saved the PDF of the old policy renewal web-page which shows 20% NCB. If they agree on that and give me a week's time, that would be great.
As far as I can understand your old policy had 0% NCB (as you said your policy renewal page showed 20% NCB). Hence you aren't eligible for any NCB which you can transfer to your new car's policy as you can only transfer your old NCB not what you are eligible for next year because NCB Reservation/Retention letter states so and so person had XX% NCB for this policy. In your case XX=0%.
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Old 1st January 2020, 15:51   #1177
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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There is a provision of self declaration of eligible NCB with your new Insurer subject to submission of proof later.
Thanks for the info, will try this too. Problem is, insurance is included in my deal with the dealer, so I can't say to what extent he'll cooperate. If he doesn't we'll buy it independently.

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As far as I can understand your old policy had 0% NCB (as you said your policy renewal page showed 20% NCB). Hence you aren't eligible for any NCB which you can transfer to your new car's policy as you can only transfer your old NCB not what you are eligible for next year because NCB Reservation/Retention letter states so and so person had XX% NCB for this policy. In your case XX=0%.
By old policy, I meant my Dzire's policy, if I wished to renew it now. Our Dzire's period of insurance was 29/12/18 to 28/12/19. Zero claim in the period. Hence eligible for 20% NCB. Am transferring that to the Hexa. Have handed the Dzire over to the dealer in exchange.

Last edited by TROOPER : 1st January 2020 at 15:54.
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Old 1st January 2020, 15:57   #1178
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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By old policy, I meant my Dzire's policy, if I wished to renew it now. Our Dzire's period of insurance was 29/12/18 to 28/12/19. Zero claim in the period. Hence eligible for 20% NCB. Am transferring that to the Hexa. Have handed the Dzire over to the dealer in exchange.
That's what I too meant. You aren't eligible for any NCB for Hexa's policy as you can only transfer what Dzire's outgoing policy had not what it is eligible for coming year.

My swift's policy was also expiring on 28th Dec, had 35%NCB and was eligible for 45%NCB for renewal. I got the NCB retention letter for insuring new car and got 35% NCB in new car policy not 45%.
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Old 1st January 2020, 16:03   #1179
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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That's what I too meant. You aren't eligible for any NCB for Hexa's policy as you can only transfer what Dzire's outgoing policy had not what it is eligible for coming year.
Now I'm confused. I had applied for NCB before 28th Dec. ICICI rejected saying NCB is zero. That proves what you said is right.

Then I called ICICI asking why zero, they asked me to apply after my policy expires ie. post 28th Dec, and then I would be issued NCB reserving letter.

Also, irrespective of either of our cases, how can any driver be not rewarded for a claim free year? An entire year's worth of claim?

Last edited by TROOPER : 1st January 2020 at 16:11.
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Old 1st January 2020, 16:16   #1180
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Now I'm confused. I had applied for NCB before 28th Dec. ICICI rejected saying NCB is zero. That proves what you said is right.

Then I called ICICI asking why zero, they asked me to apply after my policy expires ie. post 28th Dec, and then I would be issued NCB reserving letter.
If you want I can PM you my NCB certificate

NCB reservation letter is just a certificate stating

Quote:
Mr. X for his vehicle ******* had XX% NCB in his policy ABCD1234 for year 2018-19 and didn't take any claim.
It doesn't state what NCB you are eligible for next year but only states what you had and you can only transfer what you 'had' not what you will get.

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how can any driver be not rewarded for a claim free year? An entire year's worth of claim?.
You could have renewed your Dzire's policy which would have 20%NCB then cancelled it stating you sold your car and got NCB certificate along with refund for cancelling it and then applied this NCB to Hexa's policy.

Last edited by mathur2012 : 1st January 2020 at 16:22.
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Old 1st January 2020, 17:25   #1181
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by TROOPER View Post
Now I'm confused. I had applied for NCB before 28th Dec. ICICI rejected saying NCB is zero. That proves what you said is right.


Also, irrespective of either of our cases, how can any driver be not rewarded for a claim free year? An entire year's worth of claim?
If your previous policy has run for full 12 months period without any claim and if you have sold your previous vehicle you are entitled to 20% NCB in your new vehicle's policy without any doubt!
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Old 2nd January 2020, 10:24   #1182
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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how can any driver be not rewarded for a claim free year? An entire year's worth of claim?
Checked GR 27 of Indian Motor Tariff, yes you are entitled for 20%NCB. I am also entitled for 45% not 35% hence now mailed acko to get 45%NCB.

Also for Hexa's insurance. Check with Acko, they are the cheapest as per my search.
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Old 2nd January 2020, 12:31   #1183
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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If your previous policy has run for full 12 months period without any claim and if you have sold your previous vehicle you are entitled to 20% NCB in your new vehicle's policy without any doubt!
On calling ICICI post expiry of old policy, the cust exec said NCB is zero. Had to sternly say exactly what you have posted.

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Checked GR 27 of Indian Motor Tariff, yes you are entitled for 20%NCB. I am also entitled for 45% not 35% hence now mailed acko to get 45%NCB. Also for Hexa's insurance. Check with Acko, they are the cheapest as per my search.
Don't let them off the hook! We've had a smooth experience with ICICI wrt claim settlement, so staying with them for now.

Yesterday my Dad called up professional courier and gave them an earful. Needless to say they called back later and said we'll get the letter before noon. Here it is

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Old 2nd January 2020, 15:20   #1184
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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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.
I need a little clarity on the above. I have an existing policy for a car. If I sell the insured car and buy another car, how do I go about substituting my new car in thr existing policy?

What is meant by "arranging 3P policy on existing car"? Shouldn't the 3P policy also exist?

Also, what Is the rule: 1 year comp and 3 years TP is mandatory for car insurance?

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Old 2nd January 2020, 17:26   #1185
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I need a little clarity on the above. I have an existing policy for a car. If I sell the insured car and buy another car, how do I go about substituting my new car in thr existing policy?
If you decide to sell your old car and provide the proof of the sale to your existing insurer you will be issued NCB reservation letter with eligible NCB as per your existing policy of the sold vehicle. It will remain valid for 3 years from the date of sale of your vehicle. In this case you need not arrange for any TP policy of your sold vehicle. Arranging TP policy becomes necessary when you do not sell your old vehicle and include your new vehicle in existing policy.

Quote:

Also, what Is the rule: 1 year comp and 3 years TP is mandatory for car insurance?

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Yes on purchase of new vehicle it is mandatory to buy at least 3 years TP policy. Comprehensive policy is never mandatory but it is advisable that you buy for at least 1 year as own damage claims will only be settled if you have comprehensive policy. TP policy covers damage to third party property and bodily injury only excluding any damage to the insured vehicle itself.
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