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-   -   ARTICLE: No Claim Bonus - How to save on your insurance premiums! (https://www.team-bhp.com/forum/buying-car/18602-article-no-claim-bonus-how-save-your-insurance-premiums-8.html)

Can someone please describe how it's possible & the process ?

I purchased a used car with comprehensive insurance (45%NCB). I got the vehicle transfered to my name. Now when i approached the Insurance company, they are asking me to pay the NCB amount to get the policy transfered- is it ok or are they playing tricks on me? Well, seems like previous owner is ignorant of NCB benefits, if i have to pay the NCB difference , then i will ask him to get NCB certificate so that atleast he will benefit from it.

deetee, as has already been written in this thread, the new owner does NOT get any NCB benefits from the old insurance policy. If you have an NCB from an existing / previous car that was insured to your name, only then may you claim NCB benefits.

GTO, i have earlier read the article and other related threads but the situation am facing is bit different.
I knew i can't avail NCB of previous owner, but if i have to transfer the policy onto my name, is it must that i have to pay the NCB discounted? That , i think , is not fair.
Consider my case: The current insurance policy(with Bajaj allianz) is valid till 31 Jul '08 . That is a good 6 more months to go. Now with about 45% NCB the policy premium amounted to something like 2000.That means the actual policy could have been around 3.5-4k then ,without NCB. Now, for the sake of transferring the policy to my name, if i had to pay the full ncb discounted (that is 1.5-2K) for validity of just 6 months, then i think i can better get the policy canceled and go for a new one @ something like 3k for another 12 months period. Also, when i enquired, the insurance guys said that at the time of next renewal(read 1 august 08) i cannot avail 20% ncb on the current policy because i had held it for 6 months only,though the policy itself will have no-claim for one year.
Instead of all this mess up, i thought i would better ask the previous owner to cancel the policy ,get the refund and NCB certificate(he don't know of its value). I will then go for a fresh policy.
Another feasibility is , i will pay up whatever amount they ask,after getting policy transferred i will ask them to cancel it ; get the pro-rated refund and then will go for a new policy.
The second approach seems better but i have to make sure if it is practical.

Well, the previous owner has earned his NCB because of a claim-free history. Logically, that benefit should not be extended to you.

Yup, you will have to pay for the NCB difference.

Folks,

I sold my car last year and bought Swift Diesel with Maruti insurance. I didn't think of transferring my NCB from my old car hence I do not have a proof/certificate of NCB. My questions -

1. Can I get the certificate from the insurance company?
2. Will this certificate be useful when I renew my new car insurance?

Best regards.

Yes to both. Just approach your old insurance company for the certificate, which can be forwarded to your new company for a reduction in premiums.

Please update this thread once you have the details.

Regarding NCB, i think many vehicle owners dont know/care to know about its value/importance.
Most people when they sell their car give their COMPREHENSIVE INSURANCE POLICY also(!!!!) thinking that it is of no use to them and the prospective buyer will be suspicious of the vehicle if it is also not given.
Many a time I have asked my friends not to part with the old policy when they take new cars but in most ocassions my words have fallen on deaf ears!!

Spot on, GTO - Touring.

I actually got a refund cheque from my insurer (National Insurance) when I presented them with my 50% NCB proof 1 month AFTER I bought my new car. In fact, I did not even have to provide any documentary proof: NI Bangalore simply called up NI Kolkata (geographically distinct regions cannot access each other's policies) and confirmed that I had never claimed in 7 years and that my NCB was indeed 50%.

They refunded me 11K :D.

can you plz confirm if NCB can be transferred across cars of different capacities ? i had a maruti on which i had accumulated NCB of 45% and was planning to go for an i10.But when i spoke to Bajaj Allianz guys regarding this ,they said the 45% discount can be availed only if the new car is of same class " they mean same cc " hence an i10 since is of more engine capacity than a M800, cant get full bonus,but instead get a very measley 2K as bonus.They say the rules regarding this have changed recently .is this true ?

Shouldn't class of automobile mean LMV here or was it the hatch, sedan and stuff ?

Not to the best of my knowledge. I suggest you approach some other insurance companies to see if they are willing to grant you full NCB.

Hi ajmat,,
Is there NCB for 3rd party Insurance.If it is there can we transfer that to the new car with insurance and avail the benefits????

I need some help in understanding my car insurance...

My insurance certificate for Laura L&K MT by ICICI Lombard mentions these figures:

IDV: 15,31,000
Own damage: 44,767
3rd party: 2,500
Accident cover,etc.: 125
Tax: 5,858

Total: 53,250

Is this a reasonable amount for a new Laura L&K?

The reason I got a doubt is because I called up ICICI for renewal and they are telling me that the renewal premium is just 26K-ish!! When I asked why is it so low, he tells me it is because I have not made any claims. How can it be so low just after 10 months of first policy? Is there a lot of scope for bargain when getting insurance for a new car?

My other question: Do NCB discounts add up? I will soon be getting an NCB certificate from TATA-AIG for 35%. Assuming ICICI gives me 20% discount on Laura at the end of one year, can I use AIG NCB letter to increase the discount offered by ICICI (20% + 35%)?

Thanks in advance.