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Old 20th January 2020, 20:09   #1186
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Will copy of delivery receipts, form 30, form 29 work for obtaining NCB certificate? I have sold off my car and got these documents and now I have to get the NCB certificate asap. What else is required in terms of documents.

Current insurance is from Bharti Axa. Do I have to visit insurance office or sending them on email will work? I am from Delhi so can I visit their Noida office for this work if visit is required?

How much time it usually takes for them to issue NCB?

Please assist.
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Old 20th January 2020, 21:12   #1187
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

A copy of the sale paperwork is enough to get a provisional ncb letter. They will tell you to mail or whatsapp them a copy of the endorsed RC once it has been transferred to the new owner’s name.

You’ll get the letter asap most likely.

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Originally Posted by bluevolt View Post
Will copy of delivery receipts, form 30, form 29 work for obtaining NCB certificate? I have sold off my car and got these documents and now I have to get the NCB certificate asap. What else is required in terms of documents.

Current insurance is from Bharti Axa. Do I have to visit insurance office or sending them on email will work? I am from Delhi so can I visit their Noida office for this work if visit is required?

How much time it usually takes for them to issue NCB?

Please assist.
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Old 23rd January 2020, 18:42   #1188
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by bluevolt View Post
Will copy of delivery receipts, form 30, form 29 work for obtaining NCB certificate? I have sold off my car and got these documents and now I have to get the NCB certificate asap. What else is required in terms of documents.

Current insurance is from Bharti Axa. Do I have to visit insurance office or sending them on email will work? I am from Delhi so can I visit their Noida office for this work if visit is required?

How much time it usually takes for them to issue NCB?

Please assist.
It took me 2 days and 2 visit to Bharti Axa branch to get the NCB reserving certificate to the new car dealer.

Overall decent experience, but I hope in the digital era, this process should be now computerized in future.

Thanks to team-bhp that made me aware of transferring NCB facility else in 2017 when I bought my Baleno I wasted my 50% NCB which was applicable on my WagonR's insurance.

Now let's see what discount I will get after presenting NCB certificate.
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Old 13th February 2020, 21:50   #1189
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

We have a 2003 Maruti 800 that has been insured by Tata AIG since inception and we are currently enjoying a 50% NCB. The insurance policy expires on 15 March 2020.

We want to sell the car and are on the lookout for a buyer. In the meantime, we are wondering how to go about retaining the NCB and subsequently transferring it to the new vehicle that we are planning to buy sometime later this year. In this regard, we have worked out the following options:

One, pending the sale of the car, we renew the insurance with Tata AIG for another year. As and when we find a buyer, negotiate that the buyer obtain TP cover on the car prior to completing the sale. After the transaction is completed, we cancel the policy, get a pro rata refund and obtain a NCB certificate.

Two, within the next 30 days, buy a TP cover from another insurance company, which we produce to Tata AIG and cancel the existing insurance. The car can then be sold with TP insurance. Since eight months of the policy period has elapsed, no refund is due but the NCB certificate can be obtained.

Not sure about the feasibility of these options. In case there are other options, I would be happy to examine them.
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Old 14th February 2020, 07:58   #1190
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Third party is all you are likely to get for a 17 year old car.

Dump the car at a dealer for whatever it fetches and get a provisional NCB certiticate after sending AIG a copy of the sale paperwork. You can then apply that on your new car, and send AIG a copy of the RC once ownership transfer has taken place.

Give the RTO a copy of form TCR as well so that you are covered even if the buyer runs the car without changing ownership or renewing insurance.

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Originally Posted by Zezé View Post
We have a 2003 Maruti 800 that has been insured by Tata AIG

One, pending the sale of the car, we renew the insurance with Tata AIG for another year. As and when we find a buyer, negotiate that the buyer obtain TP cover on the car prior to completing the sale. After the transaction is completed, we cancel the policy, get a pro rata refund and obtain a NCB certificate.
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Old 14th February 2020, 10:08   #1191
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Third party is all you are likely to get for a 17 year old car.

Dump the car at a dealer for whatever it fetches and get a provisional NCB certiticate after sending AIG a copy of the sale paperwork. You can then apply that on your new car, and send AIG a copy of the RC once ownership transfer has taken place.

Give the RTO a copy of form TCR as well so that you are covered even if the buyer runs the car without changing ownership or renewing insurance.
Actually, given that the car was insured with Tata AIG from the beginning, the company is offering to renew the policy on a comprehensive basis.

If I can claim a refund on a pro rata basis on cancellation, following the sale of the car, I would be quite happy to renew the insurance for now. Need to get a clarification in this regard.

In the meantime, I am checking with dealers [not my first preference] and others who had expressed an interest in the car.
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Old 14th February 2020, 10:22   #1192
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Zezé View Post
Actually, given that the car was insured with Tata AIG from the beginning, the company is offering to renew the policy on a comprehensive basis.

If I can claim a refund on a pro rata basis on cancellation, following the sale of the car, I would be quite happy to renew the insurance for now. Need to get a clarification in this regard.

In the meantime, I am checking with dealers [not my first preference] and others who had expressed an interest in the car.
As they are prepared to special case comprehensive for your car, if you were to sell it it'd be a waste of money to get comprehensive.

Ask Tata AIG themselves how they are prepared to accomodate your request for an NCB letter, and indicate that 3rd party should be enough as you're anyway selling the vehicle.
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Old 14th February 2020, 10:44   #1193
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hserus View Post
As they are prepared to special case comprehensive for your car, if you were to sell it it'd be a waste of money to get comprehensive.

Ask Tata AIG themselves how they are prepared to accomodate your request for an NCB letter, and indicate that 3rd party should be enough as you're anyway selling the vehicle.
The OD premium works out to INR 693.00. Not really a huge outgo, irrespective of whether the refund is worked on either pro rata or short period basis.

But your suggestion regarding obtaining the NCB certificate whilst renewing the policy for TP cover only, is a good option to pursue. That way, I can sell the car with the insurance, rather than insisting on a buyer getting a third party policy to cover the car.
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Old 14th February 2020, 17:25   #1194
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by hserus;4751161[I
]Third party is all you are likely to get for a 17 year old car.
[/i]
Dump the car at a dealer for whatever it fetches and get a provisional NCB certiticate after sending AIG a copy of the sale paperwork. You can then apply that on your new car, and send AIG a copy of the RC once ownership transfer has taken place..
You can renew a comprehensive policy even if the car is 17 or 20 years old as long as it is renewed in time.
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Old 19th February 2020, 13:30   #1195
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Today went to the insurance office to get my NCB certificate, and shockingly got the certificate within 30 seconds

I purchased the National Insurance through PolicyBazar last year March and sold my car in October - 2019. I had 50% NCB. RC transfer done by January, and today went to the insurance office to apply for the NCB. I didn't had the 29/30 copy, only had delivery note and the new RC details downloaded from Parivahan which was showing new owner name. But they didn't ask for any document, just took my car number, checked the claim status, generated the policy and stamped it, handed it over to me - all within 30 sec. They haven't even asked for any pro-rata amount even though 1 more month still remaining for the policy expiry.

This NCB certificate is valid for 3 years. Now onus is on me to get the insurance changed to new owner name when they go for the policy renewal.
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Old 15th March 2020, 20:17   #1196
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I haven't gone through this thread completely , but I have a (sort of basic) question.

Does the NCB transfer across cars work on the basis of percentage or absolute discounted amount?

E.g. My current 2011 Ford Figo is enjoying NCB of 50%. I can see that my current year's insurance policy mentions 50% NCB because of which the basic 'Own Damage' premium component was reduced from INR 36XX to INR 18XX. I'm planning to sell the Figo off to a Ford dealer in exchange of a new Ecosport. The insurance quote for the new Ecosport is in the range of 50K (including one year 0-dep and three years worth thid-party). If I get NCB transfer letter from current insurer company and present it to the Ecosport's insurer company, will I be getting a benefit of around INR 1800 OR 50% of the quoted basic 'Own Damage' premium component in the Ecosport's quote.

Clearly, the second possibility is very benefial whereas the first one not so much. How does it work? Or is it left to the new insurer company?

Please help me with this. I'll proceed accordingly.

TIA

Last edited by Sheel : 15th March 2020 at 21:25. Reason: Please type in full, no SMS language or short-forms. Thank You.
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Old 15th March 2020, 21:41   #1197
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Originally Posted by RishikeshK View Post
Does the NCB transfer across cars work on the basis of percentage or absolute discounted amount?

E.g. My current 2011 Ford Figo is enjoying NCB of 50%. I can see that my current year's insurance policy mentions 50% NCB because of which the basic 'Own Damage' premium component was reduced from INR 36XX to INR 18XX. I'm planning to sell the Figo off to a Ford dealer in exchange of a new Ecosport. The insurance quote for the new Ecosport is in the range of 50K (including one year 0-dep and three years worth thid-party). If I get NCB transfer letter from current insurer company and present it to the Ecosport's insurer company, will I be getting a benefit of around INR 1800 OR 50% of the quoted basic 'Own Damage' premium component in the Ecosport's quote.

Clearly, the second possibility is very benefial whereas the first one not so much. How does it work? Or is it left to the new insurer company?

Please help me with this. I'll proceed accordingly.

TIA
It is a little tricky to get the NCB certificate but if you do, you will get a 50% discount on the own damage component of your new car. So yes, it will be quite beneficial. Since you are selling to a dealer, the RC transfer won't be done and you will have to see if your current insurer will accept a delivery note for your current car sale from the dealer. If they don't then you will have to change your current insurance to 3rd party only and request a NCB certificate.
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Old 23rd March 2020, 16:05   #1198
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I want to transfer my existing motorcycle insurance to new motorcycle. Not selling old motorcycle, but will be buying another insurance for that.


Due to lockdown, Bajaj is taking their time to revert on my request. On the other hand, Can I purchase the new bike with full insurance and then claim the amount back after receiving NCB from Bajaj. Have to register the BS4 vehicle ASAP.
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Old 23rd March 2020, 22:59   #1199
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Due to lockdown, Bajaj is taking their time to revert on my request. On the other hand, Can I purchase the new bike with full insurance and then claim the amount back after receiving NCB from Bajaj. Have to register the BS4 vehicle ASAP.

Yes, you can take full insurance and then claim the NCB.


Looks like insurance companies are running with less staffs and hence the delay. I am unable to renew my existing insurance with Royal Sundaram, 3 days and still no response from them.
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Old 24th March 2020, 14:44   #1200
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by arun_josie View Post
Yes, you can take full insurance and then claim the NCB.


Looks like insurance companies are running with less staffs and hence the delay. I am unable to renew my existing insurance with Royal Sundaram, 3 days and still no response from them.
Do it online and it should go through
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