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Old 8th September 2020, 16:34   #1216
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vaasscit View Post
Spoke to Policy Bazzar agents and as usual they say NCB can be transferred only to New cars and not used cars. I know this isn't true.

I'm wondering if I should get the Policy from Policy bazzar with 0 NCB and then request a refund from New India Assurance against the 35% NCB which I'm bound to get.
You won't get any sort of refund once the policy is issued. You'll be told the NCB is valid for 3 years so feel free to apply it on the next year's renewal.

As for getting from Policy Bazaar, you have seen they are dishonest with you so why even buy from them? You already contacted them so the damage is done, every year you'll get bombarded with calls from various insurance agents who have full details of your car and your name / number.
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Old 9th September 2020, 11:42   #1217
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by dipdawiz View Post
I am having some questions, hope someone could answer. Went through the thread, could not figure out the answer I am looking for.

I am trying to transfer my NCB (NCB reserving letter) of my old car, that I sold to Car24. Insurer is Bharti AXA. When requested they asked for form 29 and 30. I submitted the delivery note, but it seems form 29, 30 is mandatory. But these two forms I filled up, signed and given to cars24 and according to Cars24 these would be submitted to RTO and no copy is returned back. Then how can I give these form 29, 30 to Bharti axa?

Shall I just download and fill the form same way and submit to Bharti axa or anything else to do? So far I tried to do it by calling customer care, does going to branch helps?

What are other ways to get NCB reserving letter? Need to get that within two weeks while buying the new car.

Thanks in advance.
I just received my NCB reservation letter yesterday after requesting it first on 14 Jan 2020, although after a lot of calls to customer care, emails to multiple individuals, and using all the leverage possible (from employees working in other claims dept of the same company where I have other insurance policies) from Bajaj Allianz. I had intended to sell my car by April 2020 and purchase a new BS-6 one, but the lockdown and it's consequences on the current market made it unable to do so. In fact, I still have my old car! I had to keep telling them that the old car sale, which is linked with the new purchase, is in process. They kept asking me for proof of sale, which I still don't have, and even replied in July that NCB certificate could not be issued as the policy had lapsed more than 90 days (since Jan 20). Eventually, escalating the matter to the higher ups and letting them know that I intend to even take it further with the insurance ombudsman, all they asked for was my first communication requesting the NCB (from Jan 20, which was done before expiry of the policy), and it was promptly done. Only disadvantage - if I would have continued the policy (I discontinued it and switched to another insurer only for third party cover), I would have earned an extra 10% NCB of the current year.

Last edited by Zen2001 : 9th September 2020 at 11:45. Reason: Typos
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Old 9th September 2020, 13:25   #1218
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Zen2001 View Post
I just received my NCB reservation letter yesterday after requesting it first on 14 Jan 2020
...
Just to update, I also received my NCB reserving letter from Bharti AXA after a month from the date I requested it (requested on end of July and received it on 21st Aug). As they kept on requesting me to send form 29-30 copy and old car being sold to Cars24, I had only the delivery note and copy of those forms where only my details are filled and signed (raised a ticket with cars24 and they sent that, as they were yet to find a buyer). Just to give a shot, I sent those forms (no buyers details in those scans) and they issued the NCB reserving letter. Now I am not sure whether that much info of form 29-30 is enough or the officials do not care the details and only needs some scanned copy as they need to fill documentation.

So after sending the forms soft copy, within a week they asked me to collect the NCB reserving letter from nearest branch (which is in MG road, Bangalore). Went there, as they have only 25% workforce at a time, spoke with concerned person over call, as he is working from home. He could not arrange it then. But he promised and called back in 2-3 days; asked me to visit again and collect from same office. On 2nd visit I received it, collected it from the receptionist (the guy kept it ready).

Last edited by dipdawiz : 9th September 2020 at 13:27.
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Old 28th September 2020, 11:38   #1219
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by dipdawiz View Post
Just to update, I also received my NCB reserving letter from Bharti AXA after a month from the date I requested it (requested on end of July and received it on 21st Aug).
So after I got the NCB reserving letter I submitted it to new car's insurer. As I already bought the new car, the insurance was done on full amount. They accepted the NCB reserving letter and within 20 working days, refunded 50% of the premium (of comprehensive insurance amount), no question asked.

Now, here is something I need to confirm from experts - when I asked them whether I should get a revised insurance papers which would mention my current NCB is 50%, they said, there is nothing like that. And this refund was only based on previous NCB and for this new car it would start again. If I do not have any claim this year, I would get 20% NCB from next year.

Is this how NCB transfer works? - that, its valid for refund on only first year of new car's insurance? And new car's NCB starts fresh.

PS. Sorry that it became back to back post for me.
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Old 4th October 2020, 00:52   #1220
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by dipdawiz View Post

Now, here is something I need to confirm from experts - when I asked them whether I should get a revised insurance papers which would mention my current NCB is 50%, they said, there is nothing like that.
They are misguiding you, I bought my new car's policy from acko in Jan 2020 and the revised policy paper clearly states 45% NCB.


Quote:
Originally Posted by dipdawiz View Post
And this refund was only based on previous NCB and for this new car it would start again. If I do not have any claim this year, I would get 20% NCB from next year.

Is this how NCB transfer works? - that, its valid for refund on only first year of new car's insurance? And new car's NCB starts fresh.
No, it doesn't work this way, NCB will increase next year if it hasn't reached the upper ceiling. Like in my case, as I have 45% NCB on my new car which I bought in Jan 2020, so when I'll renew the insurance in Jan 2021, I would get 50% NCB not 20%.


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Originally Posted by dipdawiz View Post
PS. Sorry that it became back to back post for me.
In future, use edit post to avoid tbhp rule(Back to Back posting) violation.

Last edited by mathur2012 : 4th October 2020 at 00:57.
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Old 5th October 2020, 10:52   #1221
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by mathur2012 View Post
They are misguiding you, I bought my new car's policy from acko in Jan 2020 and the revised policy paper clearly states 45% NCB.
Thanks for your reply. After reading your post, I called up Bharti AXA and they confirmed their record is updated with 50% NCB, but they could not send a pdf from their system as it is done by agent (here it's KIA), and asked me to get in touch with them. Also said, in case required they can send me a mail with current NCB percentage; which will also work, I guess, for next renewal. Anyway dropped KIA safety a mail, lets see what they say. All my previous communication was only with the person from dealership, so looks like he does not know things.


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Originally Posted by mathur2012 View Post
In future, use edit post to avoid tbhp rule(Back to Back posting) violation.
Those two were posted 20 days apart
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Old 5th October 2020, 10:58   #1222
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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
You won't get any sort of refund once the policy is issued. You'll be told the NCB is valid for 3 years so feel free to apply it on the next year's renewal.
Why should it be so? I have received prorated refunds (after policy issuance) on 3 separate occasions across 3 different private insurers.

Last edited by itwasntme : 5th October 2020 at 11:00.
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Old 7th October 2020, 11:21   #1223
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have sold my Swift a week back which had insurance from Maruti which is in turn from Bajaj Allianz. Now I am planning to buy Seltos and as per the SA they also provide insurance for Seltos from Bajaj Alianz. I had a NCB of 50% in my insurance from Swift.

I have a few questions,

1. The swift was in my fathers name, now I am buying Seltos in my name so can I avail the NCB benefit?
2. If yes what is the process to avail the benefit?
3. What would be my savings if I claim the NCB benefit?

Thanks,
Vijay
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Old 7th October 2020, 12:16   #1224
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vijay_k View Post


I had a NCB of 50% in my insurance from Swift.

I have a few questions,

1. The swift was in my fathers name, now I am buying Seltos in my name so can I avail the NCB benefit?
2. If yes what is the process to avail the benefit?
3. What would be my savings if I claim the NCB benefit?

Thanks,
Vijay
Recently I went through the process, let me answer as I know

Insured name (in this case your father's name) comes in NCB reserving letter, so you cannot avail that benefit in your new Insurance if the name mismatches.

As the swift is already sold, you do not have option to transfer it to your name and get a NCB reserving letter. If you want to avail the benefit, you have to buy the Seltos also in your father's name. And to avail the discount, submit the NCB reserving letter of old insurer, swift delivery note(or proof of sale) to your new insurer (KIA or outside), they would do the rest.

NCB of 50% means - say for GTX+ D AT, basic premium in Kia Safety (internally can be from any Insurer) is approximately 43K, you would get a discount of approximately 21.5K. You do not get discount on amounts of third party and add-ons.

Last edited by dipdawiz : 7th October 2020 at 12:19.
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Old 7th October 2020, 12:47   #1225
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by dipdawiz View Post
Recently I went through the process, let me answer as I know

Insured name (in this case your father's name) comes in NCB reserving letter, so you cannot avail that benefit in your new Insurance if the name mismatches.

As the swift is already sold, you do not have option to transfer it to your name and get a NCB reserving letter. If you want to avail the benefit, you have to buy the Seltos also in your father's name. And to avail the discount, submit the NCB reserving letter of old insurer, swift delivery note(or proof of sale) to your new insurer (KIA or outside), they would do the rest.

NCB of 50% means - say for GTX+ D AT, basic premium in Kia Safety (internally can be from any Insurer) is approximately 43K, you would get a discount of approximately 21.5K. You do not get discount on amounts of third party and add-ons.
This helps, thank you very much.
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Old 7th October 2020, 21:58   #1226
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a current insurance on Vento from HDFC (thru Policy Bazaar) expiring on Oct 30. I have NCB of 35% currently.

Planning to sell Vento n buy new car In couple of weeks. New car insurance quotes from Policy Bazaar are good. Can I add the NCB from previous policy to get additional discounts?

Thanks
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Old 8th October 2020, 10:35   #1227
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by VPJ74 View Post
I have a current insurance on Vento from HDFC (thru Policy Bazaar) expiring on Oct 30. I have NCB of 35% currently.

Planning to sell Vento n buy new car In couple of weeks. New car insurance quotes from Policy Bazaar are good. Can I add the NCB from previous policy to get additional discounts?

Thanks
Of course you can. Just take the NCB eligibility from the existing Vento Insurance co and use it when buying the new car Insurance preferably on own instead from dealer.

Suggest to renew the Insurance on Vento before selling it.
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Old 8th October 2020, 11:25   #1228
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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...
Suggest to renew the Insurance on Vento before selling it.
Thank you. Why do you suggest to renew my existing policy if I am planning to sell the car? It lapses on 30 Oct but I plan to sell it before that.

For goodwill or any other reason?

Regards
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Old 8th October 2020, 12:47   #1229
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by VPJ74 View Post
For goodwill or any other reason?
There needs to be a valid Insurance on the car during ownership transfer. Will also improve the selling price since the new owner doesnt need to buy the Insurance.
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Old 22nd October 2020, 16:03   #1230
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have car A (old car) and am purchasing car B (new car).

I have 45% NCB which I want to use against car B. However Acko is not giving me the NCB certificate unless I sell my car or the policy expires on car A.

What is the best way to pursue this?

My plan is to use the NCB on car B and get a new policy without NCB on car A
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