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Old 22nd October 2020, 16:57   #1231
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by kalpeshc View Post
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
Exactly the way Acko told you. Sell the car, I wouldn’t recommend letting the policy lapse.
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Old 22nd October 2020, 17:26   #1232
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi,

I have exchanged my old car with the dealer with whom I am picking up a new car. Since the new car was to be registered, the SA was asking me to share the insurance policy that I have taken from outside. With the form 29 & 30 not with me by the time, I have taken the new policy without the ncb transferred.
Now I have the forms available with me now and about to submit that to get the ncb letter. Few queries i would like to get help on the below:

Acko says that If i sell my old car, my policy will be cancelled and i will get a prorated return and then the ncb letter will follow. But the dealer is insisting on transferring the insurance and should not be cancelled. If it gets cancelled, they will ask me to provide a valid one to be be transferred to the new owner?

What is an ideal approach here?
I would like to have my 50% ncb transferred to my new car policy without cancelling the insurance. Hope this is feasible.
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Old 22nd October 2020, 18:59   #1233
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Exactly the way Acko told you. Sell the car, I wouldn’t recommend letting the policy lapse.
But I don't want to sell the car at all. Also, I do not want to use the NCB on a 10 yr old car's insurance. I'd rather use it on my new car.
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Old 22nd October 2020, 20:12   #1234
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by kalpeshc View Post
But I don't want to sell the car at all. Also, I do not want to use the NCB on a 10 yr old car's insurance. I'd rather use it on my new car.
Have a cake and eat it too in other words? No it doesn’t work that way unfortunately.
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Old 22nd October 2020, 20:31   #1235
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

How is it that scenario?

Essentially I am using NCB only on one car and not both at all. It's something that is associated with the owner, so wouldn't it be my right to use it on the car I want?

I am ready to buy a new policy (without NCB) for my old car.

I am not able to understand how is it unethical or even unfair on my part.

I am sure people have two cars and have their NCB on one of the cars right?
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Old 25th October 2020, 09:06   #1236
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by kalpeshc View Post
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
I was in the exact same situation around 10 months ago, my old Swift was insured with acko and I wanted to transfer my NCB from Swift to my new Ertiga without selling Swift.

Luckily my Swift's policy was expiring on 28th Dec 2019 and Ertiga was to be registered on 1st Jan 2020 , First acko people told me the same thing that either the car is to be sold or the policy is to be expired to issue a NCB certificate, I requested them to renew my old car's policy with 0%NCB and issue a NCB certificate but they denied that , after a lot of emails they told me to contact them on 27th Dec so that they will renew my old car's policy with 0% NCB and issue NCB certificate but on 27th they backed off from this as well and didn't do anything so I switched off from acko and renewed my Swift's policy from some other insurer and then on 29th once my Swift's old acko policy had expired, I mailed them again along with screenshot of them saying that they will issue NCB once the policy expires and asked them to stick to their words at least this time, after this email and a few tweats they issued me my NCB which I used for my Ertiga's insurance.

I was able to transfer my NCB without selling my old car as it's old policy was nearing expiry, had it to be renewed a few months later I don't think I would have been able to do so, atleast in case of acko.
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Old 26th October 2020, 10:50   #1237
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by kalpeshc View Post
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
Most Insurers will refuse the NCB certificate unless the car is sold. However if you write an application asking for the NCB eligibility and mention that once the car is sold to issue the NCB certificate, Insurers do provide the endorsement. This endorsement is sufficient to use during the Insurance buying for the new car, nothing will stop you from doing this. Just ensure that the new car Insurance co agrees to the NCB certificate submission at a later date. If the New car insurance is again Acko then the process will become even more smoother since they have it on their records already.

Pls note when you buy Insurance for new car using the NCB, Insurers do have their way of confirming the NCB eligibility.

Hope you are buying the Insurance for new car on your own and not from dealer. Also do use the NCB during new car insurance purchase and not on the renewal of the Insurance after first year.
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Old 26th October 2020, 10:56   #1238
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by D'Ro@dSt@r View Post
Acko says that If i sell my old car, my policy will be cancelled and i will get a prorated return and then the ncb letter will follow. But the dealer is insisting on transferring the insurance and should not be cancelled. If it gets cancelled, they will ask me to provide a valid one to be be transferred to the new owner?

What is an ideal approach here?
I would like to have my 50% ncb transferred to my new car policy without cancelling the insurance. Hope this is feasible.
Acko is BSing you.

When you sell the car, the Insurance policy is not cancelled, it stays with the car till the Insurance period. However the new owner for your old car when approaches the Insurance co for transfer of Insurance ownership will need to pay the pro rata amount of the NCB claimed by you for the year. For eg if you claimed Rs 1000 as NCB for the year and sold car mid Insurance year, then the new owner will need to pay Rs 500 back to Insurance co when he wants to transfer the insurance in his name.

Meanwhile you can use the NCB during your Insurance buying for new car.
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Old 26th October 2020, 11:01   #1239
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by kalpeshc View Post
How is it that scenario?

Essentially I am using NCB only on one car and not both at all. It's something that is associated with the owner, so wouldn't it be my right to use it on the car I want?

I am ready to buy a new policy (without NCB) for my old car.

I am not able to understand how is it unethical or even unfair on my part.

I am sure people have two cars and have their NCB on one of the cars right?
I responded to your earlier post without reading it correctly. Apologies.
Pls remember the NCB always stay with the person and not with the car. If you are ok with zero NCB on older car A it is possible. All you would need to do is cancel the insurance policy of car A, apply for NCB certificate and use that when buying insurance for new car B. Buy a fresh policy for your car A.

To make this happen faster, keep the Insurer same for both cars.
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Old 26th October 2020, 14:31   #1240
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by ghodlur View Post
Most Insurers will refuse the NCB certificate unless the car is sold. However if you write an application asking for the NCB eligibility and mention that once the car is sold to issue the NCB certificate, Insurers do provide the endorsement. This endorsement is sufficient to use during the Insurance buying for the new car, nothing will stop you from doing this. Just ensure that the new car Insurance co agrees to the NCB certificate submission at a later date. If the New car insurance is again Acko then the process will become even more smoother since they have it on their records already.

Pls note when you buy Insurance for new car using the NCB, Insurers do have their way of confirming the NCB eligibility.

Hope you are buying the Insurance for new car on your own and not from dealer. Also do use the NCB during new car insurance purchase and not on the renewal of the Insurance after first year.
Thanks for the detailed explanation. I got the quote from outside and the dealer is matching that quote (just charging around 2-3K extra, which I feel is okay for peace of mind and less hassles). So effectively I am getting insurance at market rates.

The dealer has also confirmed that I can get the NCB endorsed in the new car, even after few months of purchase i.e. if I decide to sell the car in a month, I can give the NCB certificate to the dealer and they'll process the refund as an endorsement to the existing policy. So it's just a month that I'll have to bear the additional cost which is okay.

Thanks for your guidance though. My old policy is from Acko and the new policy via dealer is from HDFC Ergo. They've matched the Acko quote of 39K at 42K and thrown in some additional features too. Their initial quote was closer to 70K!
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Old 29th November 2020, 13:24   #1241
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a question regarding Getting No Claim Bonus Letter from Insurance Provider.

While renewing the Insurance online in Nov. 2019 for Xylo, New India Assurance gave me only option of "Third Party Only as Vehicle is more than 118 months old". I renewed it online.

Now again I renewed it online for Third Party this November. The car had gathered 50% NCB as on Nov. 2019.

Can I get that 50% NCB letter from New India now?

When I asked a known agent in New India local office, he told I had got that NCB if I had availed within 3 months from Nov. 2019. Now I cannot get the 50% NCB. Is it True?
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Old 8th December 2020, 12:20   #1242
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by IndigoXLGrandDi View Post

Now again I renewed it online for Third Party this November. The car had gathered 50% NCB as on Nov. 2019.

Can I get that 50% NCB letter from New India now?

When I asked a known agent in New India local office, he told I had got that NCB if I had availed within 3 months from Nov. 2019. Now I cannot get the 50% NCB. Is it True?
Yes, i think what he is saying is absolutely correct. They will not give you the NCB ,because you should have got the NCB certificate/endorsement when you changed from Comprehensive policy to Third party only.
Also there is no rule that you cannot get a Comprehensive policy for your car as it is more than 118 months old. I have seen Comprehensive policy on cars which is more than 14 years old with NEW INDIA only.
I think these are the perils of doing everything ONLINE.
you should have gone to the branch and renewed it.
After maintaining the NCB for 10 years you let it away. too bad
Hope other forum members learn from this experience.

Last edited by ajay99 : 8th December 2020 at 12:22.
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Old 8th December 2020, 15:02   #1243
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by IndigoXLGrandDi View Post
Now I cannot get the 50% NCB. Is it True?
Unfortunately that's true. I agree with what ajay99 mentioned. The NCB applicability is there as long as you have comprehensive Insurance. The moment you change to TPL only then NCB benefit ceases. You should have requested for the NCB certificate which you could have used within 3 yrs.

Had you by any chance enquired on the forum reg the pros and cons of changing to TPL?
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Old 8th December 2020, 16:32   #1244
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by IndigoXLGrandDi View Post
When I asked a known agent in New India local office, he told I had got that NCB if I had availed within 3 months from Nov. 2019.
Quote:
Originally Posted by ajay99 View Post
Yes, i think what he is saying is absolutely correct. They will not give you the NCB ,because you should have got the NCB certificate/endorsement when you changed from Comprehensive policy to Third party only.
Quote:
Originally Posted by ghodlur View Post
You should have requested for the NCB certificate which you could have used within 3 yrs.
Can IXLGD (very long handle!) not personally approach a senior person in New India explaining the unique situation? Is there really a hard-and-fast IRDA rule of a NCB reservation letter being issued within 3 months? I know of only the ironclad rule of a NCB letter being valid for 3 years. I am assuming the 3 month rule is an internal one only.

There is no malafide or loss of revenue here to New India. Do try your best, make it a personal visit and try and invoke COVID-19 etc in case it helps.

Let us know how it works out.

Last edited by itwasntme : 8th December 2020 at 16:35.
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Old 19th December 2020, 21:12   #1245
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I would appreciate feedback from experts here. I plan to buy a new car possibly Hyundai Creta and sell my current Grand i10 in coming months. Depending on benefits, I might chose to exchange old car at the dealership, sell at cars24 or directly to a buyer. I did not know about NCB transfer during sale of my last car so do not want to be caught off guard this time.

I have a few queries if someone can provide feedback based on his or her experience.

1. My current comprehensive insurance with Bajaj Allianz is due to renewal in January. My new car purchase will not happen before April so I have decided to renew my current insurance. I will be at 25% NCB after renewal. Should I continue with same comprehensive insurance or will it be better to opt for only third party insurance if that helps with NCB transfer paperwork. Are there any disadvantage of having only third party insurance cover for old car while selling or while transferring NCB benefit given that I plan to go for comprehensive insurance for new car and most likely zero dep.

2. Since my new car purchase is still little bit far out, it is too early to tell whether I would go with dealer provided insurance or from outside and which company. I have a choice now, while renewal of current car insurance, to chose a different company than Bajaj Allianz. Not sure how is it's customer service during NCB transfer. Should I stick with Bajaj or is there any other recommendation ? Is it beneficial to stick to same company for current and new car for ease of NCB transfer ?

Thank you in advance for valuable suggestions.
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