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Old 20th December 2020, 11:14   #1246
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Aviator_guy View Post
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. 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 ?
.
If you have a confirmed decision to sell the car soon, get a Third party insurance and get an NCB endorsement letter from the current insurer, which will be valid for 3 years.There is no disadvantage for having TP insurance only for your car other than that you wont get a comprehensive cover for your present car.
Whether you should stick with Bajaj or not is your personal choice. But regarding NCB transfer etc Public sector insurers are better to deal with
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Old 13th January 2021, 22:27   #1247
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

rookie question on transfer of the NCB: My current car is in the name of my wife and the insurance policies are issued in her name. I am buying a new car which will be a company lease scheme, hence the car will be registered in the name of the company.

Will the NCB be applicable in this case?
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Old 14th January 2021, 08:24   #1248
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by funkyp View Post
rookie question on transfer of the NCB: My current car is in the name of my wife and the insurance policies are issued in her name. I am buying a new car which will be a company lease scheme, hence the car will be registered in the name of the company.

Will the NCB be applicable in this case?
I am in the same boat and was told by insurance agent that ncb transfer cannot be done in this case.
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Old 14th January 2021, 10:40   #1249
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Need advise on next steps.

I have agreed for exchanging my car with a new one and the name transfer will take 2 weeks. New vehicle is expected to be delivered in a week. I have 50% NCB on old vehicle. For getting this benefit while buying insurance for the new vehicle, what should I do?

Called my existing insurance company asking for NCB reservation, but they mentioned they can either 1>Cancel existing policy and give the letter while purchasing a third party insurance, 2>Wait for ownership name change, after which letter will be issued.
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Old 14th January 2021, 10:48   #1250
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Wait for ownership name transfer and then get the NCB letter. It just means you will not be able to apply the NCB to your current policy (and NCB will not be applicable when you renew the policy)

Name transfer paperwork signed means that is enough to issue the NCB letter. Note - name transfer signed with the name of the buyer of your old car. Not blank form 29/30 like the dealer will collect from you and wait till a buyer is found for the old car.

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Originally Posted by xotiq View Post
Need advise on next steps.

I have agreed for exchanging my car with a new one and the name transfer will take 2 weeks. New vehicle is expected to be delivered in a week. I have 50% NCB on old vehicle. For getting this benefit while buying insurance for the new vehicle, what should I do?

Called my existing insurance company asking for NCB reservation, but they mentioned they can either 1>Cancel existing policy and give the letter while purchasing a third party insurance, 2>Wait for ownership name change, after which letter will be issued.
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Old 14th January 2021, 10:53   #1251
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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
Wait for ownership name transfer and then get the NCB letter. It just means you will not be able to apply the NCB to your current policy (and NCB will not be applicable when you renew the policy)

Name transfer paperwork signed means that is enough to issue the NCB letter. Note - name transfer signed with the name of the buyer of your old car. Not blank form 29/30 like the dealer will collect from you and wait till a buyer is found for the old car.
Does that means I can get the NCB value refunded from my new vehicle insurer.?
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Old 14th January 2021, 16:59   #1252
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Does that means I can get the NCB value refunded from my new vehicle insurer.?
Yes, you will get back prorated refund but anyway intimate your insurer formally just in case. Additionally, you may have to personally push it by visiting the local branch of your insurer.
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Old 14th January 2021, 22:13   #1253
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi,
I am looking for a bit of advice on using my NCB to the maximum.
I own an Ertiga which is due for insurance renewal in 2 weeks time- i am eligible for 45% NCB on it. I have recently bought a used Land Rover which is obviously much more expensive to insure. The latter has valid insurance for a few months that has been transferred to me.
Both cars are registered in my name.
Is it possible for me to obtain a No Claims Certficate from the insurer of my Ertiga and renew my insurance for the Ertiga by paying full premium and two months later use the NCB of 45% for renewing the insurance of my more expensive car?
I would be much obliged if anyone could share their thoughts/experience.
Thanks in advance.
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Old 15th January 2021, 10:19   #1254
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Both cars are registered in my name.
Is it possible for me to obtain a No Claims Certficate from the insurer of my Ertiga and renew my insurance for the Ertiga by paying full premium and two months later use the NCB of 45% for renewing the insurance of my more expensive car?
I'd suggest insuring your Ertiga for Third Party (TP) only, and procuring the 45% NCB reservation letter. Then use that on your LR in a few months time. Concurrently, approach another insurer, and reinsure your Ertiga with comprehensive insurance.

As a first step, a quick visit to your current LR insurer can iron out all issues about how readily they will accept the NCB in 2 months time. As per IRDA, a NCB reservation letter can be applied on new and used car renewals, but some members have faced resistance. Better to check it out before you take any steps.

Let us know how it goes.

Last edited by itwasntme : 15th January 2021 at 10:34.
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Old 15th January 2021, 10:39   #1255
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by rudraksh2005 View Post
am eligible for 45% NCB on it. I have recently bought a used Land Rover which is obviously much more expensive to insure. The latter has valid insurance for a few months that has been transferred to me.
Both cars are registered in my name.
It’s possible if you are buying a new car. We have done multiple times as insurance NCB is tied with the owner. Not sure about the older LR especially since you have already got the insurance transferred.

A way can be to buy a new policy from the same company where you have NCB and see if they can pass benefits. This has to be done after existing insurance lapses. So instead of getting letter, do this when it’s time for renewal.

Last edited by Turbanator : 15th January 2021 at 10:41.
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Old 15th January 2021, 12:56   #1256
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by rudraksh2005 View Post
Is it possible for me to obtain a No Claims Certficate from the insurer of my Ertiga and renew my insurance for the Ertiga by paying full premium and two months later use the NCB of 45% for renewing the insurance of my more expensive car?
It is very much possible. To obtain a NCB certificate, the Insurers ask for the RC ownership transfer which in your case is not possible. You would need to either change the Insurance of Ertiga from Comprehensive to TPL (maybe you need to cancel the existing policy - talk to the Insurer) or continue with the existing policy. Do write an application to the Ertiga Insurer to endorse the NCB eligibility and mention your intention to use the NCB else where. The Insurer may ask you to refund the NCB amount claimed for the year but on pro rata basis. Once you receive the NCB endorsement, you can approach the LR insurer and submit the same (2 months in advance) for the discount during renewal.
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Old 2nd February 2021, 13:34   #1257
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I'm stuck transferring the NCB from my old car to the new one that I'm about to buy. Here is my situation:

1. I've sold my old Manza to the dealer and got the delivery certificate from the dealer.
2. The Dealer says since my old car has engine issues it might take him about 90 days to sell the car and hence name transfer forms are all blank with just my signatures.
3. I'd used the sale proceeds of the old car as my booking amount for the new car.
4. The old car insurance is with National Insurance Company.
5. I've got 50% NCB available on my old car.
6. National Insurance Manager is demanding the original Insurance certificate of my old car, original delivery note from the dealer and a letter requesting for NCB certificate. They are saying that the insurance on the old car has to be cancelled before NCB certificate is given.
7. The old car was in my name. The new car will also be purchased in my name.

Here are my questions:

1. Is it possible for me to get NCB transferred in this scenario?
2. Can the used car guy drive my old car with my insurance? What will be my liability?
3. I'm fed up with National Insurance. What should I do?

Regards,
lsjey
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Old 2nd February 2021, 20:03   #1258
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by lsjey View Post

Here are my questions:

1. Is it possible for me to get NCB transferred in this scenario?
2. Can the used car guy drive my old car with my insurance? What will be my liability?
3. I'm fed up with National Insurance. What should I do?

Regards,
lsjey
Since I have just closed this transaction with Acko for my old car that I sold last year Oct. Will try to answer your questions.

1. It totally depends on your insurance company if they are okay with giving a NCB certificate with only the dealer's note. Some do and some dont. Acko made me wait till the car was sold, ownership transferred and then the insurance transferred to the new owner.
2. Thats where the dealer's note cames in handy which mentions the date, time and kms reading after which they are responsible for any mishappening.
But honestly, if there is any accidents, the owner on the RC gets the questions. Try to get the ownership transferred quickly once the car is sold.
3. Now you have three options
a. If you are taking the insurance from the dealer for your new car, ask them to do this for you. I was offered this, but i preferred saving some extra bucks and do this on my own.
b. Wait till the car gets sold and the ownership gets transferred. Get your ncb certificate and get the ncb updated in your new cars insurance.
c. Check if the dealer is okay with a 3rd party insurance only with the car and then u can cancel the insurance and buy a third party only and get your ncb certificate quickly.

Hope it helps.
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Old 3rd February 2021, 19:14   #1259
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by D'Ro@dSt@r View Post
3. Now you have three options
a. If you are taking the insurance from the dealer for your new car, ask them to do this for you. I was offered this, but i preferred saving some extra bucks and do this on my own.
b. Wait till the car gets sold and the ownership gets transferred. Get your ncb certificate and get the ncb updated in your new cars insurance.
c. Check if the dealer is okay with a 3rd party insurance only with the car and then u can cancel the insurance and buy a third party only and get your ncb certificate quickly.

Hope it helps.
Thanks for sharing the options. Very useful indeed.

Option a) does not suit me as I've decided to go with Honda Insurance.
Option b) Waiting until the old car is sold will mean that I will get the NCB transferred only in the second year. I sold my car after the engine failed, and hence the dealer will need time to repair and bring it up for sale. Will take around 90-120 days according to the dealer.
Option c) 3rd party insurance now is costly. Will be around 5K rupees even for an 8-year-old Manza. This will eat into the benefit of the NCB, as I'll have to buy that insurance as dealer will not buy.

Looks like we need to run around quite a bit for getting the benefit out of NCB. Ideally IRDA should have proper rules for this so that it is easy for all concerned. Completing the sale of your old car and getting name transfer also done before getting NCB certificate in practice is not possible. If you go for this, you'll miss out of exchange bonus which the dealer & OEM offer.

My frustration is that even after knowing the option for saving money, it is such a hassle to get the benefit.

Based on your inputs I'll try and avoid Acko in the future. Will not recommend National Insurance also. Speaking to the Regional deputy GM and Regional Manager of Chennai region of National Insurance also has not helped so far.

Regards,
lsjey

Last edited by lsjey : 3rd February 2021 at 19:17.
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Old 6th February 2021, 22:10   #1260
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I'm looking for a used sedan and would like to apply my unused 30% NCB letter when I buy it.

Wanted some advice on the same. Any used car will have an existing policy on it either at a full 100% or with some form of NCB on it. Usually the buyer has to pay the NCB discount to the insurance company to have the policy transferred in his name.

Can I apply my existing certificate at that point?
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