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Old 10th March 2021, 16:33   #1276
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vinu_h View Post
I'll be buying a new car in a few days. The dealer is tied up with Reliance, Bharti AXA, Magma & Liberty only. Couple of questions.

Current service provider = Godigit

1. Skoda dealer is strongly pushing to purchase from them. Else at time of claim, cashless & co-ordination with insurance provider will need to be done by me.
2. As per Godigit, since new car's engine capacity is more than current, NCB cannot be transferred. Is this true ? Doesn't make sense.

Point #1 is for scaring customer so that they take insurance from Dealership. Consider a case where you may need to claim insurance through another Dealership #2 and that dealership#2 is having no tie up with Dealership #1 vendors. For Dealership, their tie-ups are based on their benefits and not customers.

Point #2 is not correct as I transferred 50% NCB to Newly purchased car from my car exchanged at Dealership and both cars are in different cubic capacity for engine. Main document required is NCB certificate from previous insurance company. Luckily Dealership guys were helpful and completed the process in 2 weeks with balance amount deposited to my Bank account.
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Old 16th March 2021, 15:37   #1277
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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
I can say this with a lot of confidence that your insurance guys are trying to fool you as I did this process of transferring my old car policy (Acko) to the new owner and I had seen an option of selecting any unused NCB letter from the new owner. If not given then the NCB will reset to Zero and the additional amount payable would be shown.
Since the new owner didnt had any NCB letter to be used, I didnt submitted any and he had to pay additional amount to complete the transfer.
Attaching a screenshot for your reference.
Agree to this. The process with Acko is quite seamless. And they do ask if the new owner has any accumulated NCB. So it's not entirely true that it can only be applied at renewal time.

The only quirky bit is changing the mobile number. Since the Acko account is tied to a mobile number, one needs to update it after the transfer is completed to sort of close the loop. Otherwise the original owner's number is still tied to the new policy.

The policy transfer process itself doesn't take more than a day, and they issue the NCB letter within the next day (if you have any).

Last edited by Dry Ice : 16th March 2021 at 15:39.
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Old 27th March 2021, 19:16   #1278
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have booked Creta now and the delivery is expected in 5 months, around August. The current car has 50% NCB and due for renewal in May.

Should I go for third party insurance while renewal and get NCB in May which can be used for buying new car in August or renew full insurance as usual and get NCB certificate post transfer to new owner? Thanks
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Old 28th March 2021, 05:26   #1279
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it possible to get a refund on premium paid for purchasing comprehensive insurance on a new car by producing a NCB certificate at a later date?

Let me explain: Sold old car, transfer of insurance done but getting NCB letter is taking time.
New car is ready for delivery, so I purchase full comprehensive insurance, get registration and take delivery of new car. Now after a few days/weeks I get the NCB certificate. Would the insurer of new car recalculate premium based on the NCB and refund excess amount back to me?
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Old 28th March 2021, 05:41   #1280
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vinu_h View Post
1. Skoda dealer is strongly pushing to purchase from them. Else at time of claim, cashless & co-ordination with insurance provider will need to be done by me.
2. As per Godigit, since new car's engine capacity is more than current, NCB cannot be transferred. Is this true ? Doesn't make sense.

Regarding point 1: There is some truth to this. To my knowledge Insurance companies have a rate card and pay against this rate card only. This is good as well as bad. When you purchase cars from brands like Skoda, their labor and parts will be at a higher price. The premiums charged by Insurance companies are tied to the rate card. When you go through an Insurance provider who has tied up with Manufacturer, the rate card agreed will more closely reflect the reality. Hence, better chances of claims being processed smoothly. A tip that I learned buying insurance for my Honda City is that negotiate hard on the Tariff discount. I've seen discounts up until 80% of tariff. I got 73% for my Honda City from Tata AIG. Did the insurance through the dealer only. Also transfer your NCB.

Regarding point 2: The Tariff of the premium is what is dependent on the cubic capacity of the engine. For less than 1.5 L I guess it is 2.33% of IDV. NCB is not dependent on the cubic capacity. Be assertive and say that you'll go elsewhere for the Insurance and watch them come around.

Finally, get a quote from all the certified Insurance companies and shop around. The dealer will push you to a preferred one. Ask for and talk to the representative of the Insurance company for discounts.

Last edited by lsjey : 28th March 2021 at 05:44. Reason: Missed a point
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Old 6th April 2021, 18:18   #1281
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a 45% NCB letter from my Ciaz which was sold last year. I also happened to claim my Ford EcoSport insurance due to a small accident so my NCB is now standing at 0%.
My query is can I transfer the 45% NCB of my ciaz to the EcoSport this year during its insurance renewal?
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Old 6th April 2021, 19:04   #1282
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by goandude View Post
Is it possible to get a refund on premium paid for purchasing comprehensive insurance on a new car by producing a NCB certificate at a later date?

Let me explain: Sold old car, transfer of insurance done but getting NCB letter is taking time.
New car is ready for delivery, so I purchase full comprehensive insurance, get registration and take delivery of new car. Now after a few days/weeks I get the NCB certificate. Would the insurer of new car recalculate premium based on the NCB and refund excess amount back to me?
Yes, I have followed this process with Godigit and they were very helpful in closing the process by updating the ncb value and sent the refund within 5 days of time.
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Old 6th April 2021, 19:54   #1283
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Sahilrai166 View Post
I have a 45% NCB letter from my Ciaz which was sold last year. I also happened to claim my Ford EcoSport insurance due to a small accident so my NCB is now standing at 0%.
My query is can I transfer the 45% NCB of my ciaz to the EcoSport this year during its insurance renewal?
You can't apply a NCB letter on renewals and especially so after making a claim. Even if you had a 50% NCB that'd have dropped to zero after your chaim in any case so no use applying it ot your Ecosport.

NCB letters apply only on new insurance and insurance transfers on a used car purchase.
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Old 10th April 2021, 13:30   #1284
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Here is background on the situation - for my wife's two wheeler, the previous policy was in the name of HDFC Ergo. We renewed with Bajaj Allianz this year.

There has been no claims made on the earlier policy and the NCB mentioned on it was 25%. So for the new policy we got a NCB of 35%.

Now I have received a Notice from Bajaj Allianz stating that when they contacted HDFC they have denied the NCB and hence they want me to make the payment for the NCB amount. Since I am sure we have not made any claims how should I proceed?

I have emailed HDFC Ergo asking them for a No Claim certificate. Anything else I can do to speed things up?
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Old 10th April 2021, 13:47   #1285
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vsrivatsa View Post
So for the new policy we got a NCB of 35%
I have emailed HDFC Ergo asking them for a No Claim certificate. Anything else I can do to speed things up?
In my case, Oriental issued policy with 0% NCB discount and thereafter applied discount only after the certificate was provided by Godigit. In your case, how did Bajaj provide NCB discount without a NCB certificate from HDFC ?
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Old 16th April 2021, 15:28   #1286
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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 can't apply a NCB letter on renewals and especially so after making a claim. Even if you had a 50% NCB that'd have dropped to zero after your chaim in any case so no use applying it ot your Ecosport.

NCB letters apply only on new insurance and insurance transfers on a used car purchase.
I did try my luck by handing the NCB letter to the Ford Insurance department and they did accept it and I got 50% No claim bonus from my Ciaz(now sold)transferred to EcoSport on my insurance renewal.
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Old 28th April 2021, 13:01   #1287
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by vsrivatsa View Post
I have emailed HDFC Ergo asking them for a No Claim certificate. Anything else I can do to speed things up?
Do you have the renewal notice of your earlier insurer? - That will also prove that did you had NCB or not?
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Old 28th April 2021, 13:36   #1288
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vsrivatsa View Post

There has been no claims made on the earlier policy and the NCB mentioned on it was 25%. So for the new policy we got a NCB of 35%.

Now I have received a Notice from Bajaj Allianz stating that when they contacted HDFC they have denied the NCB and hence they want me to make the payment for the NCB amount. Since I am sure we have not made any claims how should I proceed?

I have emailed HDFC Ergo asking them for a No Claim certificate. Anything else I can do to speed things up?
The NCB will be mentioned in the previous policy. Won't Bajaj Alliance accept that? Below is the image of my HDFC Ergo policy which I renewed with acko for this year, NCB is highlighted in yellow.

ARTICLE: No Claim Bonus - How to save on your insurance premiums!-ergo.png

I went through the mails in the registered email address of HDFC ERGO, they don't send renewal notice. They had not sent me a hardcopy of the last policy either (which I attributed to Covid) so was not expecting any renewal mail by post either. What they sent me in my email is a link to the policy renewals page where if you enter the policy number it will present you with a renewal option with break up of the premium. They breakup does have NCB % in it but its only a screenshot that you can take. For the other motor insurance which is expiring in June I already got a renewal letter from the insurer by April itself.

As for checking if one has made any claims in the previous policy period don't the insurance companies share the details amongst themselves? For a claim I made in 2019 with Sundaram to which I had moved only that year they didn't ask to furnish the NCB letter from the previous insurer. Nor did Sundaram ask for NCB letter when I bought the policy through their website. While processing the claim they checked whether the NCB details I had furnished was correct with the previous insurer themselves.

Last edited by Sankar : 28th April 2021 at 14:00.
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