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Old 17th May 2021, 14:55   #1291
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by bblost View Post
As far as I know the NCB benefit on insurance from your i20 can only be transferred if the car's ownership changes.

You will need to either sell the car or transfer it to some other family member. Then cancel its insurance and transfer the NCB to your Ertiga.
I will be doing it and I am waiting for the gear issue fix. Is it mandatory to do now?
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Old 17th May 2021, 14:58   #1292
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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I will be doing it and I am waiting for the gear issue fix. Is it mandatory to do now?
My understanding is that without change in ownership, NCB cannot be transferred.
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Old 17th May 2021, 15:27   #1293
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

In that case, can I renew the insurance on Ertiga and get the refund of NCB once I transfer the ownership on i20 later? As per my reading on the thread, NCB is valid for 3 years.

Should I ask reliance for NCB certificate after I transfer the ownership of i20 and then apply to new insurance provider of my Ertiga and ask for refund?
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Old 17th May 2021, 22:24   #1294
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by bblost View Post
My understanding is that without change in ownership, NCB cannot be transferred.
There is provision. But most private Insurance Companies or more clearly their agents will refuse this.

You can write to your insurer to cancel the "Own Damage" Portion of your Insurance Policy and issue a NCB Certificate. The Third Party portion will continue till end of policy period (statutorily the TP Portion can't be cancelled).

Don't expect any pro-rata or short period refund on the unexpired portion of OD premium though

Once the cancellation endorsement is done Insurers can issue a No Claim Certificate.

Iffcotokio did this for me recently

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Old 4th June 2021, 07:15   #1295
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi guys,

Have a couple of questions. My current car has no ncb, but I have not made a claim in the policy period, so I will be entitled to 20 percent ncb for the next year. I just sold my car, but not transferred yet, due to the lockdown. Insurance is expiring on 20th June. Spoke to the insurer and they said I should renew the policy and sell the car, and only then can they give me the ncb certificate for 20 percent. That will be an unnecessary expense for me.

So, two questions.

1. My argument is that the buyer will buy a new insurance and if I let this policy lapse by 20th June, should they not have to give my 20 percent ncb certificate as soon as the policy has expired?

2. Can the buyer buy a policy for the car in his name even if he has not yet transferred the car?

Last edited by nidhikapoor : 4th June 2021 at 07:17.
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Old 4th June 2021, 07:46   #1296
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nidhikapoor View Post
Hi guys,

Have a couple of questions. My current car has no ncb, but I have not made a claim in the policy period, so I will be entitled to 20 percent ncb for the next year. I just sold my car, but not transferred yet, due to the lockdown. Insurance is expiring on 20th June. Spoke to the insurer and they said I should renew the policy and sell the car, and only then can they give me the ncb certificate for 20 percent. That will be an unnecessary expense for me.

So, two questions.

1. My argument is that the buyer will buy a new insurance and if I let this policy lapse by 20th June, should they not have to give my 20 percent ncb certificate as soon as the policy has expired?

2. Can the buyer buy a policy for the car in his name even if he has not yet transferred the car?
Your current policy has no NCB so I am not sure you can expect NCB letter since it is based on your current status. Am I missing some thing?
New buyer can not get insurance on his name unless RC is transferred to his name.
I wouldn't suggest letting the insurance lapse since it will create unnecessary trouble for the buyer later to run around to get new insurance. Instead see if you can negotiate with the buyer to pick up insurance cost or at least share portion of it. Later the same insurance policy can be transferred to buyer after RC transfer and you can get your NCB letter.

Last edited by Aviator_guy : 4th June 2021 at 07:56.
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Old 4th June 2021, 14:25   #1297
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nidhikapoor View Post
That will be an unnecessary expense for me.
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Originally Posted by Aviator_guy View Post
Your current policy has no NCB so I am not sure you can expect NCB letter since it is based on your current status.
New buyer can not get insurance on his name unless RC is transferred to his name.
I'd suggest calculate the likely NCB (absolute amount) that you're likely to save first (on your next car), and then compare if it is worth getting it in the first place. NCB is only on the Own Damage (OD) portion, and 20% may not amount to much unless you're buying a really expensive vehicle .
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Old 4th June 2021, 17:33   #1298
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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
Your current policy has no NCB so I am not sure you can expect NCB letter since it is based on your current status. Am I missing some thing?
New buyer can not get insurance on his name unless RC is transferred to his name.
I wouldn't suggest letting the insurance lapse since it will create unnecessary trouble for the buyer later to run around to get new insurance. Instead see if you can negotiate with the buyer to pick up insurance cost or at least share portion of it. Later the same insurance policy can be transferred to buyer after RC transfer and you can get your NCB letter.
The moment this insurance gets over, I get 20% for the next year right? That is what I dont want to lose.

If I renew the insurance, it will be in my name. How much of a hassle will it be to transfer that to new owner and to get the NCB certificate? Do insurance companies easily give the NCB certs?

I had read somewhere that if you buy your new policy online, you only need to declare what NCB you are eligible for, and they take your word for it if you give them old policy number?

Quote:
Originally Posted by itwasntme View Post
I'd suggest calculate the likely NCB (absolute amount) that you're likely to save first (on your next car), and then compare if it is worth getting it in the first place. NCB is only on the Own Damage (OD) portion, and 20% may not amount to much unless you're buying a really expensive vehicle .
New car ex showroom is 46 lakhs, so I'm sure 20% will be worth it?

Edit: Just checked, and I will save 26,000 with the NCB

I just read another option on P84 of this thread.

Can I just renew third party OR let this insurance expire? If this insurance expires without a claim, then the current ins company will have to give me a certificate stating that I did not make any claim, so am entitled to 20% for the next year. Am I correct?

Last edited by nidhikapoor : 4th June 2021 at 17:53.
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Old 4th June 2021, 17:52   #1299
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nidhikapoor View Post

If I renew the insurance, it will be in my name. How much of a hassle will it be to transfer that to new owner and to get the NCB certificate? Do insurance companies easily give the NCB certs?

New car ex showroom is 46 lakhs, so I'm sure 20% will be worth it?
In my experience, it's no hassle to change the insurance to the new owner and immediately get the NCB in your name. For the latter, you will need to wait for the name change, i.e. the transfer of registration though.

Again from my experience of buying a 42L car, you will be charged ~50-60K as your OD portion. 20% of that will come to 10-12K.
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Old 4th June 2021, 17:59   #1300
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
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
Hi Ajay,

I am in a kind of similar position. Could you please see my above posts and suggest a way out?

I currently have NO NCB, but insurance is expiring in 2 weeks. I am selling the car at the same time. If I just let it expire, can I ask the insurance company to give me a certificate saying that I am entitled to a 20% NCB, as I did not claim this year?
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Old 4th June 2021, 18:04   #1301
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
In my experience, it's no hassle to change the insurance to the new owner and immediately get the NCB in your name. For the latter, you will need to wait for the name change, i.e. the transfer of registration though.

Again from my experience of buying a 42L car, you will be charged ~50-60K as your OD portion. 20% of that will come to 10-12K.
If I buy my new car with full insurance and then get the NCB cert a couple of weeks later, will they give me a pro rata refund? I read here that they will, but will it be a big hassle?

On Policy Bazaar, my premium without NCB is 96K and with 20% NCB id 72K. Huge difference.
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Old 4th June 2021, 18:44   #1302
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nidhikapoor View Post
Hi Ajay,

I am in a kind of similar position. Could you please see my above posts and suggest a way out?

I currently have NO NCB, but insurance is expiring in 2 weeks. I am selling the car at the same time. If I just let it expire, can I ask the insurance company to give me a certificate saying that I am entitled to a 20% NCB, as I did not claim this year?
Wait for 2 weeks , go to you Insurer, get a TP insurance for your present car and get an NCB endorsement letter for 20 percent which is valid for 3 years (which can be used on your new car). the TP insurance can be transferred to the new buyer of your old car at a cost of Rs.61
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Old 4th June 2021, 19:28   #1303
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
Wait for 2 weeks , go to you Insurer, get a TP insurance for your present car and get an NCB endorsement letter for 20 percent which is valid for 3 years (which can be used on your new car). the TP insurance can be transferred to the new buyer of your old car at a cost of Rs.61
Third party is 8k. Quite a bit. Can that be transferred to the new owner and then can he make it a comprehensive insurance? If that works, I can ask him to pay for the 3rd party insurance.

Thanks. Appreciate the help.
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Old 5th June 2021, 16:22   #1304
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by nidhikapoor View Post
Third party is 8k. Quite a bit. Can that be transferred to the new owner and then can he make it a comprehensive insurance? If that works, I can ask him to pay for the 3rd party insurance.
As already mentioned TP insurance can be transferred to new owner. He can of course opt for an OD policy later but it is better to stick with the current insurer.
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Old 5th June 2021, 18:39   #1305
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajay99 View Post
As already mentioned TP insurance can be transferred to new owner. He can of course opt for an OD policy later but it is better to stick with the current insurer.

Sorry for being a bit obtuse here, but will this work?

I renew the insurance as comprehensive [new owner pays me for it]. Then he transfers the car, and the insurance, at which time can I ask for NCB cert from insurer? I presume that the new owner will have to pay some differential amount for the policy, as he will not be entitled to the NCB that I used? It will of course be a very small amount as the car is old now.

If I buy my new car before all this happens, and I pay full insurance, can I later show NCB and get the NCB amount refunded on pro rata basis?
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