Team-BHP > Team-BHP Advice > On buying a car


Reply
 
Thread Tools Search this Thread
Old 12th September 2021, 09:15   #1321
Distinguished - BHPian
 
androdev's Avatar
 
Join Date: May 2007
Location: bangalore
Posts: 2,441
Thanked: 10,170 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by itwasntme View Post
@androdev: Normally, the original sealed and signed hard copy is very much the rule. However, I had a slightly different experience at the height of Unlock 1.0 & 2.0:

In my case, Bajaj accepted a soft copy of the NCB from Royal Sundaram if it was directly emailed from the latter copying me. It was possible only because (in hindsight) as everyone was WFH, and no proper courier services were operating due to surface contamination risks. Bajaj of course insisted that they would await the hard copy, which I personally handed over around a month later.
Direct mail from insurance co makes sense as they can be certain that the NCB benefit will not be used multiple times. This is good to know as it can be used in an emergency where a mail from insurance company can get you new policy followed by physical copy handover.
androdev is online now  
Old 12th September 2021, 09:29   #1322
BHPian
 
Join Date: Oct 2020
Location: Bangalore
Posts: 238
Thanked: 196 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by androdev View Post
Direct mail from insurance co makes sense as they can be certain that the NCB benefit will not be used multiple times. This is good to know as it can be used in an emergency where a mail from insurance company can get you new policy followed by physical copy handover.
I guess it might be even easier to deal with this situation if old and new policy are from same insurance company. I might try this route if required. Thank you folks for suggestions
Aviator_guy is online now  
Old 15th September 2021, 20:44   #1323
BHPian
 
Join Date: Aug 2014
Location: DEL, SFO
Posts: 660
Thanked: 1,884 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it possible to change your insurance policy from comprehensive to 3rd party during the tenure? I was sure it was possible but now I have been told by my agent that such changes can only be made at the time of renewal. I was under the impression that one can simply downgrade the policy and get a pro rated refund. I need to do this in order to get an NCB certificate to use with my new car insurance which will have to be renewed in December.
Lobogris is offline  
Old 15th September 2021, 21:59   #1324
Distinguished - BHPian
 
itwasntme's Avatar
 
Join Date: May 2007
Location: BANGALORE
Posts: 5,104
Thanked: 7,419 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Lobogris View Post
Is it possible to change your insurance policy from comprehensive to 3rd party during the tenure?

I need to do this in order to get an NCB certificate to use with my new car insurance which will have to be renewed in December.
Very much possible but agents will not facilitate. Walk into the local main branch with your originals and KYC, submit a formal application stating the reason why you want to cancel the OD portion and ask for the 'short period' refund.

They are duty bound to provide the same as per IRDA rules, but may take some time to process the NCB reservation letter itself.
itwasntme is online now   (1) Thanks
Old 16th September 2021, 14:42   #1325
Newbie
 
mandarpotdar's Avatar
 
Join Date: Jul 2021
Location: Pune
Posts: 20
Thanked: 78 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Sorry if this is already answered, I did not go through all pages in this thread.

I am selling my Ford Figo to Cars24. I have 50% NCB currently. Policy is from ICICI Lombard.
Is the Sale Deed + Delivery Note sufficient to reserve this NCB for use with my new car, to be purchased in few days?
mandarpotdar is offline   (1) Thanks
Old 16th September 2021, 16:26   #1326
BHPian
 
Join Date: Oct 2020
Location: Bangalore
Posts: 238
Thanked: 196 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by mandarpotdar View Post
Sorry if this is already answered, I did not go through all pages in this thread.

I am selling my Ford Figo to Cars24. I have 50% NCB currently. Policy is from ICICI Lombard.
Is the Sale Deed + Delivery Note sufficient to reserve this NCB for use with my new car, to be purchased in few days?
Talk to ICICI Lombard and ask if they can issue NCB reservation letter based on the documents you mentioned.
Aviator_guy is online now  
Old 16th September 2021, 19:48   #1327
BHPian
 
Join Date: Dec 2017
Location: Madras
Posts: 196
Thanked: 377 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Folks, need some guidance.

I sold a car earlier this year and got the NCB certificate (45%) from New India Assurance.

I bought an used car this year which did have a NCB of 45 % in the name of the last owner. Post transfer of ownership, when I requested for transfer of Insurance (again with New India Assurance), they asked me to pay the NCB compensation (~4k) when I asked them to consider my NCB certificate, they’ve rejected it saying NCB is applicable only for Newly registered cars.

When I protested, they said I can use this NCB next year when the current Insurance policy comes up for renewal.


What can I do to ensure that my NCB doesn’t go waste ? Would writing to New India Assurance's customer care help me ?

Would I be able to claim the 4K back ?

Last edited by vaasscit : 16th September 2021 at 19:49.
vaasscit is offline  
Old 17th September 2021, 10:27   #1328
Distinguished - BHPian
 
itwasntme's Avatar
 
Join Date: May 2007
Location: BANGALORE
Posts: 5,104
Thanked: 7,419 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by Aviator_guy View Post
Talk to ICICI Lombard and ask if they can issue NCB reservation letter based on the documents you mentioned.
Correct, try and visit a branch as these are seldom handled well on a call.

Quote:
Originally Posted by vaasscit View Post
Folks, need some guidance.

I sold a car earlier this year and got the NCB certificate (45%) from New India Assurance.
When I protested, they said I can use this NCB next year when the current Insurance policy comes up for renewal.
Would I be able to claim the 4K back ?
Unfortunately they are correct in their approach. NCB can be applied only during renewals and not mid-year. I also faced the same with Bajaj Allianz and ICICI Lombard.

However, some members have said that the online only insurers do entertain such requests. In your case, NIA definitely will not budge as they are aligned to IRDA requirements.
itwasntme is online now  
Old 17th September 2021, 10:53   #1329
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,525
Thanked: 2,982 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vaasscit View Post
when I asked them to consider my NCB certificate, they’ve rejected it saying NCB is applicable only for Newly registered cars.

When I protested, they said I can use this NCB next year when the current Insurance policy comes up for renewal.
NIA is BSing. NCB doesnt see whether its old car or new, it goes with the owner. So if you are being made to pay the NCB claimed by previous owner on pro rata basis then they will have to adjust the Insurance accordingly for the NCB deductions too. Alternatively you could have negotiated with the previous owner for the NCB amount payment (either the car value could have been lessened by that amount or the owner should have paid upfront to the Insurance co).

If you opt for using the NCB for next year's renewal then you will lose the 4K amount which you pay to NIA. Thats the way the public sector cos work
ghodlur is offline  
Old 17th September 2021, 11:38   #1330
BHPian
 
Join Date: Dec 2016
Location: BANGALORE
Posts: 248
Thanked: 797 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vaasscit View Post
Folks, need some guidance.

I sold a car earlier this year and got the NCB certificate (45%) from New India Assurance.

It can be changed mid year and the difference has to be returned. I had a similar experience but they delayed the process and made sure all the effort is waste of time by doing this only at almost end of the year and I got about 150Rs as Refund whereas actual would have been about Rs.2000
aadya is offline  
Old 17th September 2021, 12:14   #1331
BHPian
 
Join Date: Oct 2020
Location: Bangalore
Posts: 238
Thanked: 196 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by vaasscit View Post
Folks, need some guidance.

I sold a car earlier this year and got the NCB certificate (45%) from New India Assurance.

I bought an used car this year which did have a NCB of 45 % in the name of the last owner. Post transfer of ownership, when I requested for transfer of Insurance (again with New India Assurance), they asked me to pay the NCB compensation (~4k) when I asked them to consider my NCB certificate, they’ve rejected it saying NCB is applicable only for Newly registered cars.

When I protested, they said I can use this NCB next year when the current Insurance policy comes up for renewal.


What can I do to ensure that my NCB doesn’t go waste ? Would writing to New India Assurance's customer care help me ?

Would I be able to claim the 4K back ?
From my experience, this is a grey area and is dealt as per the insurance company's TnCs. When I enquired with ICICI about using NCB letter to the new car, I was told that they won't consider it at the time of issuing new policy and I have to submit it later to claim the adjustment. Whatever it means but I didn't feel that was right on their part to not consider NCB certificate at the start itself. Insurance space is full of these weird rules, which I feel mostly is just there to delay/frustrate people to give up the benefits.
Aviator_guy is online now  
Old 21st September 2021, 21:54   #1332
BHPian
 
goenkakushal's Avatar
 
Join Date: Sep 2021
Location: Mumbai
Posts: 40
Thanked: 88 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

NCB transferred without sale of old vehicle

I transferred my Dzire's insurance with 50% NCB to my new ride A4. The savings were almost 4 times the insurance premium of dzire for a year.

Old vehicle policy was with Tata, it expired on 15 March.

In April I requested them to transfer the NCB to my new vehicle which I was ready to insure with Tata, for which they demanded proof of sale.
I told them clearly I am not selling this vehicle and I will not provide any false declaration.
They rejected my request .

However, after prolonged discussion with the Regional head, I tried to safeguard insurance co interest and suggested that I will renew my old vehicle dzire's as well as buy new policy for my new A4 from Tata. This would ensure that the NCB is not use with any other insurer. He promised to revert after consulting his seniors and finally he did get a special approval from his underwriter.
goenkakushal is offline  
Old 7th October 2021, 21:46   #1333
BHPian
 
hypermiler's Avatar
 
Join Date: Aug 2011
Location: Chennai
Posts: 85
Thanked: 166 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi, I had sold my earlier car a few months back. Since I had 50% NCB, I wanted to get an NCB reservation letter so that I can utilize this for my new car's next year insurance (have already purchased the car a couple of months back). Old car insurer is Liberty Insurance. To issue the letter, they are asking the following:

* Insured Consent Letter
* Transferred RC copy/Form 29,30 along with RTO Receipt

I have the transferred RC copy. But may I know what the Insured Consent Letter is?
hypermiler is offline  
Old 5th November 2021, 11:16   #1334
Newbie
 
Join Date: Oct 2021
Location: Bangalore
Posts: 20
Thanked: 32 Times
Infractions: 0/1 (5)
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by goenkakushal View Post
NCB transferred without sale of old vehicle

I transferred my Dzire's insurance with 50% NCB to my new ride A4. The savings were almost 4 times the insurance premium of dzire for a year.
Great!

How does it work? I renewed my current car policy in Sep this year and my new wheels are expected to come in the next 6-8 weeks. My existing car will be sold probably 7-10 days before the new car delivery. I have 50% NCB from ICICI Lombard.

Do I need to inform the Dealer (if I decide to go with Dealer Insurance) or what is the process if I get New Car insurance on my own?

Thanks in advance!
anirudhbb is offline  
Old 7th November 2021, 10:54   #1335
BHPian
 
goenkakushal's Avatar
 
Join Date: Sep 2021
Location: Mumbai
Posts: 40
Thanked: 88 Times
Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by anirudhbb View Post
Great!

How does it work? I renewed my current car policy in Sep this year and my new wheels are expected to come in the next 6-8 weeks. My existing car will be sold probably 7-10 days before the new car delivery. I have 50% NCB from ICICI Lombard.

Do I need to inform the Dealer (if I decide to go with Dealer Insurance) or what is the process if I get New Car insurance on my own?

Thanks in advance!
Congratulations on your new ride.. The process is fairly simple. Only problem is no one will guide you properly the steps involved as this doesn't benifit anyone apart from you.(dealership will be least interested as it increases their paperwork)

Steps
1. Sell your old car and keep copy of various proofs like dilevery note,Rto form for transfer of ownership(Form 29,39). This should be submitted to your old vehicle's insurance co.
2. Request for policy cancellation and issue of NCB Certificate.(Only own damage will be cancelled and refunded to you not 3rd party)
3. Once you receive NCB certificate, you can submit the same to your dealer for issue of new vehicle policy with NCB or directly to your insurance co if you are doing insurance yourself.

Remember NCB is applicable on OD premium not the entire policy.
Overall 50% NCB should help you bring the total premium down by 25% aprx.
goenkakushal is offline   (2) Thanks
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright ©2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks