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Old 8th November 2021, 11:33   #1336
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Beware of ACKO. They have refused to give NCB Certificate without cancelling the current policy (third party as well as own damage). As ACKO makes you cancel the policy through their self-service portal, there is no way to cancel only the own damage part of the policy.

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Greetings from Acko! No Claim Bonus certificate can be issued in the following scenarios:
  • Change of Ownership. (When the policy gets transferred to the new owner as per the updated RC).
  • Policy expiry. (NCB certificate can be availed within 90 days from the expiry date of the policy).
  • Policy cancellation due to sale of vehicle. (We would require the sales deed/delivery note or Form 29 and 30 with RTO seal & signature)
The only option is to buy a third party policy elsewhere, cancel the ACKO policy (or wait for the policy to expire), and then request for the NCB certificate from ACKO.
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Old 8th November 2021, 18:21   #1337
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

After I initiated cancellation of the policy for the NCB certificate, ACKO immediately cancelled the entire policy (yes, both own damage and third party) and refunded a paltry amount.

When I ask them to issue the NCB certificate, they are pointing me to this site: https://www.acko.com/customer-service/turn-around-time/ and asking me to wait for 15 working days. No further call or email is helping now that I am no longer their customer.

The dealer's insurer is waiting for the NCB certificate to process the new policy as they cannot accommodate this request later. I am awaiting delivery of my new car, which is not possible without the registration, which in turn is not possible without the insurance.

As I can only wait for two more days, I'll probably have to forgo the NCB benefit
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Old 8th November 2021, 19:30   #1338
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I think all insurers will give the NCB only after cancellation of the existing policy. What I dont understand is the 15 day period.

When I sold my old car, I cancelled the policy and got the NCB letter(softcopy ) in a couple of days. Used that to get the 50% NCB on my new car.
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Old 9th November 2021, 09:05   #1339
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by UPS_Guru View Post
The dealer's insurer is waiting for the NCB certificate to process the new policy as they cannot accommodate this request later.
Usual con job by your new car dealer. The insurer is duty-bound to refund you pro-rata when you submit the NCB. Just buy the full insurance now and submit your NCB when you get it in soft/hard copy. It MAY take time but you will get it refunded as per IRDA rules.

I have got around 23K+20K back for my Octavia and 330i respectively.
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Old 9th November 2021, 10:37   #1340
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hi possibly asking this question in the wrong thread
If we are buying a new car insurance from outside then do we put the date of registration as the day we are buying the policy? Asking this because if I am buying the policy today for a car which is getting registered in 2 days won't there be a difference?
Or do we wait for the registration to happen and buy the insurance on delivery so that the registration date is correct?
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Old 9th November 2021, 12:36   #1341
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

ACKO finally sent the NCB certificate. Don't know if it is a coincidence or a Team-BHP effect? I am hoping it is the latter.
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Old 9th November 2021, 23:36   #1342
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by superutp View Post
Hi possibly asking this question in the wrong thread
If we are buying a new car insurance from outside then do we put the date of registration as the day we are buying the policy? Asking this because if I am buying the policy today for a car which is getting registered in 2 days won't there be a difference?
Or do we wait for the registration to happen and buy the insurance on delivery so that the registration date is correct?
You can provide insurance start day same as the day you buy the insurance. It need not match the registration date. In my case (and I think that's how it is), insurance was needed before the registration so I bought it online and provided details to my dealer for registration purpose.
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Old 10th November 2021, 11:19   #1343
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by UPS_Guru View Post
Beware of ACKO. They have refused to give NCB Certificate without cancelling the current policy (third party as well as own damage). As ACKO makes you cancel the policy through their self-service portal, there is no way to cancel only the own damage part of the policy.

It is true that Insurance co asks us to cancel the policy before they can issue the NCB certificate. However, in my case I had requested Tata Aig to cancel the entire policy, but the said only OD can be cancelled as 3rd party insurance is mandatory. If I want to cancel both, I need to show proof of new 3rd party policy.
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Old 16th November 2021, 15:31   #1344
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

NCB transfer certificate issued is valid how long ?

I've both my bike and car getting sold. I'm almost close to getting a car but as far as bike I'm waiting for RE to launch some crackling models (Read as waiting for eternity) and hence want to know how long I can hold the NCB benefit after getting certificate.

Thanks in advance.
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Old 16th November 2021, 16:04   #1345
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by anirudhbb View Post
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?
When I sold my car, I had a 50% NCB and the policy was with ICICI Lombard. After transfer of RC, I had the policy transferred to the buyer by submitting a copy of the buyer's ID proof, address proof and new RC copy (I think the buyer had to pay a small premium too).
I also obtained the NCB certificate for myself.

My new car's insurance policy was also with ICICI Lombard, initially without the NCB. Later I liaised with their customer care to get the NCB effected and the corresponding amount refunded. As far as I remember, the communication took several reminders, repeatedly providing the same details, as well as sending the original NCB certificate to their Malad address.

But eventually it got done.



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Originally Posted by Ritz2010 View Post
NCB transfer certificate issued is valid how long ?
To the best of my knowledge it is valid for three years.
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Old 16th November 2021, 16:13   #1346
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by adisan View Post
When I sold my car, I had a 50% NCB and the policy was with ICICI Lombard. After the transfer of RC, I had the policy transferred to the buyer by submitting a copy of the buyer's ID proof, address proof and new RC copy (I think the buyer had to pay a small premium too).
I also obtained the NCB certificate for myself.

My new car's insurance policy was also with ICICI Lombard, initially without the NCB.
That's helpful, thanks.

Two questions -

1. Can I get the NCB certificate anytime or only when I sell the car and RC is transferred?
2. Transfer of Insurance policy for the new buyers is mandatory? Did you also cancel the Policy or what is the process?
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Old 16th November 2021, 16:48   #1347
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by anirudhbb View Post
1. Can I get the NCB certificate anytime or only when I sell the car and RC is transferred?
2. Transfer of Insurance policy for the new buyers is mandatory? Did you also cancel the Policy or what is the process?
As far as I remember I first got the NCB certificate, then transferred the RC and then the policy. This was almost 7 years back. Some responses in this thread state that the provider is refusing to give a NCB certificate unless the policy is terminated. It might be best to check with your insurance provider.

It is mandatory that the buyer should have a valid policy. Seller can either transfer the existing policy to the buyer, or cancel (terminate) the existing policy and the buyer has to get a new policy.
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Old 22nd November 2021, 22:32   #1348
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Long post Alert!

1) I have an existing car with an NCB of 25% ( Bajaj), and the current insurance expires on 1st March 22 at midnight. ( last year premium with 25% NCB was 9 k )
2) I will be exchanging the current car and planning to use the existing NCB in the best way to get insurance on the new car.
3) I am expecting to purchase the new car around mid-Feb. The approximate price of the dealer insurance is around 1.55 lakh (1-year RTi+ 3 year TP).

Please help me with advice on how to get the best deal?

Note:- I am ok to take the new insurance from bajaj as it is readily accepted at the service center.


My plan

1) Renew the existing car insurance on Jan 22 with a new 30% bracket with lower IDV from bajaj.

2) Sell the car in Jan (without insurance) ) and complete the transfer by Jan end/ mid Feb. Ask the new owner to take new insurance.

3) Book new car in mid Feb 22 with planned delivery by Feb end / early march

4) Contact bajaj with the selling document and get a quote for new car insurance with 30% NCB, if possible, for zero depreciation.

5) Cancel the previous insurance on the old car or get the cancellation amount adjusted against the new insurance.


Please let me know if the above is feasible or am I missing/ going wrong at any step?
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Old 23rd November 2021, 19:52   #1349
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hrishig View Post

Please let me know if the above is feasible or am I missing/ going wrong at any step?
The only thing missing is that the NCB transfer happens on the insurance that the sold car carries at the time of selling. So if you renew and sell then you'll get 30% and if you sell before renew then you'll get 25%. In my opinion, sell the car without renew (saves 9k) and get the 25% transferred to your new car. NCB applies to the OD part and the extra 5% would not be worth 9k.
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Old 23rd November 2021, 21:04   #1350
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by sixthsense View Post
The only thing missing is that the NCB transfer happens on the insurance that the sold car carries at the time of selling. So if you renew and sell then you'll get 30% and if you sell before renew then you'll get 25%. In my opinion, sell the car without renew (saves 9k) and get the 25% transferred to your new car. NCB applies to the OD part and the extra 5% would not be worth 9k.
Thanks for the comments. Also based on my discussions, the RC transfer process might take more than a month thus Overall looks like it's better to sell the current car without renewing insurance and use the current NCB.
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