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Old 24th November 2021, 08:26   #1351
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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.
That extra 5% would be worth a lot when buying Insurance for a the new car. New car with Insurance with 25% NCB will be costlier than with 30% NCB.

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Originally Posted by hrishig View Post
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.
In any case, you will be required to refund the NCB amount on pro rate basis when retaining the NCB. Better to renew, get the 30% NCB, pay off the pro rata amount and use the 30% NCB when buying new car insurance. Take an informed decision post the calculations.
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Old 26th November 2021, 00:57   #1352
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

An interesting query for the learned members; for the purpose of the NCB transfer, i understand selling the car is a prerequisite but what amongst these is considered as the date of sale:
  • Date of the agreement between the buyer/seller?
  • Date of sale mentioned on the transfer forms(29, 30 etc.) pending submission
  • Date of submitting the transfer forms to the RTO for processing
  • Date of issuance of the updated RC
I have a case where some of these dates are quite apart so it'll be helpful to have some clarity on this. I couldn't find the standard policy wordings related to NCB on the IRDA site so if someone has any pointers it'll be much appreciated.

Thank you
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Old 26th November 2021, 09:42   #1353
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by theMandarin View Post
An interesting query for the learned members; for the purpose of the NCB transfer, i understand selling the car is a prerequisite but what amongst these is considered as the date of sale:[list]


Thank you
What I understand is that the date on the delivery note when he actually drives away the car after making payment is considered date of sale.

For NCB transfer, you can get your NCB once the buyer has made the balance payment (NCB amount) and transferred the policy to his name. I personally found it easier to cancel the insurance before handing over and asking them to buy their own Insurance even if it means reducing price marginally.
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Old 26th November 2021, 10:38   #1354
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by theMandarin View Post
for the purpose of the NCB transfer
For NCB transfer either the policy should be cancelled (terminated) OR the policy should be transferred to the new vehicle owner. One can cancel a policy not only when the vehicle is sold, but for any reason eg dissatisfied with the support provided by the insurer.
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Old 1st December 2021, 12:26   #1355
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ajmat View Post
1. When you sell your old car: The biggest mistake people make is transferring the insurance lock stock and barrel when selling a car. Ensure that ownership is transferred and make a photocopy of the new entry in the RC book for insurance purposes.

2: Obtain the NCB certificate: Forward a copy of the delivery note to your insurance company and ask for the NCB certificate or holding letter. This letter is valid for three years; you may find it easiest to go to your insurerís local office to pick it up in person.
Since deliveryNote is involved, I guess the NCB certificate can be applied for only after selling the vehicle ? Or we can apply for it before the sale itself ?

Also, what is the significance of make a photocopy of the new entry in the RC book for insurance purposes ? Is this photocopy to be attached along with deliveryNote while applying for NCB certificate?
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Old 2nd December 2021, 08:50   #1356
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by supremeBaleno View Post
Since deliveryNote is involved, I guess the NCB certificate can be applied for only after selling the vehicle ? Or we can apply for it before the sale itself ?
In most cases, the delivery note is enough for obtaining the NCB certificate. Some companies may also insist on a sale certificate. Soft copies should be good for both of them. ​You will also have to provide your account details for the premium refund.

Upon submission of the required documents, the insurance (both own damage and liability/third-party) will be cancelled, the premium amount refunded on a pro-rata basis, and the NCB certificate issued.

To avail NCB benefit on the new insurance, you may also be asked for a copy of the old insurance (to check the NCB ). For companies that insist on hard copies, just get a color print out of the soft copy on a thick paper and that'll get accepted.

If you submit the documents for NCB benefits after you purchase the insurance, you will lose out on the full benefit as the company will calculate the benefit it on a pro-rata basis.
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Old 2nd December 2021, 09:12   #1357
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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
In most cases, the delivery note is enough for obtaining the NCB certificate. Some companies may also insist on a sale certificate. Soft copies should be good for both of them. ​You will also have to provide your account details for the premium refund.

Upon submission of the required documents, the insurance (both own damage and liability/third-party) will be cancelled, the premium amount refunded on a pro-rata basis, and the NCB certificate issued.

To avail NCB benefit on the new insurance, you may also be asked for a copy of the old insurance (to check the NCB ). For companies that insist on hard copies, just get a color print out of the soft copy on a thick paper and that'll get accepted.

If you submit the documents for NCB benefits after you purchase the insurance, you will lose out on the full benefit as the company will calculate the benefit it on a pro-rata basis.
Delivery note is not sufficient to issue the NCB certificate, the changed RC is the documents which Insurance cos look for before issuing the NCB certificate.
The Insurance policy doesnt get cancelled upon NCB certificate request but only upon an application either by seller or buyer the policy gets cancelled. In most cases the Insurance ownership is transferred upon producing the changed RC. Yes, the buyer will need to pay the NCB amount claimed in the policy on pro rata basis, he can either do that or request for cancellation & issuance of new policy.
For new car insurance why is the old car insurance copy required. Not at all the case.
The NCB certificate if not utilized for new car purchase can be used only during the first year renewals and has a validity of 3 years
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Old 2nd December 2021, 13:26   #1358
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by supremeBaleno View Post

Also, what is the significance of make a photocopy of the new entry in the RC book for insurance purposes ? Is this photocopy to be attached along with deliveryNote while applying for NCB certificate?
In cases where certain insurance co do not accept Delivery note or RTO form 29 & 30 as a proof of sale, copy of transferred RC will be irrefutable proof.
Quote:
Originally Posted by UPS_Guru View Post
.


Upon submission of the required documents, the insurance (both own damage and liability/third-party) will be cancelled, the premium amount refunded on a pro-rata basis, and the NCB certificate issued.
Insurance co will cancel only Own damage. Third party insurance is mandatory, they will cancel it only if you show them proof of third party insurance policy from some other insurance co.

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Originally Posted by ghodlur View Post
Delivery note is not sufficient to issue the NCB certificate, the changed RC is the documents which Insurance cos look for before issuing the NCB certificate.
The Insurance policy doesn't get cancelled upon NCB certificate request but only upon an application either by seller or buyer the policy gets cancelled.
NCB Certificate can be issued in following scenarios
1) Vehicle is sold but ownership transfer on RC is pending-
In this case Policy needs to be cancelled for issuing NCB Certificate
2) Vehicle sold and ownership is transferred on RC as well as the insurance policy-
In this case Policy is already transferred and old owner can request for NCB Certificate without cancellation of policy.

The basic understanding is that NCB Certificate or the Policy only one of the document shall have the eligibility to claim NCB.

Eg. You have 50% NCB on your old vehicle and you request for NCB Certificate without selling the vehicle or cancelling policy. Assuming Insurance co has accepted your request (by error) you will now have a NCB certificate as well as a policy with NCB.
If you buy a new car and attach the NCB Certificate you will get 50% NCB on new vehicle and your old vehicle continue to enjoy 50% NCB. This mean double advantage which is definitely illegal.

To avoid above scenario Insurance co requests customer to cancel the policy or transfer policy to new owner without NCB. Only then proceed for NCB Certificate issuance.
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Old 2nd December 2021, 14:07   #1359
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Sorry for assuming you have read my earlier posts.

The process mentioned in the last post is for:
- obtaining NCB certificate is from ACKO
- transferring NCB to HDFC Ergo

ACKO required both the sale certificate and the delivery note to issue the NCB certificate. They canceled both the own damage and liability insurance immediately and refunded the premium paid on a pro-rata basis. They do not need proof of transfer of registration or insurance from another company, or any other RTO documents. With ACKO, everything is digital and therefore there were no hard copies of the NCB certificate.

If the sale is between two individuals, you can even print a template for the delivery note and sale certificate, fill in the details, and submit a soft copy.

HDFC Ergo insisted on the old/expired/cancelled copy of the insurance (to check what was mentioned in the NCB field) and the NCB certificate. They insisted on hard copies for both these documents.
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Old 22nd December 2021, 23:00   #1360
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I have a question on similar lines

1) I will be selling my car with ~35% NCB ( Bajaj ) to Maruti’s true value / OLX car/Mahendra’s first choice. They are supposed to give me a delivery note/ invoice. The RC transfer may take 2 months

2) I want to buy a new car using 35% NCB discount from Bajaj only. This should happen 2-3 weeks after I sell my current car.

Question
Can this be done by asking NCB certificate from Bajaj using delivery note + cancellation of current policy OR
Do I have to wait for full 2 months till the time full RC transfer happens?
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Old 22nd December 2021, 23:13   #1361
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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
I have a question on similar lines

1) I will be selling my car with ~35% NCB ( Bajaj ) to Maruti’s true value / OLX car/Mahendra’s first choice. They are supposed to give me a delivery note/ invoice. The RC transfer may take 2 months

2) I want to buy a new car using 35% NCB discount from Bajaj only. This should happen 2-3 weeks after I sell my current car.

Question
Can this be done by asking NCB certificate from Bajaj using delivery note + cancellation of current policy OR
Do I have to wait for full 2 months till the time full RC transfer happens?
Contact Bajaj customer care about NCB transfer to new car. They will ask for either old car sale proof or new car invoice. Check with them if they can consider NCB transfer basis on the old car delivery receipt since you plan to take new insurance from them only.

Generally it should be relatively straightforward to transfer NCB if old and new car insurance is from same insurance company.

If you know of a reliable agent, it will be worth going with him if you find the follow up with Bajaj difficult on your own.

Last edited by Aviator_guy : 22nd December 2021 at 23:14.
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Old 22nd December 2021, 23:18   #1362
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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
Contact Bajaj customer care about NCB transfer to new car. They will ask for either old car sale proof or new car invoice. Check with them if they can consider NCB transfer basis on the old car delivery receipt since you plan to take new insurance from them only.

Generally it should be relatively straightforward to transfer NCB if old and new car insurance is from same insurance company.

If you know of a reliable agent, it will be worth going with him if you find the follow up with Bajaj difficult on your own.
Correct. Called Bajaj CC, they asked me to send email to bajaj webhelp email address. Sent 5+ emails to bajaj customer care, but getting brain-dead answers. If anybody can suggest a reliable bajaj agent, it will be of great help.

In the worst case I am planning to visit bajaj head office.
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Old 6th January 2022, 12:02   #1363
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Update

1)Went to bajaj office, contacted one agent who was very helpful.

2) I came to know that one can get NCB certificate for an existing car without selling a car / transferring RC

3) Catch in above is the existing car policy will be renewed without NCB in the future, and you can use the NCB certificate on your shiny ( And pricey) new car.

4) I agreed for the same, one car inspection was arranged from the bajaj side before NCB transfer and was done smoothly.

5) Paid some nominal transfer fee ( Few hundred Rs only )

6) Got NCB certificate which will help me save a huge amount on new car insurance.
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Old 10th January 2022, 15:38   #1364
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Hey Folks,

I have an insurance from TATA AIG under company lease.
Now that my lease has ended I am transferring the car in my name. RTO registration is done but while trying to change the name in insurance - TATA AIG folks are saying that the NCB will not be applicable and I need to pay the NCB recovery amount.

Can someone tell me how can I retain my NCB while transferring the car to my name?
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Old 10th January 2022, 16:23   #1365
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ank.nsit View Post
Hey Folks,

I have an insurance from TATA AIG under company lease.
Now that my lease has ended I am transferring the car in my name. RTO registration is done but while trying to change the name in insurance - TATA AIG folks are saying that the NCB will not be applicable and I need to pay the NCB recovery amount.

Can someone tell me how can I retain my NCB while transferring the car to my name?
This is correct. I have gone through the same thing. NCB is for the customer and not the car.

One option is there - In case you own another less expensive car. You can request NCB Letter on other car and use it on this new car you are transferring to your name. You might need to pay NCB recovery on other car but it might be less than what you are asked to pay now for lease car.

Last edited by Aviator_guy : 10th January 2022 at 16:25.
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