[anirudhbb]

If I sell my old car to the same dealer from where I am buying the new car, how does this NCB thing works?

The insurance company is asking for some Form 29 and Form 30, to issue an NCB certificate, but as per Dealer (Hyundai) they don't give this Form.

[ajay99]

form 29 and 30 are transfer of ownership forms. It is not essential to get an NCB endorsement. You get a Third party policy for the old car and get the NCB endorsement from the Insurance company.You can use that NCB on the new comprehensive policy of your new car.

[anirudhbb]

Originally Posted by ajay99

form 29 and 30 are transfer of ownership forms. It is not essential to get an NCB endorsement. You get a Third party policy for the old car and get the NCB endorsement from the Insurance company.You can use that NCB on the new comprehensive policy of your new car.

Message from ICICI Lombard -

With reference to your e-mail regarding the policy number, we wish to inform you that after selling the car than only we can issue the letter.

Thing is, I want the NCB thingy to get applied while I am buying the car so that the overall car price comes down.

Hyundai said they will not give any payment for the used car but deduct directly from the total bill value of the new car.

Hence confused about the sequence of events.

[rrk]

Originally Posted by anirudhbb

Message from ICICI Lombard -

With reference to your e-mail regarding the policy number, we wish to inform you that after selling the car than only we can issue the letter.

Thing is, I want the NCB thingy to get applied while I am buying the car so that the overall car price comes down.

Hyundai said they will not give any payment for the used car but deduct directly from the total bill value of the new car.

Hence confused about the sequence of events.

The following worked for me in the past but for 2-wheeler. You can give it a try as well:
1. Tell your current insurance provider that you are switching to new insurance for your car and need NCB letter
2. they can only ask for new insurance copy. You can buy basic/cheap insurance for some other provider and send it across. The rest will follow thru

Note that insurance is for the vehicle but NCB is for the driver. They cannot insist on selling the car for issuing NCB letter while you want to switch insurance provider.

[ajay99]

Originally Posted by anirudhbb

Message from ICICI Lombard -

With reference to your e-mail regarding the policy number, we wish to inform you that after selling the car than only we can issue the letter.

Thing is, I want the NCB thingy to get applied while I am buying the car so that the overall car price comes down.
.

This is wrong. You need not sell the car to get an NCB endorsement. You can convert your policy to third party and get it. The NCB endorsement is valid for 3 years

[anirudhbb]

Originally Posted by ajay99

This is wrong. You need not sell the car to get an NCB endorsement. You can convert your policy to third party and get it. The NCB endorsement is valid for 3 years

Third-party as in, it's no more comprehensive?

Originally Posted by ajay99

form 29 and 30 are transfer of ownership forms. It is not essential to get an NCB endorsement. You get a Third party policy for the old car and get the NCB endorsement from the Insurance company.You can use that NCB on the new comprehensive policy of your new car.

Hyundai used-car division is saying, if I claim NCB then will deduct 5k from the car price they agreed to buy on, as it's no more comprehensive policy.

All this is such a hassle, constant haggling.

[Fillmore]

Has anyone transferred the NCB from the old policy to the new policy AFTER the new policy was issued ?
I am not sure if this is even possible.

i.e. Chronology of events in my case.

1. I sold my old car to an intermediary agency ( had 50% NCB ).
2. Purchased new car + New Insurance policy ( Zero NCB ).
3. Then I got the NCB Cert from the old Insurance company.
4. Now can I have the new existing policy be updated with this NCB ?

[ghodlur]

Originally Posted by Fillmore

Has anyone transferred the NCB from the old policy to the new policy AFTER the new policy was issued ?
I am not sure if this is even possible.

i.e. Chronology of events in my case.

1. I sold my old car to an intermediary agency ( had 50% NCB ).
2. Purchased new car + New Insurance policy ( Zero NCB ).
3. Then I got the NCB Cert from the old Insurance company.
4. Now can I have the new existing policy be updated with this NCB ?

Unfortunately, you can't transfer it now. You should have applied the NCB from old car to the new car before buying the insurance of the new car. Now you can opt for the amount equal to the NCB and will have started from zero NCB.

Ideally, you should have got an endorsement of the applicable NCB from the Insurance co and had you purchased the insurance for the new car from the same Insurance co the NCB application would have been far easier.

Originally Posted by ajay99

This is wrong. You need not sell the car to get an NCB endorsement. You can convert your policy to third party and get it. The NCB endorsement is valid for 3 years

No need to convert the policy to 3rd party. NCB endorsement works well during buying a new car insurance. And no NCB endorsement is not valid for 3 yrs, its the NCB certificate which is valid till 3 yrs.

[ajay99]

Originally Posted by anirudhbb

Third-party as in, it's no more comprehensive?
Hyundai used-car division is saying, if I claim NCB then will deduct 5k from the car price they agreed to buy on, as it's no more comprehensive policy.
All this is such a hassle, constant haggling.

There is no rationale or logic for deducting any amount for the old car for it not having a comprehensive policy, because NCB is for the individual and not for the vehicle.the new owner will not get the benefit of the NCB in your policy. It is seen that many dealerships are not happy with people coming with 50 percent NCB , for obvious reasons

[anirudhbb]

Originally Posted by ajay99

This is wrong. You need not sell the car to get an NCB endorsement. You can convert your policy to third party and get it. The NCB endorsement is valid for 3 years

How do I convert to a third party? How different is this from comprehensive? Current insurance is valid till Oct'22.

I sold to Hyundai dealer as an exchange, Form 29-30 they will get ONLY when they find a Buyer. I have got the Purchase Agreement and Delivery Note.

When Hyundai sells the car, I guess they will sell with a new insurance and if I don't claim NCB, they will claim and pocket the difference?

[ajay99]

Originally Posted by anirudhbb

How do I convert to a third party? How different is this from comprehensive? Current insurance is valid till Oct'22.
When Hyundai sells the car, I guess they will sell with a new insurance and if I don't claim NCB, they will claim and pocket the difference?

Which is your present insurer ? is it public sector insurance company or private.
I have heard that public insurance Development officers are very helpful with their customers in the case of NCB etc. Did you talk to the concerned officer?
what is your present NCB? Since it is valid till October 2022 you would have to repay the apportionate NCB claimed to get the NCB.

[anirudhbb]

ICICI Lombard.

Policy valid till Oct'22. Have 50% NCB.

[ajay99]

Originally Posted by anirudhbb

ICICI Lombard.
Policy valid till Oct'22. Have 50% NCB.

That means you have got a very high NCB. So please do talk to the officer concerned personally and get it sorted. This NCB will help you get good benefit when you upgrade to higher value cars

[anirudhbb]

Yup. I hear you.

Any idea from Rs 78k which is what I am paying, post NCB how much can it come down to potentially?

Is there any transparency on the benefit applied due to NCB?

[Aviator_guy]

Originally Posted by anirudhbb

Yup. I hear you.

Any idea from Rs 78k which is what I am paying, post NCB how much can it come down to potentially?

Is there any transparency on the benefit applied due to NCB?

NCB is directly applied to own damage premium (and not applicable on third party portion). So if you have a quote then you can calculate the benefits. I am guessing it would be in the range for 15-20k give or take