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Old 14th March 2023, 13:15   #1441
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by FLYBOYSID View Post
HELP!!! Anybody who has had any success with getting a NCB certificate from Bajaj Allianz. Their helpdesk asked me to visit the branch in response to my application seeking NCB certificate. Visited the branch with all relevant papers and the personnel there advised me to send a mail to the helpdesk. As per them NCB certificate will be issued online only. After multiple visits and correspondence, these people seem as clueless as me.

I don't know what I am missing here. Any gen/ gyaan on subject is welcome. Please
My neighbor got it last year from Bajaj Allianz by submitting delivery note, and a screenshot of old vehicle transfer initiated from Parivahan site. Took some time for him, around after 2 months of initial request, couple of tweet to their customer care head @kvdipu and @BajajAllianz, he got it within a day.
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Old 19th March 2023, 02:18   #1442
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Aviator_guy View Post
...

How does one get the NCB Letter in such cases where we ...or exchange at dealership since RC update would take months and we can't use the NCB for new car if purchased before old car RC transfer is complete.
Well its totally possible, I have done it just last year. You just need to approach your existing insurance provider with reason that you're buying new car (no need to transfer ownership to even your kin). They usually are happy with transport invoice with your name for new car. And thereafter, they should issue the NCB retention certificate which is valid for 3 years. Bear in mind you need to pay back the NCB benefit pro-rated or for that year to the insurer. Refer this link for details on NCB retention certificate:
https://www.coverfox.com/benefits-of...lling-your-car
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Old 19th March 2023, 09:13   #1443
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hp52_vishy View Post
Well its totally possible, I have done it just last year. You just need to approach your existing insurance provider with reason that you're buying new car (no need to transfer ownership to even your kin). They usually are happy with transport invoice with your name for new car. And thereafter, they should issue the NCB retention certificate which is valid for 3 years. Bear in mind you need to pay back the NCB benefit pro-rated or for that year to the insurer. Refer this link for details on NCB retention certificate:
https://www.coverfox.com/benefits-of...lling-your-car
Thanks. What is transport invoice? When I purchased new car, I was informed about allotment and next thing was to arrange for loan, insurance etc. I only received a profarna invoice for sharing with the bank.
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Old 20th March 2023, 00:29   #1444
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Originally Posted by Aviator_guy View Post
Thanks. What is transport invoice? .... I only received a profarna invoice for sharing with the bank.
Well, in order for car to be shipped from manufacturing facility to delivery dealership (using those big transport trucks), a transport invoice is required. This document is primarily for transport tax/GST details, incase the truck is stopped by police for tax evasion checks. It does include your name incase you were the person who booked the car and that can be used for NCB certificate. Please speak to correct person from your insurer, try to take things in writing and speak to bank/insurance company ombudsman if you hit roadblocks. On the same thread, I had replied earlier as to how to approach IRDA incase required. Incase it helps, please DM me or email me and I can share redacted copies of my documents (I have the NCB cert as well as transport invoice copy handy)

Quick answer- I think you should have NCB benefit just by common sense or the IRDA shouldnt have introduced this option/component in insurance policies.
However, I'd also read the fine print on the insurance policy and approach IRDA or ombudsman if required.

Last edited by benbsb29 : 20th March 2023 at 04:14. Reason: Merged back-to-back posts.
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Old 20th March 2023, 11:42   #1445
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by hp52_vishy View Post
Well, in order for car to be shipped from manufacturing facility to delivery dealership (using those big transport trucks), a transport invoice is required. This document is primarily for transport tax/GST details, incase the truck is stopped by police for tax evasion checks. It does include your name incase you were the person who booked the car and that can be used for NCB certificate. Please speak to correct person from your insurer, try to take things in writing and speak to bank/insurance company ombudsman if you hit roadblocks. On the same thread, I had replied earlier as to how to approach IRDA incase required. Incase it helps, please DM me or email me and I can share redacted copies of my documents (I have the NCB cert as well as transport invoice copy handy)

Quick answer- I think you should have NCB benefit just by common sense or the IRDA shouldnt have introduced this option/component in insurance policies.
However, I'd also read the fine print on the insurance policy and approach IRDA or ombudsman if required.
Thank you for detailed information. Something I'll keep in mind for next purchase!
However, from my own experience, dealers now a days are not ready to wait for even a day for high demand models. So I doubt they will have patience and willingness to share transport invoice etc and give time to get NCB letter.

I simply lost opportunity for early delivery on couple of occasions just because the dealer found other pary who was ready with money to pay on the spot vs me going for bank loan which would have taken couple of days extra (I had pre approved loan offer but still dealer did not wait even for a single day).

Last edited by Aviator_guy : 20th March 2023 at 11:47.
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Old 23rd March 2023, 16:02   #1446
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Is tyre and alloy cover premium mandatory now?

We are in the process of purchasing a new car for city usage only. Our insurance agent got the No Claim Bonus (NCB) certificate for the previous car and provided us with a quote for the new car. I only asked for zero depreciation cover.

To my surprise, there was an additional line item of tyre and alloy cover premium, which cost Rs 1,687. When I asked the agent to remove it, he said that he is unable to do so, as their system mandates that all customers take this add-on, if they opt for a zero depreciation cover. This is the first that Im hearing of such a policy.

Does anyone know if this is true? It sounds rather fishy to me.

ARTICLE: No Claim Bonus - How to save on your insurance premiums!-insurance.jpg
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Old 23rd March 2023, 17:56   #1447
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Re: Is tyre and alloy cover premium mandatory now?

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Originally Posted by neil.jericho View Post
We are in the process of purchasing a new car for city usage only. Our insurance agent got the No Claim Bonus (NCB) certificate for the previous car and provided us with a quote for the new car. I only asked for zero depreciation cover.

To my surprise, there was an additional line item of tyre and alloy cover premium, which cost Rs 1,687. When I asked the agent to remove it, he said that he is unable to do so, as their system mandates that all customers take this add-on, if they opt for a zero depreciation cover. This is the first that Im hearing of such a policy.

Does anyone know if this is true? It sounds rather fishy to me.

It sounds fishy. Zero depreciation is an add on cover by itself. Tyre protect is another add-on and should be optional. Never heard of alloy protect!
If you are not getting what you want then time to switch to another company since you already have NCB certificate.
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Old 23rd March 2023, 19:05   #1448
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it required that we sell our old car to claim the NCB certificate? What if I want to retain the old one, but want to use it's NCB to a new car purchase ?
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Old 23rd March 2023, 20:26   #1449
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by supremeBaleno View Post
Is it required that we sell our old car to claim the NCB certificate? What if I want to retain the old one, but want to use it's NCB to a new car purchase ?
Technically, insurance company should provide NCB letter on customer request and charge the customer for NCB recovery. But in reality it is a herculean task to get this letter. Unless you personally follow up or have some inside contact, you won't hear back from customer care. They always insist on proof of sale like updated RC with new owner name. Some insurance companies may be more open to share NCB with the condition what you mentioned but you'd only know once you place a request. Sometimes, it may be easier to convince them and get NCB letter if you plan to get new insurance from same company.

Last edited by Aviator_guy : 23rd March 2023 at 20:29.
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Old 26th March 2023, 01:31   #1450
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by supremeBaleno View Post
Is it required that we sell our old car to claim the NCB certificate? What if I want to retain the old one, but want to use it's NCB to a new car purchase ?
Perfectly ok. I actually did sell my old car. However, just to test out the hypothesis above- I didn't do it before buying the new one. You just need transport invoice of new vehicle and you can transfer the NCB benefit from old car to new as long as you owned the old car and are the owner of the new car too.

Quote:
Originally Posted by Aviator_guy View Post
Technically, insurance company should provide NCB letter on customer request and charge the customer for NCB recovery. But in reality it is a herculean task to get this letter. Unless you personally follow up or have some inside contact, you won't hear back from customer care. They always insist on proof of sale like updated RC with new owner name. Some insurance companies may be more open to share NCB with the condition what you mentioned but you'd only know once you place a request. Sometimes, it may be easier to convince them and get NCB letter if you plan to get new insurance from same company.
Definitely you're at the mercy of customer care unless you record their unsatisfactory response and then write to Insurance company ombudsman and ,thereafter, if necessary IRDA. These bodies are created for the very same reason
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Old 11th April 2023, 14:00   #1451
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I guess this is a unique scenario for someone interested to work their head around

I have a 10 year-old car whose OD-insurance expired, less than 90 days ago. NCB is 50%. Never made a claim. It is the first car I've owned.

I want to renew the insurance. Was considering just going for 3rd party this time. So my doubts are:

1. If I go for 3rd party, whenever I change my car or buy a new second one, the NCB will be back to zero right, since I no longer would have an OD-insurance.

2. If I go for renewing with an OD one, since it has expired, a self-inspection video is required. Here's the complication. I scraped the rear-side of my car against a pillar at a mall (As a carpenter who likes to blame his tools, I would pass the blame on to the terribly designed almost-90 degree narrow basement turn). This happened while my insurance was valid, but I was too lazy to go and get it fixed. I probably wouldn't have made a claim anyway.
So now, if I were to go for an OD, what are the chances of them kicking a fuss over this scrape - will they assume I'll make a claim.
Thanks.
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Old 11th April 2023, 14:56   #1452
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by pillionrider View Post
If I go for renewing with an OD one, since it has expired, a self-inspection video is required. Here's the complication. I scraped the rear-side of my car against a pillar at a mall (As a carpenter who likes to blame his tools, I would pass the blame on to the terribly designed almost-90 degree narrow basement turn). This happened while my insurance was valid, but I was too lazy to go and get it fixed. I probably wouldn't have made a claim anyway.
So now, if I were to go for an OD, what are the chances of them kicking a fuss over this scrape - will they assume I'll make a claim.
Thanks.
This damage will be included in the fresh underwriter's report about your vehicle. So, any existing damages will not be covered if you renew the OD policy.
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Old 11th April 2023, 15:20   #1453
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by pillionrider View Post
I guess this is a unique scenario for someone interested to work their head around

I have a 10 year-old car whose OD-insurance expired, less than 90 days ago. NCB is 50%. Never made a claim. It is the first car I've owned.

I want to renew the insurance. Was considering just going for 3rd party this time.
Thanks.
Keeping fingers crossed - There might be a third option if you need NCB for next car purchase. Since your insurance expired less than 90 days ago, check with the insurance company (from where you purchased OD insurance) if they can issue you NCB letter. If you are lucky, then you will have NCB letter which will be valid for next 3 years and can be applied for new car purchase. Try your luck

Last edited by Aviator_guy : 11th April 2023 at 15:38.
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Old 11th April 2023, 15:28   #1454
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

To add to this, NCB certificate may be issued by your current insurer if your policy has expired less than 90 days ago which is valid for 3 years and can be used for insuring a new car in your name.
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Old 19th April 2023, 07:42   #1455
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Is it possible to transfer a personal name NCB to a company name car insurance policy wherein the same person is a director/owner?
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