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Old 20th April 2023, 06:22   #1456
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by Sahil View Post
Is it possible to transfer a personal name NCB to a company name car insurance policy wherein the same person is a director/owner?
The NCB always stays with the person who is the registered owner. If the same person is the registered owner in the company car insurance policy the NCB will still go with the person. Incase the Company insurance policy has the company's name then the NCB cannot be transferred.
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Old 21st April 2023, 14:36   #1457
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by ghodlur View Post
The NCB always stays with the person who is the registered owner. If the same person is the registered owner in the company car insurance policy the NCB will still go with the person. Incase the Company insurance policy has the company's name then the NCB cannot be transferred.
Correct. However, there's a small provision - If the Company registers the Car with a "named driver" in the Insurance policy then the NCB accrued can be transferred with the named driver if the Car is transferred at a latter stage to the "named driver".

Not many Insurers make this public knowledge in their own interest.

Thant may not be applicable in the scenario but Insurers have discretion I am sure

Last edited by r_nairtvm : 21st April 2023 at 14:38.
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Old 28th April 2023, 11:06   #1458
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by r_nairtvm View Post
Correct. However, there's a small provision - If the Company registers the Car with a "named driver" in the Insurance policy then the NCB accrued can be transferred with the named driver if the Car is transferred at a latter stage to the "named driver".

Not many Insurers make this public knowledge in their own interest.

Thant may not be applicable in the scenario but Insurers have discretion I am sure
Spot on! I did the same thing when I bought my Cruze at the end of the company lease. Only needed a NOC from my employer and the transfer documents.
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Old 2nd May 2023, 17:08   #1459
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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
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
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Originally Posted by saket77 View Post
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.
Just a follow-up. The insurance company stalled it for a while. Multiple emails later, they closed the case citing my phone being unreachable as the reason

Eventually, after cc-ing a few of their senior employees and penning a sarcastic email that included asking if the were planning on issuing the NCB certificate verbally to me, they relented and sent me the certificate now.

Thank you guys for the help.
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Old 30th May 2023, 16:06   #1460
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Question on NCB transfer:
I plan to trade in my Dzire when I buy the Harrier, so visited my current insurer to enquire about NCB transfer on to the new car's insurance policy (potentially from the same company so they gave me a quote).

I currently have a 50% NCB (discount) on my Dzire which works out to about INR 1000 on the current policy's Own Damage premium amount. The insurance company is saying that when I transfer NCB, I will effectively get a discount of INR 1K on the new policy; whereas my understanding was that I will get a 50% discount applied on the Own Damage premium of the new car. Is the insurer's interpretation correct in this case?

Last edited by NPV : 30th May 2023 at 16:08.
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Old 30th May 2023, 17:29   #1461
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by NPV View Post
The insurance company is saying that when I transfer NCB, I will effectively get a discount of INR 1K on the new policy; whereas my understanding was that I will get a 50% discount applied on the Own Damage premium of the new car. Is the insurer's interpretation correct in this case?
Utter rubbish! You are legally entitled to a flat 50% discount on the new vehicles OD premium. Please ask them to put in an official email and share it - IRDA will guarantee that that person will lose his/her job.
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Old 31st May 2023, 06:21   #1462
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
Utter rubbish! You are legally entitled to a flat 50% discount on the new vehicles OD premium. Please ask them to put in an official email and share it - IRDA will guarantee that that person will lose his/her job.
What's the best/easiest way to get the NCB certificate form the current insurer?
I was thinking I can first change my policy to a liability only (3rd party policy) and then request for my NCB certificate - is there a prescribed form to fill to request for this? They way these guys behave, I'm guessing they will make it difficult for me to get the NCB certificate, so what else can I do to get it quickly?
Current insurer is United India insurance.
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Old 31st May 2023, 08:32   #1463
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by NPV View Post
What's the best/easiest way to get the NCB certificate form the current insurer?
Current insurer is United India insurance.
I'd suggest visiting their main BLR office and speaking to the cluster or regional head directly. As far as I know, each insurer has slightly different processes to be followed.

In your case, a formal email or letter firmly asking for the NCB letter by laying out why and when you plan to trade in the dZire should be enough. It's not their business really to have any discretion in this matter - the very fact that the TP policy will continue to be in force is more than enough meet any statutory/legal norms. By the way, how many months left on the current policy? You should be entitled to a pro-rata refund too on the comprehensive premium.

Once you get the NCB letter in hand, do think of moving to a better insurer.

Last edited by itwasntme : 31st May 2023 at 08:33.
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Old 31st May 2023, 11:42   #1464
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
I'd suggest visiting their main BLR office and speaking to the cluster or regional head directly. As far as I know, each insurer has slightly different processes to be followed.
...
Once you get the NCB letter in hand, do think of moving to a better insurer.
Any suggestions on Insurance companies to go with ? I think only Future Generali offers NCB protection rider/add-on, but any idea if they're good with claim servicing ? Any others you will recommend?
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Old 31st May 2023, 17:53   #1465
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by NPV View Post
What's the best/easiest way to get the NCB certificate form the current insurer?
Current insurer is United India insurance.
Have you tried reaching out to their CS team via email or twitter? The CS teams routinely deal with such requests, and might be well placed to advise regarding the process and T&C - both for getting the certificate and for applying the discount on the new policy.

When I sold my car several years ago, liaising with the CS team via email did work for me. The insurer was ICICI Lombard.

Last edited by adisan : 31st May 2023 at 18:10.
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Old 31st May 2023, 18:28   #1466
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

Quote:
Originally Posted by NPV View Post
What's the best/easiest way to get the NCB certificate form the current insurer?
I was thinking I can first change my policy to a liability only (3rd party policy) and then request for my NCB certificate - is there a prescribed form to fill to request for this? They way these guys behave, I'm guessing they will make it difficult for me to get the NCB certificate, so what else can I do to get it quickly?
Current insurer is United India insurance.
You don't need a NCB certificate to claim the NCB discount for the new vehicle, all you need is a NCB endorsement. In any case every Insurer will issue the NCB certificate post the confirmation of RC transfer of the old vehicle.

I had 35% NCB which I wanted to use when buying insurance for Harrier. My previous Insurer was Royal Sundaram and they didn't have the provision of applying the NCB discount when buying Insurance for new car since their website didn't provide any options to enter the NCB applicable. Later I submitted the NCB certificate and the NCB amount was reimbursed to me. Imagine this happening with the same Insurance co for old and new car. In your case since the Insurer is also changing, better to get the confirmation from the insurance co about NCB applicability during new car Insurance purchase.
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Old 1st June 2023, 13:54   #1467
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Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

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Originally Posted by itwasntme View Post
Once you get the NCB letter in hand, do think of moving to a better insurer.
Complete turn of events today, for the good
When I visited yesterday, one of the junior staff was around and she misguided saying only 1k discount (equivalent of my 50% NCB on current car insurance) will be applicable on the new car.

I went again today and found the senior officer from underwriting department and after listening to me, he immediately printed out the NCB certificate

He told me not to worry about changing my comprehensive cover to liability only for now, till the sale to dealer/end buyer is completed so that risk can be reduced.

I also took a quote from them for the Harrier XZA+ Dark edition and it comes to approximately Rs.50k, whereas the dealer price list quotes Rs.1.41 Lakhs and their best offer so far is 88k;should ask them how much it will reduce if they apply my 50% NCB discount.

The quote of 50k includes these..
*1 year Own Damage cover with following add ons:
-Engine and gear box platinum cover
-Return to invoice
-Bumper to Bumper (zero depreciation)
-Road side assistance

Plus 3 year Liability/third party cover

Note: only missing own damage add on is NCB protection which United India doesn't offer.

Last edited by NPV : 1st June 2023 at 13:56.
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