Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums! Quote:
Originally Posted by mjkaushal Hi Saket,
Pretty much understand your situation. Its truely a catch 22 situation. Unless the car is registered in the new party's name, you cannot get the NC bonus in your name for your new purchase . Its practically not possible as , we would be looking to buy a new vehicle as soon as we sell the older one. The only option is to sell the vehicle , get the RC transferred and upon completion, then apply for the new vehicle registration with the applicable NCB component which rarely happens.
So with a pinch of salt, go ahead and buy your new vehicle and forget about the earlier NCB portion. Do not let this hamper your joy of enjoying your new vehicle buying process. I've been through this and do not worry about this NCB component at all.
Regards, | Quote:
Originally Posted by ghodlur In my opinion you should be asking National Insurance for the NCB certificate and not Policy bazaar even though you have bought the Insurance from them. Policy bazaar is an aggregator and not a licensed Insurance provider. In any case the RTO receipt of the application of ownership transfer is also considered as proof for the issuance of NCB certificate by the Insurance provider.
If the Insurance co is not providing the NCB certificate then the Insurance Ombudsman can be approached. |
Thank you Gentlemen for your elaborate replies. Here’s an update:
I did visit National insurance’s office and met the Manager who told me that unless new name reflects in the parivahan website, he cannot issue me the NCB as the current policy will need to be cancelled. If the policy is canceled then RTO will not transfer the vehicle as documents checklist will not be complete for them. So, it would be a big hassle for the buyer. Also, as per the rule, the car can not be left uninsured (at least third party) at any point of time, hence to cancel the policy, he will need a new policy number insuring the vehicle.
I discussed this predicament with the buyer. He is a young guy and it took 2-3 rounds of discussion for him to understand the catch-22 situation. Finally he renewed the TP insurance from current date in my name (as I’m still the owner on papers) and shared the new policy with me. I met the manager again and he issued me the NCB hand to hand. I’ve assured the buyer that I’ll get the policy transferred to his name once transfer is done at RTO. So, with some understanding of situation and patience, I was able to secure the NCB.
Thanks a lot to both the members for replying.
Regards. |