ARTICLE: No Claim Bonus - How to save on your insurance premiums!

r_nairtvm · 8th March 2010, 16:02

Quote:

Originally Posted by manumani

I need some help please. I am planning to buy a new car (Honda City) and want to use the NCB on my 5 year old zen (50%) to buy my new insurance. Problem is, I do not wish to sell my old car right now. Going through the threads, I my understanding is that I could do one of the following

1. Transfer the car to my wife's name, and get the NCB certificate after the transfer takes place. This will take anywhere between 15-20 days, and numerous trips to the RTO office (a pain)

2. Cancel the policy on my zen, take the NCB from the current insurer, and then go for a new insurance policy on the zen. I would have to keep the zen parked for a day or two, till I get a new insurance. Use the NCB certificate on my new car.

In interest of time, I am inclining more towards option 2. Is there anything that I need to be aware of ? Can I buy the new insurance from the same company again ? Has anybody tried option 2 and confirm that this approach works ?

Regards
Manumani

Manumani,

Check if your insurer will allow the same NCB for the 2nd Vehicle as well. It is possible out side India, so why not in India.

As long as you keep the Zen also in your name there should not be any issue. Nowhere it is said that you can not have more than one car. The NCB is given to you as the owner of the car as a reward for your careful use of the car. So the Insurer can allow the same reward for your second car as well.

I know in India different rule apply. But no harm in trying

Best Regards & Drive/Ride Safe

Ram

rjvora_2000 · 8th March 2010, 16:08

Quote:

Originally Posted by manumani

I need some help please. I am planning to buy a new car (Honda City) and want to use the NCB on my 5 year old zen (50%) to buy my new insurance. Problem is, I do not wish to sell my old car right now. Going through the threads, I my understanding is that I could do one of the following

1. Transfer the car to my wife's name, and get the NCB certificate after the transfer takes place. This will take anywhere between 15-20 days, and numerous trips to the RTO office (a pain)

2. Cancel the policy on my zen, take the NCB from the current insurer, and then go for a new insurance policy on the zen. I would have to keep the zen parked for a day or two, till I get a new insurance. Use the NCB certificate on my new car.

In interest of time, I am inclining more towards option 2. Is there anything that I need to be aware of ? Can I buy the new insurance from the same company again ? Has anybody tried option 2 and confirm that this approach works ?

Regards
Manumani

Without sale you can't transfer the NCB. Your second option will not work.

rjvora_2000 · 8th March 2010, 16:15

Quote:

Originally Posted by r_nairtvm

Manumani,

Check if your insurer will allow the same NCB for the 2nd Vehicle as well. It is possible out side India, so why not in India.

As long as you keep the Zen also in your name there should not be any issue. Nowhere it is said that you can not have more than one car. The NCB is given to you as the owner of the car as a reward for your careful use of the car. So the Insurer can allow the same reward for your second car as well.

I know in India different rule apply. But no harm in trying

Best Regards & Drive/Ride Safe

Ram

Ram in India this will not work. He has to sale his car for NCB letter.

r_nairtvm · 8th March 2010, 19:10

Quote:

Originally Posted by rjvora_2000

Ram in India this will not work. He has to sale his car for NCB letter.

OK.

He can just buy a TP Only Cover for Zen and then Cancel the Comprehensive Cover. That way he would not loose any thime and can still use the Zen.

When he decides what to do with Zen, he can decide what Insurance he wants, if he is reatining his the Zen with him/wife.

Best Regards & Drive/Ride Safe

Ram

joshguy · 12th April 2010, 12:34

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spadix · 1st May 2010, 10:02

Hello all,

I sold my 1998 Maruti 800 early last month. The car was covered (third party only) by New India Assurance.

I am going to buy a new car in the coming few months. I called New India just a few minutes back and told them I want the NCB transfer document and they told me that it'll be given to the new owner of that 800 and not to me.

I was surprised, obviously. I'm pretty sure the person I spoke to is in the dark, or have the rules changed in the last few days or so?

Thanks,
Spadix

r_nairtvm · 2nd May 2010, 13:35

Quote:

Originally Posted by spadix

Hello all,

I sold my 1998 Maruti 800 early last month. The car was covered (third party only) by New India Assurance.

I am going to buy a new car in the coming few months. I called New India just a few minutes back and told them I want the NCB transfer document and they told me that it'll be given to the new owner of that 800 and not to me.

I was surprised, obviously. I'm pretty sure the person I spoke to is in the dark, or have the rules changed in the last few days or so?

Thanks,
Spadix

Spadix,

You are right. The person you spoke with seems to be in the dark anyway.

You said you had a TP Insurance only for the Maruti 800 which you sold. For TP Insurances there is no NCB and as such you can not claim a NCB certificate. NCB is only for the own damage portion of the Insurance Coverage.

If ever you had Comprehensive (Own Damage+TP) Policy which you did not renew for any reason, then at that point you need to notify the insurer and get your NCB certificate from them. The certificate will be valid for 2 years from that date and can be used for the full insurance of any vehicle you may be buying.

Hope this is clear and will enable you to decide if you are eligible for a NCB Certificate. If so follow up with the branch which had insured your vehicle for own damage in the past.

Best Regards & Drive/Ride Safe

Ram

rjvora_2000 · 3rd May 2010, 08:56

Quote:

Originally Posted by spadix

have the rules changed in the last few days or so?

There is no rules changed in TP policy.

Quote:

Originally Posted by r_nairtvm

You are right. The person you spoke with seems to be in the dark anyway.

My friend Ram, your reply is 100% correct.

spadix · 3rd May 2010, 13:25

Hi Ram/all,

Quote:

Originally Posted by r_nairtvm

You said you had a TP Insurance only for the Maruti 800 which you sold. For TP Insurances there is no NCB and as such you can not claim a NCB certificate. NCB is only for the own damage portion of the Insurance Coverage.

I wish I had read this today morning. It would have saved me a trip to New India

. This is exactly what I found out when I went there. Thanks a lot for the information!

Quote:

Originally Posted by r_nairtvm

If ever you had Comprehensive (Own Damage+TP) Policy which you did not renew for any reason, then at that point you need to notify the insurer and get your NCB certificate from them. The certificate will be valid for 2 years from that date and can be used for the full insurance of any vehicle you may be buying.

My father (who owned this car before I did) converted from comprehensive to third-party coverage before 2006 (which was when I purchased the car from him). So my case could be seen as "renewed to TP from comprehensive" and since it was renewed, NCB doesn't apply now. Even if not, any NCB from the comprehensive coverage time period would have expired by now.

I tried to convert the TP policy back to comprehensive in 2007 when the insurance came up for renewal, but NIA doesn't allow that apparently. In any case they said the car was too old (9 years) to be covered under a comprehensive policy.

Thanks once again, Ram.

Regards,
Spadix

alto99 · 13th May 2010, 14:23

Hi All,
I have sold my old car with NCB 50% under exchange on 28-4-2010. It was insured with ICICI Lombard.
I have bought a new car and as it had to be insured a day before (27-4-2010) for registration I could not transfer the NCB while buying insurance for my new car.

ICICI Lombard says I will get a NCB certificate only after my old car policy expires (in Nov 2010). Now I can only get a NCB reserving letter.

Question is can I get the NCB reserving letter for old car and endorse my new car policy for the NCB and get the refund on premium already paid?

If not can I just wait till Nov 2010 , get the certificate and use it in Apr 2011 while renewing the preimum for new car? I read somewhere that new car has to be bought/insured within 3 months of sale of old car. So I am confused now.

GTO · 14th May 2010, 10:40

Quote:

Originally Posted by alto99

ICICI Lombard says I will get a NCB certificate only after my old car policy expires (in Nov 2010).

LIAR alert! ICICI is talking rubbish (but typical of this rogue institution). As outlined by Ajmat in the opening post of this thread, you should be able to transfer the NCB as soon as you have sold your old car & bought a new one.

Since you've already paid full premium on your new policy, get the NCB certificate out of your ICICI and use it toward a refund (whatever the NCB works out to on your new policy).

rjvora_2000 · 14th May 2010, 11:14

Quote:

Originally Posted by alto99

ICICI Lombard says I will get a NCB certificate only after my old car policy expires (in Nov 2010).

This is a wrong information given to you from ICICI. Please fight (Make them understand) with them and tell them not to fool you.

If possible stay away from Icici and don't let any of your friends & relatives to deal with them.

jigbarai · 14th May 2010, 12:07

Quote:

Originally Posted by GTO

LIAR alert! ICICI is talking rubbish (but typical of this rogue institution). As outlined by Ajmat in the opening post of this thread, you should be able to transfer the NCB as soon as you have sold your old car & bought a new one.

You dont necessarily need to have bought a new vehicle. Even if you have just sold your old vehicle and completed the transfer formalities, you should be able to get the NCB letter, which can be used any time you need to purchase/renew your insurance in the next 3 years (from the date of issuance of the letter).

Quote:

Since you've already paid full premium on your new policy, get the NCB certificate out of your ICICI and use it toward a refund (whatever the NCB works out to on your new policy).

I didnt know it could be used for 'refunds'. Thanks, if that is true.

rjvora_2000 · 14th May 2010, 12:25

Quote:

Originally Posted by jigbarai

I didnt know it could be used for 'refunds'. Thanks, if that is true.

Yes this information is true. You can get the refund of the excess premium along with an endorsement in the current (New) policy.

alto99 · 14th May 2010, 14:59

Here is an update:
I talked to the executive whom I was in touch with to sell my old car. He says ICICI will give that certificate once the policy is transferred in new buyers name. This will be done only after the RC book is updated for buyer details.

I hope above information is true as he said that it is standard process followed by Honda Auto Terrace and I need not worry.

Thanks for all your responses. That is what my original understanding was and it conforms the same.

12th April 2010, 12:34	#290
joshguy BANNED Join Date: Mar 2006 Location: Chennai Posts: 1,379 Thanked: 109 Times	Post deleted by the Team-BHP Support : Please do NOT post one-liners that add little or no informational value to the thread. We need your co-operation to maintain the overall quality of this forum. Please read our rules before proceeding any further. Last edited by GTO : 12th April 2010 at 19:06.
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1st May 2010, 10:02	#291
spadix Senior - BHPian Join Date: Oct 2007 Location: Hyderabad Posts: 1,022 Thanked: 207 Times	New India Assurance says NCB transfers to new owner! Hello all, I sold my 1998 Maruti 800 early last month. The car was covered (third party only) by New India Assurance. I am going to buy a new car in the coming few months. I called New India just a few minutes back and told them I want the NCB transfer document and they told me that it'll be given to the new owner of that 800 and not to me. I was surprised, obviously. I'm pretty sure the person I spoke to is in the dark, or have the rules changed in the last few days or so? Thanks, Spadix
	() Thanks

13th May 2010, 14:23	#295
alto99 BHPian Join Date: Feb 2008 Location: Pune Posts: 348 Thanked: 71 Times	Hi All, I have sold my old car with NCB 50% under exchange on 28-4-2010. It was insured with ICICI Lombard. I have bought a new car and as it had to be insured a day before (27-4-2010) for registration I could not transfer the NCB while buying insurance for my new car. ICICI Lombard says I will get a NCB certificate only after my old car policy expires (in Nov 2010). Now I can only get a NCB reserving letter. Question is can I get the NCB reserving letter for old car and endorse my new car policy for the NCB and get the refund on premium already paid? If not can I just wait till Nov 2010 , get the certificate and use it in Apr 2011 while renewing the preimum for new car? I read somewhere that new car has to be bought/insured within 3 months of sale of old car. So I am confused now.
	() Thanks

14th May 2010, 14:59	#300
alto99 BHPian Join Date: Feb 2008 Location: Pune Posts: 348 Thanked: 71 Times	Here is an update: I talked to the executive whom I was in touch with to sell my old car. He says ICICI will give that certificate once the policy is transferred in new buyers name. This will be done only after the RC book is updated for buyer details. I hope above information is true as he said that it is standard process followed by Honda Auto Terrace and I need not worry. Thanks for all your responses. That is what my original understanding was and it conforms the same.
	() Thanks