[ghodlur]

Originally Posted by razorBlades

What is the benifit of NCB Protection. From what I studied online, few insurers allow 2 claims without affecting the NCB, but when I switch my insurance to another provider, they ask if I have any claims, and if I say yes they cut the NCB %.

NCB protection add on cover helps you retain your NCB even when you have claims in the policy year. If you are switching the Insurance co, you can obtain a NCB certificate or confirmation from your previous Insurance co and use it when buying Insurance from new Insurer. You need to get a letter from previous Insurer which states that you had opted for the NCB protection add on cover and the present applicable NCB. So even if you had claims and you switched Insurers, you can still utilize the NCB. The new Insurer cannot deny the NCB carried forward.

Originally Posted by Sri Vathsa

my current car is registered in my sisters name and has 50% NCB, can i transfer the same to the new car which is being registered in my name?

Unfortunately you cannot. NCB stays with the present owner. Buy the new car again in your sister's name and utilize the NCB accumulated if you wish to.

[Indianarchie]

My car insurance is scheduled for renewal from April 1. This is a pre-owned car I bought in February this year from a dealer. The current insurance is valid till March 31 and has a 50% NCB on it. I still haven't received the RC book and the owner (on insurance certificate and on RTO records) still shows as the previous owner. Will I have to renew insurance on their name? Also, can I get the no claim benefit for this renewed policy too?

I would appreciate some help on the basics of where to compare quotes from different providers online/offline and how to get a quote from the manufacturer itself.

[ghodlur]

Originally Posted by Indianarchie

Will I have to renew insurance on their name? Also, can I get the no claim benefit for this renewed policy too?

I would appreciate some help on the basics of where to compare quotes from different providers online/offline and how to get a quote from the manufacturer itself.

Had you not applied for the Insurance ownership transfer along with the car ownership transfer? You should have not waited till renewal for the change of ownership, that's not good ethics. The 50% NCB which was on the car would go with the previous owner and cannot be claimed by you. If you have any accumulated NCB in your name, you can use the same during the Insurance renewal.

Firstly confirm with the workshop with which Insurance co do they have cashless tie up. Approach those Insurance co on their online websites and get a quote for a correct IDV. Compare these quotes per line and take an informed decision. For just cross checking purposes, you can access websites like policybazaar.com.

[Indianarchie]

Originally Posted by ghodlur

Had you not applied for the Insurance ownership transfer along with the car ownership transfer? You should have not waited till renewal for the change of ownership, that's not good ethics. The 50% NCB which was on the car would go with the previous owner and cannot be claimed by you. If you have any accumulated NCB in your name, you can use the same during the Insurance renewal.

Firstly confirm with the workshop with which Insurance co do they have cashless tie up. Approach those Insurance co on their online websites and get a quote for a correct IDV. Compare these quotes per line and take an informed decision. For just cross checking purposes, you can access websites like policybazaar.com.

The dealer said the insurance would be transferred after I receive the RC book, which I haven't received yet. First time car/bike owner here and I don't have enough idea about the various nuances yet!

[riteshritesh]

For a recently sold vehicle, I wrote to Bharti Axa for the policy cancellation and issuing a NCB certificate and below is what they replied.
While point 1 is valid and the same will be forwarded, point 2 seems a repetition. Isn't a transferred RC a proof of sale?
Regarding Point 3, I have given them my piece of mind stating they have no business in verifying if the new buyer has or hasn't taken a policy nor am I obliged to take a new policy.
Am I right or are they?

Dear Sir,
I am Jxxa, I am going to do my best to help you with your request.
Request you to help us below mentioned documents so that we can assist you on the same.
1) Transferred RC copy or Copy of Form 29-30 duly acknowledge by RTO or RTO receipt for request of transfer Request letter
2)Proof of Sale (delivery report)
3)Alternate insurance copy (without alternate policy, policy will not be cancelled)
Please revert for any clarifications on the same.
Thanks & Regards,
___________________________________
Jxxa

[ghodlur]

Originally Posted by riteshritesh

point 2 seems a repetition. Isn't a transferred RC a proof of sale?
Regarding Point 3, I have given them my piece of mind stating they have no business in verifying if the new buyer has or hasn't taken a policy nor am I obliged to take a new policy.
Am I right or are they?

Reg point no 2, the changed RC would be a proof of vehicle sale. But there is something called as delivery note which states that the seller has sold the car to the buyer stating the amount and other details. Didn't you have one when you sold the car? You could have given that to the Insurance co till the time the change of ownership does not happen on the RC assuming that you approached the Insurance co whilst the transfer was happening.

I could not understand why you would want to cancel the policy for the NCB certificate. You could have got it merely by submitting the copy of the same set of documents which you had given to the RTO for ownership transfer. It is quite strange if the new buyer has agreed to buy the vehicle insurance afresh when there is already existing policy on the car.

[riteshritesh]

I could not understand why you would want to cancel the policy for the NCB certificate. Y It is quite strange if the new buyer has agreed to buy the vehicle insurance afresh when there is already existing policy on the car

This is the first time I am getting the NCB letter. I was under the impression that I need to cancel my policy. I am not sure what the buyer is doing, but do I just need to ask Bharti Axa for the NCB letter after showing them the delivery note ( yes I have this and transfer is in process).
What does the buyer do? Does he get the same policy transferred in his name? Sorry I haven't gone through the thread and I am sure the details must be mentioned. I will take a look later on.

[ghodlur]

Originally Posted by riteshritesh

I am not sure what the buyer is doing, but do I just need to ask Bharti Axa for the NCB letter after showing them the delivery note ( yes I have this and transfer is in process).
What does the buyer do? Does he get the same policy transferred in his name? Sorry I haven't gone through the thread and I am sure the details must be mentioned. I will take a look later on.

Yes, ask Bharati Axa for the NCB certificate with a written application along with the delivery note and they will give you one. Parallely you can also apply for the change in the Insurance ownership. Once the RC is updated with new owner details, the new owner will provide the copy of the same to the Bharti Axa and get the Insurance policy changed to his name.

The only care you need to take is you may have to refund the NCB amount on pro rata basis which you claimed during the Insurance renewal. If you have an agreement with the buyer, he may also pay the amount while transferring the Insurance in his name. That has to be mutually agreed.

[anshumandun]

I recently sold my car, got NCB certificate from Bajaj Allianz and used that to get 45% discount for insurance on my new car. I'll just mention the steps so that it can help people in similar situations.

I sold my car Etios Liva to Toyota U Trust. The deal was fixed at 3.25L. When I told them that I will not be giving them the insurance since I need to cancel it to get NCB certificate, they said that they will pay only 3.20L then. I said OK since I was getting around 10k discount on new insurance through NCB. The car was sold and I kept the insurance papers with me. I then went to Bajaj Allianz office, cancelled the insurance policy by submitting the original Delivery Note given by Toyota U trust guys when they took the car. I received a 45% NCB certificate which I submitted to VW showroom and they got me a 45% discount on insurance on my new car (close to 10k). I also got around Rs 1000 refund from Bajaj Allianz since I cancelled by insurance policy 6 months before it was due for renewal. So total savings were 10k discount + 1k refund= 11k.

There was one more option though which I learned of only after I had sold my car. It was not mandatory to cancel the insurance to get NCB certificate. Just by paying around 1k, I would have been able to keep my old insurance and also gotten NCB for new car policy. This way I would have sold my car for 3.25L instead of 3.20L. Had I known this earlier, my savings would have been: 5k extra on car sale + 10k NCB discount - 1k payment for NCB = 14k.

So I would have saved 3k extra just if I had better knowledge of how this stuff works.

[riteshritesh]

Originally Posted by anshumandun

There was one more option though which I learned of only after I had sold my car. It was not mandatory to cancel the insurance to get NCB certificate. Just by paying around 1k, I would have been able to keep my old insurance and also gotten NCB for new car policy. This way I would have sold my car for 3.25L instead of 3.20L. Had I known this earlier, my savings would have been: 5k extra on car sale + 10k NCB discount - 1k payment for NCB = 14k.

So I would have saved 3k extra just if I had better knowledge of how this stuff works.

Can you clarify on the highlighted point? What would you do by keeping the old policy on a car that has been sold?
Asking this since I am in the process of getting my NCB letter for a sold car.

[anshumandun]

Originally Posted by riteshritesh

What would you do by keeping the old policy on a car that has been sold?

When I was selling my car to Toyota U Trust, they offered me 3.25L if I gave them the insurance policy of the car too. Without the insurance policy, they offered me 3.20L. Since I wanted to cancel the old insurance policy to get the NCB certificate (as I thought that cancelling the policy is the only way to get NCB certificate), I sold them the car but did not give them the insurance policy.

Had I kept the old policy of the car (by paying 1k to the insurance company) instead of cancelling it for getting NCB certificate, Toyota would have paid me 5k more for the car.

I hope I have clarified things. Feel free to PM me if any doubt.

[KK_HakunaMatata]

Originally Posted by riteshritesh

What would you do by keeping the old policy on a car that has been sold?
Asking this since I am in the process of getting my NCB letter for a sold car.

Nothing in my opinion. There is no need to keep your policy while selling the car. In my case, I sold my Accent last Sep 2015 and gave my policy to the buyer. Later, I took my 25% NCB certificate from my insurance company oriental citing them that I have sold my car.

Now am going to use this certificate in my current year renewal of my present car.

[Hvt77]

Hi Guys,

This is an awesome thread, I had no idea about this NCB transfer before reading it here!

I have a specific query, I tried searching on TBHP in general, and even on this thread, but I did not get any answers to my specific query, if I missed anything that answers it, please point me to it, else please advise me on this:

I have recently booked a new car from dealer, and do NOT plan to sell my old car.

Old car has insurance from company X with 50% NCB, and the new car dealer is saying I have to go with company Y for insuring the new car.

X is saying I need to sell the car to get NCB, or take new car insurance from X itself and they will apply NCB to new insurance, removing NCB from old car policy.

Can someone clarify what I should do in this situation?

Just fyi, new car: BR-V, dealer Linkway Honda Powai Mumbai, new insurer (Y): honda assure.
old car Santro, insurer (X): HDFC Ergo.

Regards,
Hemant

[ghodlur]

Originally Posted by Hvt77

Can someone clarify what I should do in this situation?

Hemant,

Since you are keeping your old car, Insurance co X will not give you the NCB certificate. Instead what you could do is write an application to the X asking them to endorse your NCB status which they will do on the application form itself. However what you need to do is change the Insurance for the old car from comprehensive to TPL only. This way NCB will not be applied to your old car. Use the NCB endorsed letter to Insurance Y and claim it during the insurance buying for the new car.

In the meanwhile:
Get a quote from Insurance X online for the new car insurance with NCB applied. Take it to Insurance Y and negotiate (if less than what dealer has quoted). Remember dealer quoted Insurance for the new car will always be more than the actual as seen on Insurance Y website online or Insurance X online.

[r_nairtvm]

Originally Posted by ghodlur

Since you are keeping your old car, Insurance co X will not give you the NCB certificate.

With PSU Insurers;

You can always cancel your comprehensive and get an NCB Certificate as at beginning of the cancelled policy period, along with taking a Third Party Insurance for the old car, for a year from the date of cancellation of comprehensive. You can then keep the old car under a Third Party Insurance.

They (PSU) have even the option where you can pay back the NCB on the exiting policy - and continue the Comprehensive Cover for the Old car (without NCB and with premium on depreciated IDV at inception of cover) and then use the NCB on the new car.

The NCB Certificate has a 2 year validity as well and can be used for any other vehicle of similar class which you may acquire latter.

I think the rules are same for all Insurers, but the private ones try all possible ways to avoid this, and maximize premium.

Best Regards & Thanks

Best Regards & Drive Safe

Ram