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

carlover98 · 31st October 2007, 13:39

Quote:

Originally Posted by debkumarroy

Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.

Hi,

What u can do is take a third party for your old car and then transfer the comprehensive to the new car you are planning to buy.

I was going thru the thread and I think now we have a maximum NCB of 50%. It doesnt go beyond 50%. 65% NCB is for old insurance policy which was taken probably 10 or 15 yrs back. Correct me if I am wrong.

I had used my NCB of my old car when I bought my new Viva in 2004. At that time I had a UNO which I had used for 4 years and had 50% NCB. At that time I had checked with my insurance agent and he told that 50% is the maximum you can get.

Cheers!!!

GTO · 31st October 2007, 15:16

Most probably, you would be claiming NCB from the second year onward. Unless you can convince your insurance company to give you a refund once the NCB certificate is forwarded to them.

Nan · 31st October 2007, 15:22

Is there any way i can get the NCB for the car i have sold recently and transfer it to my new car? of course if the buyer agrees!!!

Gerardfdz · 31st October 2007, 17:18

Quote:

Is there a time limit (like 15 days, etc) after taking the new car insurance at full value, within which the NCB of the old car must be transferred (and refund claimed)? Asking because I am buying a new car, but, my old car is taking some time to sell.

Every vehicle must be insured at the time of registration.Hence you will need to insure the new vehicle
What you could do is, take 3rd party insurance till you sell the old vehicle then transfer the NCB - (though I'm not sure if you are allowed 3rd party ins on a new vehicle).
FYI - once you sell a vehicle the NCB can be transfered within 3 years to the new vehicle.

Quote:

Nan
Is there any way i can get the NCB for the car i have sold recently and transfer it to my new car? of course if the buyer agrees!!!

What do you mean by "buyer agrees" - The Insurance is in YOUR name - you need to decide if you want to sell the vehicle with the insurance or not!
Here too I have the view that you cannot sell/ transfer the insurance to the new owner.

sfilinto · 17th November 2007, 00:52

Regarding the 65% no NCB, I was speaking to somebody from HDFC chubb who confirmed the rules were changed some time back. ( think its less then 3 years back but cant be certain ) the maximum NCB possible now is 50%.

Quote:

Originally Posted by tifosikrishna

I would like to add one more thing. You are eligible to transfer your NCB even across insurance companies that comes under the GIC umbrella.

What does GIC stand for? does this include the private insurance companies? And any idea where I can get a list of all the insurance companies in this organization?

GTO · 17th November 2007, 10:44

Quote:

Regarding the 65% no NCB, I was speaking to somebody from HDFC chubb who confirmed the rules were changed some time back. ( think its less then 3 years back but cant be certain ) the maximum NCB possible now is 50%.

Correct. But it could be only for new policies / NCB buildup. My insurance policies, dated before this rule came into place, still read (and give the benefits of) 65% NCB.

Surprise · 17th November 2007, 11:01

Motor Insurance FAQ

Quote:

Under what circumstances No Claim Bonus (NCB) can be allowed?

It is a reward for No claim in the previous year. It can be accumulated over a period of time
Starts with 20% and goes upto 50%
NCB becomes Nil in case of a Claim
NCB follows the fortunes of the customer and not the vehicle
Validity - 90 days from the date of Expiry of the policy
NCB can be utilised within 3 years (where the existing vehicle is sold and a new car is purchased)
NCB recovery to be done in case of a Name Transfer
NCB gets transferred to the legal heir in case of Death of customer
NCB can be transferred to the New vehicle in case of Substitution of vehicle of the same class
NCB earned abroad can be given in India

rkbharat · 17th November 2007, 11:17

Quote:

Originally Posted by Surprise

Motor Insurance FAQ
NCB can be transferred to the New vehicle in case of Substitution of vehicle of the same class

That means I have 50% NCB for my indica, I can not transfer it if I am buying Safari.

Surprise · 17th November 2007, 11:30

Quote:

Originally Posted by rkbharat

That means I have 50% NCB for my indica, I can not transfer it if I am buying Safari.

__________________________________________________ ____________

What they mean by class is "Private vehicle to Private vehicle". Hence you can transfer you Indica NCB to Safari.
ps: Post edited

thomasmatthew · 21st November 2007, 12:25

Quick question here...
I am trying to sell my old indica to third party dealer and going to buy a new Getz...
The third party dealer insists that the insurance also be sold along with the car.. I dont want to do that because insurace has 50% NCB which i can use for my new car
The dealer insists that it is standard practise that they get back cars included with the insurance....
Just wanted to check with the knowledgeble folks here

carlover98 · 21st November 2007, 14:28

Thomas,
What I would suggest is get a third party insurance for the old car and hand over the same to the dealer to whom u r selling the car.
That is the best bargain u can have.
Cheers!

determinus · 21st November 2007, 17:09

Quote:

Originally Posted by thomasmatthew

Quick question here... I am trying to sell my old indica to third party dealer and going to buy a new Getz... The third party dealer insists that the insurance also be sold along with the car.. I dont want to do that because insurace has 50% NCB which i can use for my new car
The dealer insists that it is standard practise that they get back cars included with the insurance.... Just wanted to check with the knowledgeble folks here

Practice is different from rule. You can price the car without insurance (or get a 3rd party as carlover98 says). You will save quite a lot on your Getz premium. The bonus is attached with the driver, so the new buyer anyways cannot use that for renewal.

ajay99 · 21st November 2007, 18:50

hi thomas,
dont give away the NCB policy .it is actually a valued 'treasure' .keep it ,because you are going to reap increased benefits as you upgrade from one car to another

pjbiju · 21st November 2007, 20:11

Another question.
Let us say I bought a car and during the first year no claims were made. This makes me eligible for the NCB in the second year. Now in the second year, if I make a claim, I cannot have NCB in the third year. If in the third year, no claims were made, then can I get the benefit of NCB in the fourth year?

pjbiju · 21st November 2007, 20:17

I have got my answer. It is a reward for No claim in the previous year. So it takes longer to build up the 50% benefit.

31st October 2007, 15:16	#92
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 70,546 Thanked: 300,788 Times View My Garage	Most probably, you would be claiming NCB from the second year onward. Unless you can convince your insurance company to give you a refund once the NCB certificate is forwarded to them.
	() Thanks

31st October 2007, 15:22	#93
Nan Newbie Join Date: Jul 2007 Location: Bangalore Posts: 18 Thanked: 5 Times	Is there any way i can get the NCB for the car i have sold recently and transfer it to my new car? of course if the buyer agrees!!!
	() Thanks

21st November 2007, 12:25	#100
thomasmatthew Newbie Join Date: Oct 2007 Location: Trivandrum Posts: 11 Thanked: 0 Times	Quick question here... I am trying to sell my old indica to third party dealer and going to buy a new Getz... The third party dealer insists that the insurance also be sold along with the car.. I dont want to do that because insurace has 50% NCB which i can use for my new car The dealer insists that it is standard practise that they get back cars included with the insurance.... Just wanted to check with the knowledgeble folks here
	() Thanks

21st November 2007, 14:28	#101
carlover98 BHPian Join Date: Jan 2007 Location: Trivandrum Posts: 78 Thanked: 2 Times	Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums Thomas, What I would suggest is get a third party insurance for the old car and hand over the same to the dealer to whom u r selling the car. That is the best bargain u can have. Cheers!
	() Thanks

21st November 2007, 18:50	#103
ajay99 Senior - BHPian Join Date: Oct 2007 Location: trivandrum Posts: 2,731 Thanked: 1,615 Times	hi thomas, dont give away the NCB policy .it is actually a valued 'treasure' .keep it ,because you are going to reap increased benefits as you upgrade from one car to another
	() Thanks

21st November 2007, 20:11	#104
pjbiju Senior - BHPian Join Date: Apr 2006 Location: Pune Posts: 1,358 Thanked: 1,092 Times	Another question. Let us say I bought a car and during the first year no claims were made. This makes me eligible for the NCB in the second year. Now in the second year, if I make a claim, I cannot have NCB in the third year. If in the third year, no claims were made, then can I get the benefit of NCB in the fourth year?
	() Thanks

21st November 2007, 20:17	#105
pjbiju Senior - BHPian Join Date: Apr 2006 Location: Pune Posts: 1,358 Thanked: 1,092 Times	I have got my answer. It is a reward for No claim in the previous year. So it takes longer to build up the 50% benefit.
	() Thanks