[ghodlur]

Originally Posted by IcarusMan

Is this kind of charge normal during insurance transfer?

It could be the NCB amount claimed by previous owner which will have to be returned back to the Insurance co and is on the pro rata basis. Pls confirm if this is the case.

Normal Insurance ownership transfer should not cost more than Rs 250/-.

[IcarusMan]

Originally Posted by ghodlur

It could be the NCB amount claimed by previous owner which will have to be returned back to the Insurance co and is on the pro rata basis. Pls confirm if this is the case.

Normal Insurance ownership transfer should not cost more than Rs 250/-.

Thanks Ghodlur, it's as you say. The RGI insurance agent called me back (maybe he read this thread ). Bulk of it is the NCB premium held by previous owner. He said otherwise the transfer fee is just Rs. 58 or something like that.

[tp_dominator]

Originally Posted by IcarusMan

Thanks Ghodlur, it's as you say. The RGI insurance agent called me back (maybe he read this thread ). Bulk of it is the NCB premium held by previous owner. He said otherwise the transfer fee is just Rs. 58 or something like that.

Ghodlur is right. The amount might be due to the previous policy carrying NCB which you need to pay back to the company while transferring the policy on your name on a pro-rata basis. Otherwise, normal transfer charges for every company is Rs. 50 plus service tax of 15% which is roughly Rs. 58 total.

PSUs charge customers for pre-inspection also before transferring the insurance. In that case, one has to cough up the corresponding inspection charges.

[IcarusMan]

Originally Posted by tp_dominator

Ghodlur is right. The amount might be due to the previous policy carrying NCB which you need to pay back to the company while transferring the policy on your name on a pro-rata basis. Otherwise, normal transfer charges for every company is Rs. 50 plus service tax of 15% which is roughly Rs. 58 total.

PSUs charge customers for pre-inspection also before transferring the insurance. In that case, one has to cough up the corresponding inspection charges.

I had to pay 200 bucks to the RGI guy who came to my place to inspect the car yesterday.

It'd be better if RGI had clearly spelled out the charges/fees in the emailed payment link instead of the bald direction to "pay Rs XXXX for changes requested in the policy through this payment link". Deliberate withholding of information to pre-empt those who'd be looking to transfer their NCB along with transfer of ownership? Sadly, very recently I had to file an insurance claim for broken windshield of my other car that I plan to sell off...

[vinjosep]

Originally Posted by IcarusMan

Hello!
I recently bought a used car and am trying to transfer the insurance from previous owner with Reliance General Insurance. With physical inspection of the car completed, they've sent a link requiring me to pay Rs. 1627 for the transfer.

Thanks.

Did you try to transfer the insurance after the RC was transferred in your name?

Is it possible to transfer the insurance while the RTO process is on for transferring the ownership? That is, before the new RC is received by the buyer?

Thanks.

[ghodlur]

Originally Posted by vinjosep

Is it possible to transfer the insurance while the RTO process is on for transferring the ownership? That is, before the new RC is received by the buyer?

Yes, it is possible to initiate the Insurance ownership transfer process during the car ownership transfer. You can submit the same set of documents which you submitted to the RTO for ownership change to the Insurance co too. This way you intimate the Insurance co of the change of car & Insurance ownership. Pls note the Insurance ownership change does not happen immediately and any claims by new owner will be void. Once the RC is received, you can submit the copy of RC and the Insurance ownership transfer process will happen, you will be required to pay a nominal fee for the same.

[IcarusMan]

Originally Posted by vinjosep

Did you try to transfer the insurance after the RC was transferred in your name?

Hi,
I transferred insurance only after getting new RC in my name. The RC transfer was done super-fast by the used car dealer (Yes Cars, Domlur), with new card ready 14 days from purchase, so I did not have to wait long.

[abhisheknandan]

Hi All,

I have recently sold my Honda Brio and the recent transition of manual work to online in the RTO is not entirely hassle free. First up, some RTO staff is not completely aware of the online process. Me and the buyer had to spend some time at the RTO and did some escalations after which the paperwork of transfer was done.

However, now comes the real challenge of Insurance transfer. The RTO transfer fee which is paid is online and since we had done the paperwork transfer only last week, the new RC will also not be in by now. The insurance company says that they would either need an RC or the receipt from the RTO of the ownership transfer. Now, the receipt is an online one and the insurance company is not ready to accept it. The RC will take some time to come.

Is anyone else facing this issue? What can be the fix? Should we wait for the RC to come(knowing the PCMC RTO, there is no ETA of it) or should we insist on the insurance company to accept the online receipt?

[ghodlur]

Originally Posted by abhisheknandan

Now, the receipt is an online one and the insurance company is not ready to accept it. The RC will take some time to come.

One way would be to get the online receipt endorsed by the RTO, a mere stamp on the receipt would be enough. Submit the receipt to the Insurance co for the insurance ownership transfer.

[abhisheknandan]

Ya we were looking at the option as well. The buyer is comfortable to wait as he was mentioning that the RC will come next week. Anyways, I will be writing my detailed experience with PCMC(Pune) RTO without agent.

[RajBajwa]

I have a doubt. I have purchased a used car in November 2017. The insurance of the car was valid until December 2017. My car transfer papers from the RTO haven’t come yet as the process takes almost a month and a half. I now checked online for renewing insurance as the expiry date has come (in fact it expired day before yesterday). I filled the form on the HDFC Ergo site and their surveyor came today to inspect the car and I got a link that the survey was satisfactory and that I can pay the premium online. I had filled the online form for policy renewal with my name and the car details such as registration date of Dec 2013, engine, chassis number etc.. and that the NCB in the previous year was 35%. I now have received the link from HDFC Ergo to purchase insurance with 45% NCB. Should I buy the insurance with the NCB or I should go back to them and tell them that I am not eligible for any NCB as it is a used car and I am not transferring NCB from my old car.

[ghodlur]

Originally Posted by RajBajwa

Should I buy the insurance with the NCB or I should go back to them and tell them that I am not eligible for any NCB as it is a used car and I am not transferring NCB from my old car.

If you are not eligible for the NCB, do not claim it in the premium. Ideally HDFC should have asked you for the NCB certificate and based on that mentioned the same in the premium quote. I hope you have ensured the IDV is correct and premium is quoted for the correct IDV.

I have not come across anywhere any rule that NCB earned cannot be used on used car insurance purchase.

[RajBajwa]

Originally Posted by ghodlur

If you are not eligible for the NCB, do not claim it in the premium. Ideally HDFC should have asked you for the NCB certificate and based on that mentioned the same in the premium quote. I hope you have ensured the IDV is correct and premium is quoted for the correct IDV.
I have not come across anywhere any rule that NCB earned cannot be used on used car insurance purchase.

Thanks Ghodlur!

The dealer from whom I bought the car told me that NCB is on the car for the first owner and the second car owner won’t get NCB benefits unless I transfer the NCB certificate. Since I do not have that certificate there is a risk that although HDFC Ergo may issue the policy with 45% NCB but will reject the claim whenever I make (which I hope not).

Here HDFC Ergo is giving me the insurance with the 45% NCB without asking for the certificate is surprising me. The difference between the premium with 45% NCB and 0%NCB is almost Rs. 19,000. I am tempted to save that money but I don't want the risk of buying a policy will be considered void in case of any claims.

There is a certain IDV which the system calculated based on the car model and age which is slightly on the higher side. It doesn’t allow me to bring it further down. It is about 10% more than what I think is the market rate of the car.

[tp_dominator]

Originally Posted by RajBajwa

I have a doubt. I have purchased a used car in November 2017. The insurance of the car was valid until December 2017. My car transfer papers from the RTO haven’t come yet as the process takes almost a month and a half. I now checked online for renewing insurance as the expiry date has come (in fact it expired day before yesterday). I filled the form on the HDFC Ergo site and their surveyor came today to inspect the car and I got a link that the survey was satisfactory and that I can pay the premium online. I had filled the online form for policy renewal with my name and the car details such as registration date of Dec 2013, engine, chassis number etc.. and that the NCB in the previous year was 35%. I now have received the link from HDFC Ergo to purchase insurance with 45% NCB. Should I buy the insurance with the NCB or I should go back to them and tell them that I am not eligible for any NCB as it is a used car and I am not transferring NCB from my old car.

You cannot claim NCB since the earlier policy was not transferred in the name of the new owner (you). Had you done that, the insurance company would have collected the NCB premium from you while the endorsement was being done.

My advice to you is, since you already have got the pre inspection on the car performed, get a policy issued on your name with 0% NCB. Otherwise, every insurance company checks with the previous insurer, the NCB details. HDFC Ergo will eventually find out that you are not entitled to NCB and may do one of the two things it does, either convert your policy to short term policy with the policy being active only until the premium paid exhausts, or will outrightly deny any claims made on the policy.

Secondly, I am assuming you are getting the policy issued in the name of previous owner, in which case, HDFC or any other company will recover the NCB amount while passing the name transfer endorsement.

[RajBajwa]

Originally Posted by tp_dominator

You cannot claim NCB since the earlier policy was not transferred in the name of the new owner (you). Had you done that, the insurance company would have collected the NCB premium from you while the endorsement was being done.

My advice to you is, since you already have got the pre inspection on the car performed, get a policy issued on your name with 0% NCB. Otherwise, every insurance company checks with the previous insurer, the NCB details. HDFC Ergo will eventually find out that you are not entitled to NCB and may do one of the two things it does, either convert your policy to short term policy with the policy being active only until the premium paid exhausts, or will outrightly deny any claims made on the policy.

Secondly, I am assuming you are getting the policy issued in the name of previous owner, in which case, HDFC or any other company will recover the NCB amount while passing the name transfer endorsement.

The insurance company is giving the insurance in my name and not the previous owner with the 45% NCB. The system failed to recognize that I am the second owner because I made a mistake while filling the online form. I did not select the section, ‘Used Car’. I realized that later when I starting investigating that how come I am getting the NCB. The previous insurance was from a different Insurance Company and HDFC Ergo allowed me to fill all the details for the car with the name of the owner as me. When the representative came to do the inspection, I explained to him that the registration transfer is still in process and that’s why the car papers show the previous owner’s name. He did the inspection and also told me that it should be fine, but then the guys who do the inspection are quite junior in the company or are from some third party agency and hence I won’t take his word.

Although HDFC Ergo is issuing the policy with 45% NCB I don’t want to take the bait. I don’t think it is worth risking a 20 odd lac rupee car for saving 18 K on insurance. God forbid if there is any major claim it may get denied as at that time the due diligence team from the Insurance company will check that I bought insurance for a used car without any certificate that I am eligible for the NCB. In the past I had bought insurance on a brand new car with NCB but I had a certificate which I got after selling the old car which stated that for a period of 3 years I can use that NCB benefit on any other car which I buy. I always kept that certificate with me because the policy issual contract said that I will have to show the NCB certificate whenever they ask for it. It is a different story that the insurance company didn’t check the certificate when I made an insurance claim on that car.

I am going to buy the insurance without NCB. I am just sharing this experience here for the benefit of others.