[firestorm]

Now, How can I find the NCB with the previous owner ? Is there any loophole so that I can avoid paying this NCB ?

[F1amit]

Originally Posted by sgiitk

The insurance can ne transferred to his name for a nominal sum. However, the NCB is not. If the original owner is wise then he will get fresh insurance on the car (may be Att only) and transfer his NCB to his new car. otherwise, he can take a certificate from the insurance company which is valid for three years, and claim the NCB on his new car. If he does not do this then the NCB is valid for only 90 days.

sgiitk sir, Could you please throw some more light on what do you mean by highlighted line?
So if the previous owner does not get NCB certificate from Insurance company, NCB is valid for 90 days for whom?
Is it the time frame in which first owner needs to get the certificate or its something related to NCB benefit for the new insurance owner?

[rjvora_2000]

Originally Posted by firestorm

Now, How can I find the NCB with the previous owner ? Is there any loophole so that I can avoid paying this NCB ?

No loopholes sirji.

Keep one thing in mind never pay less to insurance company they will also pay you less and there less will be too less (BIG) for you.

[easwarshanti]

I transferred my NCB from my previous car (Hyundai i10) with Hdfc Ergo to my new car (Innova) with Icici Lombard as per following details:

• Innova purchased on 22/02/2011 from Wasan Toyota and Motor Insured with Icici Lombard for period 22/02/2011 to 21/02/2012.
• NCB certifcate from Hdfc Ergo submitted to Wasan Motors on 19/03/2011 and fwdd to Icici Lombard for premium refund
• Icici Lombard has endorsed it on 28/04/2011 and refund recd from Wasan for Rs.10876.

Clarifications reqd:

• The endorsement taken over 1 month at Icici Lombard. How has the NCB refund been calculated - Basic Premium is Rs.26691, NCB is 50% and refund should be from 28/02/2011 to 21/02/2012 since NCB certificate says that it is available from 28/02/2011.

CVEaswaran

[man_and_machine]

Is there an increase in the premium amount after transfer of ownership? Why would that be?

[ghodlur]

Originally Posted by man_and_machine

Is there an increase in the premium amount after transfer of ownership? Why would that be?

Normally there is no change in the Insurance premium after the transfer of ownership unless the renewal of the premium happens post April 1st since the TP premiums have been changed.

[BulZire]

I bought a used car couple of months back and done with the ownership transfer. When i had sent my request to the Insurance company for transfer of insurance, they came with the premiuim of Rs 905 for the process. when asked for the breakup of the premium their reply was as quoted below.

With reference to your e-mail regarding policy number "*****"and as per update received from our motor team, we wish to inform you that we have given No Claim Bonus of 2677 and new insured person is not eligible for No Claim Bonus due to this premium is coming as 905 on prorata basis.

I am confused and could't get what he actually mean by prorata basis.
do i have to pay back the NCB amount when i renew the insurance ?

how the transfer premium and NCB are linked ?

The insurance is due for renew in JAN, can i wait and renew it directly in my name in JAN ? or can i first transfer the insurance to my name and then renew it ?. any pros and cons here ?

lot of doubts as it being a first used car. some may be silly too

Please help.

They are taking atleast 3 days to respond for each query, so posting my queries here to get it cleared soon.

[ghodlur]

Originally Posted by BulZire

I bought a used car couple of months back and done with the ownership transfer. When i had sent my request to the Insurance company for transfer of insurance, they came with the premiuim of Rs 905 for the process. when asked for the breakup of the premium their reply was as quoted below.
I am confused and could't get what he actually mean by prorata basis.
do i have to pay back the NCB amount when i renew the insurance ?
how the transfer premium and NCB are linked ?

Relax, no need to get confused. When you bought the car, the car insurance was in the name of previous owner who had claimed the NCB for the policy year. Now when you want to transfer the Insurance in your name in between the policy year, you will have to return the NCB amount claimed but on pro rata basis which means you will have to pay the % of NCB amount applicable for the period from the purchase of car till the renewal period i.e Jan 2014. This way insurance co will recover the part of NCB given to the old owner from you.

You should ideally transfer the Insurance in your name and renew it at the usual renewal time.

[Maverick79]

Guys & Guru's
I am selling my car next month and the insurance is due by March'14 from New India.
Need help on the below queries.

1. Can I transfer the same to the new owner?
2. How long will it take for the transfer to happen?
3. Can my new Owner claim the NCB for the renewal?
4. What would be the procedure for doing this transfer?
5. Can I get the form in Insurance site only or in RTO site?

Thanks in advance.

Regards,
Maverick79.

Mods: Pls suggest a correct thread if this is already an existing query.

[DriveToLive]

BHPians, I have a query. I sold my car on which I had some NCB and bought another used car. Now when I am transferring the insurance to my name, the insurance company is charging some premium as the recovery of NCB given to the previous owner. Since I had got some NCB in my previous car, how can I transfer the same to this car?

[ghodlur]

Originally Posted by DriveToLive

Now when I am transferring the insurance to my name, the insurance company is charging some premium as the recovery of NCB given to the previous owner. Since I had got some NCB in my previous car, how can I transfer the same to this car?

Ideally the recovery of the NCB for the used car you purchased should have been from the earlier owner. I hope it was agreed between you and the previous owner about the payment part. Now once the Insurance is transferred in your name you can use the NCB only for the next renewal. See you are not buying Insurance, you getting it transferred, the premium for which was already paid.

[deep_bang]

Hey guys. I have a question. I recently bought a used car and when transferring the insurance the company (HDFC Ergo) is asking for about 2k. The original policy did not have any NCB... so i am not sure why this amount is being asked for. Any ideas?

[ghodlur]

Originally Posted by deep_bang

Hey guys. I have a question. I recently bought a used car and when transferring the insurance the company (HDFC Ergo) is asking for about 2k. The original policy did not have any NCB... so i am not sure why this amount is being asked for. Any ideas?

I doubt if that is the transfer fee demanded by HDFC. Is yes, then the amount is quite high for an used car insurance transfer. Did HDFC confirm the reason for asking the amount?

[deep_bang]

Originally Posted by ghodlur

I doubt if that is the transfer fee demanded by HDFC. Is yes, then the amount is quite high for an used car insurance transfer. Did HDFC confirm the reason for asking the amount?

I am checking on the reason for the amount...

[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.

As per your request SR xxxx against Policy xxxx kindly pay Rs 1627 for changes requested in the policy through this payment link. The link is valid till 11:59 pm midnight today. Kindly ensure payment before the link expires.

When I called up RGI, their agent wasn't able to explain what exactly this charge is for. Is this kind of charge normal during insurance transfer?


Thanks.