Team-BHP - No Claim Bonus Question

Hello,

I have read the threads where most have sold their old car and used the No claim bonus of the old car while buying a new one.

I am currently having a car which is one year old and I just now paid the 2nd year insurance premium. Since I know the insurance officer personally, he promised me that I pay the entire premium (without the No claim bonus) and he will send me a cheque of the No claim bonus later. So, in other words I did not use the No claim bonus on my current car.

Now I am planning to buy another new car. My question is can I use this No claim bonus of my existing car while buying the new car?

Thanks, Jalesh.

Quote:

Originally Posted by jalesho (Post 1142192)

Jalesh

You have been duped my friend. There is no such thing as refund of no claim bonus. Even if there is one why should you pay upfront and get a refund and some other point in time while all others pay only the amount after the bonus Discount.

Quote:

Originally Posted by jalesho (Post 1142192)

Since I know the insurance officer personally, he promised me that I pay the entire premium (without the No claim bonus) and he will send me a cheque of the No claim bonus later.

Quote:

Originally Posted by DieselFan (Post 1142222)

You have been duped my friend. There is

Quote:

Now I am planning to buy another new car. My question is can I use this No claim bonus of my existing car while buying the new car?

Nope. Technically, you need to sell your existing car before transferring it to a new car. There are workarounds though. Look up Ajmats brilliant article on NCB.

Quote:

Originally Posted by GTO (Post 1142929)

Nope, it isn't a fraud at all. Jalesho has been adviced correctly. I have seen this practice several times, where the entire premium is paid upfront and a refund (NCB difference amount) is issued after 30 days. Most probably cause is a delay in issuance of the NCB certificate, sale of car etc.

Correctly said, this is possible but delay is normal. It will be good if you have any known person or you need to be in touch with them. I had similar experience. Because of relocation, I had paid my premium without NCB and was told that they need certificate from the office where I had paid my previous years premium that I had no claims made. Upon getting that information I suppose to get my NCB difference cheque. But that never happened... As this is a case with my old car the difference was not much but still ideally it was my money :Frustrati. This effects all your future premium amounts and specially in your case you need to take care when you are going for new car, it will be a big amount.

Nope. Technically, you need to sell your existing car before transferring it to a new car. There are workarounds though. Look up Ajmats brilliant article on NCB.

As said, you need to sell your current car & if your insurance premium is due, it's ok as new owner can pay on his name, but if you have couple of months before your next premium then you first need to transfer existing car's insurance on new owner's name and then you can avail NCB on your new policy for new car.

Quote:

Originally Posted by jalesho (Post 1142192)

Since you know the insurance officer personally what is his opinion on this one?

What I have done repeatedly is the following. Put the car you are selling on Act Only cover, and then take the insurance transfer. You should get a certificate valid for three years from the Insurer. Alternatively, if you are transferring to a new car within 90 days then the certificate is not required.

Earlier it was permissible to take out insurance on a car before it was transferred to your name. In this case I got the new owner to get the car insured (he needed a photocopy of my policy) and then took a copy of his new policy from him and got the insurance on my new car with the old policy. In fact they should compute the pro-rata value of the old policy and adjust in the new policy.

The point is that you have to demonstrate that the old car is covered on a different policy in order to get the transfer.

Hi all,
I have a question on NCB for car inusance. I have a Santro (2007 model). The first year insurance was with Bajaj Allianz & I had claimed in the first year. The second year I went with ICICI since they were quoting a considerably low Premium. They also gave me a 20% NCB discount even though I told the agent that I had claimed in the first year. Now its time to renew the car insurance for third year & having read bad things about ICICI I dont want to renew with them even though they are still offering the lowest possible premium. The question I have is, if I go back to Bajaj Allianz, is it possible for them to detect later that the NCB given by ICICI was not valid? And can it create issues while claiming anything this year?

Also, BA website states that a NCB certificate is required from the previous insurer while making a claim. What kindof certificate is that & how to get that?

Regards,
Tarun

Quote:

Originally Posted by itstarun (Post 1200390)

Mr. Tarun sir, Do you agree that what you have got is something which you are not eligible for? if you say NO then you are not accepting the fact.

Normally when you are transferred your insurance policy from somewhere else and then claim arises in the first year then it is a matter of litigation, company may check with there competitors for the fact. and if they found that you are hiding the fact then they have right to Reject the entire claim and they may win the case in court of law also.

In your case if you go to Bajaj again then there are full chances that they may not pay your claim in future because they have your claim history. - In short don't go to them.

Don't stay with Icici also. There are lot of other good company in the market which are doing good business approach them for insurance they will also give you good service.

Pry to god that you don't have to make any claim with insurance company.

Ncb certificate is something which your current insurer will issue to you if you have not claimed and you have some Ncb in your policy.:)

Quote:

Originally Posted by rjvora_2000 (Post 1200460)

Hi
Thanks for your reply. Yes I do agree that what the NCB I got from ICICI was not what I deserved. But I was told by the agent that these companies dont check each other's record so it should not matter. May be he wanted to sell his company's insurance at any cost and I was not aware of the possible repercussions in future.

Which insurance company shoud I go for? I have Tata AIG & National Insurance in mind. Does National insurance or other govt companies provide cashless claim settlement? Is it good to go for a govt owned insurance company like National Insurance so should I stick to private players?

Quote:

Originally Posted by itstarun (Post 1200523)

Sirji both the companies are good the only difference between the two is of Service. You will find lot of people who have good or bad experience in both the companies.

I recommend Tata but it is your wish whatever you want to...:)