[Aviator_guy]

Originally Posted by Sufficient_shop

Thank you so much for this. I'm exploring my options right now.

One interesting thing I came across on ICICI Lombard is that the NCB is applicable on the "same class" of the car. What does this mean? It won't be applicable if I'm moving from a hatchback to a mid-size SUV?

Same class means 2w to another 2w or LMV (car) to another car. Type of car (hatchback, sedan, suv etc) doesn't matter as long as it falls in LMV category (light motor vehicle) which most of cars fall into anyway. So you will be fine.

[Sufficient_shop]

Originally Posted by supremeBaleno

So I wanted to get the 50% NCB certificate of my 2005 Baleno (never claimed insurance ever) and use it for the purchase of a new car. I went to the local National Insurance office where we have all our cars/bikes insured and tell the guy that I needed the NCB certificate. He asks me to give a request in writing.
And after paying Rs409 towards the NCB discount for remaining insured period, they issue me a certificate. Never imagined it is as simple as this. And he said there's no need to sell the old car or show any RC change info etc.

Against the dealer quote of Rs.58,641 for the new car's insurance, it is only Rs.30900 with the 50% NCB applied. A cool 28K savings.

ICICI Lombard is insisting one of the 3 documents below to provide NCB certificate. They insist you must have sold the car before they provide the certificate. Any tips on how to deal with this?

[supremeBaleno]

Originally Posted by Sufficient_shop

I have booked a new car which is expected to deliver in the next 2-3 months. I plan to sell my old car only after that. How can I transfer my NCB (which is at 50% right now) from my old car to the new one?

You can get NCB even while retaining your old car - no need to sell it. Insurance company will charge a small NCB recovery charge for the remaining insured period of your car & issue you the NCB certificate which can be applied against the insurance of your new car to claim 50% NCB on first year premium. See below post.
https://www.team-bhp.com/forum/buyin...ml#post5612837 (ARTICLE: No Claim Bonus - How to save on your insurance premiums!)

Originally Posted by Sufficient_shop

If so, what will happen to the insurance of my old car when I sell it? The new buyer will have to reinsure the car like a fresh insurance?

Yes, new buyer gets fresh insurance with 0% NCB.

Originally Posted by Fillmore

You can get a NCB letter from the old insurance company only after the Sale of the old car.

No need to sell old car.

[Aviator_guy]

Originally Posted by Sufficient_shop

ICICI Lombard is insisting one of the 3 documents below to provide NCB certificate. They insist you must have sold the car before they provide the certificate. Any tips on how to deal with this?

From my experience (personal and in the extended family), pvt insurance companies are not willing to issue NCB certificate without proof of sale. Whereas govt players don't make a fuss (but personal follow up may be required).

If you are willing to visit the branch then I'd suggest to try that option. You can also escalate to the higher ups (email, visit etc) or take help from some known agent who can do leg work for you.

[Sufficient_shop]

Originally Posted by Aviator_guy

From my experience (personal and in the extended family), pvt insurance companies are not willing to issue NCB certificate without proof of sale. Whereas govt players don't make a fuss (but personal follow up may be required).

If you are willing to visit the branch then I'd suggest to try that option. You can also escalate to the higher ups (email, visit etc) or take help from some known agent who can do leg work for you.

Makes sense. At the bare minimum, they might insist on buying a new insurance for the old car in my own name before they issue the NCB certificate. Will anyway try visit the local branch once and see what they say.

[Fillmore]

Originally Posted by Aviator_guy

There is a provision that customer can request NCB Letter even without selling the car, by paying a small fee (called NCB recovery)...

Originally Posted by supremeBaleno

You can get NCB even while retaining your old car - no need to sell it. ..

Originally Posted by Sufficient_shop

Makes sense. At the bare minimum, they might insist on buying a new insurance for the old car in my own name before they issue the NCB certificate. Will anyway try visit the local branch once and see what they say.

Were any of you successful in doing this ?
The bottom-line is NCB can be claimed only on 1 car. So if you are not going to sell your existing car which is already enjoying 50% NCB, It is quite complicated as you need to re-insure the existing car and take away the NCB on it and pay the full premium on it , before you can ask the Insurance company to transfer any NCB to the new car Insurance policy.

Quite a daunting task if you ask me given how "organized" and "well informed" the Insurance company folks are.

[supremeBaleno]

Originally Posted by Fillmore

Were any of you successful in doing this ?

Yes, I already mentioned few posts ago on this thread that I got the 50% NCB certificate on my current car from NationalInsurance without selling it.
https://www.team-bhp.com/forum/buyin...ml#post5612837

Originally Posted by Fillmore

The bottom-line is NCB can be claimed only on 1 car. So if you are not going to sell your existing car which is already enjoying 50% NCB, It is quite complicated as you need to re-insure the existing car and take away the NCB on it and pay the full premium on it , before you can ask the Insurance company to transfer any NCB to the new car Insurance policy.

There is nothing complicated here as you make out to be.
Once you request for and get the NCB certificate from existing car, it retains OD cover till policy period ends, but with zero NCB. No re-insuring existing car as you say.
You use the NCB certificate on the new car and get the discount for first year on the new car. That's all.

Originally Posted by Fillmore

Quite a daunting task if you ask me given how "organized" and "well informed" the Insurance company folks are.

Nothing daunting here. Usually PSU insurance companies are stricter in following the rules and red-tape delaying, but in my case they handed me the NCB certificate without any issue or requiring me to sell the car. So private insurance companies should be more pro-active.

I have been following this thread for years, but given the conflicting opinions on various issues (sell old car or retain etc), even after this thread
balooning to 100 pages, it was confusing for me, till I actually applied for and got the NCB. I think Moderators should think of consolidating the fact-based gist of the core idea in this thread (& similar ones) and have it on the 1st page for folks to have a quick understanding, instead of having to wade through 100 pages and still emerge more confused than they were earlier.

[Fillmore]

Originally Posted by supremeBaleno

Nothing daunting here. Usually PSU insurance companies are stricter in following the rules and red-tape delaying, but in my case they handed me the NCB certificate without any issue or requiring me to sell the car. So private insurance companies should be more pro-active.

Good for you that the process ran smooth in your case.

But not all Insurance companies function the same way, and we are not making up stuff to scare people. Just sharing our experience.

In my case the existing Insurance company was IFCO Tokio, they refused to issue an NCB without the Sale proof. (attached part of the communication)
I finally got the NCB letter, but the Maruti tie up folks again caused problems saying soft copy is not possible, we need hard copy and all this nonsense.

The local branch of IFCO Tokyo said we cannot issue a Hard copy from here you need to get it from the Delhi branch.
It involved multiple calls to the customer care center.

So I am still convinced that it is not a cake walk.

[Aviator_guy]

After seeing some posts about variation in the NCB Letter process across companies, I'd like to add my two cents based on personal experience.

White it may appear legal to expect NCB letter on an existing car by just making a request and paying NCB recovery amount, it is easier said than done.

I had an insurance from Bajaj and they clearly mentioned that they can't issue NCB letter without proof of sale. Story does not end there. Even after I sold (exchanged) my car to the dealer and got a delivery note on their letterhead, Bajaj customer care simply refused to accept it and kept on insisting for proof of sale like RC copy or RTO form. I had to give up after few follow ups due to lack of time and energy. Bajaj lost a loyal customer that day.

But in another case, my relative had a national insurance done via an agent. He simply rang up the agent and got hard copy to his address in no time. That too without selling his car. May be agent had some connection or the govt companies are more compliant, I don't know.

Another thing is that insurance companies don't accept soft copy of NCB Letter and one needs to provide original hard copy to avail NCB on new policy.

Hope this helps. Others can also opine if they had similar /different experience.

[ajay99]

Originally Posted by Aviator_guy;5615434But in another case, my relative had a national insurance done via an agent. He simply rang up the agent and got hard copy to his address in no time. That too without selling his car. May be agent had some connection or the [I

govt companies are more compliant, I don't know.[/i]

Actually PSU insurers are the best with regard to NCB endorsement/certificate etc. Most private companies try to avoid giving old NCB benefit to new car purchase .Actually many of them dont even know that there are owners who even have 65 percent NCB .

[supremeBaleno]

Originally Posted by Fillmore

But not all Insurance companies function the same way, and we are not making up stuff to scare people. Just sharing our experience.

As others also posted, each insurance company seems to have different criteria / document-set for issuing NCB certificate. Agree that it should not be the case.

My comments were about your below post, which is not only factually wrong, but also can be confusing to others.

Originally Posted by Fillmore

The bottom-line is NCB can be claimed only on 1 car. So if you are not going to sell your existing car which is already enjoying 50% NCB, It is quite complicated as you need to re-insure the existing car and take away the NCB on it and pay the full premium on it , before you can ask the Insurance company to transfer any NCB to the new car Insurance policy.

Originally Posted by ajay99

Actually many of them dont even know that there are owners who even have 65 percent NCB .

I think 50% is the max NCB. With no claims in 18years, my NCB is only 50%. And that's what IRDAI site also mentions.

[Fillmore]

Originally Posted by supremeBaleno

My comments were about your below post, which is not only factually wrong, but also can be confusing to others.

I am sorry I did not get you. Which part were you saying is factually wrong ?
What I was saying was irrespective of the %, NCB can be claimed only on 1 car period.

So if you are not selling your current car which is enjoying an NCB factorial, then as per some Insurance companies you cannot claim NCB on a 2nd car.

[ajay99]

Originally Posted by supremeBaleno;5620126 I[I

think 50% is the max NCB. With no claims in 18years, my NCB is only 50%[/i]. And that's what IRDAI site also mentions.

I would request you to please read what i said in my post about NCB. Had only mentioned that many insurance companies are not aware of the fact that some owners have 65percent NCB.The cap on NCB at 50 percent was made by the IRDA.But there were many vehicle owners who had 65 percent NCB eligiblity at that time. So IRDA put in a sunset clause that whoever had that NCB will be allowed to avail it in future also.I know of at least 3 persons in my city still enjoying 65 percent NCB.IRDAI site mentions the maximum NCB a owner can accrue presently.
This is what i said that many Insurance companies especially Private ones are not aware of this because most of them must have never seen such policies because they came into the field in the recent past only.

[Sufficient_shop]

In the situation I am in at present, where I don't know when I'll get the allotment for my new car and when RC transfer will happen for my old car, there is a possibility where I end up getting the new car before I get the NCB certificate from my insurance company (ICICI).

My question is, will I be able to claim NCB from second year onwards with my new car insurance or will it just go waste?

[Aviator_guy]

Originally Posted by Sufficient_shop

In the situation I am in at present, where I don't know when I'll get the allotment for my new car and when RC transfer will happen for my old car, there is a possibility where I end up getting the new car before I get the NCB certificate from my insurance company (ICICI).

My question is, will I be able to claim NCB from second year onwards with my new car insurance or will it just go waste?

It is most beneficial and feasible to apply NCB for new car while purchase. Many folks I know have faced similar situation. Here is something you can explore if it is applicable to you.

If you plan to get new car insurance from the dealer, check if it is via same insurance company as your old car. If so, the you should request dealer to help you get NCB Letter and apply on new car. Dealer earn fat commission and you should negotiate with him for this support in return.