[gischethans]

Originally Posted by gischethans

How do I take this forward? I am definitely keen on getting it done directly from them and not through the dealer. Isn't that the right process?

ICICI Lombard processed the NCB transfer without any additional action from my side. I got the refund and endorsement letter.

[saket77]

I have a 50% NCB in my policy for my Honda Civic which is now sold. The insurance policy was with National Insurance bought through Policy Bazaar. I raised a request with Policy Baazar for the NCB certificate. They are insisting on new RC or Parivahan screenshot with new owners name. Now the matter is that Ranchi RTO is taking its own sweet time to update the transfer of ownership. The first step of entry is complete but the verification is pending since 17-18 days.

As far as I know, if I’m cancelling the policy, I’m entitled for the NCB certificate anyway. It’s not mandatory that the vehicle in question has to be sold for the NCB certificate to be issued. I told this to Policy Baazar but they are not processing my request and insisting that it can be done only when RTO reflects the new owner’s name in the website.

What are Bhpians thoughts and advice on the matter. I need to close this soon.

Thanks.

[avingodb]

Do we lose NCB if we initiate a claim and don't proceed with it anyway?
To give a background, we faced a severe hailstorm 4 weeks ago, and my insurance renewal is due this week. I was in two minds about whether to go ahead with the work for several reasons. And when I did, the surveyed said the claim may not be approved since it was 3 weeks already, plus recommended a garage that has more negative reviews. So we didn't go ahead with the work. And now when the message for renewal comes, it says you have used the insurance, so NCB is lost completely.

[mjkaushal]

Originally Posted by saket77

I have a 50% NCB in my policy for my Honda Civic which is now sold. The insurance policy was with National Insurance bought through Policy Bazaar. I raised a request with Policy Baazar for the NCB certificate. They are insisting on new RC or Parivahan screenshot with new owners name. Now the matter is that Ranchi RTO is taking its own sweet time to update the transfer of ownership. The first step of entry is complete but the verification is pending since 17-18 days.

As far as I know, if I’m cancelling the policy, I’m entitled for the NCB certificate anyway. It’s not mandatory that the vehicle in question has to be sold for the NCB certificate to be issued. I told this to Policy Baazar but they are not processing my request and insisting that it can be done only when RTO reflects the new owner’s name in the website.

What are Bhpians thoughts and advice on the matter. I need to close this soon.

Thanks.

Hi Saket,

Pretty much understand your situation. Its truely a catch 22 situation. Unless the car is registered in the new party's name, you cannot get the NC bonus in your name for your new purchase . Its practically not possible as , we would be looking to buy a new vehicle as soon as we sell the older one. The only option is to sell the vehicle , get the RC transferred and upon completion, then apply for the new vehicle registration with the applicable NCB component which rarely happens.

So with a pinch of salt, go ahead and buy your new vehicle and forget about the earlier NCB portion. Do not let this hamper your joy of enjoying your new vehicle buying process. I've been through this and do not worry about this NCB component at all.

Regards,

[ghodlur]

Originally Posted by saket77

I have a 50% NCB in my policy for my Honda Civic which is now sold. The insurance policy was with National Insurance bought through Policy Bazaar. I raised a request with Policy Baazar for the NCB certificate. They are insisting on new RC or Parivahan screenshot with new owners name. Now the matter is that Ranchi RTO is taking its own sweet time to update the transfer of ownership. The first step of entry is complete but the verification is pending since 17-18 days.

In my opinion you should be asking National Insurance for the NCB certificate and not Policy bazaar even though you have bought the Insurance from them. Policy bazaar is an aggregator and not a licensed Insurance provider. In any case the RTO receipt of the application of ownership transfer is also considered as proof for the issuance of NCB certificate by the Insurance provider.

If the Insurance co is not providing the NCB certificate then the Insurance Ombudsman can be approached.

[saket77]

Originally Posted by mjkaushal

Hi Saket,

Pretty much understand your situation. Its truely a catch 22 situation. Unless the car is registered in the new party's name, you cannot get the NC bonus in your name for your new purchase . Its practically not possible as , we would be looking to buy a new vehicle as soon as we sell the older one. The only option is to sell the vehicle , get the RC transferred and upon completion, then apply for the new vehicle registration with the applicable NCB component which rarely happens.

So with a pinch of salt, go ahead and buy your new vehicle and forget about the earlier NCB portion. Do not let this hamper your joy of enjoying your new vehicle buying process. I've been through this and do not worry about this NCB component at all.

Regards,

Originally Posted by ghodlur

In my opinion you should be asking National Insurance for the NCB certificate and not Policy bazaar even though you have bought the Insurance from them. Policy bazaar is an aggregator and not a licensed Insurance provider. In any case the RTO receipt of the application of ownership transfer is also considered as proof for the issuance of NCB certificate by the Insurance provider.

If the Insurance co is not providing the NCB certificate then the Insurance Ombudsman can be approached.

Thank you Gentlemen for your elaborate replies. Here’s an update:

I did visit National insurance’s office and met the Manager who told me that unless new name reflects in the parivahan website, he cannot issue me the NCB as the current policy will need to be cancelled. If the policy is canceled then RTO will not transfer the vehicle as documents checklist will not be complete for them. So, it would be a big hassle for the buyer. Also, as per the rule, the car can not be left uninsured (at least third party) at any point of time, hence to cancel the policy, he will need a new policy number insuring the vehicle.

I discussed this predicament with the buyer. He is a young guy and it took 2-3 rounds of discussion for him to understand the catch-22 situation. Finally he renewed the TP insurance from current date in my name (as I’m still the owner on papers) and shared the new policy with me. I met the manager again and he issued me the NCB hand to hand. I’ve assured the buyer that I’ll get the policy transferred to his name once transfer is done at RTO. So, with some understanding of situation and patience, I was able to secure the NCB.

Thanks a lot to both the members for replying.

Regards.

[Jaguar]

There is no need to sell the car, surrender the existing insurance, or convert it to TP to get the NCB certificate. One has the option of just surrendering the existing NCB of the current policy by paying the difference amount and getting the certificate.

I had 50% NCB on my 10-year-old car insurance from ACKO. I just had to pay them ~Rs. 1600 (which was last year's NCB discount) to surrender the NCB of the existing policy and make it 0% and issue the NCB certificate. I used this certificate to claim NCB on my new car while retaining the comprehensive cover of the old car.

This was suggested by ACKO customer care and I didn't have to visit any office. Just placed the request over the phone, made the payment using the payment link provided, and got the NCB certificate delivered home in 3-4 days. This was my first interaction with ACKO customer care and it has left me thoroughly impressed.

[sagara999]

Is it possible to sell your car (and buy a new one with offers/disc from the dealer, transfer RC, take the NCB certificate from the insurance provider, and then use that while renewing the insurance of your new car from the second year onwards?

[ghodlur]

Originally Posted by sagara999

Is it possible to sell your car (and buy a new one with offers/disc from the dealer, transfer RC, take the NCB certificate from the insurance provider, and then use that while renewing the insurance of your new car from the second year onwards?

Why would you want to use the NCB for the second year insurance renewal when you can use the same during the new car Insurance purchase. It make more sense to do that rather than use it later. If you are selling the car to the dealer and buying a new one, make a deal with the dealer to buy Insurance from the same Insurance co of the old car which will help apply the NCB applicable for the new car insurance purchase.

The only thing to take care is the dealer matches the Insurance premium for the new car with the market price (check online aggregators for the premium pricing).

[sagara999]

Originally Posted by ghodlur

Why would you want to use the NCB for the second year insurance renewal when you can use the same during the new car Insurance purchase.

Some of the discount offers given by the dealers are insurance-bundled (as is, but the discount amount is much more than the insurance premium). When I tried to negotiate the insurance amount based on NCB, the dealer reduced the discount. Also, some times, it's not possible to release the existing car before buying a new one.

[condor]

Has anyone got a NCB letter from ICICI Lombard ? Request to share process.

We are planning to sell our car which is insured with ICICI Lombard. So want to know the process so we can use the NCB for the upcoming car. Would be good to get the NCB letter before the insurance on the current car is transferred to the new owner.

[sarbagna]

I haven't used ICICI Lombard for car insurance, but for others the process is as simple as - submitting a formal letter (email works) quoting your existing policy details, and asking for the NCB Certificate.

Since you have a valid insurance which itself highlights the last applied NCB, this should be straight forward.

And btw:
Even if your car is sold, you may still apply for the NCB - by submitting your original RC and the new RC (showing the new owners name). You are selling the CAR with valid insurance but not the NCB.

[Aviator_guy]

Originally Posted by sarbagna

I haven't used ICICI Lombard for car insurance, but for others the process is as simple as - submitting a formal letter (email works) quoting your existing policy details, and asking for the NCB Certificate.

Since you have a valid insurance which itself highlights the last applied NCB, this should be straight forward.

And btw:
Even if your car is sold, you may still apply for the NCB - by submitting your original RC and the new RC (showing the new owners name). You are selling the CAR with valid insurance but not the NCB.

In principle, it should work as you said. But reality is quite different if one wants NCB letter without selling the car. They may keep insisting on proof of sale (RC with new owner name) or would make you run pillar to post with vague responses.

Btw, there is some time limit to request for NCB letter once car is sold (I think it is 90 days).

[sarbagna]

I have collected NCB multiple times without selling - as I wanted to leverage NCB on my new car. So, it works. But I agree that our insurance companies are more inclined to make life difficult than helping. I have tried this in the past with Acko (very prompt) and Bajaj (needed a lot of pursuing and eventual threat of consumer forum) - it worked.

[Mr.Perera]

Hi All,
One question. For my new car purchase I took the insurance from the dealer itself. I had a 50% NCB certificate from my previous vehicle. When I told about the NCB certificate the dealer said he just took a new policy 5 mins back and now it wont be possible to add the NCB certificate to it. But he also says that I can visit the insurance office within 90 days and give my new policy document and my previous NCB certificate and they will add the NCB details to the new policy. Looked like the dealer didnt want to reduce his margins from the insurance giving me NCB certificate benefits. Is the 90 days thing true ? If I take my current policy and my NCB certificate will the new insurance company refund me the 50% discount in premium ?

Thanks