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-   -   ARTICLE: No Claim Bonus - How to save on your insurance premiums! (https://www.team-bhp.com/forum/buying-car/18602-article-no-claim-bonus-how-save-your-insurance-premiums-43.html)

Sorry but you are wasting about 9000-10000(Assuming Hyundai Verna Insurance is atleast 30K) on the Insurance Premium this year. You can submit the Transferred RC copy and the NCB letter to your current Insurance company and they would process the 50% NCB on prorated basis from the day the car was transferred (this would be mentioned on the RC copy) and issue you the refund check.

Had sent a reminder email on Friday, received an apology for delay yesterday and today hard copy of NCB letter. Phew 1 month it took to issue the god darn letter, now to approach dealer to help with refund from new insurance.

Experts, please advise:

I had an Alto that was sold back last year and the insurance had lapsed in the month of May 2014. Is it possible to transfer the NCB to my other car now? Other car in question is not a new car. It's my dad's car and both policies are under his name.

Bajaj is saying NO!

Is this right?

I have not been using my 2 wheeler for about 7 year now and hence the insurance was not renewed. There is a sudden urge from my wife to put it to some use, hence I need to buy an insurance.
Will there be problems on a/c of such a big gap ? Are there any special docuements that the insurance companies will ask me ?
TIA

You want to wake up those set of wheels after 7 Years?:Shockked: I think it will need more than just insurance:)

However, you will need to buy a new policy. Hence, you will probably require services of an agent who will need your registration certificate and photographs of the vehicle from 3-4 angles with registration number legible in them. It may be followed by a small physical survey of the vehicle by the insurance company before they cover the risk. That should be all about it.

Regards,
Saket

Is the Alto registered under your name or your Dad's? If it is registered under your Dad's name, then the NCB can be used while renewing the insurance of the present car. If the Alto is owned by you then the NCB cannot be transferred. When you buy a new car within the next 3 years, you can use the NCB while buying Insurance.

The Alto was registered under his name. But then it was sold. And I'm assuming the new owner has transferred the car under his name, so as of now the car would be under his name. Is it still possible? These insurance company folks are absolutely disinterested in considering such a scenario. All they care about is selling a new one or renewing old insurance.

One of my friends needs help in understanding how to utilize NCB in his case.

He had a Swift with Tata AIG insurance, with 35% NCB accumulated. He sold Swift and bought Ertiga with Royal Sundaram insurance. While buying this insurance, NCB letter was not made available due to Tata AIG’s tactics of trying not to provide the letter. After lot of follow ups, he got the NCB letter. That delay resulted into him buying Ertiga insurance without any NCB.
He was not aware that he could submit the NCB to get part of his first year premium back. He decided that he could use it for second year, NCB being valid for 3 years.
Now, first year of his Ertiga, he didn’t make any claim, accumulating 20% NCB. While trying to renew his second year insurance, Royal Sundaram guys are saying that he could use only 35% NCB or 20% NCB but not 55% NCB for renewal. Is that true that these 2 NCB’s can’t be combined while renewing the insurance?
Off course the other option is to utilize 20% NCB this year and if there are any claims next year, he could utilize 35% NCB next year. But if there is no claim, then again accumulated NCB may go waste.
If the NCB can’t be really combined, what alternatives he has to explore? Can he try get 20% NCB from Royal Sundaram and then if he moves to say Tata AIG, can he utilize 55% NCB for this year’s insurance?

Royal Sundaram is strictly not correct. They have to see number of years' NCB. So if 20% is for first year and 35% is for 3 years, then they have to give NCB for combined 4 years which would have been the case had he claimed the NCB based on Tata AIG letter in the first year itself. So for 4 years NCB it is 45%. This has to be given by Royal Sundaram. He should tell them that if this is not done, he will complain to IRDA and choose a different insurer for next renewal. I am sure they will come around.

55% in any case is not permitted as NCB now cannot exceed 50%. (Unless it is a case of old grand-fathered NCB of 65% - which I still have :D) But then these fellows give lower discount if there is higher NCB - in India the consumer always loses...:Frustrati

Sold the swift and this time since i knew what needs to be done, submitted sale letter, delivery note and RTO forms filled up. This was through email on 12th Feb night and today 20th Feb received the NCB hold letter.

Tata AIG is the insurance company.

Guys, would be taking delivery of an Etios Liva next week. Was researching about insurance which Toyota is offering for 25505 via Toyota Protect. Policy Bazaar tells me there is a Zero Dep policy available from L&T Insurance for a mare 12k:eek:. Any experience with L&T?

Have been with Bajaj Alliance for both my cars and am quite happy with the experience so far. But 12k for a Zero Dep is too good to be true.

I have a 50% NCB from my Xylo that I recently sold.

Regards
Vinay

so I have an interesting situation here: I am picking up a used car that has its insurance expiring this week itself!

- the car has a no claim bonus (for the first year, its a one year old car).
- the RC transfer will be kicked in only after the seller forecloses the loan - which can save him 1% on the total outstanding if done 1 year plus one day. instead of one year minus one day.
- because its family, I am willing to let him save 1% on 6 lakh rupees.
- the car is already in my possession as the care taker as the relative is moving out of the country.
- or should I renew the insurance at my cost in his name and then transfer in a few days? and therefore get NCB discount on 2nd year renewal? thereby pay less?
- or should I let it lapse by a couple of days?

future generali's totally weird agent suggested 'buying the NCB' during the transfer.

totally confused! stupid:

This is indeed confusing statement by FG.

In any case you would not get the benefit of the NCB as it stays with the owner. In your case the best way is to get the ownership transferred first. If the Insurance on the car expires before the transfer, then you can purchase a fresh Insurance after the ownership transfer process is completed. If you have NCB (from previous ownerships), then you can use it to buy Insurance for the transferred car.

Ideally the Insurance transfer process should have been initiated when the vehicle ownership transfer process had started. Alternatively if the previous owner is willing, he can renew the Insurance for the car and hand over the papers to your for Insurance ownership transfer.

@barcode. Without a valid insurance policy, the RTO will not transfer any car. So you need to let the seller renew the insurance and then transfer the insurance into your name. To do this, you will have to pay the NCB difference since NCB stays with the previous owner.

Alternatively if you wish to take a risk for a few days, you will have to buy a separate third party liability policy in your name and then upgrade to comprehensive policy if you wish once transferred into your name.

hi. are there any cost differences so to speak in buying afresh or renewing first and then processing transfer?

i have the car lying idle for the last couple of weeks when the relative (cousin) had to move abroad on an urgent deputation. he has no issues with renweing, but I will have to take that task upon myself since he is no longer in the country. So I would just renew on his behalf perhaps if there is a cost differential. I currently have no cars I can transfer NCB from.

it just occured to me, are there any downsides to not changing the ownership at all? (i know its a question not for this thread).