Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums! Quote:
Originally Posted by ghodlur Kalyan,
let me answer your queries for points 3 & 4 Answer to point#3: The cancelling of the Current Insurance does not happen overnight unfortunately. You will need to submit an application for the current Insurance cancellation and request for the NCB letter. Once the insurance is cancelled , you will need to buy a TPL only insurance for the Honda city as bare minimum requirement. This policy can be bought online too so the cover will start form the time the policy is issues. So this takes care of the Honda City Insurance. |
Thanks for taking time to answer my queries. I was also able to call Bajaj Alliaz Customer service and get great response.
The process needs to be taken offline(meaning at the nearest BA office) to make it fast. I am visiting the office today, I was told that they will cancel the old policy instantly(effective tonight) and issue me a NCB reservation letter. At the minimum, I need to take a third-party insurance on Honda City or I could choose a comprehensive policy with 0% NCB, planning for the latter as I would still be using the old car for some time. Quote:
Originally Posted by ghodlur Answer to point#4: You will need to initiate the transfer of the existing Insurance from previous owner to your name. Anyways you wont be paying for the Insurance on the BMW till the present insurance expires. Once you get hold of the NCB letter from BA (which you need to expedite since the BMW insurance expires in the coming month), you can renew the Insurance for the BMW from BA using the NCB eligibility. |
Yes, you are right, I can use the NCB reservation letter to claim the discount. The BA representative has arranged for a call-back on Saturday, he would need the scanned copy of the RC and the NCB letter to create a proforma invoice for the policy on the BMW. I got a quote for 0 depreciation policy on the car yesterday with 50% NCB consideration and it was lucrative. Again, since the car is from 2012, the online system does not allow NCB more than a certain percentage so they need to do this offline.
And in the worst case, the representative assured me that I can renew my policy with 0% NCB and can claim a refund once the NCB reservation letter is received by them. Quote:
Originally Posted by ghodlur So this way both the cars will be covered by BA. I must admit your fascination to stick to only one Insurance co in these competitive times. I also assume you must have confirmed that both the car workshops have cashless tie up with BA. |
I have been dealing with BA for the past 8+ years now. The initial move was a result of them having an office in the same building I used to work at. And that relationship continued. I have found them to be very accommodating and competent. Before every renewal, I do look around, mostly online to find quotes from other providers for the same IDV and do a comparison. Mostly BA is within 10% limits of the others, at times expensive and at times less expensive.
Thanks,
Kalyan |