[agambhandari]

Originally Posted by penpavan

Thanks agambhandari. I am ready to get the existing policy lapsed. However, I am worried for
1. If I apply for new policy, the insurer will ask NCB on the expired policy or the NCB reserving letter?
2. If NCB reserving letter, then would there be a question on how was the car covered last year? (NCB letter has 2017 date)

If the policy is not renewed and lapses, i believe the NCB is lost too. happened with a car that we forgot to renew and remembered a month later.
2017 date shouldn't be a worry, as long as the ncb certificate is valid, i think it is for 2or 3 years?

[penpavan]

Originally Posted by agambhandari

If the policy is not renewed and lapses, i believe the NCB is lost too. happened with a car that we forgot to renew and remembered a month later.
2017 date shouldn't be a worry, as long as the ncb certificate is valid, i think it is for 2or 3 years?

That clears the doubt. Yes it says 3 years. Thanks so much.
BTW, Tataaig just called and they want original letter to be submitted to them to avail the NCB during renewal. So lets see. I will give one last try.

[hishamkabir]

I have booked a maruti brezza and insurance is coming to 40900 I have a no claim bonus of 50% however maruti says it will only reduce 7000 rs not 50% of 40,000 plus even if you take bumper to bumper from another insurer you will not be able to process claims easily is this true.

[arunphilip]

Originally Posted by hishamkabir

I have booked a maruti brezza and insurance is coming to 40900 I have a no claim bonus of 50% however maruti says it will only reduce 7000 rs not 50% of 40,000 plus even if you take bumper to bumper from another insurer you will not be able to process claims easily is this true.

What is the break up of the 40k premium?

NCB applies to the own-damage premium only. It wouldn't apply to zero-depreciation, or the third-party components of the premium, and not to other add-ons as well (accessories, etc.). Not to the tax component either. No discount ever does

I'd guess the FP damage premium is 14k.

Take a look at ICICI's page which is representative of other Indian insurers as well. The table is titled "% Discount on Own Damage Premium"

Originally Posted by hishamkabir

Arun. What if I take a bumper to bumper nil depreciation insurance policy for my new car. Other than maruti will there be any main disadvantage

Bumper-to-bumper/zero depreciation is an addon, so it would not be discounted by NCB.

If you're asking about taking insurance from someone other than the Maruti dealership, you're most welcome to do so (and are probably better off doing so). Dealer insurance almost always has inflated premiums (and sometimes has a lower insured declared value IDV as well), so you can save thousands of rupees by getting the same coverage from the outside. Just ensure that the insurer you pick has a cashless tie-up with the Maruti ASCs in your city, as that makes claims processing that much easier. I'd suggest you get a few indicative quotes from Policy Bazaar and Coverfox to experience for yourself just how much the premium differs (even from the same insurer that Maruti are offering). You can then purchase the insurance directly, or use it to negotiate Maruti's insurance down.

[hishamkabir]

Arun. What if I take a bumper to bumper nil depreciation insurance policy for my new car. Other than maruti will there be any main disadvantage

[ajay99]

Originally Posted by hishamkabir

Arun. What if I take a bumper to bumper nil depreciation insurance policy for my new car. Other than maruti will there be any main disadvantage

I would suggest you to take a look at the Public sector Insurance company policies.They wont fleece you like the private sector ones

[itwasntme]

NCB Protector: Was initially excited at seeing this INR 995 option from HDFC Ergo but realized that it has a maximum limit of 3 claims only on the following:

Damages to Windshield Glass
Loss to parked vehicle by external means
Loss to parked vehicle due to flood, earthquake, AOG perils

Doesn't seem that great anymore!

[ghodlur]

Originally Posted by itwasntme

NCB Protector: Was initially excited at seeing this INR 995 option from HDFC Ergo but realized that it has a maximum limit of 3 claims only on the following:

3 claims per year is an industry best when most of the Insurance co are offering not more than 2 claims with strange clauses.

You could try Royal Sundaram NCb protector add on cover, pretty exhaustive coverage. Just attached a few highlights, link is provided below:

https://www.royalsundaram.in/car-ins.../add-on-covers

You may prefer up to 2 Own Damage Claims during the year in which this cover is opted for and still be eligible for the same slab of NCB the next year, when the policy comes up for renewal.
If more than 2 OD Claims are made in a year, NCB will drop to 0%
NCB enjoyed in current policy should be 20% or more
NCB will be protected only if the policy is renewed within 90 days of the expiry of the previous policy
You must prove eligibility of NCB by way of a renewal notice or No claim confirmation letter from the previous Insurer
Mid-term inclusion or removal of this cover shall not be allowed
The accident should have happened during the currency of the policy
The vehicle should be insured under a Private car Package Policy with us and this cover will run concurrently with the package policy
Clause can be offered to Individuals and Corporates
All provisions and criteria for NCB Eligibility and entitlement will be as per NCB Clause in the Motor Tariff
In case of partial loss, the NCB in this clause cannot be transferred from one vehicle to another – even if both or multiple vehicles are in the name of the same insured
On the death of the insured, this clause will continue to operate provided the vehicle is transferred in the name of a legal heir and the same is endorsed in the policy
Vehicle should have been repaired in a garage authorized by the Insurer
The cover cannot be offered for a short period policy
All old Vehicles will be inspected where this cover is opted for the first time
Claims under self authorization mode are not covered under this clause
In case of theft of vehicle, NCB can be transferred to a new vehicle provided that vehicle is purchased and insured within 90 ays of the date of theft of the insured vehicle.

[itwasntme]

Originally Posted by ghodlur

You could try Royal Sundaram NCb protector add on cover, pretty exhaustive coverage.

Thanks! I am a layman in insurance T&C but are there any obvious / non-obvious catches in the T&C? I will certainly consider them when I renew in a month's time. I have 50% NCB on both my vehicles so keen to protect them!

EDIT: Checked their premium calculator: NCB Protector is coming to a hefty 4.8k with GST. That IS a lot of money!

[arindambasu13]

Noob question: How does one transfer the NCB benefits on an existing vehicle policy, to another new policy for a new car?

Case in point: selling off existing car in exchange offer when purchasing a new car. The existing car policy has an NCB of 50%. How do I transfer this to the new insurance policy that I will take on my new car, if I am obtaining the new insurance online (for instance through PolicyBazaar)? How does it work- is the premium on the new car policy reduced?

Help and further information on this will be much appreciated

[tud]

Originally Posted by arindambasu13

Noob question: How does one transfer the NCB benefits on an existing vehicle policy, to another new policy for a new car?

Case in point: selling off existing car in exchange offer when purchasing a new car. The existing car policy has an NCB of 50%. How do I transfer this to the insurance policy that I will take on my new car, if I am obtaining the new insurance online?

Help will be appreciated

After you sell your current ride, reach out to the insurance company to transfer the name on the insurance to the new buyer. The insurance company will give you a letter stating the NCB you have accrued, and also charge the new buyer the difference amount considering the NCB you enjoyed on the current policy.

Using this letter, you can take an insurance for your next ride from the same or for that matter, any insurance company. This letter does have an expiry date.

[amohan78]

Originally Posted by ajmat

Q: I have not sold my old car and need to take delivery of a new one.

A: Go ahead and buy the new car: you cannot claim your NCB for the first year but make sure you get the NCB letter when you sell your old car. You can use the letter to reduce your second year’s premium.

Dear Sir

I have one peculiar problem. Please help me on one Insurance query.

I have bought a Ford Aspire and have given my old Alto car in exchange to the dealer. For the Alto sale, I have the Delivery Note for the vehicle handover given by the dealer only.

Alto Insurance has 50% NCB and is with Reliance General Insurance. The sale was done after 5 months of renewal of Alto insurance.

Ford Aspire was insured by the dealer with TATA AIG. I could not force them to apply the NCB as I had to procure the NCB reserving letter and Reliance was dilly dallying on it. Having given the Alto car, I was under pressure to procure the new car and hence I decided to get the new car first on priority.

Now, Reliance has asked for NCB Recovery amount to be paid to them prior to NCB reserving Letter since NCB cannot be applicable for myself on 2 cars simultaneously. I have to relinquish one to transfer to another.

I did not argue much and hence simply paid up the NCB recovery amount and now I am in possession of the NCB Reserving Letter.

Now, with this letter in hand, I have written to TATA AIG to apply NCB on my existing policy OD premium in THIS year itself. Tata Aig is telling me , since the policy is issued, NCB cannot be applied retrospectively and hence it will be considered by them in the NEXT year renewal only.

Please advice me if the thing that they are saying is correct ? I thought it was possible for them to pay me the excess OD premium which would not have applied in my case if the NCB would have been loaded ? Just because that the policy is already issued, is it cast on stone that I cannot have the fairness of loading the NCB retrospectively ?

[Rahul Rao]

@amohan78
In normal conditions you should have payed the NCB recovery and collected the certificate while handing over the car, and used it later for the new car.
If the certificate was procured within a very short period of buying the Aspire you can argue for the refund.
Otherwise do as they say and wait for next renewal.

Originally Posted by arindambasu13

Noob question: How does one transfer the NCB benefits on an existing vehicle policy, to another new policy for a new car?

Follow the above procedure. Ask your insurer for certificate, and offer to pay the NCB recovery for old car.

Originally Posted by agambhandari

If the policy is not renewed and lapses, i believe the NCB is lost too.

As per insurance rules you get the NCB if you renew within a grace period of 90 days of insurance expiring. Private cos refuse, but New India Assurance usually does it.


Rahul

[ghodlur]

Originally Posted by amohan78

Please advice me if the thing that they are saying is correct ? I thought it was possible for them to pay me the excess OD premium which would not have applied in my case if the NCB would have been loaded ? Just because that the policy is already issued, is it cast on stone that I cannot have the fairness of loading the NCB retrospectively ?

A couple of things you could have done to avoid the current situation:
1) You should have asked Tata AIG to contact Reliance to confirm you NCB eligibility and ensure they apply it when buying the Insurance for the new car.
2) You should have communicated to Tata AIG of the NCB eligibility and obtain an written assurance that upon producing the NCB certificate from Reliance the excess amount paid will be refunded.

In the current situation, you could try to raise the issue with Tata AIG ombudsman regarding the refund and see if they yield to the pressure. If not, then the best bet is wait till the renewal. It will be a loss for you but you cant help with it.

[PetrolRider]

I exchanged my Micra which had 50% NCB on its insurance. Again, as with any exchange process, the dealer was able to sell of the car only recently and it might take some more time for me to get hold of the NCB certificate. Hence, I thought of using of the NCB while renewing my new car insurance.


Now, I may have to do some repair and claim insurance of my new car. In this case, during renewal, can I use the 50% NCB of my old car?