[safe_rider]

Howdy!

My Polo 2021 is insured by HDFC Ergo and made a single claim to repair the rear bumper. The claim is settled now, and all good. Now, it's time for me to renew the policy, and I would need your help in clarifying the below,

- Car was purchased on Jan-2021.
- The insurance policy has NCB protection and I made a single claim until Jan-2022.
- Now, I'm planning to go for ACKO insurance and I see a question 'Did you make a claim in the last policy period?' - Should I select yes and lose 20% or Should I select No since I have NCB protection in my current policy.
- As per ACKO customer care representative, the NCB protection is valid only if I renew the policy with the same Insurance company and NCB protection will not protect me if I renew the policy with another insurance company.

Can someone help me to understand?

[headers]

Originally Posted by safe_rider

I would need your help in clarifying the below,otection and I made a single claim until Jan-2022.
- Now, I'm planning to go for ACKO insurance and I see a question 'Did you make a claim in the last policy period?' - Should I select yes and lose 20% or Should I select No since I have NCB protection in my current policy.
- As per ACKO customer care representative, the NCB protection is valid only if I renew the policy with the same Insurance company and NCB protection will not protect me if I renew the policy with another insurance company.

Can someone help me to understand?

Even a single claim does not entitle one for a NCB - No Claim Bonus!!

One can change insurance companies online but does not save much. NCB transfers are possible if the exiting insurance companies' policy stating your NCB is treated by the new insurance company as an accepted document.



Hope that clarifies.

[safe_rider]

I know what NCB is. I'm actually asking about the below component,

'No Claim Bonus Protection (IRDA/F/HDFC/MotorAdd-ons/09-10/2)'

[neeraj0272]

Originally Posted by safe_rider

Howdy!

My Polo 2021 is insured by HDFC Ergo and made a single claim to repair the rear bumper. The claim is settled now, and all good. Now, it's time for me to renew the policy, and I would need your help in clarifying the below,

- Car was purchased on Jan-2021.
- The insurance policy has NCB protection and I made a single claim until Jan-2022.
- Now, I'm planning to go for ACKO insurance and I see a question 'Did you make a claim in the last policy period?' - Should I select yes and lose 20% or Should I select No since I have NCB protection in my current policy.
- As per ACKO customer care representative, the NCB protection is valid only if I renew the policy with the same Insurance company and NCB protection will not protect me if I renew the policy with another insurance company.

Can someone help me to understand?

According to me your earlier insurance provider shall provide an NCB certificate to you stating that you are entitled to whatever NCB you are entitled to. Please let us know whether HDFC Ergo provides you with this certificate after you having made a claim? If not then that means that NCB Protection plan is insurance company dependent and we will lose this protection if we change insurance company after a claim like in your case.
I am interested in knowing this as my NCB is 65% and I invariable take NCB Protection add-on.
I think you should consult an an insurance agent.

[PrasadS]

Originally Posted by neeraj0272

I am interested in knowing this as my NCB is 65% and I invariable take NCB Protection add-on.

According to my knowledge the maximum NCB is 50% after 5 years of no claim. Is your 65% a typo or is 65% NCB actually possible?

[itwasntme]

You are heading towards making false claims about your current claim status.

Please note that ACKO will not honour any NCB during actual claim time. Insurance companies have a shared database about such things.

[neeraj0272]

Originally Posted by PrasadS

According to my knowledge the maximum NCB is 50% after 5 years of no claim. Is your 65% a typo or is 65% NCB actually possible?

I believe it was before year 2003 that maximum permissible NCB was 65%. In about 3 decades of my driving I have never ever made a single claim and that's I why my 65% NCB keeps getting forwarded every year.

[adisan]

Originally Posted by safe_rider

- As per ACKO customer care representative, the NCB protection is valid only if I renew the policy with the same Insurance company and NCB protection will not protect me if I renew the policy with another insurance company.

From basic research, the above seems to be a standard clause with other insurers also.


So the question is, which option works out cheaper.

If continuing with your current insurer, you will get the NCB discount. What is the total premium with all your add-ons?

versus

If you choose a new insurer, NCB will likely be 0. What is the total premium with all your add-ons?

Other factors like ease of claim process, effectiveness of RSA etc should also be considered before deciding.

[safe_rider]

Originally Posted by neeraj0272

According to me your earlier insurance provider shall provide an NCB certificate to you stating that you are entitled to whatever NCB you are entitled to. Please let us know whether HDFC Ergo provides you with this certificate after you having made a claim? If not then that means that NCB Protection plan is insurance company dependent and we will lose this protection if we change insurance company after a claim like in your case.
I am interested in knowing this as my NCB is 65% and I invariable take NCB Protection add-on.
I think you should consult an an insurance agent.

Thanks for the insight!

The HDFC representative has confirmed that NCB protection works only for the 'Parked car' where no driver is involved in the incident. Also, the NCB protection clause varies based on the insurance company. Some companies only cover the critical parts of the car such as Windshield, Lamps etc.

In my case, that is exactly what has happened. I parked my car at Decathlon Coimbatore parking lot, and when I returned, I noticed that the rear bumper and reflector got damaged. My car was barely a month old and I was literally in tears, but I was lucky that day! I also found a note on my windshield to contact the genuine offender and he paid me 13K for full bumper replacement after 3 days of negotiation.

Stories aside, in summary, I'm declaring that "I'm not eligible for NCB for the year 2022" and going ahead with either ACKO or HDFC

[Quatro]

I would recommend you to continue with HDFC for this year as you will be entitled to NCB discount. However, you should in parallel obtain ACKO's quote assuming you have NCB and use it to negotiate with HDFC.

Next year, you will be free to go to ACKO or any other insurance company and the get the benefit of increased NCB assuming that you would have made no claims in this year.

I was not aware that NCB protection is available only for stationary car without a Driver. This is not apparent from the title and seems like a smart footnote to avoid giving full benefit of what it implies to the insured.

[ghodlur]

Originally Posted by safe_rider

The HDFC representative has confirmed that NCB protection works only for the 'Parked car' where no driver is involved in the incident. Also, the NCB protection clause varies based on the insurance company. Some companies only cover the critical parts of the car such as Windshield, Lamps etc.

Did you read the No Claim Bonus protection add on cover wordings, must be along with your insurance policy. Nowhere does it mention parked car, cant see it on their website specifically. The HDFC rep is BSing you, dont go for it. The add on cover is specifically meant to retain the NCB at the end of the policy year irrespective of whether you have claimed in that year or not. NCB add on cover is nowhere related to certain parts. The only variance in the add on cover amongst Insurance cos is the no of claims which are admissible within this cover to retain.

I would suggest to drop a mail to HDFC and ask them the applicable NCB at the end of policy year and mention that when buying from any other Insurance co.

[Aloneatma]

If NCB protection add on was opted then one is eligible for continuance of NCB the subsequent year regardless of any claim. That's the basic point of opting for an add on which increases the yearly premium. Shifting insurance companies may render the earlier add on void. Simple way is to get quotes from both HDFC ERGO and ACKO and compare.

[maverickg2]

Originally Posted by safe_rider

I know what NCB is. I'm actually asking about the below component,

'No Claim Bonus Protection (IRDA/F/HDFC/MotorAdd-ons/09-10/2)'

This is from the HDFC Ergo website;

No claim bonus protection: One of the biggest concerns while opting for insurance is that if, by God’s grace, there is aaccidental damage to the car then you will not be eligible for no claim bonus . Well, this add-on cover ensures that you can avail the no claim bonus benefit of being a responsible driver. Here are other interesting features:

One can file up to 3 claims in a year and still be eligible for the no claims bonus. However, the damage should have happened when the vehicle is parked or due to a natural calamity.

Premium amounts are significantly reduced in this case.

https://www.hdfcergo.com/blogs/car-i...surance-policy

[safe_rider]

Finally, I made up my mind to go with ACKO and I was able to save 4K compared to other insurance providers. Let us see how this year goes!
Thanks all for your responses, it was really helpful

[sany0023]

Do I need to buy NCB add-on for new car purchase for first time to claim it? My insurance sales guy is telling no need to buy anything regarding NCB as I am purchasing policy for the first time for the new car. He is saying I can claim it automatically in the coming years afterwards and it is only for transferring from old to new car.
Please confirm.
PS : This is going to be my first car.