No Claim Bonus

[Mrinal]

Please write to the insurance company with the policy/cover note photocopy mentioning the mistake. Insurance company will make an amendment on the policy. And send you the amendment.

Thanks Amit! Do they charge money for this change?

[amit_kumar09]

It depend upon the amendment. In your case - You will get discount in premium. Means Refund.

[Harish Rawat]

I have bought a second hand vehicle in June’2009 and the insurance, I have had transferred in July’2009. Now I have received renewal notice without a 20% NCB. But as per info provided above, the insurance company has to give me 20% NCB. Should I call the insurance company and discuss or is there any rule I am missing in?

[amit_kumar09]

The insurance company is right, you need to complete one complete year to be eligible for NCB. But in your case, as you have bought a second hand car and continued with the same insurance, on renewal date the one year is not completed, so you would not be eligible for NCB.

[Harish Rawat]

The insurance company is right, you need to complete one complete year to be eligible for NCB. But in your case, as you have bought a second hand car and continued with the same insurance, on renewal date the one year is not completed, so you would not be eligible for NCB.

I could not get you here that one year not completed, could you please tell me with example. If you want more details from my side, please let me know.

[amit_kumar09]

I could not get you here that one year not completed, could you please tell me with example. If you want more details from my side, please let me know.

Harish – As per the dates provided by you above, You have bought second hand car in June’2009 and got the same insurance transferred in your name in July’2009. Now you have received renewal letter, so just assuming that the renewal date is somewhere near March’2010 end week or First week of April’2010. So the total period you have driven the car with old insurance is (June’2009 to March’2010) 10 months. 2 months short of 1 year. As per NCB rule, you need to complete one year with the insurer without claim. Hope now it is clear to you.

[lokeshz]

I have a different case, my car went missing in the on Jan 31'2011 and still not traced by police. Now I had received the theft claim amount from the insurance company. I was enjoying 50% NCB in my old policy. Now will I get NCB in my new car policy, if I transfer it, as it is more than 90 days?