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| Aug 04, 2007 12:28 pm |
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Hi Members!This is the start on series of articles relating to Car World in its totality!Share views |
AFarhan Usmani
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Hi to all fellow members,This article is amongst my intiatives to creat awarenes on issues queries related to the CAR World in its totality ,this is the 1st articles and many more on its way 4 sure.I am Farhan an Automobile Consultant(check my profile).
Do you know you can save as much as 65% on your new car’s insurance? Your insurance agent will never tell you that you can transfer a No Claim Bonus (NCB) from your old car, but a fellow Team-BHPian paid only Rs.10,700 for Rs.27,000 worth of comprehensive insurance on his new car. He just transferred the NCB from his old Maruti Zen to reduce the cost of insurance for his Honda City Vtec. Why didn’t his friendly agent volunteer information about this remarkable deal? Because the more a buyer pays the insurance company, the more commission its agent makes.
Most Indian car buyers negotiate on financing, dealer discounts and freebies but forget about the insurance component.
Team-BHP shows you how to use the NCB to save on your insurance premium:
1. When you sell your old car: The biggest mistake people make is transferring the insurance lock stock and barrel when selling a car. Ensure that ownership is transferred and make a photocopy of the new entry in the RC book for insurance purposes.
2: Obtain the NCB certificate: Forward a copy of the delivery note to your insurance company and ask for the NCB certificate or holding letter. This letter is valid for three years; you may find it easiest to go to your insurer’s local office to pick it up in person.
3: Use the NCB: Forward the NCB letter to your new car’s dealer. Voila! You have just transferred the NCB to your new car insurance and saved a bundle.
Remember to shop around; manufacturers’ insurance schemes are much cheaper than regular insurers’. In one case, insurance for an old Maruti 800 was quoted at Rs.4,800 when the official Maruti insurance was available for just Rs.2,800.
Another process, if you are happy with your existing insurance company, is to go to the insurer with your new car invoice and chassis number. The agent should use your NCB to offer a reduced premium and give you a cover note on the spot. The dealership will need this cover note to register your car with traffic authorities.
Private Reply to AFarhan Usmani (new win) |
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