NCB Transfer on a used car

[kalaks2000]

Hi Folks,

I have bought a used santro Ixing XG 2005 model recently and the inusrance is valid till april 2008, with 20% NCB available from 2005 till date on the car with the first owner. Now when i transfer the insurance to my name will i get the NCB too transferred or will it be applicable only for the old owner to transfer to his new vehicle purchase. The old owner of the vehicle is in abroad and he hasn't tranferred the NCB. suggest as how should i go about it, and what would be the best option.

Incase i don't get the NCB transferred, will there be a hike in the premium to be paid after april 2008.

Cheers!

[sushrutha]

When the insurance is transfered, the NCB will be passed on to the Old owner of the vehicle.

[GTO]

Also, technically you aren't covered by any insurance right now. Please do transfer the insurance to your name at the earliest.

[Spinnerr]

This might be not be the exact same case. But need some info on NCB transfer so posting on this thread.

I have a car, have been with the same inusurace guys from the past 2.5 years. I have not made any claims, so the NCB is valid.

Now if I am planning to sell this car, should I get this insurance cancelled to get that NCB??
If I transfer the insurance to the next owner, would I lose the NCB?

If there are any other thread that answers this question, plz do share.

Thanks!

[Spinnerr]

Alright, found out most of the things that i needed to know here. (ARTICLE: No Claim Bonus - How to save on your insurance premiums!)

[jacobgeorge]

Spinnerr, this is how it works.

After you sell your car, the new owner has to transfer your old insurnace in his/her name. While transferring, the new owner would be expected to pay your insurance company whatever NCB benfit they had given you in your insurance premiums.

Once that is done, you can approach your insurance company to give you a certificate which mentions the percentage NCB that you are entitled to. You can use this certificate when buying any new car within 3 years of issue of the certificate. The fact is you get the discount as a percentage on the new car premium so the more expensive the car the higher the disocunt amount. For example, if you had a 45% NCB on a Maruti 800 and then upgraded to a Honda Civic, you would still get 45% off on the Civic's insurance premium.

[raghp74]

Hi,

I have purchased the used car (Wagon R) from my brother on last month.
Today the documents have been submitted to the RTO for transfer of ownership.
It has got insurance from Maruthi itself.

My brother has purchased a new Wagon R duo.
The NCB was not transferred to the new car insurance, since the ownership of old car was not transferred to my name at that time. He paid full money to the new car insurance.

Now after getting ownership transferred to my name, I am planning transfer insurance too to my name. My brother never claimed anything from old car insurance.

Here are my questions,
1) The used car insurance is valid till June15, 2008
If I transfer it now to my name then, I have to pay premium from the day I get
transfer. Is this right?

2) How much fees I should pay for this transfer?

2) How could my brother get back NCB for the old car?
Will they give cheque for this amount?
OR
If I get an authorization letter from my brother, can I use it for the premium what
I have to pay after it gets transferred?

Please provide your comments

(I dont know how to start a new thread, that's the reason I post my query here.
Please guide me if this is not correct)

Regards
Raghu