NCB-for used car

[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

(Actually this was posted by me as a reply to one the thread -. Today I got to know how to start a new thread. That's the reson I am posting it as a new thread)

Regards
Raghu

[sushrutha]

Originally Posted by raghp74

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?

Here's my reply,
Nopes , right now u'll be enjoying his insurance validity till June 15-08, But Insurance transfer charges you have to pay.
And also you need to pay his NCB.
I'm not so sure about the amount, pls check with the insurance guys.
Guys correct me if i'm wrong.