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Old 16th December 2009, 09:17   #76
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So the new owner can continue to use the policy that I have taken? I thought I'll have to cancel this insurance in order to avail the NCB. The policy on my old car lasts till June next year. Please clarify if insurance agencies will allow me to only take on the NCB without having to cancel the policy. So is it ok to sign the document saying that the insurance is also being transferred with the car?

By covering back side I mean that in case of any accident in future/ vehicle used for illegal activities, etc how can I be sure that I will no longer be associated with the vehicle? Will the delivery notice and a copy of the RC book in the new owners name suffice? I've also asked the new owner for a copy of identify proof.

Do clarify.
Ok boss let me clarify

You don't need to cancel the policy for NCB letter, you will get it with a letter and a sell proof. The buyer can also use the insurance policy by paying the NCB amount to the insurer. Delivery note and cheque's copy is ok for the document's. Once you take the NCB letter then anything happen to car you are not responsible for the same.
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Old 16th December 2009, 09:34   #77
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Thanks for your reply.

So here is the deal. Since I've told the new owner that I'm not transferring insurance, he has lowered his bid. You have clarified that I don't need to cancel the insurance in order to claim NCB. Now help me understand this. Can he use the existing policy without paying up the NCB till it expires in June? If yes, then there should not be any harm in transfering the policy to his name as well. right? This also means a better price for my vehicle.
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Old 16th December 2009, 09:53   #78
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Thanks for your reply.

So here is the deal. Since I've told the new owner that I'm not transferring insurance, he has lowered his bid. You have clarified that I don't need to cancel the insurance in order to claim NCB. Now help me understand this. Can he use the existing policy without paying up the NCB till it expires in June? If yes, then there should not be any harm in transfering the policy to his name as well. right? This also means a better price for my vehicle.
No he can't. He has to pay the NCB that is must. If you have taken the NCB letter or you have not taken the NCB letter that's not important, for transfer of insurance the payment of NCB amount is must.

NCB is the property of the owner of the car and can not be transferred to anyone under any circumstances.
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Old 16th December 2009, 10:11   #79
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That was crystal clear Thanks
I also called the insurance agency to check on this process. For the benefit of the others who are trying to do this, here are the documents you will need to give your insurer:
1. Current Policy
2. Sale Deed of the vehicle
3. Copy of the RC book with the new owners details - changed RC book
4. Covering letter requesting insurer to provide the NCB letter.
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Old 16th December 2009, 16:51   #80
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Originally Posted by triedeverything View Post
That was crystal clear Thanks
I also called the insurance agency to check on this process. For the benefit of the others who are trying to do this, here are the documents you will need to give your insurer:
1. Current Policy
2. Sale Deed of the vehicle
3. Copy of the RC book with the new owners details - changed RC book
4. Covering letter requesting insurer to provide the NCB letter.
I would like to comment the document which said is required.

1. Xerox will do. (Original is required only if you want to take the refund of your premium paid.)
2. Right.
3. This is not must.
4. Right.
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Old 16th December 2009, 19:57   #81
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Let me check this again. When I called, she didn't specify if it was the original or a xerox.
The updated RC book sounded like a must have - at least for TATA AIG.

Few more questions. What if he decides to just hang on to the policy and pray nothing happens(accidents,etc) that would force him to make a claim. If he is unfortunate to need to make a claim, will I need to be there to complete the paper work/formalities? How does it work? What is stopping him from not paying up the NCB. Will any claim that is made (after I claim the NCB) be rejected if the second owner has not paid the NCB? Sorry if I'm ignorant about this. You should see the other guy!

Last edited by triedeverything : 16th December 2009 at 20:05.
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Old 17th December 2009, 09:04   #82
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1. Let me check this again. When I called, she didn't specify if it was the original or a xerox.
The updated RC book sounded like a must have - at least for TATA AIG.

Few more questions.
2. What if he decides to just hang on to the policy and pray nothing happens(accidents,etc) that would force him to make a claim.
3. If he is unfortunate to need to make a claim, will I need to be there to complete the paper work/formalities? How does it work?
4. What is stopping him from not paying up the NCB.
5. Will any claim that is made (after I claim the NCB) be rejected if the second owner has not paid the NCB? Sorry if I'm ignorant about this. You should see the other guy!
1. Original policy is the must document for the buyer of the car. In India RTO will take a month's time for the updating thing you can't wait so long for a RC book to come. - I still say this is a wrong requirement from the company. What if the buyer is lazy guy and telling you that I don't have time right now will do it later...
2. Since the car is sold and it's not your property insurance is null.
3. If he has transferred the insurance then you are not required for insurance. Once you take the NCB letter the relation between you and your policy is over.
4. Money can be the only reason as I see it.
5. 100% claim's will not be payable if you have taken the NCB from the policy and he has not paid premium for it.
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Old 19th December 2009, 08:39   #83
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In the transfer documents, there is one document that says transfer of insurance. It says "Please have the interest of the policy transfered in his/her/their favour."
Just want to confirm that this is the form I'll need to sign to transfer insurance over to the new owner. Since NCB can only be claimed by me, it does not come into the picture.
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Old 19th December 2009, 09:22   #84
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Since NCB can only be claimed by me, it does not come into the picture.
Sirji I didn't understood your this statement.
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Old 19th December 2009, 15:59   #85
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Quote:
Originally Posted by triedeverything View Post
In the transfer documents, there is one document that says transfer of insurance. It says "Please have the interest of the policy transfered in his/her/their favour."
Just want to confirm that this is the form I'll need to sign to transfer insurance over to the new owner. Since NCB can only be claimed by me, it does not come into the picture.
Even if you have NCB, insurance can still be a part of the sale. Only difference is, the new owner will have to pay the difference (i.e. equivalent to NCB enjoyed by you) for the remaining coverage period.

Of course, if you haven't bundled insurance as part of the car's sale, you don't need to sign on any form.
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Old 20th December 2009, 08:32   #86
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Now I am confused. Rjvora said that the new owner cannot use the insurance without paying the NCB - because the NCB is not given to the car but to the person. So whether I claim for the NCB in the insurance on the new car or not, the second owner will HAVE TO pay the NCB before using the insurance. So when you say "the only difference is, the new owner will have to pay the difference...... " I think you are considering a situation where the first owner didn't have NCB and a situation where he had NCB. Right?

BTW, I have signed the insurance papers and handed them over to the new owner based on the information above and info from their call center.
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Old 21st December 2009, 09:28   #87
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1. The new owner cannot use the insurance without paying the NCB - because the NCB is not given to the car but to the person. So whether I claim for the NCB in the insurance on the new car or not, the second owner will HAVE TO pay the NCB before using the insurance.

2. So when you say "the only difference is, the new owner will have to pay the difference...... " I think you are considering a situation where the first owner didn't have NCB and a situation where he had NCB. Right?

3. BTW, I have signed the insurance papers and handed them over to the new owner based on the information above and info from their call center.
Point no. 1 is correct.
Point no. 2 I did not understood what you are trying to say.
Point no. 3 when the work is over why you worry.
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Old 22nd December 2009, 01:05   #88
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Ok.. new story now Mahindra refuses to give a cash discount instead of free insurance. So the NCB is useless! The insurance being offered is more of a take-it-or-leave-it-offer. What they say is that I can use the NCB of my old car when I renew the insurance of my new car the next time. Hope I have confused you enough, thus goes my story. Thoughts?
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Old 22nd December 2009, 18:13   #89
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Ok.. new story now Mahindra refuses to give a cash discount instead of free insurance. So the NCB is useless! The insurance being offered is more of a take-it-or-leave-it-offer. What they say is that I can use the NCB of my old car when I renew the insurance of my new car the next time. Hope I have confused you enough, thus goes my story. Thoughts?
They have to offer you cash discount. I am sure Bangalore must have other dealer's of Mahindra.
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Old 23rd December 2009, 09:35   #90
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Ok.. new story now Mahindra refuses to give a cash discount instead of free insurance. So the NCB is useless!
You can use it to save big $$$ at the time of renewal
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