[SR-71]

I got a query on NCB. Suppose I already own a car and I am planning to buy a new car, can I transfer the NCB from the first car's insurance to the new car. Note, I am not yet selling the first car until after a few months later, so there is no sale not available here. If this is possible, how soon after a renewal can I transfer the NCB towards the purchase of new insurance.

[androdev]

Originally Posted by androdev

Not sure if it is a common practice with all insurance companies, but I was able to get NCB certificate from Bajaj Allianz by retaining the policy as well as my car by simply paying the "NCB recovery payment". This will allow me to transfer my NCB from a cheaper car to an expensive car without selling my cheaper car.

Originally Posted by SR-71

I got a query on NCB

Yes, call your insurance co to find out how.

[jasjotbains]

Cross posting from Sonet thread

I had a word with my soon-to-be-ex dealership and they've informed me the process to get NCB takes anywhere between 1 week to 3 months

My query
1. Can i claim reimbursement of NCB AFTER the policy has been issued?
2. Is there a way I can claim this certificate and pay the residual fee online?
3. Can I transfer the insurance later on to the new purchaser?
4. Can I cancel the insurance and claim refund on pro rata basis?

[adisan]

Originally Posted by jasjotbains

I had a word with my soon-to-be-ex dealership and they've informed me the process to get NCB takes anywhere between 1 week to 3 months

1. Can i claim reimbursement of NCB AFTER the policy has been issued?
Yes. I did several years back, it needed several reminders to get it done.

2. Is there a way I can claim this certificate and pay the residual fee online?
Not when I did. Not sure about the present scenario.

3. Can I transfer the insurance later on to the new purchaser?
Yes, after RC transfer.

4. Can I cancel the insurance and claim refund on pro rata basis?
Yes.

[advaydh]

Had a great experience with Digit today.
My existing car is insured with GoDigit and I do not plan on selling it in the near future. I do plan on taking delivery of a new car later this year though, and wanted to transfer the 50% NCB from my existing ride to the insurance policy for the upcoming car. Called Digit today at around 4PM and was told that I could either cancel the Own Damage Coverage and get an NCB Certificate or simply enough I could pay back the NCB Discount that I had got while buying the policy on a pro rata basis. I opted for the second option without a thought. Since the policy was expiring in about a month's time, I only had to pay 1/12th of the NCB discount. I was sent the payment link in a few minutes and had the NCB Certificate in my mailbox at around 5:30 PM. Lightning fast response times and many follow ups, way to go Digit!
Surprisingly, they asked for a copy of the policyholder's Aadhar Card as well as the Driving License before sending the certificate.

[ajay99]

Originally Posted by advaydh

Had a great experience with Digit today.
My existing car is insured with GoDigit and I do not plan on selling it in the near future.
Surprisingly, they asked for a copy of the policyholder's Aadhar Card as well as the Driving License before sending the certificate.

Being a private company they are legally not authorised to ask for the Aadhar Card,especially since they already asked for proof of identity in the form of Driving License

[SR-71]

I have another query on the NCB. If I am buying a new car under the company car leased scheme, where the car will be registered in the name of the company, can I transfer my current NCB to the new leased car. My current car is not leased and is registered in my name. Per the policy documents, the NCB will be transferred to me when I buyback the car (which I intend to) at the end of the lease period. So I am assuming there should be a way to transfer my current NCB to the car I am leasing.

[itwasntme]

Originally Posted by SR-71

I have another query on the NCB. If I am buying a new car under the company car leased scheme, where the car will be registered in the name of the company, can I transfer my current NCB to the new leased car. My current car is not leased and is registered in my name. Per the policy documents, the NCB will be transferred to me when I buyback the car (which I intend to) at the end of the lease period. So I am assuming there should be a way to transfer my current NCB to the car I am leasing.

Hi, I have successfully done it the other way around, i.e. when I bought over my company leased car (on resignation), and transferred the NCB earned on it to my individual name. All it needed was a NOC from my employer including a statement that I was the 'authorized driver' during the lease period.

Walk into the nearest cluster or regional office and speak to the manager(s). Counter-facing staff will instinctively say no. Ask for IRDA proof that it cannot be done.

[SR-71]

Originally Posted by itwasntme

Hi, I have successfully done it the other way around, i.e. when I bought over my company leased car (on resignation), and transferred the NCB earned on it to my individual name

Yes, the company policy documents say this is possible, so I am good on that front. My confusion and consequently the query is more about transferring my NCB to the new car I am planning to lease, should I sell my current ride or even hold it as the newer one is the more expensive one.

BTW, a couple of queries on similar lines

• If I own 2 cars in my name, can I accumulate NCBs on two policies in parallel
• Will a claim on one affect the NCB on another.
• If I transfer one to my wife's name, can I transfer the NCB along with that to her name

All these questions are because the general assumption is NCB is for a person, not the car.

[itwasntme]

Originally Posted by SR-71

• If I own 2 cars in my name, can I accumulate NCBs on two policies in parallel
• Will a claim on one affect the NCB on another.
• If I transfer one to my wife's name, can I transfer the NCB along with that to her name

1. Have one each in our names so cannot comment personally BUT the rationale should hold and the answer should be yes.
2. Should not be but best to check
3. NCB cannot be transferred to anyone else, even within families.

Hope this helps!

[goenkakushal]

Originally Posted by SR-71

Yes, the company policy documents say this is possible, so I am good on that front. My confusion and consequently the query is more about transferring my NCB to the new car I am planning to lease, should I sell my current ride or even hold it as the newer one is the more expensive one.

BTW, a couple of queries on similar lines

• If I own 2 cars in my name, can I accumulate NCBs on two policies in parallel
• Will a claim on one affect the NCB on another.
• If I transfer one to my wife's name, can I transfer the NCB along with that to her name

All these questions are because the general assumption is NCB is for a person, not the car.

Yes you can earn NCB on 2 vehicle in your name. No insurer tracks your ownership of other cars . So each insurer will treat the policy independently .

No both are independent . One vehicle may have 0 NCB other may still enjoy 50% NCB

Transfer to family member is not possible.

[soleinkol]

Hi -

I am confused as to how I should proceed in my case.

I am considering purchase of a 9-mo. old Nexon whose owner is moving out of India, so time for processing is less. The existing OD policy ends on March 30th 2022, and the TP part is valid till 2024 in the original owners name.

I own a Maruti Alto with 50% NCB and will hold the car for some time (few months) if the used car is purchased by me.

In this situation, how best to use the NCB available on my Alto?

I believe one way is that when I transfer the Nexon to my name, I transfer the Insurance as required. Then during next renewal in 2023 March, I use the NCB letter (by that time I would have sold my Alto and got the NCB letter by cancelling my insurance with Bajaj Allianz). Is that an easy way of doing it? I understand I will lose some money because next year's (2023) IDV will be reduced for the Nexon compared to the present year (2022).

Also, how do I need to take the insurance for the used vehicle? Do I have to go with the same insurer the present owner has and transfer it? Or I can choose my own insurer? What are the document that my insurer will need as the RC would still be in the 1st owners name methinks?

[adisan]

Originally Posted by soleinkol

In this situation, how best to use the NCB available on my Alto?

To the best of my knowledge, as long as you own the Alto you cannot transfer its NCB to another car. But some posts in this thread suggest that you can get a NCB certificate without selling the Alto. If that is true, it would be best t get the NCB certificate and use it immediately for the Nexon. Best would be to check with your Alto insurer regarding the NCB certificate.

[goenkakushal]

Originally Posted by soleinkol

Hi -

I own a Maruti Alto with 50% NCB and will hold the car for some time (few months) if the used car is purchased by me.

In this situation, how best to use the NCB available on my Alto?

NCB can definitely be transferred without selling the vehicle.
Its a different matter that customer service team of many insurance co may be ignorant and may claim that it can only be transferred once vehicle is sold.

You will need to cancel existing policy of Alto after which you can demand for a NCB certificate which is valid for 3 Years. Once you have this certificate you can submit it to Insurance co of your new Nexon (This can be done while buying the policy or during the policy tenure as well on a pro rata basis)

Pls check procedure to obtain NCB Certificate with Insurance co of Alto, some co may have different procedure.

[padmrajravi]

Originally Posted by soleinkol

Hi -

In this situation, how best to use the NCB available on my Alto?

?

You can get an NCB certificate from your insurance provider without selling the car. You will need to visit the branch and pay the 50 percent NCB value of your Alto first. They will issue you an NCB certificate after receiving the payment. You can then use the certificate for your future purchase.

I transfered my Hexa NCB during my Fortuner purchase this way. I had to pay 6k for the certificate and Toyota protect gave me around 30k NCB discount because of that certificate. My insurance provider was New India.

Originally Posted by goenkakushal

You will need to cancel existing policy of Alto after which you can demand for a NCB certificate which is valid for 3 Years. Once you have this certificate you can submit it to Insurance co of your new Nexon (This can be done while buying the policy or during the policy tenure as well on a pro rata basis)

I can confirm, atleast for New India, there is no need to cancel the policy.