[goenkakushal]

Originally Posted by padmrajravi

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

Almost a Decade ago New India asked me to cancel the policy. Looks like they have found the right way to do it.
Even TATA Aig guys asked to cancel the policy, they even asked for proof of sale. However, I could speak to the regional head and convince him to transfer NCB without sale of vehicle. He took approval from underwriter and my job was finally done.

All Insurance companies have their own set of procedures , IRDA should streamline this.

[fiat_tarun]

Originally Posted by goenkakushal

NCB can definitely be transferred without selling the vehicle.
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You will need to cancel existing policy of Alto after which you can demand for a NCB certificate which is valid for 3 Years...

Originally Posted by padmrajravi

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.
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I also followed the same process as described above. Paid the last renewal NCB difference and got a NCB certificate from Bajaj Allianz back in 2018 before I sold my car and carried over my 50% NCB to the new car.

Did not have to cancel the policy on the old car, it continued with a 0% NCB.

[sany0023]

Do I need to buy NCB add-on for new car purchase for first time to claim it? My insurance sales guy is telling no need to buy anything regarding NCB as I am purchasing policy for the first time for the new car. He is saying I can claim it automatically in the coming years afterwards and it is only for transferring from old to new car.
Please confirm.
PS : This is going to be my first car.

[Aviator_guy]

Originally Posted by sany0023

Do I need to buy NCB add-on for new car purchase for first time to claim it? My insurance sales guy is telling no need to buy anything regarding NCB as I am purchasing policy for the first time for the new car. He is saying I can claim it automatically in the coming years afterwards and it is only for transferring from old to new car.
Please confirm.
PS : This is going to be my first car.

Your agent is correct. If you are buying insurance for first time or do not have any NCB currently (from old policy to be transferred to new policy) then NCB protect add on is irrelevant and not applicable. Next year onwards, you can consider it depending on NCB applicable.

[sarbagna]

I sold my Swift ZXi - which had 50% NCB. I wrote to Bajaj Allianz for the NCB Certificate & shared the old & new RC copies (confirming change of ownership). After few rounds of "strong" emails (somehow they needed a bit of push, as polite words weren't working) - they finally couriered me the letter.

The sole intention behind this was to move this NCB to my Duster - which was insured with ACKO (did through Amazon). I wrote to ACKO, explained that I needed to renew my policy, but first implement the new NCB of 50% (it had 25% at that time). Interestingly, they didn't ask for any other documents (I had worked hard for the NCB Certificate), rather I was informed the next day to go ahead & renew my insurance, as the 50% NCB had already been applied. I checked on the app & it was indeed there - reflecting 50%.

I have not made any claims (thankfully, not yet) with ACKO, but their customer care appeared responsive on this NCB matter at least.

[kartavya]

Hey Guys,

So we just sold our Skoda Octavia this month (name transfer still underway). We had renewed the insurance in January with a Third Party insurance from Royal Sundaram. However before that the car was under the policy (HDFC Ergo) with 50% NCB.

We are now buying a new car and I would like to transfer that 50% NCB. My agent tells me that I would need the new RC book (post ownership transfer) to obtain the NCB certificate. Is this true?

Any other issues that can come up here/I should be careful about?

[adisan]

Originally Posted by kartavya

My agent tells me that I would need the new RC book (post ownership transfer) to obtain the NCB certificate. Is this true?

This has been discussed in detail in the past few months here. The answer seems to be that there is no single rule followed by all insurance companies in this regard. It might be best to check directly with your insurer, and also to go through prior posts in this thread.

[narayanang76]

I had my Mahindra Scorpio insurance with Edelweiss for the current year with 50% NCB (purchased through PolicyBazar). I had decided to sell the Scorpio and received the new RC copy from the new owner. Upon contacting Edelweiss customer care team, they had asked me to submit Sale Deed, RC copy and a cancelled cheque book copy, along with the latest Insurance policy copy. Within a week time, I received the 50% NCB letter from Edelweiss on my email. I am yet to use the NCB certificate and planning to do while renewing my insurance on my other vehicle.

regards,
narayanang76

[tud]

For cars registered under company name, does the concept of NCB exist?

[AKB]

I have an old car in my name with 50% NCB. I want to keep the old car and by a new car - can I transfer the NCB from old car to new car?

[Aviator_guy]

Originally Posted by AKB

I have an old car in my name with 50% NCB. I want to keep the old car and by a new car - can I transfer the NCB from old car to new car?

It's possible but needs some legwork and follow up with the insurance company. I am assuming old and new car will be same owner name.

The best scenario AFAIK, would be to buy new car insurance from same company as your old car insurance and ask them to transfer NCB to new car at the time of buying new car policy. Pls clarify with their customer care before buying the policy.

Otherwise, you need to get the NCB Letter from old car insurance company which they may or may not provide without proof of sale. This is a grey area and you might need to take agent help or do some running around to get the NCB Letter. Then you can provide this letter at the time of buying new policy to avail NCB discount. Some companies insist of original hard copy so please double check as many times the insurance company may issue only soft copy of NCB letter and we may need to follow up.

If you are purchasing new policy from car dealer or any agent then ask them if they can help in the NCB transfer.

[The Mechanic]

Originally Posted by AKB

I have an old car in my name with 50% NCB. I want to keep the old car and by a new car - can I transfer the NCB from old car to new car?

As per my understanding NCB is for the specific owner/insured and not to the specific vehicle. That is why NCB is not transferred to new owner when you sell and transfer ownership of a car.

Just ask insurance company if they can issue you your NCB letter then you can take it to the insurance company of your choice. Alternatively if you are sticking with the same insurance company, they should be able to transfer it to your new car's policy.

Kindly note that NCB letter once issued usually have a validity, meaning you have to utilize the particular NCB letter within that period. I believe it is currently 3 years ( Please clarify the number of years ).

[goenkakushal]

Originally Posted by Aviator_guy

The best scenario AFAIK, would be to buy new car insurance from same company as your old car insurance and ask them to transfer NCB to new car at the time of buying new car policy. Pls clarify with their customer care before buying the policy.

This is exactly what I had done. However, the customer care refused to do it multiple times.
I had to escalate the matter with help of my insurance agent, he connected me to the underwriter. I explained them that the process was not violating any IRDA norms. He was a smart guy and immediately agreed in principal, subject to internal approvals .
We got approval in 3 days and everything was done without any paperwork, just with help of a email.

This is easier said than done because all insurers(employees) do not want to take any risk or put additional effort for such exceptional approvals .

[morphique]

Dear experts, I need your opinion:
- Am I eligible to get NCB refund on my new car policy?
- Do we get refund on cancelling our sold car's policy?

Here's the timeline of events in my case:

Dec 2021: Sold my car via Spinny
Feb 2022: Spinny found a buyer. RC transfer was done but insurance (New India) transfer was not done despite couple of calls to Spinny
May 10 2022: I bought a new car (dealer provided Tata AIG insurance). Dealer tells me I can claim NCB refund from Tata AIG later.
May 12 2022: I get NCB certificate from New India but they tell me I must cancel my old insurance and the new owner must have their own insurance
May 13 2022: I provide NCB certificate to Tata AIG but they decline stating "midterm NCB endorsement is not permitted". The NCB certificate apparently was assuming I'd purchase my new car post completion of insurance which was ending in Sep 2022.
May 14 2022: I go back to New India and they provide me a new NCB certificate for the previous year and ask me to present it to Tata AIG. Still awaiting response from Tata AIG.
May 15 2022: Meanwhile Spinny finally contacts new owner of my sold car and he purchases a new policy. I provide his new policy to New India and they cancel my existing policy (with no refund).

[sarbagna]

Originally Posted by morphique

Dear experts, I need your opinion:
- Am I eligible to get NCB refund on my new car policy?
- Do we get refund on cancelling our sold car's policy?

Your NCB certificate (received from New India) is probably valid for 3 years & if you have followed the correct steps - you should get the NCB adjusted/reflected on your new policy.

But should you be getting the NCB refund? That seems doubtful - as you will have to explain that you did everything right & insurer didn't accept the adjustment (which they can do, as many insurer don't accept mid-term adjustments). And this may be a stretch to sort out.