Re: Car Insurance - Possible NCB (No Claim Bonus) Loophole? Thanks a lot for your response. Quote:
The Insurance co is right in recovering the NCB amount on pro rata basis. the NCB amount applied to your Insurance premium was the complete policy year. If you sold your vehicle in the policy year and transfer/not transfer the Insurance, the Insurance co has every right to recover the amount you claimed under NCB.
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If I transfer out my policy to the new owner, makes sense to recover the NCB discount given to me. But I don't get any business or logical sense when I am not transferring my policy. The policy is paid up completely till Jan 2018 and no claim is going to be made on that policy since it’s not active at all. The insurance company is enjoying the money I have paid in advance and not at a loss, then why does it have to recover money from me?
On the converse, as per my reading and understanding, if I request them to cancel the policy, they will have to refund money paid up on a pro-rata basis for the remaining covered months, right?
Last edited by timj : 11th October 2017 at 13:31.
Reason: typo fix
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