Claiming NCB Transfer on New Car??


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Hi,

I have a car which is my brother's name. I am thinking of getting it transferred to my name. So that I can claim NCB as well.

It has 25% NCB. I will sell it as soon as I get a new car.

We are buying a new car and request if you could suggest if I can get NCB benefit?
 
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No you cannot unless you buy the car in your brother's name.

NCB belongs to a person not the car.

Let other insurance experts advise.

Cheers,
Anshuman
 
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checked with some insurance agents, all said its 3 years. if any company refused to give NCB within 3 years, you can move legally. I think this rule is applicable all over India.
 
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No you cannot unless you buy the car in your brother's name.

NCB belongs to a person not the car.

Let other insurance experts advise.

Cheers,
Anshuman
Let me introduce myself here. I am a Software Professional making software for Insurance Companies for last 7 yrs. So I have good amount of insurance knowledge but not associated with any insurance company. So I can tell you the rules very well.
Anywhere in this planet, insurance NCB is tagged to the insured driver. So NCB is applicable whenever one buys a vehicle and gets insured in his name. BUT in India, they have a peculiar rule! One has to sell the car to avail NCB benefit to the newly purchased vehicle. The process is at first you sell your car (you can sell it to anybody in this planet - someone unrelated to you, your relative/wife/childern (if children are > 18 yrs)). Then you will have Form 29, 30, Sale Deed, Money Receipt of your sale. Submit them to your current insurance company, and ask them to issue an NCB certificate. In India NCB certificate will be valid for 3 yrs. from the date of sale of your car. You may/may not ask for cancellation of your insurance policy effective the date of sale of your car. If you ask for cancallation, you will get bacck premium paid on pro-rata basis. For reader's interest, I am writing here what will happen to the buyer of your car then? He should have contacted the insurance company intimating the sale and pay the differential premium, if any, to the insurance company. If you cancel insurance, insurer will intimate your buyer about that and collect the money they have returned you. Anyways, what happens to buyer is not your headache until you sell it to your friend/relative. [:)] Now when you buy insurance for your new car, produce the NCB certificate to avail NCB in your new car.
This process has an in-built disadvantage of of having days when you do not have any car. I you don't like it, buy full premium for your new car. Later you sell your old car, get NCB certificate, and send the same to your insurer to claim pro-rata premium back for NCB. But your registration will cost more in this case since you are buying second car in your name. That money, I think not refundable by RTO (other forum members can correct me here if I am incorrect).
I have written the whole process clearly here, please go through carefully and see how you can apply these laws in your favor.
In case of any question, please post here, I'll try to answer.
 
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checked with some insurance agents, all said its 3 years. if any company refused to give NCB within 3 years, you can move legally. I think this rule is applicable all over India.
Yes, that's correct. And, as far as I know, no insurance company declines this IRDA rule.
 
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You do not always have to sell the car to get NCB benefit. Your old car has to have a valid (read even TP/Act) insurance in your/new owner's name to transfer your NCB.

Second point is you can also transfer your NCB to a used car. e.g. you own an Alto, which carries NCB suppose 50%. You buy an used XUV, you can transfer NCB of Alto to your XUV and buy a fresh insurance for Alto (either TP or Comprehensive).

We have done it recently and have been doing it for last 15+ years.

Also the rule for 3 years of NCB reservation is there on paper, no company/agent will divulge you this. They say thumb rule is 1 year.
 
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Second point is you can also transfer your NCB to a used car. e.g. you own an Alto, which carries NCB suppose 50%. You buy an used XUV, you can transfer NCB of Alto to your XUV and buy a fresh insurance for Alto (either TP or Comprehensive).
How to do it exactly? All insurance guys at Kolkata are saying that to transfer NCB, old car has to be sold.
 
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How to do it exactly? All insurance guys at Kolkata are saying that to transfer NCB, old car has to be sold.
Get a new Third Party Policy on the old car. You can get the comprehensive policy transferred then. Take the TP policy from same insurer with whom you have the comprehensive with NCB.
 
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Get a new Third Party Policy on the old car. You can get the comprehensive policy transferred then. Take the TP policy from same insurer with whom you have the comprehensive with NCB.
Thanks a lot Anshuman! Today I bought Third Party policy from National Insurance and have given letter to ICICI Lombard (with whom I am holding comprehensive policy) for cancellation & issuance of NCB Reserving Letter.

For the interest of this forum, I am attaching here the rules of Indian Automobile Insurance. Very helpful to search for and know whichever interests you.
 

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