NCB Transfer Query

[adithya]

Hi all,
I have 2 cars insured by the same insurance provider. My bigger car is due for insurance renewal. I am wondering if I can transfer the NCB of my old car to the new car? . Please note that I am not selling my old car. Also, (if its doable) what would be the total NCB?. My old car has 45%. New car has 20%. So does it mean it will be 65%? This looks too good to be true for me.

 

[Akash1886]

I have 2 cars insured by the same insurance provider. My bigger car is due for insurance renewal. I am wondering if I can transfer the NCB of my old car to the new car? . Please note that I am not selling my old car.

I believe without selling the car the NCB of that car cannot be transferred even if its insured by same insurance company as your other car.

Also, (if its doable) what would be the total NCB?. My old car has 45%. New car has 20%. So does it mean it will be 65%? This looks too good to be true for me.

NCB is calculated on a single policy only issued to a specific car. The NCB of one car cannot be clubbed with the NCB of other car.

Regards

Akash

 

[generalmax]

NCB of the old car can be claimed for the new car. For that, a new Insurance needs to be taken (Comprehensive or Third party only ) for the old car. Then get the NCB certificate from the insurance company. This NCB certificate can be produced while taking the new car insurance, to get the said NCB.

However, I would not suggest it as new cars need not have the 50% NCB as if you claim you lose this NCB. New cars must be kept new.Even for small dents, we tend to claim. So, do the NCB transfer only after 2nd year.

 

[adithya]

thanks a lot gene, akash for the reply
generalmax,
thanks for clarifying. so it means its doable. my second car is 1 year old. need to renew now. are you saying NCB transfer makes sense now or wait for one more year?

 

[Akash1886]

NCB of the old car can be claimed for the new car. For that, a new Insurance needs to be taken (Comprehensive or Third party only ) for the old car. Then get the NCB certificate from the insurance company. This NCB certificate can be produced while taking the new car insurance, to get the said NCB.

I was under the impression that upon selling the old car it's NCB can be transferred to the new one. This is something new I have heard today that even without selling old car the NCB can be transferred to a new car.

Regards

Akash

 

[generalmax]

@Adithya, It is doable, but very difficult as the insurance agent needs to understand this procedure. New age Insurance agents may not be able to understand this. Even if you do this they will ask to take insurance from the same company. The best time to get the NCB certificate, is while the renewal time comes.
@Akash, I learned it by doing it. Had done it for bike as well as for a car.

 

[harishankar]

NCB goes with the class of vehicle and with the individual in whose name the policy is issued, so NCB can be transferred from vehicle to vehicle.
In case of transfer of ownership, the transferee's eligibility will be considered.
See Indian Motor Tarriff. GR-27 clause (d)

(d) The entitlement of NCB shall follow the fortune of the original insured and not the
vehicle or the policy. In the event of transfer of interest in the policy from one insured
to another, the entitlement of NCB for the new insured will be as per the transferee‟s
eligibility following the transfer of interest.
It is however, clarified that the entitlement of No Claim Bonus will be applicable
for the substituted vehicle subject to the provision that the substituted vehicle on
which the entitled NCB is to be applied is of the same class (as per this tariff) as
the vehicle on which the NCB has been earned.
Provided that where the insured is an individual, and on his/ her death the custody and
use of the vehicle pass to his/her spouse and/or children and/or parents, the NCB
entitlement of the original insured will pass on to such person/s to whom the custody
and use of the vehicle pass.

Most private insurers will give you the NCB if you declare your eligibility in the proposal form. However, be prepared to get your claim repudiated if your NCB declaration is false. Insurance cos are also supposed to verify your NCB eligibility from your prior insurer but the practice varies among insurers..

 

[kenlitting]

NCB goes with the class of vehicle and with the individual in whose name the policy is issued, so NCB can be transferred from vehicle to vehicle.
In case of transfer of ownership, the transferee's eligibility will be considered.
See Indian Motor Tarriff. GR-27 clause (d)
Most private insurers will give you the NCB if you declare your eligibility in the proposal form. However, be prepared to get your claim repudiated if your NCB declaration is false. Insurance cos are also supposed to verify your NCB eligibility from your prior insurer but the practice varies among insurers..

Regarding motor insurance policies taken online whom to approach for NCB certificate. I had send an e-mail to New india insurance for the same for which i never got a reply.