NCB and Insurance transfer

Gurus,

I am planning to sell my used Accent and buy a used Verna diesel in a couple of months. I had bought this car around four years ago and I am enjoying 35% (not sure, but in this range) no claim bonus (NCB) on my current Insurance. After going through the forum, I came to know that I can keep this NCB and use it for the car I'm buying. I have some queries:

1 -> Should I sell my car first, get the NCB certificate and then buy the used Verna?

2 -> My Accent has 7 months insurance left (expiring in Nov 10). Can I transfer this insurance to the Verna I'm buying? Is adjustment possible, in a way that I pay the difference or something like it?

2 -> Will the owner of the Verna transfer the remaining insurance in my name (Verna insurance expiring in August? or does he have option of keeping it???

3 -> If he transfers the insurance, will I be able to get NCB benefit right away or will I have to wait till renewal?

4 -> If I don't claim anything on the Verna after successful one year of Insurance, will my NCB move to next slab? Or do I have to start over from scratch?

I'm highly confused. In fact I've delayed my sale decision purely because of this. Please help.

Insurance will pass on to the buyer with the car (both cases).  Please note, the policy has to be transferred within 14 days from the date the ownership of the car is transferred (RTO).

NCB can be transferred only after the old car is transferred/registered in the buyer's name (RTO).  Thereafter, the NCB can to be transferred to your new car immediately (no need to wait till renewal of insurance).

If you purchase the car before transfer formalities of the old car is completed - no problem - NCB from the old car can be transferred subsequently (within 3 months).

The 35% NCB so transferred on your Verna, will turn 45% next year IF you do not claim anything (if you claim, it will turn zero & start afresh next year onwards - as in all/normal cases).

In that case what happens to the amount already paid? Do we get the NCB component of the current year as a refund?

Yes, it's refunded.

Thanks. You are one great resource on Carwale.

Great info Pankaj. Thank you very very much. I really liked the fact that I can get the NCB transferred to my new car even after I've taken insurance and can ask for refund.

Thanks once again.

Recently i transfered my old cars NCB in the same way with the help of Pankaj's posts,

it was like this. All these procedures are done by the insurance person.

* Transfer the ownership to the new owner.
* Cancelled the old cars insurance (valid for 10 more months) and transferred the NCB to my new car
* Took a TP insurace for the new owner of my old car. (poor man)
* got a refund on my old cancelled policy!!!

Even now, iam not sure what was happened there. I just share my experience, thatsall.  The only think i know is I GOT A REFUND!!!