NCB (No Claim Bonus) Transfer

I want to sell my maruti 800, which carries a NCB of 50%, and transfer the NCB to my new car. Do i need to get a fresh insurance for the old car or the same policy without NCB remains in force. will the fresh policy be treated as new ploicy or a renewal?

The NCB (No Claim Bonus) will not be transferred to the buyer of your old car, as it is available to the person/you and not the car. Therefore, it will be carried forward to your new car's insurance.  This is available even if the insurance company changes.  In any case, the new car should be bought/insured within 3 months from the date of selling/transfering the old car.

Let me explain little elaborately.... When your car is sold/transferred, the insurance will also be transferred in the buyer's name.  Once this is done, you are entitled to obtain 'NCB certificate' from the insurance company.  Obtain the same & submit it to the insurance company (same or other) that is insuring your new car.  The insurance company will extend that NCB to you for the new car insurance.

Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.

does the buyer of my old car have to buy a new unsurance or the same policy continues once I transfer NCB to my new car as I will sell my old car  immediately after buying my new car

The same insurance without NCB benefit will continue & will be renewed suitably on due date.


Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.

In my case, I wouldn't like to renew the existing car insurance as I'm selling it off.
Can I enjoy NCB when I buy the new car in lieu of the NCB of old car (that I didnt renew).
I understand from Pankaj above that I can enjoy NCB on new car (even if I dont renew the policy) as long as I by the new car in 3 months.

PK

Yes, provided you buy the car within 3 months from the date of expiry of the policy.

Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.

can i transfer NCB to new car even if i do not sell old car before buying new one?

Yes, provided you transfer the old car in the name of some family member (wife/son/daughter) - else, NO.


Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.

can i transfer the old car even after purchasing the new one, if yes, within what time period?

In the context of transferring the NCB of the old car to new car, you need to transfer the old car in the name of some family member, like stated before, before buying/insuring the new car.


Honesty is not a Spare Wheel that you pull out when in trouble. It's a Steering Wheel that keeps you on the right path throughout the life's journey.