No Claim Bonus

[Investorboy]

Answers to your questions -

1) NCB is mentioned in the Policy.You can submit the Renewal notice sent by the First Insurance Company, before the renewal with the second company (IFFCO-TOKIO in this case)

2) Yes, even if you change the insurance provider every year (or at whatever periodicity), NCB gets transferred/carried forward.

[Rahul]

I am planning to sell my old Maruti 800 car , which is in my father's name and am buying a new car in my name. I have a 50% NCB as mentioned in the Insurance policy of my old car, which is valid upto 31-03-09. If I handover the Insurance policy along with RC book to buyer of my old car, can I still enjoy the NCB benefit on new car in my name? My new car will be delivered to me with in 2 months. What other papers I need to sought from the buyer so that I do not face in concequencies after a sale date?

[Investorboy]

You need to handover the Insurance Policy to the buyer, of course - along with the RC Book & TTO form duly signed/discharged in favour of the buyer. That will not deprive you of the NCB transfer to your new car. But in your case you can get the NCB only if you buy new car in the name of your father, not in your case.

[Rajeev S]

Do we get any certificate that I have not claimed anything in the previous year?

[Investorboy]

No certificate is issued for NCB or No Claims lodged. You can check this in the Renewal notice sent by the Insurance Company, before the renewal. And the position is also indicated in the Policy (at the time of renewal).

[Rajeev S]

I want to sell my Wagon R, 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?

[Investorboy]

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 90 Days from the date of selling/transfering the old car.

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.

[Rajeev S]

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?

[Investorboy]

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