NCB Transfer: Before selling an old car and buying a new car, it is very important for you to know some important things. Today we will explain to you how you can save money on the insurance premium of a new car, do you know that the NCB of an old car can also be transferred? If not, then let us explain to you what you have to do for the transfer?
There are many such information related to Car Insurance which you people should know about, because who knows when which information will be useful for you. After selling the old car, now you are also going to buy a new car, so you should know how you can save money on insurance premium while buying a new car?
You can take advantage of NCB Transfer to save money on Insurance Premium while buying a new car. Let us explain to you what is NCB Transfer and what you have to do for transfer?
What is NCB: What is NCB?
Before understanding NCB Transfer, it is important to understand what is NCB? If you see NCB written in any insurance policy, then it means No Claim Bonus, this bonus has been given to you because you did not take any claim from the insurance company in the year you have paid the policy money. In case of not taking claim, the company has given you the benefit of No Claim Bonus which will help you in reducing your premium next time.
What is the method of NCB Transfer?
Katariya Insurance’s Motor Head Santosh Sahani told that when you plan to buy a new car by selling your old car, then while selling the old car, you have to send a copy of the agreement and a copy of the RC to the old insurance company and tell them that you have sold the car. Along with telling the insurance company, you will also have to freeze your old NCB and ask the company to issue an NCB letter.
After the NCB letter is issued by the company, you will have to give this letter to the new insurance company from which you are buying the policy while buying a new car. Only after giving the letter, you will get the benefit of discount on insurance premium. By following this process, you can save thousands on the insurance premium of the new car.
