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> Ncd Transfer To New Car?
clex777
post Feb 15 2011, 10:11 AM
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Hello Sifu(s) & gang!

I ve insurance with NCD 55% in my current car, the question is...

i) i want transfer to to my new car (2nd hand) where higher sum insured.
ii) current insurance expire on Jun 2011, transfer to new car this month,Feb......so what is the actual condition of my insurance in current car. Can i used the same policy if anything happen.

iii) should i notify insurance co. or let SA settle (who job is this?) If i transfer to difference insuran co, is it the same procedure if i used the same insurance co??

iv) is it common that insurance and road tax have difference expire date? First time happen to me....(even this is car no4)


Pls brief a little bit....thx in advance

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clex777
post Feb 15 2011, 10:13 AM
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QUOTE (clex777 @ Feb 15 2011, 10:11 AM) *
Hello Sifu(s) & gang!

I ve insurance with NCD 55% in my current car, the question is...

i) i want transfer to to my new car (2nd hand) where higher sum insured.
ii) current insurance expire on Jun 2011, transfer to new car this month,Feb......so what is the actual condition of my insurance in current car. Can i used the same policy if anything happen.

iii) should i notify insurance co. or let SA settle (who job is this?) If i transfer to difference insuran co, is it the same procedure if i used the same insurance co??

iv) is it common that insurance and road tax have difference expire date? First time happen to me....(even this is car no4)


Pls brief a little bit....thx in advance



Ohh...another one, i'm not sold first car........
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lancer1981
post Feb 15 2011, 10:59 PM
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QUOTE (clex777 @ Feb 15 2011, 10:11 AM) *
Hello Sifu(s) & gang!

I ve insurance with NCD 55% in my current car, the question is...

i) i want transfer to to my new car (2nd hand) where higher sum insured.
ii) current insurance expire on Jun 2011, transfer to new car this month,Feb......so what is the actual condition of my insurance in current car. Can i used the same policy if anything happen.

iii) should i notify insurance co. or let SA settle (who job is this?) If i transfer to difference insuran co, is it the same procedure if i used the same insurance co??

iv) is it common that insurance and road tax have difference expire date? First time happen to me....(even this is car no4)


Pls brief a little bit....thx in advance

This is what my insurance guy told me. The NCD follows the car not the owner. In order to transfer it to your new car you have to sell the car before you can transfer.


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BSDriver
post Feb 16 2011, 08:13 AM
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QUOTE (lancer1981 @ Feb 15 2011, 10:59 PM) *
This is what my insurance guy told me. The NCD follows the car not the owner. In order to transfer it to your new car you have to sell the car before you can transfer.


Illiterate and dumb incurance man. Simply change the policy of the current car to the new one. Buy new policy for the current car. If your 55% NCD is already more than one year, your new car can also get 55% NCB. You new policy (on the current car) will be without NCD.

If I were you, simple, I'll get my own insurance co. Then the SA will do everthing for you otherwise he/she will not getting the commission from the insurance co. Better for the Takaful-type insurance. If no claim, you will get the keuntungan as well as the NCD.


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ain206
post Feb 16 2011, 11:29 AM
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QUOTE (clex777 @ Feb 15 2011, 10:11 AM) *
Hello Sifu(s) & gang!

I ve insurance with NCD 55% in my current car, the question is...

i) i want transfer to to my new car (2nd hand) where higher sum insured.
ii) current insurance expire on Jun 2011, transfer to new car this month,Feb......so what is the actual condition of my insurance in current car. Can i used the same policy if anything happen.

iii) should i notify insurance co. or let SA settle (who job is this?) If i transfer to difference insuran co, is it the same procedure if i used the same insurance co??

iv) is it common that insurance and road tax have difference expire date? First time happen to me....(even this is car no4)


Pls brief a little bit....thx in advance



NCD is short form for No Claim Discount. A certain percentage of discount given for the preceeding is there is no claim made on that particular year. NCD follows the owner not the car. NCD is transferable to another car provided it is under the same owner (name).

If you currently own a car insured with a particular insurer and entitle to a NCD ( between 23% yo 55%) and you buy a new car either brand new or 2nd hand you can transfer the NCD to the new car while maintaining the old car and insurance coverage.

Example

Your current car has an insurance with 55% NCD and has run for say 5 month and you purchase a new car. You have the option to transfer the NCD to the new car but please make sure the new car is value higher than the old. Otherwise you are just wasting your time bcos you gain nothing but could end up losing

i try to show the calculation

1. old car value at 50K with 55% ncd from 1 jan to 31 dec

premuim 1525.50
less 55% NCD 839.03
subtotal 686.47
plus stamp duty 10.00
total 696.47

2. new car value at 80K no NCD from 1 june 2011 to 31 may 2012

premium 2305.50
stamp duty 10.00
Total 2315.50

NCD for the old car is given for 365 days from jan 1 and we are to take it out from 1 june. There for 1st june onward the old car is without NCD as it will be transfer to the new car.
Since the discount is given for one year, then from 1 june onward the insurance co will recover the discount given before they realease the NCD to be used with the new car. Here we have to payback the insurance co the discount given from 1 june to 31 dec.

From 1 june onwards new car will have 55% NCD and old car will be without NCD. But will entitle to 25% NCD one year from this date that is from 1 june 2012. This method we call it NCD withdraw while maintaining the coverage for the old car.

But if you are to sell the old car then just cancel the policy take the refund (if any) and just use the NCD with the new car.

For your question no iii -
i would suggest you do it on your own if you are still maintaining the old car bcos there are some cost involve on the NCD recovery bcos there are instance the SA take a short cat by cancelling the policy instead of withdrawing the NCD. You risk driving the old car without insurance coverage.

Question iv -
Not having the same expiry date for insurance and roadtax is common if we purchase 2nd hand car that still have a valid roadtax. Just buy a year r/tax and when the r/tax is about to expire extend your insurance to match the new r/tax date. After this you will have a common expiry date for t/tax and insurance.

Hope the explanation dont confuse you bcos it will be easier if i can show the method on white board with numbers rather than with words.

adios

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lancer1981
post Feb 16 2011, 03:01 PM
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QUOTE (BSDriver @ Feb 16 2011, 08:13 AM) *
Illiterate and dumb incurance man. Simply change the policy of the current car to the new one. Buy new policy for the current car. If your 55% NCD is already more than one year, your new car can also get 55% NCB. You new policy (on the current car) will be without NCD.

If I were you, simple, I'll get my own insurance co. Then the SA will do everthing for you otherwise he/she will not getting the commission from the insurance co. Better for the Takaful-type insurance. If no claim, you will get the keuntungan as well as the NCD.

Wow, if that is the case I have been conned for so many years la. Time to change agent. Thanks


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Newkelisa
post Feb 16 2011, 04:22 PM
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QUOTE (ain206 @ Feb 16 2011, 11:29 AM) *
NCD follows the owner not the car

From 1 june onwards new car will have 55% NCD and old car will be without NCD. But will entitle to 25% NCD one year from this date that is from 1 june 2012. This method we call it NCD withdraw while maintaining the coverage for the old car.

But if you are to sell the old car then just cancel the policy take the refund (if any) and just use the NCD with the new car.

Ain2006

Very informative and helpful.

Just to clarify - NCD follow owner so if owner have 2 or 3 cars then the NCD can be applied for all his cars?

I have a car A with NCD I can't remember exact % but got NCD. I bought a new car B last year. Car B currently has 0% NCD. I intend to get a new insurance policy from another company (same company as car A) when car B's insurance expires.

Car A value < Car B. Car A insurance will expire June. Car B expires Aug.

In this case when I renew insurance Car A should I continue with the NCD on that car and when make new insurance on Car B take the NCD from car A?

Or can they 'simpan' the NCD for the Car B when it expires in Aug? And my Car A when renew insurance starts off with 25%?

Or do you suggest something else?

Thanks!


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vr2turbo
post Feb 16 2011, 06:24 PM
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QUOTE (Newkelisa @ Feb 16 2011, 04:22 PM) *
Ain2006

Very informative and helpful.

Just to clarify - NCD follow owner so if owner have 2 or 3 cars then the NCD can be applied for all his cars?

I have a car A with NCD I can't remember exact % but got NCD. I bought a new car B last year. Car B currently has 0% NCD. I intend to get a new insurance policy from another company (same company as car A) when car B's insurance expires.

Car A value < Car B. Car A insurance will expire June. Car B expires Aug.

In this case when I renew insurance Car A should I continue with the NCD on that car and when make new insurance on Car B take the NCD from car A?

Or can they 'simpan' the NCD for the Car B when it expires in Aug? And my Car A when renew insurance starts off with 25%?

Or do you suggest something else?

Thanks!

Each individual car have it's own Insurance & NCD. For your case, you should have transferred the Insurance when you bought the New 2nd car. Now seems a bit complicated. You can get the 1st car NCD to 2nd car, but for your 2nd car, the 2nd year you will be getting the start of the new NCD.


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Newkelisa
post Feb 16 2011, 06:54 PM
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QUOTE (vr2turbo @ Feb 16 2011, 06:24 PM) *
Each individual car have it's own Insurance & NCD. For your case, you should have transferred the Insurance when you bought the New 2nd car.

In hindsight that would be the ideal way but unfortunately the insurance agent / used car dealer never ever mentioned this or asked about this 689.gif And I also never knew it can be done ... ie take NCD from an existing car under your name smile_sad.gif

I was only aware you can transfer the NCD from old car (to be sold) to new car.


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vr2turbo
post Feb 17 2011, 10:42 AM
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QUOTE (Newkelisa @ Feb 16 2011, 06:54 PM) *
In hindsight that would be the ideal way but unfortunately the insurance agent / used car dealer never ever mentioned this or asked about this 689.gif And I also never knew it can be done ... ie take NCD from an existing car under your name smile_sad.gif

I was only aware you can transfer the NCD from old car (to be sold) to new car.

Well, there is always a starting point to start learning.
As long as there is no claim, NCD will stand. If buying new car with higher value, then transfer old car insurance NCD to new car and buy new insurance for old car. If new car in other person name then cannot be done.

For your existing case, are both car insurance from same insurance? If yes, maybe you can call them up for advice.


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