Transferring Your NCB When Changing Bike or Insurer

When it comes to purchasing insurance for your two-wheeler, the No Claim Bonus (NCB) is one of the most crucial factors that can influence your decision. NCB is a discount offered by insurance companies to policyholders who have not made any claims during the policy period. It is a reward for safe driving and helps reduce the premium for the next policy term.

However, if you are planning to change your bike or insurer, the question that often arises is whether your NCB is transferable or not. In this article, we will discuss everything you need to know about transferring your NCB when changing your bike or insurer.

Is it possible to NCB transferable when I change my bike or insurer?

The answer is YES, you can transfer your NCB when you change your bike or insurer. However, there are certain rules and regulations that you need to follow to ensure a smooth transfer.

Here's what you need to know:

Transferring NCB When Changing Your Bike

If you are planning to buy a new bike and sell your old one, you can transfer your NCB to the new bike. However, there are certain conditions that you need to fulfill:

1. The new bike should be of the same category as the old bike. For instance, if your old bike was a 150cc commuter bike, the new bike should also be a 150cc commuter bike.
2. The transfer can be done only within 90 days of the expiry of the previous policy.
3. You need to inform your insurer about the change of bike and submit the necessary documents such as the sale deed of the old bike and the registration certificate of the new bike.
4. The NCB transfer is allowed only if the policyholder is the same for both the old and new bikes.
5. The NCB transfer is allowed only if the policy is renewed on or before the due date.

Transferring NCB When Changing Your Insurer

If you are planning to switch your insurer, you can transfer your NCB to the new insurer. However, there are certain conditions that you need to fulfill:

1. The transfer can be done only at the time of policy renewal.
2. You need to inform your current insurer that you want to transfer your NCB to the new insurer.
3. You need to provide the new insurer with a copy of the renewal notice or the expiring policy's details, including the NCB entitlement.
4. The NCB transfer is allowed only if the policyholder is the same for both the old and new policies.
5. The NCB transfer is allowed only if there is no break in the policy renewal.

FAQs

Q. Can I transfer my NCB from a four-wheeler policy to a two-wheeler policy?

A. No, you cannot transfer your NCB from a four-wheeler policy to a two-wheeler policy or vice versa.

Q. How much NCB can I transfer?

A. You can transfer up to 50% of your accumulated NCB to the new bike or insurer.

Q. Can I transfer my NCB to a third party?

A. No, you cannot transfer your NCB to a third party. It can be transferred only to a new policy taken in your name.

Q. Can I transfer my NCB after the expiry of the previous policy?

A. No, you cannot transfer your NCB after the expiry of the previous policy. The transfer can be done only within 90 days of the expiry of the previous policy.

Q. Is NCB transferable across different states in India?

A. Yes, NCB is transferable across different states in India.

Q. Can I use my NCB to reduce the premium for a third-party insurance policy?

A. No, you cannot use your NCB to reduce the premium for a third-party insurance policy. NCB is applicable only for comprehensive or standalone own-damage two-wheeler insurance policies.

Conclusion

In conclusion, transferring your NCB when changing your bike or insurer is possible. However, there are certain conditions that you need to fulfill to ensure a smooth transfer. Make sure to inform your insurer about the change of bike or insurer and provide the necessary documents. Remember that the NCB transfer is allowed only if the policyholder is the same for both the old and new policies and there is no break in the policy renewal.

So, don't worry about losing your NCB when changing your bike or insurer. Follow the rules and regulations, and enjoy the benefits of your safe driving!