hi sifus, newbie here has few questions about ncd transfer .

1. how long it takes?
2. how does the calculation take place?
- Old car insurance expiration on december , with 55% ncd worth (RM800), sell my car in June. does it mean that i have to pay around RM400 back(because of prorate)?
- Buy a new car first before selling my old car, and my old car is sold after 3 months i get the new car? How the calculation goes? Example new car insurance that i paid is RM 5000 (100%)
After the NCD transfer the eligible amount to get back will be RM5000 * 3/4 (prorate as insurance has been running for 3 months) * 0.55?
3. is it better to get a new car first, instead of selling old car first? I expect the NDC transfer process will be to let the 2nd hand car dealer know that i have intention to do the transfer , and the new car register number is needed? So selling old car later will be better option?
4. If i sell my old car first to second car dealer, before i get the new car, what is the process like?
5. I expect the situation like( selling old car to carsome/mytukar to be settled in 1 day, then the next day i go order for new car). do i need to pay the downpayment by myself first or how?

This post has been edited by ilovestitch: Jun 27 2023, 12:08 AM

What I did on March 2023.

1. Sell off my old car
2. Contact my old car insurance (Etiqa) and request to cancel the old car insurance.
3. Etiqa provide me the confirmation letter of the insurance cancellation. (in the letter stated ncb as well)
4. Provide that letter to my new car insurance (Lonpac).
5. Got quotation for new car insurance minus the ncb.
6. Paid the insurance.
7. Done.

If you don't want to sell off your old car before new car arrives, then you need to purchase new insurance (with 0% ncb) to your old car. Just get the cheapest, 3rd party insurance.

Then the old car insurance (with Ncb) now is not tied up to any car. You can use that insurance ncb with your new car.

I don't know the actual process for this, but i believe it will be similar to what I stated at post #2 above.

1. Now is online era, so almost onthespot if under same insurance/takaful company. If diff, may take 24-48 hours.

Easier when old car expired, dont renew, go buy new car and transfer the ncd directly. This can be done before sell the old car.

2. When u sell ur old car before coverage expired, u no need to topup anything, but if still got long time before expired, its actually u who will get back balance of pro-rate.

Example old car coverage is till dec 2023 and u pay 400 after ncd, then sold in june 2023, inform the company and u will be getting refund maybe around 160 (after pro-rate calculation minus stamp duty gst etc.).

Only sum amount. Addon (windscreen flood etc.) wont get refund.

But if expired next 2 weeks or next month then dont bother lah to get the pro-rate refund.

3. Doesnt matter.

Sell old first and buy new later is better, coz car seller can apply the new ncd directly.

If buy new first, u will pay full amount for the new car (0 ncd), then after u sold old car, can call takaful/insurance company to transfer ncd, and they will refund back your excess from new car after deduct the ncd (this is easier if using same company).



This post has been edited by erry-: Jun 27 2023, 02:44 AM

How long is the time gap allowed between selling old car first and buying new car later for this transfer of NCD?

NCD follow car or follow user (NRIC)?

after u done transfer ownership (thumbprint) of the old car to the new owner/car dealer, u can call insurance/takaful company to inform to cancel the existing coverage, once they confirmed in the system the plate num is no longer ur name, can use that ncd for new car already.

This post has been edited by erry-: Jun 27 2023, 07:28 PM

both.

1 nric can have multiple car:

AAA1111 with 55% ncd
BBB2222 with 45% ncd
CCC3333 with 38.33% ncd

I can sell any car above and transfer to new car DDD4444 before their expiry.

I can also decide not to renew any car above after expired and transfer the ncd to new car. If i plan to keep the old car and renew, ncd will reset to 0%

This post has been edited by erry-: Jun 27 2023, 07:33 PM

If i cancel the old car insurance after transfer ownership to new owner and buy new car say 6 months later, can i still enjoy the NCD with discount?

yes can. max 1 year.

if you do not acquire a new vehicle and your ncd remains unused after one year, it will be reversed.

new = doesnt mean "car brand new".
it just "new plate num" under ur nric.
u can buy used car and transfer the ncd to that car also.

This post has been edited by erry-: Jun 28 2023, 09:34 AM

Just check with you guys, if I current NCD rate is a
38% if I sold my car now and buy a new car within a year, do I still have NCD?Or it will turn to 0%?

Actually you can leave your ncd intact for multiple years.

If you are now at 55%, if you buy a new car 1.5years later, you will still get your ncd at a lower rate. The table is exactly the reverse of the accumulation table, decreasing every year if you dont use it.

This post has been edited by andrekua2: Dec 9 2023, 08:27 AM

If new car is more expensive than then old car, and you with to transfer the ncd to new car,.

Go to your insurance branch.

Fill up form for NCD widthdrawal.
Pay the prorate balance.
After that, the old car NCD is from 55% to 0%

New car with 55%

I

so if sell the car and cancel the insurance, do we need to get any document on the NCD ?
else, when buy a new car after 1-2 years, how to claim the NCD ? because car already sold, insurance policy already cancelled...

Your old policy in the system, new insurance company can check. Else just share your old policy statement got details ma.

Say you sold yr car 2023 cancel 55%ncd
Buy new car 2025 ncd should drop to 45%.. Around there.