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> NCB for car insurance

lil`pumpkinz
post Jan 11 2008, 10:51 AM


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What's the NCB deduction for the 3rd year? Thanks.
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yewkhuay
post Jan 11 2008, 11:34 AM


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this might help u to get the answer :
http://www.autoworld.com.my/partner/hla/ca...rs/pcmi_cal.asp
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lil`pumpkinz
post Jan 11 2008, 12:06 PM


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@yewkhuay, thank you very much notworthy.gif but i'm not sure how many % of NCB i am entitled to. the car is under my name for 3 years already. is it 33.33%?
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b00n
post Jan 11 2008, 12:10 PM


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It's after 1st year i.e. 2nd year - 25%, 3rd year - 30%, 4th year - 38.33%, 5th year - 45%, 6th year - 55%
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lil`pumpkinz
post Jan 11 2008, 01:17 PM


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thanks boon
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David83
post Jan 11 2008, 08:45 PM


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I'm going to renew my insurance soon and I get a NCB of 25%.
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lil`pumpkinz
post Jan 12 2008, 12:44 AM


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QUOTE(David83 @ Jan 11 2008, 08:45 PM)
I'm going to renew my insurance soon and I get a NCB of 25%.
*
25% is for 2nd year. 1st year is not entitled to any NCB deduction. just found out that 3rd year is 30%.
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David83
post Jan 12 2008, 06:28 AM


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QUOTE(lil`pumpkinz @ Jan 12 2008, 12:44 AM)
25% is for 2nd year. 1st year is not entitled to any NCB deduction. just found out that 3rd year is 30%.
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Not sure but that's what my agent quoted me.
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lil`pumpkinz
post Jan 12 2008, 11:16 AM


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QUOTE(David83 @ Jan 12 2008, 06:28 AM)
Not sure but that's what my agent quoted me.
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so, 2nd year lor? 1st year no deduction de.
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David83
post Jan 12 2008, 11:19 AM


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QUOTE(lil`pumpkinz @ Jan 12 2008, 11:16 AM)
so, 2nd year lor? 1st year no deduction de.
*
How to consider first year? From day 1 is called first year?
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lil`pumpkinz
post Jan 12 2008, 11:26 AM


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QUOTE(David83 @ Jan 12 2008, 11:19 AM)
How to consider first year? From day 1 is called first year?
*
my agent did explain to me before and if my memory ain't getting bad, 1st year is when you bought a car and it's registered under your name. so, for that first time, you have to pay the insurance in full with no NCB deduction. you are only entitled to such deduction when you renew your insurance the following year where you'll get 25% off from the gross premium. this NCB is transferable but just to your ownself. let say you used to own a car for 2 years and you already have 25% of the NCB deduction. then when you sold it off and bought a new car, you automatically get back the same deduction for your new car and even more deduction for the following year.

err, not too sure if you get what i mean. i'm not that good with words. someone pls correct me if i am wrong.
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b00n
post Jan 12 2008, 11:40 AM


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QUOTE(lil`pumpkinz @ Jan 12 2008, 11:26 AM)
my agent did explain to me before and if my memory ain't getting bad, 1st year is when you bought a car and it's registered under your name. so, for that first time, you have to pay the insurance in full with no NCB deduction. you are only entitled to such deduction when you renew your insurance the following year where you'll get 25% off from the gross premium. this NCB is transferable but just to your ownself. let say you used to own a car for 2 years and you already have 25% of the NCB deduction. then when you sold it off and bought a new car, you automatically get back the same deduction for your new car and even more deduction for the following year.

err, not too sure if you get what i mean. i'm not that good with words. someone pls correct me if i am wrong.
*

It's correct. 1st year meant 1st time take up insurance.
2nd year meant 2nd year etc...
So if you sell off the car before end of 3rd year you'll have to claim back the 25% NCB/NCD from the new insurance company because usually they will charge full amount without discount when you purchase a new car.

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lil`pumpkinz
post Jan 12 2008, 11:45 AM


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QUOTE(b00n @ Jan 12 2008, 11:40 AM)
It's correct. 1st year meant 1st time take up insurance.
2nd year meant 2nd year etc...
So if you sell off the car before end of 3rd year you'll have to claim back the 25% NCB/NCD from the new insurance company because usually they will charge full amount without discount when you purchase a new car.
*
some agents are bad. like my previous one. i supposed to get NCB 30% when i bought the new car but he did not do the transfer for me.
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kevyeoh
post Jan 12 2008, 11:46 AM


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i just sell my current car...and when you cancel ur current car insurance, make sure you get a letter from the insurance company stating the NCB you're entitled to at the moment...
so when you buy new car...you can continue from there instead of paying full and start all over again...

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lil`pumpkinz
post Jan 12 2008, 11:57 AM


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QUOTE(kevyeoh @ Jan 12 2008, 11:46 AM)
i just sell my current car...and when you cancel ur current car insurance, make sure you get a letter from the insurance company stating the NCB you're entitled to at the moment...
so when you buy new car...you can continue from there instead of paying full and start all over again...
*
that time my dad wasn't around to check everything for me. so my agent bullied me seeing i am a nerdie girl cry.gif i've got my lesson
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b00n
post Jan 12 2008, 12:06 PM


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QUOTE(lil`pumpkinz @ Jan 12 2008, 11:45 AM)
some agents are bad. like my previous one. i supposed to get NCB 30% when i bought the new car but he did not do the transfer for me.
*

yeah....like what kevyeoh had suggested.
because you need to terminate the previous insurance and get a refund. Than they would transfer the new NCB/NCD to the new insurance, than another refund by the new insurance.

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lil`pumpkinz
post Jan 12 2008, 10:29 PM


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QUOTE(b00n @ Jan 12 2008, 12:06 PM)
yeah....like what kevyeoh had suggested.
because you need to terminate the previous insurance and get a refund. Than they would transfer the new NCB/NCD to the new insurance, than another refund by the new insurance.
*
what's the max NCB? is it 55%?
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leongal
post Feb 10 2010, 12:20 PM


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Just read this news on online checking on NCD:

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Vechicle Owners Can Check On NCD Online For Free

KUALA LUMPUR, Feb 9 (Bernama) -- Vehicle owners can now check their motor insurance no claims discount (NCD) via online for free.

The service, which took effect since Jan 1, is made possible by Insurance Service Malaysia (ISM).

ISM chief executive officer Carl Rajendram said that the online service enabled vehicle owners to verify their own NCD status, thus avoiding possible fraud. which frequently happened previously.

Previously, consumers were often asked to pay the full premium without NCD until the NCD level could be verified by the insurance company.

"With the use of the online system, users can check their NCD status on their own, acknowledge their status faster without depending on the insurer," he told a press conference after launching the NCD website, which is accessible at www.ism.net.my , here Tuesday.

NCD is a 'reward' scheme if no claims are made against the policy during the preceding of 12 months of policy and it ranges from zero percent up to 55 percent for private cars and zero to 25 percent for motorcycle.

At the same event, ISM also introduced the CarPrices Guidebook for Malaysia or 'Green Book', contains independently researched market values of used cars sold in Malaysia.

The booklet contains a comprehensive list of more than 8,000 makes and model, which could be useful and easy reference to the public and would complement to the current specific valuation service which is available online through their Automotive Business Intelligence (ABI) service.

Rajendram said the booklet, published quarterly, would be a useful reference for car dealers, insurers, banks as well as consumers.

"The CarPrices booklet will assist consumers to benchmark their price for their particular car versus our extensively research average market value to assist in determining if they are getting a fair deal.

"Our objective is to create a more transparent process in the buying, selling and insuring of motor vehicles by putting relevant information in the hands of consumers," he said.


--BERNAMA

http://www.bernama.com/bernama/v5/newsgeneral.php?id=474696
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kennyowz
post Jun 4 2013, 03:16 PM


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https://ncd.ism.net.my/publicncdenq/index.htm
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maggi
post Jun 5 2013, 12:26 PM


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QUOTE(lil`pumpkinz @ Jan 12 2008, 11:26 AM)
my agent did explain to me before and if my memory ain't getting bad, 1st year is when you bought a car and it's registered under your name. so, for that first time, you have to pay the insurance in full with no NCB deduction. you are only entitled to such deduction when you renew your insurance the following year where you'll get 25% off from the gross premium. this NCB is transferable but just to your ownself. let say you used to own a car for 2 years and you already have 25% of the NCB deduction. then when you sold it off and bought a new car, you automatically get back the same deduction for your new car and even more deduction for the following year.

err, not too sure if you get what i mean. i'm not that good with words. someone pls correct me if i am wrong.
*
if this insurance premium is only payable for the 1st time in full , now most of the car dealer sell car with insurance free 1 years...does dis means in second year when we pay the insurance from our own pocket , we only pay the 75% ? plz advice ........ nod.gif
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Colaboy
post Jun 5 2013, 01:37 PM


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this should be useful

This post has been edited by Colaboy: Jun 5 2013, 01:39 PM


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