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 NCB for car insurance

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b00n
post Jan 11 2008, 12:10 PM

delusional
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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%
b00n
post Jan 12 2008, 11:40 AM

delusional
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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.

b00n
post Jan 12 2008, 12:06 PM

delusional
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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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