Your shabby old car can help reduce motor #insurance premiums on your new one by up to 50%!
A thread...
A thread...
You heard that right.
💡This works because of a neat thing known as NCBs or No Claim Bonuses in motor insurance. Think of it as a benefit your insurer gives you for every year you don't make a claim, in the form of a nice reduction on your premiums.
💡This works because of a neat thing known as NCBs or No Claim Bonuses in motor insurance. Think of it as a benefit your insurer gives you for every year you don't make a claim, in the form of a nice reduction on your premiums.
This reward system can save you 20% on your premiums in 1 year to a maximum of 50% in 5 years. However, this is only applicable to the own damage(OD) part of your comprehensive policy.
👉But how will it reduce premiums on my new car?
👉But how will it reduce premiums on my new car?
Well the NCB isn’t tied to your vehicle but to you, the owner. The NCB on your old vehicle does not pass on when you sell the car & thus, by simply submitting an NCB Transfer Certificate & some routine documents, you can reduce premiums on your new one.
👉But what if I am selling my car & won’t buy a new one immediately?
Don't worry, after the issuance of the NCB Transfer Certificate from your insurer, you can retain your NCB for 3 years before it expires.
Don't worry, after the issuance of the NCB Transfer Certificate from your insurer, you can retain your NCB for 3 years before it expires.
💡This also works if you aren't selling your old car and want to transfer NCB to the new one ( since premiums on new vehicles are generally higher). All you need to do is shift the ownership of your older car to one of your family members & then make the transfer.
Have a question on health or life insurance? Make sure you #AskDitto first!
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