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Ncd Transfer


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#51
cute_boboi

Posted 10 October 2012 - 11:31 AM

cute_boboi

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QUOTE (lk33 @ Oct 10 2012, 09:28 AM) <{POST_SNAPBACK}>
Recently sold my old car which has insurance coverage until May 2013 (6 months validity with Ncd 45%). Just bought a 2nd hand car. Can I buy insurance coverage for 6 months to enjoy Ncd 45%, then buy next insurance coverage beyond the 6 months with Ncd 55%? Can this be done?


No half-half. You will technically "waste" 6 months time to goto 55%, but it is still worth it.

* Tell insurer/agent you want to do NCD transfer.
* Remember to cancel your old-car insurance, you will get back rebates since have 7-8 months coverage. No point also to leave it there.
* Use the 45% for current car, i.e. start from Oct-2012 until Oct-2013.
* Oct-2013, the NCD will goto 55%. You lose out several months only (May->Oct 2013)

If you compare to:
(1) leave the current insurance running 45% until May 2013
- You lose out rebate from cancelling
- Your new car (2nd hand) will run at 0% NCD
- But you enjoy few months earlier to reach 55%

(2) Transfer over
- You get back rebate from old car
- Your 2nd hand car run at 45% NCD
- You lose out on May-Oct 2013 period (start few months slower for 55%)

Which one is more worth it ?

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#52
lk33

Posted 10 October 2012 - 01:47 PM

lk33

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QUOTE (cute_boboi @ Oct 10 2012, 11:31 AM) <{POST_SNAPBACK}>
No half-half. You will technically "waste" 6 months time to goto 55%, but it is still worth it.

* Tell insurer/agent you want to do NCD transfer.
* Remember to cancel your old-car insurance, you will get back rebates since have 7-8 months coverage. No point also to leave it there.
* Use the 45% for current car, i.e. start from Oct-2012 until Oct-2013.
* Oct-2013, the NCD will goto 55%. You lose out several months only (May->Oct 2013)

If you compare to:
(1) leave the current insurance running 45% until May 2013
- You lose out rebate from cancelling
- Your new car (2nd hand) will run at 0% NCD
- But you enjoy few months earlier to reach 55%

(2) Transfer over
- You get back rebate from old car
- Your 2nd hand car run at 45% NCD
- You lose out on May-Oct 2013 period (start few months slower for 55%)

Which one is more worth it ?


If no half-half, yeah....option (2) is obvious. Thanks for the quick and comprehensive answer!