Hi all sifu,
I have a question hope to get some advice.
I have just renewed my policy on Jan 2013 with current NCD of 35%. I'm planning to sell this car off hopefully within 2 months time and not decide to buy a new car yet at this moment.
Hence, may I know how do I transfer my NCD so that it can carry on for the next time (maybe next 20 months) when I going to buy a new car?
Since am going to sell to 2nd hand dealer; what should I do in order to keep my NCD for future use?
Your advise is very much appreciated.
Thanks in advance.
When you sell in Apr/May 2013, once sold, remember to inform your insurers that you sold your car, and would like to cancel your policy. Hence, you can get back 50-60% of the premium paid earlier for full year coverage (pro-rated), assuming you pay for full year insurance. You may need to goto counter.
At the same time, ask them to issue a NCD Transfer Letter. This may take some time (few days) and they may snail-mail the letter to you. Your premium refund will also bank-in/snail mail cheque to you.
Every year that you do not use it to insure your car, it will drop 1 level.
2014 drop to 25%
2015 drop to 0%
Therefore, when you repurchase a car under your name in 20 months later, your NCD maybe 0% already.
"When Columbus started out he didn`t know where he was going. When he got there he didn`t know where he was and when he got back he didn`t know where he had been." - Anonymous