Insurance Transfer

[Yahmarhuh]

Hi Guys,

 

need some advice. I currently have 1 bike with full NCD insurance, expiring June 2017. Planning to get a 2nd bike (new), in the next couple of months. So I understand I will need to pay full insurance with zero NCD for this bike.

 

I will likely sell off my existing bike 3-4 months after getting my new bike. Can I then transfer my NCD fm my old bike to my new bike? Will I then get some refund? How do I do that?

[reize]

Hi Guys,

 

need some advice. I currently have 1 bike with full NCD insurance, expiring June 2017. Planning to get a 2nd bike (new), in the next couple of months. So I understand I will need to pay full insurance with zero NCD for this bike.

 

I will likely sell off my existing bike 3-4 months after getting my new bike. Can I then transfer my NCD fm my old bike to my new bike? Will I then get some refund? How do I do that?

 

From what I know, you can transfer NCD, but the NCD has to move to a new policy, so I believe you will need to cancel the policy on the bike you keep, and then renew on the spot. Of course they insurance company will return you the prorated amount on the both bikes.

 

But don't take my word for it, just ask about the procedure when you go to your insurance company to cancel the policy of the bike you selling.

[kzone]

I think can... but within 1 yr after cancelling ur insurance

[pufferfis]

Your case is pretty straightforward boss,your new bike of cos is with zero ncd when u buy the new insurance,

After u have done transfer at lta with your old bike, immediately go to your insurance company to cancel it and inform to transfer the full ncd to ur new bike and they would transfer 100% of the remaining value of ur old insurance to offset your new bike insurance. This is based on ntuc insurance.

 

On the other hand if you sell off ur old bike first,try to get the new bike insurance within 3months to get 100% back of your old insurance balance. After 3months you only get 85%.cheers

[Yahmarhuh]

the NCD transfer is the same whether same or different insurance companies rite?

[pufferfis]

the NCD transfer is the same whether same or different insurance companies rite?

 

not too sure what you are asking boss...can clarify?...you mean the NCD % will remain the same when you transfer it to an another bike?yes..

Or you are asking if the NCD will change when you transfer it from the old bike to new bike...?No...