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When You Sell Your Car, Don't Forget the NCB Certificate

Looking to sell your car? Leaving out on the No-Claim Bonus Certificate would be such a blunder. Know how Coverfox can help you save up with the NCB certificate.

Someone’s planning to sell their car. Hey! Is it you?
You’d probably research about the drill. Maybe you’d figure out the documents needed to be handed over to your new buyer.
But, what about your car insurance? Are you going to transfer that or cancel it? If you have been a good driver and never made a claim, you definitely need to get your hands on the NO-CLAIM BONUS CERTIFICATE.

What is it and how can you earn fabulous discounts out of it? Time to dig deeper.

All you need to know about the NCB Certificate

What is it?

NCB certificate is a proof of the NCB percentage that you earned all the years. Once you sell your car, it helps you get discounts on premium when buying a policy for the next car. Even if you transfer the ownership of your policy to that person, the NCB is non-transferrable to the buyer and stays with you. This NCB certificate is also known as the NCB reserving/retention letter. It is valid for 3 years. This means within 3 years, you would have to transfer the NCB discount to your new policy for a new car purchased.

How it can help you save money?

Understand that having NCB rewards you for being a good driver and helps you save on your motor insurance premium. While buying policy for the next car, you can earn a discount on the OD (Own-Damage) part of the premium. For all this, you need the NCB certificate as a valid proof to your eligible discount.

How can Coverfox help you get it?

You can apply for this NCB retention letter within 90 days from the date of sale. Since you’re an existing Coverfox customer, we are here to ease out the process for you. Ready? Let’s get rolling!

Step 1

Shoot a mail to us. Simple as that!

Tell us that you require a NCB retention/reserving letter from the insurer as you have sold the car. Also, don't forget to mention if you'd like to transfer your insurance policy to the buyer or cancel it.

Regardless of the above scenarios, we understand that you do need the NCB certificate. That’s why we would require certain documents from you.

Step 2

You can send the following documents to us:

RC copy:
You have to submit a copy of the car’s registration certificate. This is required for validation.

Policy document:

Submit the policy document of the insurance that you had taken for your vehicle. We will also send you templates of the following documents which have to be filled by you and submitted to us.

Form 28 & 29:

The RTO Form 28 is a form of application for granting of ‘No Objection Certificate’. You have to fill this up because as formality it would have to be submitted to the person who buys the car sold by you. The Form 29 is a ‘Notice of Transfer of Ownership of a Motor Vehicle’. By this you are declaring that you are transferring the ownership of the vehicle to the buyer. Remember that filling up, signing and submitting these two forms are a must. After all, the new buyer would have to re-register the car now. As the seller, you have to get the insurance policy transferred in the name of the buyer. You also need to request the No-Claim Bonus certificate.

Delivery Note:

You being the original owner, and now seller, can take a signed delivery note from the buyer. This works as a proof for transfer of ownership and handing over the car to a new buyer. It is a signed declaration by the new buyer that they have received the delivery of the car sold by you. Also, in the delivery note, a copy of the buyer’s driving license should be attached.

Step 3

Get the NCB certificate in your mailbox

Once you have sent all these documents to us, we pass them to the insurer. They verify and send your NCB certificate to us. And voila! You receive it from us without breaking a sweat. That wasn’t stressful, was it?

Get a Refund on Cancelling Existing Insurance

Sell car. Cancel existing policy. Get the refund. Mostly, individuals do not cancel the policy after they sell the car. But, if you do wish to cancel the policy, then here is the deal.

  1. Drop a mail to us informing that you want to cancel the policy and need the NCB certificate.
  2. Send all the documents mentioned in the above part (required for getting the NCB certificate).
  3. Once everything is verified from our end and from the insurance company, we will send you the NCB certificate.
  4. On pro-rata basis, you will receive a refund of the Own Damage (OD) part of your premiums paid.

You renewed your policy in June 2016 and sold your car in Aug 2016. If your premium for the month of June and July was Rs. 6,000. The OD part from this was Rs. 4,500. You will receive Rs. 4,500 as a refund.

Buying a New Car?
Get discounts with the NCB certificate.

You have the NCB retention letter. Now you wish to buy another car. Maybe it’s the latest in the market. Or it was on your mind for quite a long time.

Here’s how Coverfox helps you put the NCB certificate to use:

  1. Submit the new car’s invoice to us.
  2. Using the engine number and chassis number (Vehicle Identification Number) on the invoice. Our sales rep will identify the best and suitable insurance plan for your new car.
  3. A link of the insurance quote will be mailed to you. Using that link, you can purchase the policy online. While buying, you need to keep the NCB certificate handy for adding the details while filling the insurance form online.

For example: You sold your Hyundai i10. Your NCB certificate shows that you have a 25% NCB discount on the previous insurance. Since you are buying an insurance policy for your newly purchased Maruti Celerio, apply that 25% here on the OD part of the premium.

You save a lot!

Coverfox Makes It Super-Easy!

A dealer usually tie-up with a single insurance company and advise their plan at the time of selling the car. The plan may comprise of features that you would have to accept along with the plan, regardless of whether your car requires it or not. You end up paying higher premiums, which is ultimately, your loss! However, buying new car insurance policy with us makes life simpler.

Up to 60% discounts

Get up to 60% discounts on own-damage premium. Remember that the discount rates vary for each car make, model and RTO. Don't forget to check out the rates against your car!

Expert advice

We have a team of experts to help you pick the right policy for your car. No pushy salesmen here! We recommend listening to their advice, and making your own decision.

Post-Sales Assistance

Our service managers are there to troubleshoot your policy-related problems. Confused about some clause? Need something changed? Want to file a claim? We're right here.

Express Claims Services

Car damaged? Our Express Claims Service guarantees 3 day car repairs and claim settlement. Just give us a call, and we’ll do the rest. It’s a door to door service, you don’t have to move an inch!

If you ever wish to sell your car, you know whom to have on your speed-dial list.
Yes! Coverfox it is!