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As per the IRDAI, the No Claim Bonus (NCB) belongs to the person insured and not the vehicle. So, if you’re purchasing a new vehicle, you can transfer your existing NCB to the new vehicle.

There are two scenarios when it comes to transferring your NCB from an old vehicle to a new vehicle. Let’s see how to transfer the NCB in both these scenarios:

#1: When purchasing a new vehicle insurance policy online 

To transfer your old NCB to the new policy, all you have to do is inform the insurance company about the existing NCB during policy application. Provide your old vehicle policy number and name of the insurer. Your new insurance company will contact your old insurer for the relevant details and automatically transfer your existing NCB to the current policy.

#2: When purchasing a new vehicle insurance policy offline or via an agent

In this case, you have to contact your previous insurer and request for the NCB certificate. Once the insurer provides you with the NCB certificate, you will have to provide it to the new insurer to continue enjoying the existing NCB. The new insurer will then transfer your old NCB to the new vehicle policy.

Under no circumstance must the insured hide any facts such as claims made on the insurance policy – the new insurer is sure to verify the details from the previous insurer. Note that your current NCB expires within two years. If you don't transfer it to a new vehicle policy within this time period, it expires and you have to start from scratch.

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