Did you know that you can score big discounts on your insurance premiums every year? It’s called the No Claim Discount (NCD) and it’s available to careful drivers who meet certain conditions. To qualify, you need to go a full year without making a claim or having a claim made against you by a third party.
But the payoff is worth it – NCD rates can reach up to 55% in just 5 years! The best part? Your NCD stays with you, not your vehicle or insurance policy. So, you can transfer it to a new policy or vehicle whenever you need to. Read on to find out how you can transfer No-Claim Discount (NCD) to a new car!
Things you should know about NCD
If you’re not familiar with NCD, it’s a discount you get every year when you renew your car or motor insurance. Here are some important things to keep in mind:
- You can only do that if both cars are under your name and IC number. You can’t transfer your NCD to a car owned by someone else.
- If you pay for damage repairs out of your own pocket or a third party covers the costs, your NCD won’t be affected. You can even make a claim for No-Fault Own Damage (NFOC) if the third party refuses to take responsibility, without worrying about your NCD.
- If you’re at fault in an accident or claim damages that aren’t covered in your policy, your NCD will take a hit. That’s why it’s crucial to file a police report within 24 hours and make sure you have the right coverage for your needs.
- Additional coverages like windscreen coverage won’t affect your NCD, so it’s worth considering when choosing your car insurance policy.
An example of how NCD works
Here’s how it works: for the first year, you won’t receive any discount, but after four years of safe driving, your NCD rate can reach as high as 38.33%. That’s a significant discount! So, instead of paying the full premium of let’s say, RM1,500, you’ll only have to pay RM 925.05 – that’s a whopping RM574.95 in savings!
How to transfer No-Claim Discount (NCD)
Prepare documents & some extra cash
First and foremost, bring your identification card. Some insurers may require you to bring your bank information but don’t worry, it’s not always the case. You should also prepare some extra cash in case you need to pay the remaining balance of your premium insurance. Whether you pay via cash or online, it’s entirely up to you.
To be on the safe side, it’s best to give your insurer a quick call beforehand and ask about the requirements. Or, if you prefer, you can reach out to PIAM for assistance.
Fill up the form
All you have to do is fill up a simple form, provided your insurance is still active. You can either head to your insurance branch office or get in touch with your trusted insurance agent to get it done. Once the form is approved, you’ll get to keep a copy of it for your safekeeping.
But what if your insurance has already expired? No need to panic. All you need is the number of your previous cover note, and you’re good to go! Here’s a pro tip for you – try to hold on to the insurance cover note that has the highest NCD rate, as it can serve as solid evidence to get you even better discounts in the future.
Check your new NCD rate
Once your task is complete, it’s time to unveil the exciting news – you can now check for the updated rate after you transfer No-Claim Discount (NCD) through MyCarInfo! Don’t miss the chance to verify your information and bask in the satisfaction of a job well done.
Visit Bjak now at https://bjak.my/ to enjoy exclusive discounts, attractive prices and benefits for your car insurance without any hassle!
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
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