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New Car Buying Hacks for 25% DISCOUNT Including Insurance #shorts
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You can use the no-claim bonus (NCB) earned on the comprehensive insurance policy of your existing or old car to reduce the premium payable when you buy comprehensive insurance for a new car. All it requires is some planning and it's worth it because if you have a 50 percent NCB you can get that much discount on the huge Own Damage (OD) insurance premium (Saving approximately Rs 9, 700 on Rs 7.75 lakh of car's IDV (insured declared value)) normally payable on buying a new car.
There are two scenarios in which you can make use of it:
1. If you have earned NCB on your old car which you sell and then buy a new car: In such a situation you can retain the NCB on the comprehensive motor insurance policy of your old car even after you sell your car and transfer the insurance policy to the car buyer. You can then use the retained NCB (a certificate is issued) when buying a new comprehensive motor insurance policy for your new car and take a huge discount on the premium payable.
2. If you have earned NCB on an existing car and want to buy a new car but retain the old/existing car: In such a situation, you can transfer/sell your old car to a family member who would then be the new owner of the old car. You can then retain the NCB and use it to get a discount on the insurance premium of the new car that you buy. You cannot use the NCB earned on the old car to get a discount on the premium paid for a new car policy as long as you own the old car.
#savetax #finance #stockmarket #shares #incometax #savetax #savemoney #taxharvesting #taxsaving #zerotax #notax #capitalgain #creditcard #refund #homeloan #interestfreeincome #taxfreeincome #loan #profit #savetax #earnlakhs #finshorts #creditcard #creditscore #cibilscore #shorts
As Always, Thanks for your support :)
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There are two scenarios in which you can make use of it:
1. If you have earned NCB on your old car which you sell and then buy a new car: In such a situation you can retain the NCB on the comprehensive motor insurance policy of your old car even after you sell your car and transfer the insurance policy to the car buyer. You can then use the retained NCB (a certificate is issued) when buying a new comprehensive motor insurance policy for your new car and take a huge discount on the premium payable.
2. If you have earned NCB on an existing car and want to buy a new car but retain the old/existing car: In such a situation, you can transfer/sell your old car to a family member who would then be the new owner of the old car. You can then retain the NCB and use it to get a discount on the insurance premium of the new car that you buy. You cannot use the NCB earned on the old car to get a discount on the premium paid for a new car policy as long as you own the old car.
#savetax #finance #stockmarket #shares #incometax #savetax #savemoney #taxharvesting #taxsaving #zerotax #notax #capitalgain #creditcard #refund #homeloan #interestfreeincome #taxfreeincome #loan #profit #savetax #earnlakhs #finshorts #creditcard #creditscore #cibilscore #shorts
As Always, Thanks for your support :)
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Connect with me on:
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