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Old 26th April 2008, 17:56   #121
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Some more info.

Existing policy details:
IDV: 15,31,000
Own damage: 44,767
3rd party: 2,500
Accident cover,etc.: 125
Tax: 5,858
Total: 53,250


Renewal offer from the ICICI website:
IDV: 12,89,280
Own damage: 26,611
NCB 20% discount: (5,323)
3rd party: 2,500
Accident cover,etc.: 125
Tax: 2,956
Total: 26,869

This looks pretty good. I was expecting to pay close to 50K, but this is a pleasant surprise (50% less)! Is it normal? Or I paid more the first time?!! The contribution of NCB discount does not see me to be much.
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Old 26th April 2008, 18:47   #122
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Androdev

Your first year coverage was waaaaaaaaay too expensive! You paid like 3.5% of the IDV value as premium! Even without factoring in NCB, your 2nd year premium is far more realistic.

Dont ever go back to that insurance agent.
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Old 26th April 2008, 20:46   #123
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Quote:
Originally Posted by GTO View Post
Androdev

Your first year coverage was waaaaaaaaay too expensive! You paid like 3.5% of the IDV value as premium! Even without factoring in NCB, your 2nd year premium is far more realistic.

Dont ever go back to that insurance agent.
It was done by the dealership itself. I did not shop around for insurance because I did not want to rob the sales guy off his commission. But I didn't know the difference would be so huge. No sales person will get a free lunch from me in future.

Lowest bidder gets my sale. Thats my motto from now onwards.
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Old 26th April 2008, 20:51   #124
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thanx a ton!! am gonna sell my wagonR and purchase a new car!!! never claimed a penny in last 2 years from the insurance companies....this article will surely make me richer by 12-15k!!!!
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Old 6th May 2008, 17:50   #125
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Looking for a quick advice, I've been getting calls from Bajaj Capital for renewal of my car's insurance, the current insurance is thru "Maruti Insurance thru National Insurance".

I talked to two representatives who gave conflicting views, one says Bajaj Capital gives cashless service and settlement of claims within 7 days, while the other days Bajaj Capital is useless and vehicle's end up waiting few weeks before the repair is carried out.

Can any members share their experience and help me decide between, Bajaj, Reliance and National Insurance. I want to stick with Maruti Insurance only, somehow I've this impression that being with Maruti is helpful in the unfortunate event of an accident/claim etc. Do you agree?

Thanks in advance
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Old 17th July 2008, 12:25   #126
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Question Buying new car selling old

Hi, a big thanks to all you guys for bringing light to save some money on new car insurance.

I am selling my old car on Friday and picking up our new one on Saturday. the old car name transfer will be done in about 10 days. can i still transfer the no claim bonus to the new car even after 10 days. I asked the dealer, but he says i can't. but you guys no better anyday. also the old car is a 1999 model, and the dealer says i can only get about 5% off the new car insurance. Have never claimed anything from the insurance in all these years, so i thought i would be getting much much more than that.

let me know guys.

Thanks

Mash
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Old 17th July 2008, 15:37   #127
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Your dealers taking you for a ride, not surprising since it negatively affects his insurance commission. If you haven't had a claim in 8 years, you will be sitting on a 65% no claim bonus. You can transfer it even after 10 days. Let your insurance company know well in advance, so that they can issue you a refund after you submit the NCB certificate to them.

Ideally, you should opt for the same insurance company that your current car is covered by. It will make the NCB transfer a simpler process.
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Old 17th July 2008, 15:54   #128
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I have had NCB on my motorbike for like three years now. Can I use that to get any bit lower rates on car purchase?
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Old 17th July 2008, 16:00   #129
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GTO is absolutely right on this. you will get 65% atleast as a saving!
and in a new car insurance this is serious money going by new car insurance premia these days!

Quote:
Originally Posted by mdsaab View Post
Hi, a big thanks to all you guys for bringing light to save some money on new car insurance.

I am selling my old car on Friday and picking up our new one on Saturday. the old car name transfer will be done in about 10 days. can i still transfer the no claim bonus to the new car even after 10 days. I asked the dealer, but he says i can't. but you guys no better anyday. also the old car is a 1999 model, and the dealer says i can only get about 5% off the new car insurance. Have never claimed anything from the insurance in all these years, so i thought i would be getting much much more than that.

let me know guys.

Thanks

Mash
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Old 18th July 2008, 09:29   #130
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Quote:
Originally Posted by GTO View Post
you will be sitting on a 65% no claim bonus.
GTO can you get more than 50% NCB in any case. I was told that 50% is max limit.

BTW I transferred my 50% NCB from my old Indica to new SX4. In indica insurance continued but NCB was removed as told to me. anyways it was whooping ~13K saving.

Initially Maruti Dealer refused that this can not be done, may because they do not want to put there partner insurance company on loss. But when I told them that another insurance company is ready to transfer and agent will be there at the time of delivery to insure the car with 50% NCB, they turned and agreed to issue me insurance with NCB.
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Old 18th July 2008, 11:16   #131
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Quote:
Originally Posted by rkbharat View Post
GTO can you get more than 50% NCB in any case. I was told that 50% is max limit.

BTW I transferred my 50% NCB from my old Indica to new SX4. In indica insurance continued but NCB was removed as told to me. anyways it was whooping ~13K saving.

Initially Maruti Dealer refused that this can not be done, may because they do not want to put there partner insurance company on loss.
I'm pretty sure max NCB saving is 45% (if premium is 10000 you have to pay 5500). As per the insurance agent we can get this only next year and as of now we get as saving of 40%. This a guy we know for years now and is pretty knowledgeable in the field.

I've transferred the NCB from the zen to the swift and dealer did't say anything to object and said its a good idea and can save some money.

@rkbharat and GTO, guys does this mean I got a bad deal ?
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Old 18th July 2008, 12:35   #132
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in 2006 when we bought an indica for my father, he got 65% NCB.
His insurance had been transferred from 1967 onwards across his old Fiat, a couple of Ambys, a couple of Esteems and finally to this Indica.
I am sure he got a 65% NCB which I do believe is the absolute upper limit.

Quote:
Originally Posted by rkbharat View Post
GTO can you get more than 50% NCB in any case. I was told that 50% is max limit.

BTW I transferred my 50% NCB from my old Indica to new SX4. In indica insurance continued but NCB was removed as told to me. anyways it was whooping ~13K saving.

Initially Maruti Dealer refused that this can not be done, may because they do not want to put there partner insurance company on loss. But when I told them that another insurance company is ready to transfer and agent will be there at the time of delivery to insure the car with 50% NCB, they turned and agreed to issue me insurance with NCB.
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Old 18th July 2008, 13:31   #133
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Quote:
Originally Posted by shankar.balan View Post
in 2006 when we bought an indica for my father, he got 65% NCB.
His insurance had been transferred from 1967 onwards across his old Fiat, a couple of Ambys, a couple of Esteems and finally to this Indica.
I am sure he got a 65% NCB which I do believe is the absolute upper limit.
Oh, wow! that is cool buddy 65%.
does it change from Insurance company to company ?

the one I'm using is New India and as mentioned earlier the agent told as per the policy they have 45% is max

GTO you want to add anything here ?
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Old 18th July 2008, 15:47   #134
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Quote:
Originally Posted by yzfrj View Post
I'm pretty sure max NCB saving is 45%
I was on 50% for last 3 years on my Indica, 3rd last United, 2nd last was Tata-AIG and last was Reliance.

I got 50% NCB transferred to new car.

Both Tata-AIG and Relaince told me that its 50% max
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Old 18th July 2008, 17:44   #135
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Older insurance policies that have accumulated 65% NCB continue with the same benefits. Recently, insurance companies got together and reduced the max NCB to 50%. This is applicable only to newer policies.
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