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Old 22nd December 2006, 11:17   #1
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Question A Query on Car Insurance!

Guys, My Car Insurance is due for Renewal next month (Jan'07). But, shortly I will be going abroad and will stay put for a Year.
In that case, does it make sense to renew my Insurance?
My Car won't be used in my absence & will be parked at my home itself.
Please advise?
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Old 22nd December 2006, 11:24   #2
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Well should not be a problem but you would face issues if your car has an accident after you come down & you havent renewed it.

Also from next year there are confirmed talks or detariffication of Insurance policies in India. As of now not many people are sure of the impacts but it is expected that the insurance would be more tough as in more on the lines of what iss being practised in US etc
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Old 22nd December 2006, 12:50   #3
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You HAVE to have coverage. Thats the law. If you are absolutely certain that the car wont be driven a mile, opt for 3rd party coverage only. It will cost you only a fraction of comprehensive coverage.
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Old 22nd December 2006, 12:59   #4
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i dont think it is a good idea not to renew your insurance, whether you use it or not. you lose your ncb when you decide to insure it again, since your policy would have lapsed. it will be treated as a new insurance & the vehicle will have to be inspected. also what happens if there is a natural calamity (god forbid, it should not happen). better get it renewed before expiry. cheers

@GTO : 3rd party coverage also invalidates his present insurance. anyway, what use is a 3rd party coverage when the car is not going to move an inch ?

Last edited by esteem_lover : 22nd December 2006 at 13:00.
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Old 22nd December 2006, 15:37   #5
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Thanks Technocrat, GTO & esteem_lover for your valuable inputs!

Yes, it sounds sensible to Renew my Insurance! Will do that....!

Thanks Guys!
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Old 22nd December 2006, 15:42   #6
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Also consider that if you do not have Insurance & the car gets stolen in your absence then you'll be facing a much bigger loss. With Insurance atleast you have that covered.
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Old 22nd December 2006, 16:01   #7
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Very valid point - iraghava! Thanks!
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Old 22nd December 2006, 16:35   #8
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Finney, Please dont make the mistake of not renewing your insurance!

As GTO said, legally, every vehicle has to have insurance at all times.
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Old 22nd December 2006, 16:38   #9
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Yes Himanshu! I will do that....! Thanks!
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Old 25th December 2006, 20:39   #10
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Default Motor Insurance

I'd like to point out that you need to have motor insurance before you drive the car. Assuming that you are not going to drive the car for a period of 1 year, it is not mandatory for you to insure the vehicle. However, as people have pointed out, you will not be covered for theft, flooding, fire etc....

Now, assuming that you will be parking the vehicle in a safe place, and there is no fear of theft, flood, fire etc... it might be worth taking the risk of not insuring the vehicle. You will lose your NCB, but thats a fraction of your premium.

Once you return, you will need to contact an insurance company, they will send a surveyor to assess the car, and then issue you a fresh insurance policy. After which you can drive the car. I would therefore suggest you speak with your insurance agent now, and discuss the case with him. I do believe it would be worthwhile and the savings could be substantial, based of course on the IDV of your vehicle.

Regards,
Lalvaz
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Old 25th December 2006, 22:19   #11
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Thanks Lalvaz for your advice. Will check with my Insurance agent & take a final call.
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Old 13th February 2007, 16:44   #12
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One must renew the insurance for sure or at least for 3rd party.

About my car:

I need to renew insurance for my Innova by next months. Already couple of insurance company gave me offer although I am going with Bajaj Allianz. Toyota recomands Bajaj Allianz or at least Ravindu toyota.

However I am not renewing the insurance thru. Ravindu toyota.

Ravi.
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Old 13th February 2007, 16:53   #13
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Just in case, say if you are not insuring the car this year, and when you come back; should not you be paying the Fine & insurance amount? yeah, I agree with GTO, You ill have to have cover.... Insure the car b4 u go... :-D

Jai
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Old 10th April 2007, 23:21   #14
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What all do I need for Insurance renewal, Earlier this was taken care of by my father, But since he's not in the country, I have to do the honours.

Will my new premium be less compared with last year?

Will the coverage value change ?

What documents will I need ?

Is there a specific rule or slab for premium calculations ?

If I change from Oriental Insurance to another, Do I get some rebate or what should I know before I do so ?

No Claims made for last two years, 68890 KM,Lancer SFXi 2001
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Old 28th September 2010, 19:14   #15
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hello

i bought a tata safari gx 4x2 bs4 on 4th sept. my insurance was done with hdfc ergo

however on receiving the papers, the engine no and chasis no is right but they have put

model no as safari ex 4x2 bs3

i called the guy and he said i would recieve an hypothecation letter stating correction which i may have to attach with the insurance policy but it will take 4 -5 days

i leave for a short trip this weekend

can i drive with current papers

pls suggest
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