A Query on Car Insurance! - Team-BHP

finneyp · 22nd December 2006, 11:17

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?

Technocrat · 22nd December 2006, 11:24

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

GTO · 22nd December 2006, 12:50

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.

esteem_lover · 22nd December 2006, 12:59

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 ?

finneyp · 22nd December 2006, 15:37

Thanks Technocrat, GTO & esteem_lover for your valuable inputs!

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

Thanks Guys!

iraghava · 22nd December 2006, 15:42

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.

finneyp · 22nd December 2006, 16:01

Very valid point - iraghava! Thanks!

himanshugoswami · 22nd December 2006, 16:35

Finney, Please dont make the mistake of not renewing your insurance!

As GTO said, legally, every vehicle has to have insurance at all times.

finneyp · 22nd December 2006, 16:38

Yes Himanshu! I will do that....! Thanks!

Lalvaz · 25th December 2006, 20:39

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

finneyp · 25th December 2006, 22:19

Thanks Lalvaz for your advice. Will check with my Insurance agent & take a final call.

ravibhat · 13th February 2007, 16:44

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.

nevertouchme · 13th February 2007, 16:53

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

wolfinstein · 11th April 2007, 00:21

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

22nd December 2006, 11:17	#1 (permalink)
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,203 View My Garage	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? __________________ Drive Safe, your loved ones need you! My passion is not driving Cars, but driving a FIAT! Finney, Palio 1.2 NV - 2004

22nd December 2006, 11:24	#2 (permalink)
Technocrat Team-BHP Support Join Date: Feb 2004 Location: Pune Posts: 7,838 View My Garage	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 __________________ The Holy Trinity: Traction, Torque and Tarmac

22nd December 2006, 12:50	#3 (permalink)
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 18,786 View My Garage	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. __________________ GTO Work backward from your imagination, not forward from the past! Please don't PM for support. Use the Contact Form instead. Please read the NEW Team-BHP FAQ section for all your queries.

22nd December 2006, 12:59	#4 (permalink)
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras Posts: 6,266 View My Garage	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 ? __________________ "Keep your friends close, Keep your enemies closer" Last edited by esteem_lover : 22nd December 2006 at 13:00.

22nd December 2006, 15:37	#5 (permalink)
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,203 View My Garage	Thanks Technocrat, GTO & esteem_lover for your valuable inputs! Yes, it sounds sensible to Renew my Insurance! Will do that....! Thanks Guys! __________________ Drive Safe, your loved ones need you! My passion is not driving Cars, but driving a FIAT! Finney, Palio 1.2 NV - 2004

22nd December 2006, 15:42	#6 (permalink)
iraghava Distinguished - BHPian Join Date: Oct 2005 Location: Bhaiyyaland Posts: 7,693 View My Garage	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. __________________ Reminds me of my safari in Africa.Somebody forgot the corkscrew and for several days we had to live on nothing but food and water.

22nd December 2006, 16:01	#7 (permalink)
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,203 View My Garage	Very valid point - iraghava! Thanks! __________________ Drive Safe, your loved ones need you! My passion is not driving Cars, but driving a FIAT! Finney, Palio 1.2 NV - 2004

22nd December 2006, 16:35	#8 (permalink)
himanshugoswami Senior - BHPian Join Date: Oct 2004 Location: !!!! Posts: 1,141	Finney, Please dont make the mistake of not renewing your insurance! As GTO said, legally, every vehicle has to have insurance at all times. __________________ *"I am the kid who made delinquency an art-Last name Simpson, first name Bart"*

22nd December 2006, 16:38	#9 (permalink)
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,203 View My Garage	Yes Himanshu! I will do that....! Thanks! __________________ Drive Safe, your loved ones need you! My passion is not driving Cars, but driving a FIAT! Finney, Palio 1.2 NV - 2004

25th December 2006, 20:39	#10 (permalink)
Lalvaz BHPian Join Date: Jul 2006 Location: Bombay Posts: 343	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

25th December 2006, 22:19	#11 (permalink)
finneyp Senior - BHPian Join Date: Dec 2005 Location: Bangalore Posts: 2,203 View My Garage	Thanks Lalvaz for your advice. Will check with my Insurance agent & take a final call. __________________ Drive Safe, your loved ones need you! My passion is not driving Cars, but driving a FIAT! Finney, Palio 1.2 NV - 2004

13th February 2007, 16:44	#12 (permalink)
ravibhat Senior - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 2,082 View My Garage	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. __________________ Blue Alto LXI 2008 Limited Edition My City Car HIGHway vehicle: Safari or Innova (Who win my heart)

13th February 2007, 16:53	#13 (permalink)
nevertouchme BHPian Join Date: Apr 2006 Location: Bangalore Posts: 233	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 __________________ Patience is the ability to idle your motors when you feel like stripping your gears.

11th April 2007, 00:21	#14 (permalink)
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 969	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 __________________ " When was the last time, You did something for the first time "

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