Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 8th October 2007, 19:07   #1
LLL
BHPian
 
Join Date: Mar 2005
Location: Delhi
Posts: 634
Thanked: 2 Times
Default Transfer Car insurance

I had a question - is it possible to transfer insurance of your car from 1 company to another in the middle of the policy peroid? Has anyone done it and typically, are there any penalties?
LLL is offline   Reply With Quote
Old 9th October 2007, 10:12   #2
Senior - BHPian
 
Join Date: May 2007
Location: Bangalore
Posts: 3,652
Thanked: 244 Times
Default

I have done it during renewal but this should be poosible to do also.

You will loose the rest of the period from the older company and I am not sure about the refunds.

For the new company you will have to pay for the next complete year, so you are paying again for the leftover with the old company.

I would suggest go for it only when the renewal comes.
dadu is offline   Reply With Quote
Old 9th October 2007, 10:40   #3
BHPian
 
crazydiablo's Avatar
 
Join Date: May 2004
Location: Bangalore/San Francisco
Posts: 854
Thanked: 21 Times
Default

As per insurance rules, you should be getting prorated refund.
crazydiablo is offline   Reply With Quote
Old 9th October 2007, 10:42   #4
Senior - BHPian
 
snaronikar's Avatar
 
Join Date: Jun 2007
Location: Bengaluru
Posts: 2,845
Thanked: 23 Times
Default

My suggestion would be go for a change in insurance company only if you are nearing the renewal. Otherwise, it will be a waste of money as you would have already paid for the current insurance and you need to pay the full premium for new policy.
snaronikar is offline   Reply With Quote
Old 9th October 2007, 12:46   #5
LLL
BHPian
 
Join Date: Mar 2005
Location: Delhi
Posts: 634
Thanked: 2 Times
Default

Well, this is very frequent in US.

Reason i was thinking of doing this is i can shift to another company after 6-8 months of current policy period are over and then ask for a higher NCB. Also cost would come down.

If i can get a refund on existing policy then i will save by
1. refund of remaining period from current company
2. lower premium for next year
3. higher NCB

just wondering if anyone has done this before and what is his experience.
LLL is offline   Reply With Quote
Old 10th October 2007, 09:52   #6
Senior - BHPian
 
itwasntme's Avatar
 
Join Date: May 2007
Location: BANGALORE
Posts: 2,274
Thanked: 1,338 Times
Default

LLL,

While I have myself done this exact exercise in the UK i.e. switch to another insurance company and negotiate a higher NCB), I don't think the IRDA allows such predatory tactics yet in India. Further, I believe NCB here is for each completed year of claim-free insurance and I am not sure a shorter period of say 6-8 months will be acceptable to the next insurer. However, please do check and let us know if you CAN!!


However, insurance rules clearly state that you are entitled to a prorated refund for the 'unutilized' period of insurance and your current insurer is duty-bound to do so after deducting a published nominal processing charge.

If anyone's current insurer is one of the nationalized ones (National Insurance, Oriental, New India etc) then the process is much easier and needs some legwork to actually visit your Development Officer's (DO) office fill in / complete the necessary formalities. I have personally received a prorata refund on my current car's insurance premium after I produced proof of 50% NCB on my old car, (whose papers I had misplaced and could not produce at the time of buying the new car). This resulted in a 22k premium magically becoming 9k!

However the private insurers could be a handful if you try and cancell your insurance half way for whatever reason. Try it with say ICICI Lombard and you will generally come up against a blank wall or myriad excuses about why they CAN'T return your money :-)


ItWasntMe

Quote:
Originally Posted by LLL View Post
Well, this is very frequent in US.

Reason i was thinking of doing this is i can shift to another company after 6-8 months of current policy period are over and then ask for a higher NCB. Also cost would come down.

If i can get a refund on existing policy then i will save by
1. refund of remaining period from current company
2. lower premium for next year
3. higher NCB

just wondering if anyone has done this before and what is his experience.
itwasntme is offline   (1) Thanks Reply With Quote
Old 10th October 2007, 13:57   #7
LLL
BHPian
 
Join Date: Mar 2005
Location: Delhi
Posts: 634
Thanked: 2 Times
Default

Itwasntme,

I have nationalinsurance right now and may switch to another govt insurance company.

Dont want to deal with private players as i find them to be as dumb as they can be. Or they pretend to be dumb when they dont want to do do their work.

With Govt companies, they are not dumb and dont pretend to be. Dealing is usually straight and they dont hesitate in asking you for their cut
LLL is offline   Reply With Quote
Old 9th September 2008, 15:35   #8
BHPian
 
Join Date: Nov 2006
Location: kolkata
Posts: 927
Thanked: 24 Times
Default

My Car came insured with Oriental Insurance Company, when I bought it second hand, I was told by the previous owner that insurance can be transfered, now I din't know that, after going through the Oriental website, it was mentioned there that Insurance can be transfered, so I called up the nearest branch and was informed that this can be done for a small fee, about Rs 50-60, but when I got there, I was told I have to pay Rs 720, I din't mind that and paid the sum.

They have told me that the transfer when finished would be mailed to me, and when I asked if I can benifit from the NCB, I was told no. I was told that since my policy is anyways going to expire in 2 months, and that I will anyway not get any NCB benifit, I can still opt for tranfer, or scrap the policy and go for a new one, I thought in any case I'll get 2 months to think about this by paying Rs 720, so I paid and got out.

My question is have I done the right thing, by tranfering the policy on my name for 2 months by paying Rs 720, and after 2 months can I opt for a different Insurance company, where they will not come and inspect the car as the insurance will still be active, as I'll get this done a few days before the policy expires.
musicmanaman is offline   Reply With Quote
Old 9th September 2008, 15:50   #9
Senior - BHPian
 
planet_rocker's Avatar
 
Join Date: Sep 2006
Location: Bong-land
Posts: 2,320
Thanked: 366 Times
Default

my gtx's insurance was due in one month after i took delivery on 29th march - called up the insurance agent with national insurance - they changed the owner's details. i didnt get NCB accumulated by the previous owner.

according to them if i change the car the present NCB of the gtx will get transfered to the new car's insurance.

you can change the insurance company - no problems.

Last edited by planet_rocker : 9th September 2008 at 15:54.
planet_rocker is offline   Reply With Quote
Old 9th September 2008, 16:35   #10
BHPian
 
Join Date: Aug 2008
Location: Bangalore
Posts: 594
Thanked: 30 Times
Default

Actually the first owner had got some NCB benefit. So now the wner is changed you need to pay the NCB. Only 2 months were left so they asked 720 bucks only.
Once you go there for next insurance they would offer your 20% NCB or lil less though earlier insurance might have more than 20%. This is because owner of the vehicle is changed

Quote:
Originally Posted by musicmanaman View Post
My Car came insured with Oriental Insurance Company, when I bought it second hand, I was told by the previous owner that insurance can be transfered, now I din't know that, after going through the Oriental website, it was mentioned there that Insurance can be transfered, so I called up the nearest branch and was informed that this can be done for a small fee, about Rs 50-60, but when I got there, I was told I have to pay Rs 720, I din't mind that and paid the sum.

They have told me that the transfer when finished would be mailed to me, and when I asked if I can benifit from the NCB, I was told no. I was told that since my policy is anyways going to expire in 2 months, and that I will anyway not get any NCB benifit, I can still opt for tranfer, or scrap the policy and go for a new one, I thought in any case I'll get 2 months to think about this by paying Rs 720, so I paid and got out.

My question is have I done the right thing, by tranfering the policy on my name for 2 months by paying Rs 720, and after 2 months can I opt for a different Insurance company, where they will not come and inspect the car as the insurance will still be active, as I'll get this done a few days before the policy expires.
aka_iitd is offline   Reply With Quote
Old 23rd September 2009, 08:33   #11
BHPian
 
Join Date: Sep 2009
Location: Cochin
Posts: 41
Thanked: 0 Times
Default

I bought a baleno and has transferred the ownership to my dad's name. The insurance is already paid by the previous owner for the period of March 2009 - March 2010.

Can anyone help me on how to change the insurance to my dad's name ? Does this cost me anything ? How long will it take to complete the formalities ?
firestorm is offline   Reply With Quote
Old 23rd September 2009, 10:13   #12
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,163
Thanked: 3,759 Times
Default

The insurance can ne transferred to his name for a nominal sum. However, the NCB is not. If the original owner is wise then he will get fresh insurance on the car (may be Att only) and transfer his NCB to his new car. otherwise, he can take a certificate from the insurance company which is valid for three years, and claim the NCB on his new car. If he does not do this then the NCB is valid for only 90 days.
sgiitk is offline   Reply With Quote
Old 23rd September 2009, 18:29   #13
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 41 Times
Default

Quote:
Originally Posted by firestorm View Post
I bought a baleno and has transferred the ownership to my dad's name. The insurance is already paid by the previous owner for the period of March 2009 - March 2010.

Can anyone help me on how to change the insurance to my dad's name ? Does this cost me anything ? How long will it take to complete the formalities ?
It's very easy you can transfer the insurance in your dad's name. Transfer charges are just Rs. 50 + Service tax.

If there is any NCB in the old policy you need to pay that amount also.
rjvora_2000 is offline   Reply With Quote
Old 24th September 2009, 09:38   #14
BHPian
 
Join Date: Sep 2009
Location: Cochin
Posts: 41
Thanked: 0 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
It's very easy you can transfer the insurance in your dad's name. Transfer charges are just Rs. 50 + Service tax.

If there is any NCB in the old policy you need to pay that amount also.

Thanks a lot Rupesh. NCB with the previous owner ? Whom should I contact for this transfer ? The insurance office or a maruti dealer (It is a Maruti insurance)

Please advice.

Last edited by Jaggu : 24th September 2009 at 10:34. Reason: Removing [Font] tags, please avoid copy pasting from external font editos.
firestorm is offline   Reply With Quote
Old 26th September 2009, 11:29   #15
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 41 Times
Default

Quote:
Originally Posted by firestorm View Post
Thanks a lot Rupesh. NCB with the previous owner ? Whom should I contact for this transfer ? The insurance office or a maruti dealer (It is a Maruti insurance)

Please advice.
Insurance Company branch office can help you for this.

Don't go to dealer he will waste your time.
rjvora_2000 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Unique case of insurance expiring in between ownership transfer carvoyeur Indian Car Loans & Insurance 24 10th August 2015 10:26
Beware of Fraud Insurance Agents - My experience with Reliance General Insurance panga007 Indian Car Loans & Insurance 4 17th February 2010 21:46
Bajaj Allianz car insurance without transfer pawan_pullarwar Indian Car Loans & Insurance 1 1st November 2007 14:37


All times are GMT +5.5. The time now is 01:15.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks