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Old 9th November 2007, 00:27   #1
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Default Need urgent help regarding Insurance claim Please!!

I hope Experts will advice me on this. I own a nov 2006 NHC ZX. Yesterday my car got two small dents on the the bonnet In addition to another small dent earlier which i had simply ignored cause of high cost of repairs for a silly small dent. But now all these three dents are really vissible and really bothering me. So I was thinking of getting it repaired. Coastal Honda has given me a quote of rs4000 to paint it. Now guys the real question is should I claim it from the Insurance?
I know that I will be losing my NCB which will be round about the same amount cause this is my first year and is expiring on the 16th of Nov. But what I want to know is will my NCB get effected If I change my Insurance co.? Cause I was supposed to change my Insurance to Oriental anyway cause they have given me a better quote for this year. I am presently on Reliance. So guys please help and advice me on this cause I have to decide before 16th of this month. Thanks in advance.
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Old 9th November 2007, 09:13   #2
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If the cost is around 4000, it is better you don't claim insurance, it will get compensated in your next premium with NCB plus lesser amount of premium you pay.

In case cost is close to Rs 10000 or 12500, you can go for insurance claim

Also NCB will be valid with any Nationalised Insurer even if you change your insurance company
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Old 9th November 2007, 13:00   #3
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Sid, there are lots of threads on this topic. Use the search function and you'll find all the help you need.

All the best.
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Old 9th November 2007, 14:43   #4
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Also NCB will be valid with any Nationalised Insurer even if you change your insurance company[/quote]

Yes I know but what happens if i make a claim on the previous company? Do I still get a NCB from the new company? This is the real fact I want to know.Experts please shower your advices quickly.
@ aditya- Tried searching a lot but couldn't find the right answer I am looking
for.
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Old 9th November 2007, 15:53   #5
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not sure if Insurance providers share info..but when i renewed my 2wheeler insurance online(changed my insurer), there was one option that asked me to enter the value of NCB. This value I was supposed to get from the company's callcenter. The call center lady just asked me if i have any claims on my prev policy and i said no. thats it. no questions asked. I got 22% NCB. i filled to form and got the policy online. No not sure if companies crosscheck.

Someone who works in that field may be in a better position to tell us how does it work.

Regards,
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Old 9th November 2007, 16:17   #6
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I think the insurers do cooperate on claim records but whether they do it for EACH and EVERY new proposal they receive is the question.

However, keep in mind that your new insurer will definitely ask for the NCB proof (certificate or letter from previous insurer) IF you are unfortunate enough to make any claim. At that point in time, they will certainly revoke your new insurance policy if it is discovered that you lied to them in the first place!

Remember, an insurance policy is a contract between you and the insurer. If you supplied wrong information with a clear malafide intent, you will NOT be entertained if you submit a claim.

It is better to very very upfront & transparent when signing a new policy: gone are the 'anything goes' days when PSU insurers did not care too much about the premium/claim ratio. Today, (like all the private insurers like ICICI Lombard, Bajaj Allainz, Reliance Insurance, HDFC Chubb, Royal Sundaram etc) they ALL scrutinise your original policy papers when settling any claim. ANY error and they will deny you insurance.

It's a calculated & (dishonest) gamble: You could get away as long as you don't make a claim! But you COULD be seriously out-of-pocket if you DID have a claim :-)

Hope this helps.
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Old 9th November 2007, 16:44   #7
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Pay from your pocket for 4k bill. You will loose out on NCB + will add some more amount for the claim when you renew next year. Even if you change the insurance co this tab will come.
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