Claim - Now or Later

[achopraa]

Hey all,
There are many other similar topics on the forum. Went through most of them but still could not decide.

Prelogue -
Had a small accident with my i10 last sunday. While returning from a temple visit last along with my family, just before the Tilak Nagar flyover in Delhi, the traffic was a bit congested. I slowed down to around 20 Kmph. Suddenly an autowallah who was on my left took a right turn (in order to get ahead of a car) and banged into my car's left fender. I applied brakes suddenly and the car immediately came to a halt. Before I could understand anything and get out of my car, a Maruti 800 walla banged my car from the rear. My baby was in the rear with my wife sister and mom. So first I checked that everyone in car was alright. I recalled my senses and got out to see the damage.
In the mean time the autowallah started running, i could not understand whether to stop the Auto or to see the rear damage. I thought that the rear damage was much more and went back to see. The bumper had taken the beating . from one side the screws were visible. No other damage at the back.
The Maruti 800 walla said that he had braked hard and he couldnt do much. I can do what ever I do.(I didnt do anything . what could i have done? fighting/beating etc. is not my way)
Then my father announced another bad news. The front fender was chipped in badly and the front bumper was also scratched. The passenger side door was difficult to open due to dent in the fender. Cursed a lot that autowallah but he was no where to be seen.

Epilogue -
Took the car to hyundai Service centre. Damages were assessed. The final bill was to be around 8000 bucks(fender repaired and repainted, rear bumper to be changed and repainted and some painting to be done on front bumper)

The decision -
Accidents are meant to happen on Delhi roads. Shall I claim the insurance now (my part will be around 1300 bucks + i will have to forego the NCB) or shall i wait for the year end (by getting some minor repainrs done on the fender), claim the NCB and then go for claiming the bonus(I will have to pay 10% depriciation though)

Suggestions Please.

[manikjeet]

i think you can't get insurance claim when ever one wants to they have to claim when the accident happens

[Glass]

Will your NCB be more than 6700? If not, I think you should go ahead and claim.
Also remember that if you need to claim later for some other reason, you lose this amount as well as the NCB if you don't claim now.

[GTO]

I presume you aren't in a high NCB slab right now, and this is a near brand new car. Put an insurance claim in and get her repaired perfectly the first time around. Your new i10 surely deserves that

[bblost]

similar query:
http://www.team-bhp.com/forum/indian...now-later.html (Claim insurance now or later?)

[nitrous]

Get the repairs done immediately.
20%(1st year) of the i10's Insurance premium should be around 3000 rupees and it isn't worth the 8,000 rupee repair.

[achopraa]

Thanks for one and all for the replies. Even in my calculations I was more in favour of claiming the insurance and getting the repairs done.
Have sent the car today for repairs.

Mods - the thread can RIP.

[Nimz]

Hello all.. I have a similiar query!

Assume the insurance is up for its first renewal by June 30th.

The car gets a minor dent which would need about 4-5K of repairs and repainting. Car works fine except for the eyesore. THis happens in june 15th.

Now is it possible to renew the insurane with the NCB on June 20th and then claim insurance before the 31st? This way year 2 also gets the possibility of a NCB??

Also if the insurance is claimed after renewal will the surveyor assess it at a reduced value since it goes into Year 2?/
Thanks

[GTO]

Technically, you have to put in a claim immediately after the accident. However, if the policy renewal is just around the corner, you could put in the claim just after.

[googly]

Similar query, pls help!!

i have a 2006 july wagonR vxi, Windshield on my wagonR cracked due to flying pebble from a truck tyre on highway, also there are few minor dents,scratches on bumper and body of the car (due to city traffic and parking).

Insurance of this car is due for renewal in july 1st week.

Should i claim for windshield replacement and dent repairs, or should i wait for the insurance renewal and then claim (this way, i will be able to get NCB)? Do they inspect the vehicle before renewal of insurance policy? can i claim after renewal of policy? or should i claim now and not worry about NCB (as it will be not more than 20% of policy premium, i.e~ approx. 2000/=)

[benbsb29]

Originally Posted by googly

Do they inspect the vehicle before renewal of insurance policy?

If you renew your insurance before the policy expires, no inspection of the vehicle is required. If the policy expires, then the insurance can be renewed ONLY following inspection by a surveyor.

[Nimz]

Originally Posted by googly

Similar query, pls help!!

i have a 2006 july wagonR vxi, Windshield on my wagonR cracked due to flying pebble from a truck tyre on highway, also there are few minor dents,scratches on bumper and body of the car (due to city traffic and parking).

Insurance of this car is due for renewal in july 1st week.

Should i claim for windshield replacement and dent repairs, or should i wait for the insurance renewal and then claim (this way, i will be able to get NCB)? Do they inspect the vehicle before renewal of insurance policy? can i claim after renewal of policy? or should i claim now and not worry about NCB (as it will be not more than 20% of policy premium, i.e~ approx. 2000/=)

I guess you can renew the insurance before July and immediately after renewing you can get it repaired and claim insurance(before July itself) -this way you get the NCB and also the chance of an NCB next year as well.. right guys??

[GTO]

Originally Posted by Nimz

I guess you can renew the insurance before July and immediately after renewing you can get it repaired and claim insurance(before July itself) -this way you get the NCB and also the chance of an NCB next year as well.. right guys??

Not right. If he claims after the renewal in 2008, no NCB can be expected when renewing the policy in 2009.

[Nimz]

Hello all

Please help:

My insurance policy expired in June end 2008. I renewed it in mid June 2008. Then a small accident.

I gave it for repairs recently in July and date of accident I put it as June 2008 (truthfully).

Now Insurance co. called me and said that they will ahve to recover the NCB (1400 bucks!!) as date of accident is in June and therefore under the first policy. :(

Anything can be done or do I loose that 1400 bucks??? Please reply. me all sad!

nimz

[dadu]

The calculation is simple, if you would have put the insurance claim in the new insurance year you could have lost lesser in loosing the NCB as its on the previous years installment and due to depreciation also.

For eg.

This year Installment Rs 100.
NCB 20% = Rs20

Next year Installment Rs70 (based on depreciated value of car)
Accident happens
NCB 20% = Rs 14 , NCB not given, lost Rs14.

What they demand is genuine and should be paid.

Originally Posted by Nimz

Hello all

Please help:

My insurance policy expired in June end 2008. I renewed it in mid June 2008. Then a small accident.

I gave it for repairs recently in July and date of accident I put it as June 2008 (truthfully).

Now Insurance co. called me and said that they will ahve to recover the NCB (1400 bucks!!) as date of accident is in June and therefore under the first policy. :(

Anything can be done or do I loose that 1400 bucks??? Please reply. me all sad!

nimz