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Old 13th April 2012, 14:54   #1906
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Default Re: Automobile Insurance - Ask me

I think these tables arose since earlier the IDV was whatever was fancied. The Insurer / agent never depreciated the car since this way they got more premium. There was a lot of litigation when a claim was made. This table made it mandatory for the insurer to honour the IDV. One point though, many dealers in trying to minimise teh cost do not include the Road Tax in the initial IDV calculation.
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Old 13th April 2012, 16:57   #1907
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Default Re: Automobile Insurance - Ask me

We have recently transferred ownership of a car, and contacted the insurance company for transfer of the policy. The procedure outlined by the insurance company involves physical inspection of the car. Since the car has been bought from another town, it's rather inconvenient to drive out there and get the insurance formalities completed. At the same time the procedure outlined by the company includes a 'new proposal' and transfer of the NCB from the original policy.

Is this similar to taking out a new policy?

If so, can a new policy be taken from a different insurance company? Do we lose the NCB from the original insurance company?

Till the insurance policy is transferred/purchased in the new owner's name, what is the status of the car's insurance? Is it insured or not?
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Old 15th April 2012, 22:39   #1908
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Default Re: Automobile Insurance - Ask me

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Originally Posted by laluks View Post
Anyone has experience with L&T insurance.
I got a call from them for my civic, and the quote is too good to be ignored.

While the others are hovering around 10 - 11K for an IDV of 5 lakhs, these guys are telling 8.8K

Any advice about L&T? Any experiences?
They are doing good. They give good discounts since they are relatively new to market. Nothing to worry about.
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Old 16th April 2012, 12:46   #1909
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Quote:
Originally Posted by honeybee View Post
We have recently transferred ownership of a car, and contacted the insurance company for transfer of the policy. The procedure outlined by the insurance company involves physical inspection of the car. Since the car has been bought from another town, it's rather inconvenient to drive out there and get the insurance formalities completed. At the same time the procedure outlined by the company includes a 'new proposal' and transfer of the NCB from the original policy.

Is this similar to taking out a new policy?

If so, can a new policy be taken from a different insurance company? Do we lose the NCB from the original insurance company?

Till the insurance policy is transferred/purchased in the new owner's name, what is the status of the car's insurance? Is it insured or not?
There are two ways of doing this.
1) Go for the existing Insurer and try to find out if the physical inpection can be done by the branch office in your city. They can then forward the information to the other town office for the transfer formalities.
2) Go for a new Insurer which will still require inspection but opt for Insurer who is in your town/city.
In either cases it will be a new proposal since the ownership has changed. The NCB will remain with the original car owner. However if you have NCB in your name then you can use the same with the new Insurance policy. Ensure details such as policy period, premium paid etc are inline with the existing. IMO till the transfer takes place the old policy can still be in existence, needs to be verified.
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Old 17th April 2012, 12:04   #1910
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Default Re: Automobile Insurance - Ask me

Update on my Baleno Insurance, went to HDFC ERGO Car Insurance to get a quote. Somehow their system refused to accept 2.88L as the IDV of my Baleno and they recommended it to be 2.5L, hence the premium dropped to about 7K. This wasn't apples to apples comparison so i decided to go ahead with Bajaj Allianz. Premium came to 9K with 35% NCB for an IDV of 2.88L. Third party cover cost ~2-3K, i guess it used to be few 100 Rupees, quiet bad in my opinion.
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Old 22nd April 2012, 01:18   #1911
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Default Re: Automobile Insurance - Ask me

Hi,

I have a 2003 santro which has been insured by bajaj allianze since 2007, and I have made no claims in this period. I work abroad for many months at a stretch, and my policy expired when I was away recently. I tried getting a new policy from icici and they refused..citing that my insurance was not continuous and there were some dents in the car (which Mumbai car doesn't !)..tried contacting bajaj to renew and they asked me to go to a branch and only after inspection will a new policy be issued..
Question - why is this such a big deal?..and what's the easiest way to get my car insured..considering the age of the car, and the fact that it had a covered and secured parking should I just go for the 3rd party cover , as the bare minimum required legally?
Any tips would be helpful
- Umesh
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Old 22nd April 2012, 10:04   #1912
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Default Re: Automobile Insurance - Ask me

Hi,

Can somebody tell me about depreciation? If the car is 5-6 years old and there is a claim then would depreciation be applicable to all parts or just rubber glass etc? How do you know the depreciation applicable to your vehicle?
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Old 23rd April 2012, 09:59   #1913
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Umesh D View Post
Hi,

I have a 2003 santro which has been insured by bajaj allianze since 2007, and I have made no claims in this period. I work abroad for many months at a stretch, and my policy expired when I was away recently. I tried getting a new policy from icici and they refused..citing that my insurance was not continuous and there were some dents in the car (which Mumbai car doesn't !)..tried contacting bajaj to renew and they asked me to go to a branch and only after inspection will a new policy be issued..
Question - why is this such a big deal?..and what's the easiest way to get my car insured..considering the age of the car, and the fact that it had a covered and secured parking should I just go for the 3rd party cover , as the bare minimum required legally?
Any tips would be helpful
- Umesh
Umesh, anytime there's a break in the insurance policy, even of a day or two, the insurance company won't sell you a new policy without inspection. This applies to both the comprehensive as well as the third party insurance policies. I have two personal experiences to substantiate this.

My personal suggestion would be to stick to your existing insurance company, take the vehicle to your nearest branch for inspection and get the policy asap. Once you have an active policy for the vehicle, you can next year switch to a cheaper company if you like.

And please note: don't drive the vehicle without a valid insurance policy.
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Old 23rd April 2012, 15:06   #1914
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Default Re: Automobile Insurance - Ask me

Guys,

I've my existing car policy with BA and its due for renewal by April 29. I bought it online last year (same day for my bike and car).

I'm planning to buy a new car and it may get delivered by May/June or may even be later than that.

I have got 50% NCB on my last renewal for my existing car and want to make use of it when I buy my new car policy a couple of months down the line.

I have aske BA to provide me the NCB certificate that I want from them on my existing car and I would not need the NCB on my existing car when I renew. They said that they cannot provide NCB certificate unless I'm seeling my car. Is this true?

What do you think are my options to make use of NCB for existing car that I have accumulated when I buy a new car a couple months later from now. if its really necessary to sell the car, in that case, I may have to think about transferring ownership to a family member! I dont know if that will be too much of hassels to go for the savings on my new car insurance with this NCB (I'm considering it to be high for XUV 500 W6).
Please advise.
Thank you.

EDIT: Another thing I forgot to mention, this car that I'm planing to buy will be in the name of company (lease). I doubt that if I will be able to transfer the NCB (car in my name) to a new car in co. name. Can someone please confirm?

Last edited by Ketan : 23rd April 2012 at 15:14.
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Old 23rd April 2012, 18:25   #1915
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Default Re: Automobile Insurance - Ask me

Both your guesses are right: You cannot avail of the NCB against your new car's insurance unless you are selling your old car, and if you are buying the new car in the name of your company, you cannot transfer the NCB of your old car to the new one (since it's not in your name).
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Old 24th April 2012, 12:18   #1916
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Default Re: Automobile Insurance - Ask me

Have a insurance renewal query regarding my wife's company-leased car. The car is owned by The Financing company and my wife's company is just the registered owner with her being the registered user. We have just completed a claim-free year and wanted to know if she is eligible for NCB or not. The first year's amount was capltalized along with the cost of the car and is thus built-in to the EMIs.

As she is the registered user and has completed a claim-free year, is she eligible for NCB?
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Old 24th April 2012, 13:22   #1917
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Default Re: Automobile Insurance - Ask me

NCB can be availed of by the registered owner, not the registered user. Since your wife's employer is the registered owner, the NCB benefit can be availed of by it. If at all you plan to use the NCB to lower the renewal premium, your wife will have to ask her company to do so.

Plus I don't think the NCB is factored into the EMIs, so even if the actual premium were reduced by using the NCBs, I doubt if the EMIs will reduce prorata.
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Old 24th April 2012, 18:22   #1918
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Just renewed my car;s insurance with Bharti-axa life . Previously it was insured with future generalli . tried renewing with future generali but their govt attitude took me away. moreover they were not ready to give me 100 % depreciation cover as I has a claim of 8 K in first year, no reason offered for denial. premium without depreciation cover was 1476o Rs . despite running around them , the never budged, which moved me to bharti - axa. it was a hassle free deal with them and was closed in flat 45 min.

car - FIAT Grande Punto 1.3 Emotion
Total Paid - 15162.
IDV - 520500 ( car was Bought via CSD for 5,40,000 )
100 % depreciation cover for 3123 Rs ( included )
Invoice Price cover included For rs 1821.75 Rs (included in 15K, basically with this rider, i will get the full invoice value of car in case of total loss or theft)

They have a tie up for cashless claim with all the TATA dealer;s in my city.

I hope i has not missed on my thing important in above. Kindly advice if i have missed anything . Is the Paid amount decent for a 1 year old car.

Last edited by .sushilkumar : 24th April 2012 at 18:24.
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Old 25th April 2012, 08:39   #1919
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Quote:
Originally Posted by .sushilkumar View Post
Previously it was insured with future generalli . tried renewing with future generali but their govt attitude took me away. moreover they were not ready to give me 100 % depreciation cover as I has a claim of 8 K in first year, no reason offered for denial. premium without depreciation cover was 1476o Rs . despite running around them , the never budged,

I hope i has not missed on my thing important in above. Kindly advice if i have missed anything . Is the Paid amount decent for a 1 year old car.
I can relate to the Future Generali's attitude, had faced it during my Fiesta insurance renewal. Since I was getting it done through the Ford workshop, a verbal duel with the w/s manager fastened the process.

Has Bharati Axa given the Insurance policy with the nominee details? I think now it is a norm by IRDA to include the nominee details in the policy.
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Old 25th April 2012, 11:23   #1920
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Has Bharati Axa given the Insurance policy with the nominee details? I think now it is a norm by IRDA to include the nominee details in the policy.
Yes Sir , Has to fill the nominee details while renewing the policy with them . i took a online policy and there is a mandatory field in online form. i was assisted by their call center guys in same. strangely same policy was offered for Rs 14780 by policy bazar guys without any 0 % depreciation benefit and Invoice value benefit. may be they have included their margins in between. so for extra 400 or so i get additional benefits .

Lesson Learn : - always deal directly with the insurance companies. turns out to be cheap and the call is recorded in such cases by call centers, chances of going back on commitment are less .
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