Automobile Insurance Queries? Ask me

[Marlon]

Originally Posted by itwasntme

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?

The renewal insurance will also be in the company name and hence the NCB will be applicable.

At the end of the lease term ,the ownership of the car will be transferred to your wife's name and along the NCB.

[Umesh D]

Originally Posted by honeybee

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.

Thanks Honeybee...did exactly as you suggested. Got my documents today,process was easier than I expected!

- Umesh

[libranof1987]

Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?

[Sn1p3r]

Originally Posted by libranof1987

Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?

Hi last year (1st renewal) I paid ₹ 21000 for zero dep. I think it makes sense as the repairs are expensive. I didn't face any issue with TataAIG and hopefully will continue this June.

[ghodlur]

Originally Posted by libranof1987

Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?

You will be now in the third year of the Insurance policy and normally the zero% depreciation option if offered by most of the Insurance co is for the first three years of the new car. If you do want to opt for it you will have to pay more premium that last year. However if you continue with the normal policy then you would get the NCB discount for the claim free years. IMHO stick to the regular policy and drive carefully.

[libranof1987]

Originally Posted by ghodlur

However if you continue with the normal policy then you would get the NCB discount for the claim free years. IMHO stick to the regular policy and drive carefully.

Does it mean, one loses NCB if you switch from a regular policy to a zero dep one?

[ghodlur]

Originally Posted by libranof1987

Does it mean, one loses NCB if you switch from a regular policy to a zero dep one?

No I didn't mean that. Its just that your premium will go up with the Zero Dep option after NCB discounts. How much is the option going to cost you additionally?

[libranof1987]

Originally Posted by ghodlur

No I didn't mean that. Its just that your premium will go up with the Zero Dep option after NCB discounts. How much is the option going to cost you additionally?

I need to check that; first though I have to decide whether I continue with Tata AIG or go back to Honda Assure.

Will check premiums by both and most probably continue with a normal policy then.

[mukeshgoel]

Hi guys.

I am buying a used car and the car will be delivered to me in last week of May.

The insurance is going to expire almost at the same time. So, my question is, how should I renew the insurance?

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?

Otherwise If I get the car, transfer the RC and then get the insurance in my name, there will be a gap between current and new insurance policy.

Please suggest.

Edit: There is no NCB involved.

[mukeshgoel]

In addition to my above query, this is the quote Bajaj Alliianz has given to the seller. And he has done some negotiations for me, earlier it was 15-16k.

idv 458607
Tariff Rate 3.28%
OD Premium 15056.06781
Total OD Premium 15056.06781
No Claim Bonus 0.00% 0
Premium After NCB 15056.06781
Company Discount 4516.820343
Premium After Disc. 10539.24747
OD Discount 0
Total OD Premium 10539.24747
Owner driver 100
Passengers 200
Paid Driver 50
Third Party 925
Net Premium 11814.24747
Service Tax 12.36 1460.240987
Final Premium Payable 13,274.49

[ghodlur]

Originally Posted by mukeshgoel

Hi guys.

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?

This is the most appropriate way to get the Insurance done. You would want to use the car without any Insurance if you try the second option.

[F50]

Originally Posted by mukeshgoel

Option 1

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?
Option 2

Otherwise If I get the car, transfer the RC and then get the insurance in my name, there will be a gap between current and new insurance policy.

Option 1 is the best. Ask him to renew include it in the price.

Option 2 might put you in trouble. In case of accident, you'll be left with no policy to claim from. Though in previous owners name, the policy is active and you can claim from it.
I have seen plenty of cases like this in Team-Bhp itself, where the car/bike met with an accident and the policy was active in previous owners name they were able to claim from it.

[mukeshgoel]

Originally Posted by ghodlur

This is the most appropriate way to get the Insurance done.

Originally Posted by F50

Option 1 is the best. Ask him to renew include it in the price.

Thank you guys, I am going with option 1.

Is the quote mentioned above correct (with 30% discount) ?

[Skyline GT-R]

Renewed my Insurance for Ford Figo TDCi (2011) from Reliance.

Premium was 9,500/- & IDV 4,64,000/-

Lowest online quote was 10,500/-

Strangely cover note shows Premium as 10,5XX/- odd Rs. I believe they gave some Spl discount because i have given them some business previously.

[Irish]

What's the best way to get the lowest quote for insurance premium done for a brand new car?

Have tried several sites but there is a huge difference among them.


Cheers!
Irish