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Old 26th May 2012, 16:21   #1981
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Default Re: Automobile Insurance - Ask me

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Originally Posted by mukeshgoel View Post
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.
Quote:
Originally Posted by ghodlur View Post
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.
Quote:
Originally Posted by F50 View Post
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.
Just want to share to that I got a third option (best) from the insurance agent after giving him the photocopy of Sale documents, I got the insurance done directly in my name without even transferring the RC which is due to be done next week.

For the records:

* Car sale date: 24th May, 2012.
* Insurance expiring on 26th May, 2012.
* Insurance renewed on: 25th May, 2012 directly in my name.
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Old 26th May 2012, 19:10   #1982
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by mukeshgoel View Post
Just want to share to that I got a third option (best) from the insurance agent after giving him the photocopy of Sale documents, I got the insurance done directly in my name without even transferring the RC which is due to be done next week.

For the records:

* Car sale date: 24th May, 2012.
* Insurance expiring on 26th May, 2012.
* Insurance renewed on: 25th May, 2012 directly in my name.
Did he show Letter of Sale and Form 29 & 30 to show the vehicle is now owned by you.
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Old 26th May 2012, 19:16   #1983
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Quote:
Originally Posted by F50

Did he show Letter of Sale and Form 29 & 30 to show the vehicle is now owned by you.
Yes, he took a photocopy of Form 29 & 30. Also physical inspection of the car was done with photographs by Tata-AIG. Earlier insurance was with Bajaj Allianz.
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Old 29th May 2012, 13:43   #1984
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Default Re: Automobile Insurance - Ask me

Is it possible?
I want to sell my Innova now, but do not want to give away my Insurance as it has NCB along with it. So want to use it for my Next Car. Now the issue is, next car I want to buy in gap of 4-5 months. So the question is, can I hold my Innova insurance for that long and use it for new car after 4-5 months.

Does it make sense or sell Innova with Insurance? Will I save some bucks like that or not?
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Old 29th May 2012, 13:54   #1985
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Default Re: Automobile Insurance - Ask me

The NCB accrued on your old policy can be transferred to your old policy but I don't know about the time gap. Even you sell the car with insurance policy the buyer will not be able to claim NCB.
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Old 29th May 2012, 14:06   #1986
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Default Re: Automobile Insurance - Ask me

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Originally Posted by sam003 View Post
Is it possible?
I want to sell my Innova now, but do not want to give away my Insurance as it has NCB along with it. So want to use it for my Next Car. Now the issue is, next car I want to buy in gap of 4-5 months. So the question is, can I hold my Innova insurance for that long and use it for new car after 4-5 months.

Does it make sense or sell Innova with Insurance? Will I save some bucks like that or not?

Check with your insurance company. IIRC, the NCB certificate is valid for 1 year or remaining insurance period, whichever is lesser.
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Old 29th May 2012, 15:18   #1987
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Default Re: Automobile Insurance - Ask me

My vehicle insurance is due next month. This is going to be my second year of ownership of a Vento TDI HL. In my previous year, I had taken the Pearl Add-on package of Tata AIG with 0% depreciation. I wish to continue the same and have been quoted 25k as the all inclusive amount for the renewal (including the NCB). Here is the breakup --

IDV: 812693.6
Base premium (vehicle+non-electrical accessories): Rs. 19585.92
Less 20.00% for NCB: -3917.18
Depreciation Reimbursement: 3169.51
Loss of personal belongings: 110
Emergency transport and hotel expenses: 110
Key Replacement: 265
TOTAL LIABILITY PREMIUM: 3003.0
TOTAL PREMIUM: 25086.0

Does this sound fair?
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Old 31st May 2012, 13:23   #1988
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Default Re: Automobile Insurance - Ask me

Here is a renewal quote from Tata AIG for my 6 yrs old Honda City. Can the gurus comment on the offer.

Coverage Package

Vehicle Value 2,90,674

Third Party(including PD, if opted) 925
Own Damage 3,241
Personal Accident 250
PA Coverage for Owner-Driver 100
50% Bonus / 0


(Including Service Tax)
Amount Payable (Rs.) 5074.00


What other decent places can I shop around for a better offer considering this will be my last yr with this vehicle and I am not interested to pay for any add-ons.
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Old 31st May 2012, 17:22   #1989
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Default Re: Automobile Insurance - Ask me

I am about to finalize the policy renewal for my City (June '10, currently with Bajaj Allianz).

Now I was checking the quotes on policybazaar (Considering a comprehensive policy); HDFC and Bharti AXA are within a few hundred rupees of each other (~Rs. 13800) followed by Iffco Tokio and Bajaj Allianz.

1) Now among the advantages of HDFC Ergo is Online Claim Tracking while the rest have 24X7 Claim Support. Does it mean, the others are more convenient?

2) The HDFC policy has a basic premium of ~Rs. 16k and no discount while the others have a basic premium of ~Rs. 19k and then a Rs. 3k discount. Any particular reason, advantage/disadvantage of this?

3) The executive from policybazaar suggested HDFC Ergo or Bharti AXA for a comprehensive policy and Bharti AXA or Tata AIG should I decide for a zero-dep. I know they have their own commissions to think about but is the preference a general opinion?

I'd appreciate your views.
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Old 4th June 2012, 15:47   #1990
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by sam003 View Post
Is it possible?
Quote:
Originally Posted by abdriver2000 View Post
Check with your insurance company. IIRC, the NCB certificate is valid for 1 year or remaining insurance period, whichever is lesser.
Correct. Obtain the NCB certificate from the company after showing the sale of of the car. And its valid for 1 year.

Quote:
Originally Posted by nileshch View Post

IDV: 812693.6
Base premium (vehicle+non-electrical accessories): Rs. 19585.92
Less 20.00% for NCB: -3917.18
Depreciation Reimbursement: 3169.51
Loss of personal belongings: 110
Emergency transport and hotel expenses: 110
Key Replacement: 265
TOTAL LIABILITY PREMIUM: 3003.0
TOTAL PREMIUM: 25086.0

Does this sound fair?
Looks good. Tata AIG Zero Dep offers very good features.

Quote:
Originally Posted by LonelyPlanet View Post
Here is a renewal quote from Tata AIG for my 6 yrs old Honda City. Can the gurus comment on the offer.
5074/- is good.

Quote:
Originally Posted by libranof1987 View Post
I am about to finalize the policy renewal for my City (June '10, currently with Bajaj Allianz).

Now I was checking the quotes on policybazaar (Considering a comprehensive policy); HDFC and Bharti AXA are within a few hundred rupees of each other (~Rs. 13800) followed by Iffco Tokio and Bajaj Allianz.

1) Now among the advantages of HDFC Ergo is Online Claim Tracking while the rest have 24X7 Claim Support. Does it mean, the others are more convenient?

2) The HDFC policy has a basic premium of ~Rs. 16k and no discount while the others have a basic premium of ~Rs. 19k and then a Rs. 3k discount. Any particular reason, advantage/disadvantage of this?

3) The executive from policybazaar suggested HDFC Ergo or Bharti AXA for a comprehensive policy and Bharti AXA or Tata AIG should I decide for a zero-dep. I know they have their own commissions to think about but is the preference a general opinion?

I'd appreciate your views.
Out of the given 4 options, I would stick to Bajaj Allianz.

1. All are different gimmicks. Usually all the companies take couple of days settle a straight forward claim.

2. HDFC might be using a discount rating whereas others are using base rates and then deducting the discount. In short, all are same.

3. Regular Comprehensive Policy - I would rate Bajaj, Tata, HDFC, AXA
Zero Dep Policy - Bajaj, Tata, HDFC (Bajaj should be the most expensive but unparalleled coverages followed by Tata)
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Old 5th June 2012, 08:56   #1991
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Default Re: Automobile Insurance - Ask me

Guys,

Does the address on the Vehicle Insurance need to match the address on the RC Book?
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Old 5th June 2012, 12:09   #1992
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Default Re: Automobile Insurance - Ask me

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Originally Posted by reevester View Post
Guys,

Does the address on the Vehicle Insurance need to match the address on the RC Book?
Yes. Every detail should match from Name, Address, Make, Model, CC, Year, Fuel etc
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Old 5th June 2012, 12:57   #1993
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Smile Re: Automobile Insurance - Ask me

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Originally Posted by F50 View Post
Yes. Every detail should match from Name, Address, Make, Model, CC, Year, Fuel etc
So if there is a change of address does it mean that it needs to be changed in the RC too apart from the Insurance policy? Do Insurance cos allow changes to the address in the middle of the policy year? What is the normal process for changing the address details in RC if at all that needs to be changed to? What documents are required?
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Old 5th June 2012, 15:39   #1994
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
So if there is a change of address does it mean that it needs to be changed in the RC too apart from the Insurance policy? Do Insurance cos allow changes to the address in the middle of the policy year? What is the normal process for changing the address details in RC if at all that needs to be changed to? What documents are required?
Yes companies do allow mid year changes.

Need to submit proof of new address to insurance company. They'll pass an endorsement which has to be submitted in the RTO for the change in RC.
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Old 5th June 2012, 17:12   #1995
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Default Re: Automobile Insurance - Ask me

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Originally Posted by abdriver2000 View Post
Check with your insurance company. IIRC, the NCB certificate is valid for 1 year or remaining insurance period, whichever is lesser.
Thanks, Can this NCB certificate transferrable to another vendor. Like if I have insurance from Tata now and later in my new car can I take insurance from Bajaj.
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