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Old 11th November 2013, 09:41   #2596
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Default Re: Automobile Insurance Queries? Ask me

I am in the process of selling my car. The insurance is valid till 9th December. The sale process is expected to be complete by end of this month. How do I go about transferring the insurance? Should I just ask the buyer to get a new policy, or should I renew the current policy and then get it transferred to the buyers name? Or do I renew in the buyers name?

What sort of documentation is needed for this? Is the delivery note and associated forms proof enough for the Insurance company to do the renewal in the buyers name? The RC transfer will obviously take time and will not be done before the policy expires
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Old 11th November 2013, 10:29   #2597
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Default Re: Automobile Insurance Queries? Ask me

Just need a little clarification here.
Is it allowed by word of a clause in the policy that you cannot claim for more than one accident in a claim?
Or that all claims need to be initiated within 7 days of the accident?
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Old 11th November 2013, 11:54   #2598
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Originally Posted by Rajeevraj View Post
I am in the process of selling my car. The insurance is valid till 9th December. The sale process is expected to be complete by end of this month. How do I go about transferring the insurance? Should I just ask the buyer to get a new policy, or should I renew the current policy and then get it transferred to the buyers name? Or do I renew in the buyers name?

What sort of documentation is needed for this? Is the delivery note and associated forms proof enough for the Insurance company to do the renewal in the buyers name? The RC transfer will obviously take time and will not be done before the policy expires
It is advisable to renew the policy first in your name and then transfer the insurance to the new buyer. You can deal with the new buyer to pay the Insurance renewal cost. You will not be able to renew it in the buyers name. If you have already applied to the RC change of ownership then provide the copy of the same along with the original insurance and previous RC copies to the Insurance. They will take care of transfers. Just ensure that when you renew the Insurance policy if you have claimed the NCB, you will have to return the same back to the Insurers since NCB is not transferrable to the new buyer.

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Originally Posted by mayankk View Post
Just need a little clarification here.
Is it allowed by word of a clause in the policy that you cannot claim for more than one accident in a claim?
Or that all claims need to be initiated within 7 days of the accident?
If the multiple accidents are interlinked, then it can clubbed in one claim subject to the approval of the Surveyor. The second statement is absolutely neccessary. However if you dont report but try to club it with other accident claims then Surveyor will take a call on that.
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Old 11th November 2013, 13:04   #2599
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The % is actually based on the car. I made a small mistake with the 3.283%.

It is 3.44% for engine size more than 1500cc and 3.283% for engines between 1000 and 1500cc..
Going OT here but still...In addition to what Vid6639 has mentioned, the rate of 3.440 and 3.283 are for vehicles registered in Zone A which comprises of Ahmedabad, Bangalore, Chennai, Hyderabad , Kolkata, Mumbai, New Delhi and Pune. Rest of India is classified as Zone B and the rates are 3.343 for >1500 cc, 3.191 for 1000 to 1500 cc and 3.039 for <1000cc.

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......The discounts you get are from commercial discount which they apply.

Tata and Mahindra have the lowest discount %. Toyota has the highest.

The insurance companies have some guidelines which I don't have. Cars are classified as high risk, low risk or medium risk. My Altis was the lowest but my Figo was in the middle.
Though vehicle risk profiling is done, but many a times based on your bargaining skills and rapport with the salesperson you can get good discounts on any vehicle. Claim history of the owner is also considered while offering discounts.

Last edited by wanderer4x4 : 11th November 2013 at 13:07.
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Old 11th November 2013, 22:08   #2600
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Default Re: Automobile Insurance Queries? Ask me

Currently I have an NCB of 50% on the insurance of my existing car which I am planning to sell off and go for a new car where the insurance is over 30K, so I want to take advantage of my 50% NCB. I only know that I can transfer my NCB from my existing policy to new policy.

Kindly guide me about how to go through this process.
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Old 12th November 2013, 08:31   #2601
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Originally Posted by IndianNomad View Post
Currently I have an NCB of 50% on the insurance of my existing car which I am planning to sell off and go for a new car where the insurance is over 30K, so I want to take advantage of my 50% NCB. I only know that I can transfer my NCB from my existing policy to new policy.

Kindly guide me about how to go through this process.
Obtain a NCB certificate from the present Insurer stating the reasons. Use the NCB certificate when buying Insurance for the new car. If you are planning to buy the Insurance for new car from the present Insurer then technically you dont need a NCB certificate, it will be in their records & transaction will be a lot smoother.
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Old 12th November 2013, 09:24   #2602
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Originally Posted by IndianNomad View Post
I have an NCB of 50% on the insurance of my existing car which I am planning to sell off and go for a new car where the insurance is over 30K, so I want to take advantage of my 50% NCB.
The NCB can be transferred if your new car comes in the same category \ slab as the previous one.
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Old 12th November 2013, 18:55   #2603
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Originally Posted by rjvora_2000 View Post
It is a bad thing please stay away from it. You don't save much premium and you loose more in case of claim.
I'd like to understand why is Voluntary excess a bad thing since i know i'm missing something. Here is my understanding. Suppose i make a claim and post depreciation and compulsary deductible of 1 or 2k, the insurance company will pay 1L towards the accident. Now, if i have opted 5000 voluntary excess, insurance payout would be 1L - 5k = 95k.

If my understanding is right, then i dont mind taking voluntary excess everytime for a simple reason that chances of making a claim is quite rare because we all know the importance of NCB
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Old 12th November 2013, 21:21   #2604
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Default Re: Automobile Insurance Queries? Ask me

If we look at insurance (outside of the legal requirement aspects) as being there to cover stuff that we cannot afford, then it makes sense not to have it for stuff that we can afford. Thus, voluntary excess leaves us holding the bill for stuff we can pay.

Is it worth it? It depends on the actual amount of premium saved, but probably one should also take into account the fact that many of us don't make small claims anyway as it is not worth loosing the NCB --- but we're still paying the premium.
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Old 12th November 2013, 23:13   #2605
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How I wish automobile insurance cos pay out a handsome bonus at the end of your claim free car ownership, just like life insurance companies.

If only such a system were to exist, I would be richer by at-least a million now!!

Last edited by Warwithwheels : 12th November 2013 at 23:16.
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Old 12th November 2013, 23:36   #2606
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Originally Posted by Thad E Ginathom View Post
Is it worth it? It depends on the actual amount of premium saved, but probably one should also take into account the fact that many of us don't make small claims anyway as it is not worth loosing the NCB --- but we're still paying the premium.

Money saved on premium may just 2 to 3 k for an IDV of say 6L x no of years. In an event of claim (if you really have) paying out that voluntary excess would just even out. But when you transfer during an upgrade, I know you have a fortuner, 40 or 50% NCB makes a huge difference and which brings back to the same question "why is voluntary excess bad? "
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Old 13th November 2013, 08:09   #2607
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Just a noob question. Possibly discussed before.

1. What's the time frame within which one needs to buy the car insurance after purchasing the vehicle?

2. How does one go about buying car insurance on temporary numbers? Can it be changed after getting the permanent number in a month's time?
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Old 13th November 2013, 08:23   #2608
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Originally Posted by Warwithwheels View Post
How I wish automobile insurance cos pay out a handsome bonus at the end of your claim free car ownership, just like life insurance companies.
They do, they just call it No Claim Bonus. Not by any standard handsome but sufficient enough to make the buyer smile when paying the renewal premium.
I wish instead of NCB, the Insurers bump up the IDV by a known % keeping the premium same.

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Originally Posted by TaureanBull View Post
1. What's the time frame within which one needs to buy the car insurance after purchasing the vehicle?

2. How does one go about buying car insurance on temporary numbers? Can it be changed after getting the permanent number in a month's time?
1. The time frame is till before the vehicle goes for registration where a valid Insurance on the vehicle is a must. Hence you have time from booking the car till the registration time to buy the Insurance.
2. Every Insurer lets go of the need of the registration number when buying Inurance for a new car. The policy document also does not show the same. The registration no can be updated in their records & on Policy papers during the first renewal.
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Old 13th November 2013, 08:41   #2609
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They do, they just call it No Claim Bonus..
Getting credit for No claim bonus is not a straight forward process. You'll have to run pillar to post to get that measly sum. IMO it is not rewarding at all.

Had 35% NCB on my old car. Sold it thru a used car dealer to buy a new car. Wanted to get that NCB on my new car.

Had to produce the transferred RC to my old car insurance co to get the NCB certificate. It took about 4 months for the whole process. And finally got my NCB certificate after multiple visits to the office.

Now my new car insurance was a different company. Had to produce this certificate to them to get a refund of my premium.

Here comes the best part, according to the insurance co, I would only get a pro rata refund of the premium paid taking the time period into account.

It was almost 6 months when I initiated the refund process and all I would get was only 50% of 35% of the own damages premium. When I calculated the sum, it looked ridiculous. Decided not to utilise the certificate.

Now my NCB certificate of 35% is lying idle with me. The only reprieve is that it is valid for a period of 3 years.

Last edited by Warwithwheels : 13th November 2013 at 08:51.
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Old 13th November 2013, 09:31   #2610
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Originally Posted by Warwithwheels View Post
Getting credit for No claim bonus is not a straight forward process.
Had to produce the transferred RC to my old car insurance co to get the NCB certificate.
For normal yearly renewals, it is a straightforward process. Good thing to have.
For getting the NCB certificate after selling the car, it depends on the Insurer. I got my NCB certificate within 3 working days delivered at home. All I did was drop in the Insurer's office with an application & documents. The Insurer was Future Generali.
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