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Old 7th August 2014, 17:10   #2956
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Default Re: Automobile Insurance Queries? Ask me

Even I am in search of a good Automobile Insurance provider. Word is that all the insurance companies are equally bad when it comes to paying out during a claim so I'm looking at going for the cheapest but full Insurance for my car.

So far Reliance seems to be the cheapest for me with 30,800 Rs and IDV value of 7,68,000 Rs.
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Old 11th August 2014, 01:51   #2957
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Default Replacing old Punto with Polo - how to transfer NCB?

Hi all,

I'm buying a new Polo to replace my 5 year old Punto. I have NCB of 50% for the Punto (no claims done in 5 years). While browsing through this thread I understood, I can transfer NCB from old car to new car.

Want your suggestion on how to do this?

1) First of all, is my understanding correct - that I can avail the NCB for my new car?

I think this is the process. I (sell and) cancel the insurance of old car and request an NCB letter from insurance company. Give the certificate/letter to the insurance company of new car while buying it and get the bonus.

2) Can I keep both cars and claim NCB on both? I would like to keep the old car for another 2-3 months as my brother wants to use it to learn driving. Can I sell the car after 3 months of buying the new car and then transfer the NCB and get refund of the discount.
I'm sure there are many people with multiple cars here and would have gone through the process.

Thanks in advance.
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Old 11th August 2014, 07:10   #2958
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Yes. You can avail NCB on the new car.You need not cancel the policy for that. Once you sell the car and insurance transferred to the new owners name you can get the certificate. Some insurance companies are also providing certificate by sale letter.
You cannot have NCB on both cars.
If you want to keep the old car with you and get NCB for the new car check with your insurance company what's the pro rata amount to be paid to get the full 50% (deducted in premium). This will keep the existing car with insurance and the company can provide a 50% NCB certificate to you.
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Old 11th August 2014, 08:51   #2959
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by commonman View Post
Yes. You can avail NCB on the new car.You need not cancel the policy for that. Once you sell the car and insurance transferred to the new owners name you can get the certificate. Some insurance companies are also providing certificate by sale letter.
..
So I can avail the NCB on new car when I sell the old car.

Quote:
Originally Posted by commonman View Post
...
You cannot have NCB on both cars.
If you want to keep the old car with you and get NCB for the new car check with your insurance company what's the pro rata amount to be paid to get the full 50% (deducted in premium). This will keep the existing car with insurance and the company can provide a 50% NCB certificate to you.
Ok. I can have NCB applied to one of the cars and the other car will be on 100% (no discount) premium.

Best thing for me is to get the delivery of new car. Sell the old car in 2-3 months. Then get the NCB and apply it to new car. For this I will get NCB letter from 'old' insurance company when i sell the car, which I have to give to 'new' insurance company and they will give the refund for discounted amount.

Thanks for the clarification. Appreciate it.
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Old 11th August 2014, 09:06   #2960
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Quote:
Originally Posted by JohnyBoy View Post
Best thing for me is to get the delivery of new car. Sell the old car in 2-3 months. Then get the NCB and apply it to new car. For this I will get NCB letter from 'old' insurance company when i sell the car, which I have to give to 'new' insurance company and they will give the refund for discounted amount.
I doubt the bold and underline statement. If you buy an Insurance for new car and then claim NCB refund you will not be entertained, you may have to use it during renewal then. Better use the NCB during the Insurance buying for new car. There has been mixed reviewes on the forum regarding getting the NCB letter from the existing Insurer (of old car). Many say that the letter is issues only when the car is sold and new RC reflects it. I am of the opinion that it can be got when the ownership transfer is in process or upon request. Check with your Insurance co about the process and do let us know.
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Old 11th August 2014, 09:56   #2961
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No, you don't necessarily have to wait till selling the old car for the NCB certificate. You have to request the insurance company for an NCB certificate. They will calculate and tell you how much you need to pay for the remaining no. of months till expiry of that policy without applying the 50%. Because after they issue you the NCB certificate, that date onwards till your insurance policy expiry date needs to be payed 100% of whatever the premium is for the old car.

For the new car, unless you provide the NCB certificate before taking the new policy, you can get it applied to the new policy only during the next renewal, which is 1 year later.

Now what you need to work out is,
- Amount you need to pay to get the NCB cert. (If more no. of months left for expiry of Punto's policy the higher the amount and vice versa)
- The discount you will get applying that 50% during delivery of the Polo
- The discount you will get if you apply it 1 year later

See which option saves you the maximum amount and its a clear choice what you need to do. Thanks.
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Old 11th August 2014, 11:20   #2962
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Default Re: Automobile Insurance Queries? Ask me

@jhonyboy You can only apply the NCB at the time of buying new or renewing your insurance. Please see the post #2961.It clears the entire issue.
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Old 11th August 2014, 12:16   #2963
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Default Re: Automobile Insurance Queries? Ask me

I have just taken a 0 dep insurance policy from Reliance which is full bumper to bumper insurance where the agent allegedly said that i wouldn't have to pay anything other than the compulsory 2,000 Rs as CTC.

However after going through their website and other documents they have clearly mentioned that they will not pay fully for Tires and Tubes and that the insured has to pay 50% of the amount during a claim or accident.

Why is this and is it the same with all insurance companies ?
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Old 11th August 2014, 13:54   #2964
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Yes, that is the case with tyres. However BMW had offered a separate tyre (including alloy wheels) insurance coverage. I got a 1 year cover for free during delivery of my car. Within that 1 year when my car had clocked close to 5K Kms, sidewall of my tyre got torn due to some road side debris. When I went for replacement I was told that they consider 20K life for the tyre and I will get my tyre replaced applying 25% depreciation. RFTs are pretty expensive and the 25% dep. itself which I had to pay was a considerable amount.
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Old 11th August 2014, 17:03   #2965
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
I doubt the bold and underline statement. If you buy an Insurance for new car and then claim NCB refund you will not be entertained, you may have to use it during renewal then. ... Check with your Insurance co about the process and do let us know.
Quote:
Originally Posted by ajaypjayaraj View Post
...
Now what you need to work out is,
- Amount you need to pay to get the NCB cert. (If more no. of months left for expiry of Punto's policy the higher the amount and vice versa)
- The discount you will get applying that 50% during delivery of the Polo
- The discount you will get if you apply it 1 year later

See which option saves you the maximum amount and its a clear choice what you need to do. Thanks.
Quote:
Originally Posted by commonman View Post
@jhonyboy You can only apply the NCB at the time of buying new or renewing your insurance. Please see the post #2961.It clears the entire issue.
Thanks guys.
So I cannot get refund of NCB discount for my new car if I sell the old car after 2 months. The NCB is applicable only at new policy issuance or renewal. It is good for forgoing the NCB for old car by paying extra and taking the bonus on new car (the bonus I'm getting for old car is Rs. 2000-2500 and in the new car it will be 8-9k).
I will check with the insurance company and find out the exact process and will update here.

One more question. Assume I don't sell my old car and continue the NCB on that now. Buy new car with no NCB. Later I sell my old car. Then next year when I renew the insurance for new car, can I avail the old NCB (50%) or will it start from the minimum (I think 10%). I think it should be 50% (provided I don't claim any in the first year of the new car). I will try to find out this also.
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Old 19th August 2014, 12:24   #2966
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Default Re: Automobile Insurance Queries? Ask me

Guys, would appreciate some inputs for my insurance renewal queries. This is the first time I am taking up an insurance renewal and am completely clueless about the process! Please help me out.

The current ICICI Lombard insurance on my car will expire on 4th October 2014. This insurance was taken through the VW dealership because, they have a cashless facility for ICICI Lombard and they insisted on taking the first insurance through them to avoid hassles. But the premium paid was Rs. 39,942 for an IDV of Rs. 7,84,658 with a zero depreciation add-on. Isnít this premium very high? I havenít had any claims in this one year period and I believe thereís an NCB that I can avail while renewing.

How should I go about with my renewal - Should I continue with ICICI Lombard or should I opt for another insurance company if there is a substantial difference between the premiums offered? Would there be a discount if I renew the insurance online or directly? If I opt for another companyís insurance, how will I claim this NCB during the renewal?

I am completely clueless about this. I am reading up on this and asking around from friends and colleagues in the meantime. I would sincerely request some inputs.

EDIT: Forgot to mention. ICICI Lombard had initially screwed up the engine capacity as 1199 CC instead of 1598 CC in the insurance certificate which was later rectified after some mails to their customer support. But with this change, the body type changed from Saloon to Hatchback, the Basic Own Damage Premium reduced from Rs. 28295 to Rs. 26577, Net Third party premium has increased from Rs. 1760 to Rs. 3478.

Last edited by Gannu_1 : 19th August 2014 at 12:39.
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Old 26th August 2014, 11:52   #2967
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Gannu_1 View Post
Guys, would appreciate some inputs for my insurance renewal queries. This is the first time I am taking up an insurance renewal and am completely clueless about the process! Please help me out.
I am in the same boat. Renewing my insurance for the first time in India and have the same car as Gannu_1 with the policy expiring on 24th September. My Bajaj Allianz insurance premium stood at Rs. 30677.00 without Zero Dep cover for IDV of Rs. 7,90,196.00 and no claims during this policy year so far. Any help will be highly appreciated. Thanks
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Old 26th August 2014, 12:10   #2968
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Immix View Post
I am in the same boat. Renewing my insurance for the first time in India and have the same car as Gannu_1 with the policy expiring on 24th September. My Bajaj Allianz insurance premium stood at Rs. 30677.00 without Zero Dep cover for IDV of Rs. 7,90,196.00 and no claims during this policy year so far. Any help will be highly appreciated. Thanks
Hey, I forgot to mention it here. I renewed my insurance from Baja Allianz since ICICI Lombard was giving me a ridiculously high offer for the renewal. Copy-pasting the bits from my ownership thread:

Quote:
Originally Posted by Gannu_1 View Post
The insurance on the car was expiring on October 4th and renewed it right away. It took 15 minutes to complete the entire process with the help of the Bajaj Allianz employee through a telecon.

The premium paid for ICICI Lombard last year was Rs. 39000 which was taken via the dealership. ICICI Lombardís renewal premium for a depreciated IDV of Rs. 660765 was Rs. 29779. For an IDV of Rs. 670000, a 20% NCB discount, a zero depreciation add-on with a voluntary deduction of Rs. 2500, Bajaj Allianz charged me Rs. 22010. Thatís a steal and I saved almost Rs. 8000! No more worries during the Kerala trip now.
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Old 27th August 2014, 22:54   #2969
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Default Corrections to insurance

For both my cars, the insurance policy had some typos/corrections to be made and I had written to them both with necessary documents as mentioned by them in the correction form. One was Future Generali and the other Bharti Axa. Future Generali did respond with a one sentence endorsement to the policy whereas Bharti Axa is still mum even after a reminder.

Corrections include cancellation of hypothecation, engine number (one digit missing), name and house name (minor typo), pincode!!, nominee name age and relationship.

What is the usual practice by the insurance companies for incorporating corrections including cancellation of hypothecation? Will they issue an updated policy document incorporating corrections?
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Old 29th August 2014, 17:41   #2970
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Hey, I forgot to mention it here. I renewed my insurance from Baja Allianz since ICICI Lombard was giving me a ridiculously high offer for the renewal. Copy-pasting the bits from my ownership thread:
After getting quotes from many insurance companies' websites and talking to their representatives, I was suggested by a friend to contact the VW dealership where I purchased the car from. So I called Tornado Motors (VW Mumbai West) and got in touch with the insurance executive there. Surprisingly, I have received very good quotes from her. For an IDV of 6,60,000, Zero Dep and no voluntary deductible, following are the rates I got:

Bajaj Allianz - Rs. 24657 (Online quote ~ 27000) includes engine cover
Bharti Axa - Rs. 20201 (Online Quote ~22000)
Future Generali - Rs. 19608 (Online Quote ~21000)

I think I will go with Future Generali simply because of the lower premium. This friend also told me that last year when he contacted the Maruti dealership in Delhi for insurance renewal, he was offered many freebies such as floor mats, car perfume, etc. just to get his insurance done through them and that too for a 10 year old Esteem . So I guess for anyone looking to renew their insurance, a call to the dealership is not such a bad idea.
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