Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 13th September 2014, 18:47   #2986
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Red face Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rudraksh2005 View Post
Is this the standard in India? Do all insurers have this cap? Is there an alternative?
Am i being foolish asking to see something before i buy it? Surely all of us should be asking for this before agreeing to anything.
Rudraksh,

Unfortunately the TPL cap limit is common for all insurers. This was not the case a few years back when the TPL liability was unlimited to property damage or life loss. This however was bleeing the Insurance co which were paying more TPL liabilities than their income. Hence the Limit revision which over the last few years has gone revision several times and presently is capped at 7.5L. This way atleast some discipline could be bought in the otherwise hopeless situation.

You do have every right to read the T&C of the policy, its just that Maurti Insurance team arent used to people asking for T&C. They feel that by buying their product people wouldnt feel the need to ask for anything related to Insurance. Suggest you to stick to your stand, read the T&C, get the required clarifications and then sign the dotted lines.

I wouldnt be surprised if many on the forum still buy Insurance just because its an annual ritual rather than the need for it.
ghodlur is offline   Reply With Quote
Old 14th September 2014, 08:05   #2987
Newbie
 
Join Date: Aug 2012
Location: bangalore
Posts: 20
Thanked: 16 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Rudraksh,

Unfortunately the TPL cap limit is common for all insurers.
Many thanks for your reply Ghodlur.
The clarification regarding TPL is vey helpful but the present situation is frustrating and difficult.Despite having insurance both parties are left very poorly covered arent they? Are there any add on options or riders that you are aware of that can cover this?
I have stuck to my guns with Maruti and they are finally couriering a copy of the Terms and conditions to me. I am sure the dealership staff think i am completely mad!!
rudraksh2005 is offline   Reply With Quote
Old 15th September 2014, 08:42   #2988
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rudraksh2005 View Post
Are there any add on options or riders that you are aware of that can cover this?
At present there are no riders/add ons by which you can increase the TPL liability as this is the standard authorized by IRDA. You however do have add ons for your Own Damage claims such as Zero dep which will ease your contribution towards repairs.
ghodlur is offline   Reply With Quote
Old 15th September 2014, 11:46   #2989
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,614
Thanked: 1,348 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rudraksh2005 View Post
  1. I would be obliged to anyone who could shed some light on this.
    If this is indeed the reality of indians motor car insurance we perhaps need to raise awareness to make change happen.
Quote:
Originally Posted by ghodlur View Post

Rudraksh,

Unfortunately the TPL cap limit is common for all insurers. This was not the case a few years back when the TPL liability was unlimited to property damage or life loss. This however was bleeing the Insurance co which were paying more TPL liabilities than their income. Hence the Limit revision which over the last few years has gone revision several times and presently is capped at 7.5L. This way atleast some discipline could be bought in the otherwise hopeless situation.
Quote:
Originally Posted by rudraksh2005 View Post

The clarification regarding TPL is vey helpful but the present situation is frustrating and difficult.Despite having insurance both parties are left very poorly covered arent they?
I will add a liitle to what Godlur has said and try to clarify this a bit from my knowledge of Insurance as it was working in India, and I presume it still works in that manner.

Between the Insurers operating in same country, often there is something known as "knock for knock" agreement.

In a nut shell - by this agreement, each insurer agrees to bear their own losses under the comprehensive motor insurance policies issued by them with out going in for a recovery process against the insured or insurance of the party at fault.

In other words each insurer will compensate their own client, irrespective of who is at fault.

By this - in your example - the Insurer of the BMW will settle the damages of the car and should/will not come after you.

The scenario may be slightly different, if the party causing the accident or the one at the receving end does not have comprehensive insurance.

But then again I haven't come accross any scenario where civil cases have been lodged to recover property damage of motor vehicles, at least in India. Also it may be noted that even the property damage claims will have to be filed at the MACT (as Civuil courts have no jurisdiction over road accidents - as the first court) and they also are bound to limit their awards by the MV Act India and the Insurance Regulations, hence any awards over INR 7.5 Lakhs for TPPD is very remote.

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 15th September 2014 at 11:53.
r_nairtvm is offline   Reply With Quote
Old 15th September 2014, 18:44   #2990
BHPian
 
IndigoXLGrandDi's Avatar
 
Join Date: Aug 2009
Location: Solapur (MH-13)
Posts: 868
Thanked: 130 Times
Default Re: Automobile Insurance Queries? Ask me

I have a M&M Alfa Plus 3 Wheeler Goods Carrier purchased in my name in July 2013. The Insurance has elapsed. Now I want to renew the insurance of same.

When searched on Policy Bazaar, I got two quotes-
1) Reliance General Insurance- 3202/-
2) Royal Sundaram- 6993/-


When checked the Price Breakup, the IDV Shown for Reliance is Rs.1,09,273/- whereas Royal Sundaram shows Rs.1,71,200/- against my Purchase Price 1,85,000/-. Both are giving me 20% NCB as I did not claim in 1st year. How come the Reliance taking IDV of such low value?

Any other options, guys?


I don't know whether this query belongs to this thread-
When I sent the vehicle for 3rd service (the vehicle was on site and hence 1st 2 services were not carried out), the Bill showed me that the Invoice Date as 30-06-2012 as against my Actual Purchase Date 12-07-2013. When I questioned my the then Sales Executive, he told me that it is from M&M's end and nothing can be done at the dealer's end.
What to be done in this case?
IndigoXLGrandDi is offline   Reply With Quote
Old 16th September 2014, 06:30   #2991
BHPian
 
Join Date: Oct 2010
Location: Chennai
Posts: 179
Thanked: 79 Times
Default

Guys. I have a query regarding "no claim bonus". I am planning to sell my Honda City car which has 50% no claim bonus but I will be buying a new car only after about a year. Is it possible to use the no claim benefit for my new car after a year? What is the procedure for availing the same? Thanks in advance.
thesilentone is offline   Reply With Quote
Old 16th September 2014, 07:53   #2992
BHPian
 
ajaypjayaraj's Avatar
 
Join Date: Jun 2014
Location: KL 11
Posts: 909
Thanked: 980 Times
Default

Quote:
Originally Posted by thesilentone View Post
Guys. I have a query regarding "no claim bonus". I am planning to sell my Honda City car which has 50% no claim bonus but I will be buying a new car only after about a year. Is it possible to use the no claim benefit for my new car after a year? What is the procedure for availing the same? Thanks in advance.

The NCB certificate I got, when I sold my swift, was valid for 3 years. It will be mentioned on the certificate itself. You can avail the same NCB (50% or whatever you are eligible for) by presenting it to the next insurer within that period of validity as mentioned in the certificate.

The procedure is - when you sell the car, you need to change the RC and Insurance to the new owner's name. Request for your NCB certificate at that time from your insurer.
ajaypjayaraj is online now   (1) Thanks Reply With Quote
Old 16th September 2014, 08:12   #2993
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Red face Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by IndigoXLGrandDi View Post
Both are giving me 20% NCB as I did not claim in 1st year. How come the Reliance taking IDV of such low value?

When I questioned my the then Sales Executive, he told me that it is from M&M's end and nothing can be done at the dealer's end.
What to be done in this case?
The only reason which could be the case for low IDV quote by Reliance is no updating in their database of the actual cost of the vehicle. Thety must having old prices in their database and upon renewal the IDV must have been lesser. If you are getting a good deal with RS, I think you should go for it provided it ticks all the required parameters.

Th wrong invoice date must be a mistake from either the dealer's side or M&M. Get the dates updated ASAP as your warranty (&extended warranty if any) will depend on the invoice date in the system. Show them the original invoice papers (hard copy) and ask them to change it accordingly.
ghodlur is offline   Reply With Quote
Old 18th September 2014, 21:20   #2994
BHPian
 
IndigoXLGrandDi's Avatar
 
Join Date: Aug 2009
Location: Solapur (MH-13)
Posts: 868
Thanked: 130 Times
Default Re: Automobile Insurance Queries? Ask me

I got a call from Policy Bazaar, and when I told them it is commercial vehicle (with Yellow Plates), the customer representative refused saying Insurance for Commercial vehicles are not available with them.
I will get it done here locally.

As for my other query, I have registered a complaint on 18002096006 M&M Toll Free No. on Monday itself. But till date no call received. Will have to give a reminder call to the above no. again tomorrow.
IndigoXLGrandDi is offline   Reply With Quote
Old 19th September 2014, 11:19   #2995
BHPian
 
Join Date: May 2008
Location: Bangalore
Posts: 179
Thanked: 140 Times
Default Re: Automobile Insurance Queries? Ask me

How long does it take to get the actual insurance copy when buying a new car? I received a cover note with the car delivery and was told that the insurance card will be sent soon. It has been 2 weeks and I am yet to receive the insurance card.
etrast75 is offline   Reply With Quote
Old 19th September 2014, 11:54   #2996
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Red face Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by etrast75 View Post
How long does it take to get the actual insurance copy when buying a new car? I received a cover note with the car delivery and was told that the insurance card will be sent soon. It has been 2 weeks and I am yet to receive the insurance card.
If you had bought the policy yourselves online, you could have taken a print of the policy right away. Since you got a cover note it means you got an insurance either through dealer or agent, it might take a min of 2-4 weeks for the original policy to be received provided that the dealer/agent has put the policy in process. Normally the cover note can be given by the dealer or agent but actual policy will be sent by the Insurance co upon receipt of the payment.
ghodlur is offline   (1) Thanks Reply With Quote
Old 19th September 2014, 11:59   #2997
BHPian
 
dass's Avatar
 
Join Date: May 2008
Location: Bangalore
Posts: 905
Thanked: 310 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by etrast75 View Post
How long does it take to get the actual insurance copy when buying a new car? I received a cover note with the car delivery and was told that the insurance card will be sent soon. It has been 2 weeks and I am yet to receive the insurance card.
The cover note is valid for a period of 30 days, so you can expect to receive the policy before that. Who is the Insurance service provider? You can call their helpline directly and ask them to mail you a soft copy.
dass is offline   (1) Thanks Reply With Quote
Old 21st September 2014, 14:00   #2998
BHPian
 
Join Date: Aug 2012
Location: Patna
Posts: 195
Thanked: 31 Times
Default

How good are the HDFC ERGO people ? I am thinking of switching over to them for my Yeti. The difference from Bajaj Is a whopping 27000 thousand with all the aspects covered.

Thanks in advance.

How good are the HDFC ERGO people ? I am thinking of switching over to them for my Yeti. The difference from Bajaj Is a whopping 27000 thousand with all the aspects covered.

Thanks in advance.

The policy states in case of water ingress you have to leave the vehicle there. Just suppose it happens while you are on a tour. So one waits for the insurance team to travel 250 Kms or so while you are stuck in no mans land?

Mod Note: Please use the EDIT or MULTI-QUOTE buttons instead of typing one post after another on the SAME THREAD!

Last edited by Rudra Sen : 22nd September 2014 at 10:42.
Carcrazy60 is offline   Reply With Quote
Old 21st September 2014, 16:02   #2999
BHPian
 
ajaypjayaraj's Avatar
 
Join Date: Jun 2014
Location: KL 11
Posts: 909
Thanked: 980 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Carcrazy60 View Post
How good are the HDFC ERGO people ? I am thinking of switching over to them for my Yeti. The difference from Bajaj Is a whopping 27000 thousand with all the aspects covered.

Thanks in advance.

The policy states in case of water ingress you have to leave the vehicle there. Just suppose it happens while you are on a tour. So one waits for the insurance team to travel 250 Kms or so while you are stuck in no mans land?
Yeah it is strange. If you try cranking the car after engine halts when you are in a water clog, they consider it as "intentional" damage (to ones own car!! ) and you wont get coverage. They can deny your insurance under this clause.

Some insurance companies together with car makers give coverage at an additional premium for cranking once or twice (depending on the policy) even after getting stuck in water.
ajaypjayaraj is online now   Reply With Quote
Old 22nd September 2014, 08:13   #3000
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Cool Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Carcrazy60 View Post
How good are the HDFC ERGO people ? The policy states in case of water ingress you have to leave the vehicle there. Just suppose it happens while you are on a tour. So one waits for the insurance team to travel 250 Kms or so while you are stuck in no mans land?
The best people who can give information regarding HDFC Ergo are the workshop guys. Enquire how has their claim processment process been? If good you can stick to them. Also ensure that HDFC does have a cashless tie up with the Skoda workshop.

Regarding the Water ingress querry, in case you are stuck in water with stalled engine, you need to inform the Insurance guys for sure, you can get further direction from them. If Insurance co wants to visit, they are welcome. If you attempt to crank the engine and there is a failure due to engine malfunction you will be denied the Insurance claim.
ghodlur is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Health insurance queries? Ask me! Haste Shifting gears 350 22nd November 2016 19:29
Queries in 'Ask the gurus' section rocksterraghu In-Car Entertainment 695 9th August 2016 07:54
Automobile Insurance - FAQ rjvora_2000 Indian Car Loans & Insurance 71 28th October 2015 18:28
P-150 classic for sale .What can i ask for jango Motorbikes 1 31st March 2006 12:51


All times are GMT +5.5. The time now is 17:35.

Copyright 2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks