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


Reply
 
Thread Tools Search this Thread
Old 11th December 2014, 18:33   #3061
Senior - BHPian
 
speedsatya's Avatar
 
Join Date: May 2004
Location: bangalore/manga
Posts: 3,157
Thanked: 702 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ILTDrive View Post
It is a pretty simple process. You need to have them provide you with a NCB retention letter, they will charge you pro-rata for the current car insurance in lieu of the insurance and this NCB retention letter can then be used to get discount on your new car insurance.
Iffko Tokyo customer care has no clue on this ! So , should I go the Honda dealership or is it a local branch ?
speedsatya is online now   Reply With Quote
Old 11th December 2014, 19:00   #3062
BANNED
 
Join Date: Nov 2014
Location: Bengaluru
Posts: 175
Thanked: 129 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by speedsatya View Post
Iffko Tokyo customer care has no clue on this ! So , should I go the Honda dealership or is it a local branch ?
It has to be the insurance branch, Honda may not be of much help. Why don't you write to IFFkO tokyo and then take it from there. Normally, the email CS is much better than calls.
ILTDrive is offline   Reply With Quote
Old 12th December 2014, 09:41   #3063
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by jkrishnakj View Post
Now, here's a small twist - My car was on company lease and I had promptly transferred it to my name last year. Royal Sundaram is now asking me to get a NOC to make sure I get the NCB for the fresh insurance. Meanwhile I had left my previous organization and not sure whom to go and ask for the NoC.
Friend NCB is not transferable. Let anyone issue a NOC, still NCB will not be transfer from your company to you. Still for your satisfaction get this thing confirmed from the insurance companies customer service.
rjvora_2000 is offline   Reply With Quote
Old 12th December 2014, 17:23   #3064
BHPian
 
sbalagru6's Avatar
 
Join Date: Sep 2006
Location: Bangalore
Posts: 122
Thanked: 49 Times
Unhappy Re: Automobile Insurance Queries? Ask me

My car (Ford Ikon 1.6 ZXI - 2003 registration) met with an unfortunate accident last week and suffered extensive damage to all 4 doors, roof, front bumper, wind shield, etc..

Initial quotation for repair from Elite Ford service center is 2.43 lakhs .
They have included repairable parts also into replacement and I guess actual amount may be in the range of 1.2 ~ 1.5 lakhs.


My car's IDV value is 2.1 lakhs and the insurance is from ICICI (Comprehensive). The surveyor from ICICI checked the vehicle and said, will submit the report by next week.

Now I am not sure, how to go about it . It's more than 10 year old car, whether to go for repair or cash loss or this will be applicable for claiming total loss?
sbalagru6 is online now   Reply With Quote
Old 12th December 2014, 17:26   #3065
Senior - BHPian
 
speedmiester's Avatar
 
Join Date: Jul 2006
Location: bangalore
Posts: 1,221
Thanked: 662 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sbalagru6 View Post
Now I am not sure, how to go about it . It's more than 10 year old car, whether to go for repair or cash loss or this will be applicable for claiming total loss?
Sorry to hear about the accident, hope no one was hurt.

I would suggest you go in for total loss. Even with a lowered estimate of 1.5L, it is still more than 70% of the IDV of the car.
It's a ten year old car and even with proper repair the car will not be the same as before.
Ikon 1.6 has terrible resale value in the market and with the accident repairs, the car will be worth peanuts in the market.

Make a claim for total loss and move on.

Last edited by speedmiester : 12th December 2014 at 17:27.
speedmiester is online now   (1) Thanks Reply With Quote
Old 14th December 2014, 12:29   #3066
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Red face Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sbalagru6 View Post
Initial quotation for repair from Elite Ford service center is 2.43 lakhs.
My car's IDV value is 2.1 lakhs and the insurance is from ICICI (Comprehensive).
By default this is a case of total loss since the repair costs exceeds the IDV. However it will depend on how many months have passed by since the Insurance renewal since the IDV will be calculated on pro rata basis. Based on that you will be paid by the Insurer. Even if the Insurer proposes any other ways of paying such as salvage to be dealt by you, dont opt for it. With a firm head, straightaway demand the IDV worth of the car.

Absolutely no point in repairing the car, structurally it is done with.
ghodlur is offline   (1) Thanks Reply With Quote
Old 14th December 2014, 12:47   #3067
Senior - BHPian
 
mayankk's Avatar
 
Join Date: Apr 2010
Location: New Delhi
Posts: 3,902
Thanked: 2,924 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post

Friend NCB is not transferable. Let anyone issue a NOC, still NCB will not be transfer from your company to you. Still for your satisfaction get this thing confirmed from the insurance companies customer service.
In general, or just in this case is NCB not transferable?
mayankk is online now   Reply With Quote
Old 15th December 2014, 16:37   #3068
BHPian
 
sbalagru6's Avatar
 
Join Date: Sep 2006
Location: Bangalore
Posts: 122
Thanked: 49 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
By default this is a case of total loss since the repair costs exceeds the IDV. However it will depend on how many months have passed by since the Insurance renewal since the IDV will be calculated on pro rata basis. Based on that you will be paid by the Insurer. Even if the Insurer proposes any other ways of paying such as salvage to be dealt by you, dont opt for it. With a firm head, straightaway demand the IDV worth of the car.

Absolutely no point in repairing the car, structurally it is done with.

Quote:
Originally Posted by speedmiester View Post
Sorry to hear about the accident, hope no one was hurt.

I would suggest you go in for total loss. Even with a lowered estimate of 1.5L, it is still more than 70% of the IDV of the car.
It's a ten year old car and even with proper repair the car will not be the same as before.
Ikon 1.6 has terrible resale value in the market and with the accident repairs, the car will be worth peanuts in the market.

Make a claim for total loss and move on.
Thanks for the quick reverts!
However what I know is, if the insurer's liability is more than 75% of the vehicle's IDV value, then only they will accept total loss claim. Please correct me if I wrong here.
I have registered the claim on 8th of this month and survey completed last week. When I called the surveyor today, he says it will take 3~4 days more for him to get back to me Is there any way I can speed up this process?! Also please give me some pointers for negotiating with insurance guys with respect to my case.
sbalagru6 is online now   Reply With Quote
Old 15th December 2014, 16:48   #3069
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 mayankk View Post
In general, or just in this case is NCB not transferable?
AFAIK NCB certificate is obtained in the RC owner's name and it can only be used during vehicle purchase in that same person's name.
ajaypjayaraj is online now   Reply With Quote
Old 16th December 2014, 10:22   #3070
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sbalagru6 View Post
if the insurer's liability is more than 75% of the vehicle's IDV value, then only they will accept total loss claim. Please correct me if I wrong here.
In my opinion your car will go in total loss case only, that can be one of the reason surveyor is taking such a long time.

Quote:
Originally Posted by sbalagru6 View Post
I have registered the claim on 8th of this month and survey completed last week. When I called the surveyor today, he says it will take 3~4 days more for him to get back to me Is there any way I can speed up this process?! Also please give me some pointers for negotiating with insurance guys with respect to my case.
You don't be mentally ready, just tell him you will come back to him if he bargains on the IDV. Stick to your IDV.

Reason for delaying can be mind game only. They will make you tired and then they will wait that you surrender and they take the advantage of the same. Don't surrender, fight for your right. (Which is IDV) Don't be too aggressive on this first stage. Be came.
rjvora_2000 is offline   (2) Thanks Reply With Quote
Old 26th December 2014, 21:10   #3071
Newbie
 
Join Date: Dec 2009
Location: Delhi
Posts: 19
Thanked: Once
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ajaypjayaraj View Post
AFAIK NCB certificate is obtained in the RC owner's name and it can only be used during vehicle purchase in that same person's name.
Not always correct. I had a similar car lease situation. When the lease expired and the car ownership was transferred to my name, the insurer asked for a NOC from my employer and then transferred the insurance along with the NCB in my name. They did also ask for a letter certifying I am still an employee of the company and proof of the same (employee ID card was good enough) but the NCB did get transferred in my name.

Even I was surprised by this, having read about NCB being in the name of the person and not the car, but it seems that at least for car leases being transferred to the same employee who was driving the car during the lease, the NCB can get transferred.

This was Future Generali btw, so I cannot say that it will definitely happen for any insurer.

To the poster who asked whom to get the NOC from, it should be the same department that handles car leases in your organization. In my case, it was the Commercial team within the Finance department.
indiagenie is offline   Reply With Quote
Old 27th December 2014, 00:45   #3072
BHPian
 
ajaypjayaraj's Avatar
 
Join Date: Jun 2014
Location: KL 11
Posts: 909
Thanked: 980 Times
Default

Quote:
Originally Posted by indiagenie View Post
Not always correct. I had a similar car lease situation. When the lease expired and the car ownership was transferred to my name, the insurer asked for a NOC from my employer and then transferred the insurance along with the NCB in my name. They did also ask for a letter certifying I am still an employee of the company and proof of the same (employee ID card was good enough) but the NCB did get transferred in my name.



Even I was surprised by this, having read about NCB being in the name of the person and not the car, but it seems that at least for car leases being transferred to the same employee who was driving the car during the lease, the NCB can get transferred.



This was Future Generali btw, so I cannot say that it will definitely happen for any insurer.



To the poster who asked whom to get the NOC from, it should be the same department that handles car leases in your organization. In my case, it was the Commercial team within the Finance department.

When the car ownership and insurance is transferred to your name, NCB will naturally be carried over to you, unless the previous owner claimed the NCB certificate from the insurance company, in which case your NCB would have started all over again from 0.

If you sold off your car which was in your dad's name (for example) and got the NCB certificate (which will be in his name), you cannot use that certificate to purchase the next car in your name to apply that NCB. That NCB will be applied only when a car is purchased in your dad's name (in this case).

In your case the insurance along with NCB was transferred to your name when the car ownership was transferred to you. Let's assume that the lease company or previous owner had taken the NCB certificate while transferring the insurance to your name, you would not have got the accumulated NCB.

NCB alone is not transferrable. It gets transferred along with the ownership, that too if the previous owner did not claim the NCB certificate, that's all. Experts please correct me if I'm wrong.
ajaypjayaraj is online now   Reply With Quote
Old 27th December 2014, 10:44   #3073
BHPian
 
sbalagru6's Avatar
 
Join Date: Sep 2006
Location: Bangalore
Posts: 122
Thanked: 49 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
In my opinion your car will go in total loss case only, that can be one of the reason surveyor is taking such a long time
Ford has given revised estimate of around 1.3 lakhs based on the request from insurance company.

Now the insurance guys are asking me to go for repair, since their liability is around 50% only.

What should I do now?!
sbalagru6 is online now   Reply With Quote
Old 27th December 2014, 11:35   #3074
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 ajaypjayaraj View Post
When the car ownership and insurance is transferred to your name, NCB will naturally be carried over to you,.
NO. The NCB follows the insured who earned it. When a vehicle with NCB is transferred to a person without any NCB, the NCB allowed will be recovered from the new owner on a pro-rata with the remaining period of insurance.

Nest Regards & Drive Safe

Ram
r_nairtvm is offline   Reply With Quote
Old 27th December 2014, 11:42   #3075
BHPian
 
ajaypjayaraj's Avatar
 
Join Date: Jun 2014
Location: KL 11
Posts: 909
Thanked: 980 Times
Default

Quote:
Originally Posted by r_nairtvm View Post
NO. The NCB follows the insured who earned it. When a vehicle with NCB is transferred to a person without any NCB, the NCB allowed will be recovered from the new owner on a pro-rata with the remaining period of insurance.



Nest Regards & Drive Safe



Ram

Okay. So in the case of Indiagenie above, you mean to say that the NCB he got while transferring ownership is not for free?
ajaypjayaraj is online now   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 15:18.

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