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Old 27th December 2014, 17:00   #3076
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ajaypjayaraj View Post
Okay. So in the case of Indiagenie above, you mean to say that the NCB he got while transferring ownership is not for free?
Indiagenie's case its free. Its not a sale but a transfer from lease company to the lessee at the end of a lease period during which the lessee or lessee's employee (Indiagenie) was/would have been the sole user of the car.

I think I am not wrong n this inference (Indiagenie can confirm this)

This is a special provision available when a Company Fleet Car/Employer Leased car is transferred to an employee (who has been the sole user of such vehicle).

For Individual owned vehicle, the above provision is not applicable

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 27th December 2014 at 17:01.
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Old 5th January 2015, 13:41   #3077
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Default Re: Automobile Insurance Queries? Ask me

Three quick questions.

Can a Third party insurance be transferred to a new buyer of the car?
If so how many times can this be done?
What is the procedure if I take an NOC and change the number of the car?

Background, I have bought a 2000 model Maruti Gypsy, and the same needs to be transferred to my brother's name. Now since we dont have an address proof in Gurgaon we may need to transfer it a relative before we can ask him to get us an NOC for our home town Panchkula. (NOC from current owner not possible)

For all of these step I need a valid insurance, the current insurance agent seems to think I will need a new policy at each step. (no surprise there)
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Old 5th January 2015, 14:08   #3078
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Originally Posted by caged_nomad View Post
Three quick questions.

Can a Third party insurance be transferred to a new buyer of the car?
If so how many times can this be done?
What is the procedure if I take an NOC and change the number of the car?
1- Yes you can transfer it to the new owner, the insurance company will charge a nominal amount for it.

2- This can be done n number of times but this will be a time taking process as the insurance transfer will take place only when you obtain the RC from RTO which itself takes more than a week.

I am not sure about the third question, other members might be able to guide you regarding the change of no. Procedure.
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Old 9th January 2015, 23:53   #3079
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Default Re: Automobile Insurance Queries? Ask me

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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?!

Today I got a call from ICICI saying that they are going for cash loss option for my claim. Around 1 lakh will be paid by ICICI and another ~50k from salvage buyer through auction.

Car's IDV value is 2.1 lakhs, should I agree to this settlement?!
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Old 22nd January 2015, 11:44   #3080
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Default Re: Automobile Insurance Queries? Ask me

I am buying a TVS Wego for my dad. My question is, can I buy the Insurance policy online for a new two wheeler? Or is it mandatory to take it from the dealer. Should I go with the TVS dealer provided insurance policy? Please advice. Thank you!
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Old 22nd January 2015, 11:58   #3081
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Smile Re: Automobile Insurance Queries? Ask me

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Originally Posted by Ketan T View Post
I am buying a TVS Wego for my dad. My question is, can I buy the Insurance policy online for a new two wheeler? Or is it mandatory to take it from the dealer. Should I go with the TVS dealer provided insurance policy? Please advice. Thank you!
Buying insurance for 2 wheelers is possible online on similar lines of car insurance. Its not mandatory to buy it from dealer only, just confirm the cashless tie up with Insurance co from TVS workshop.

Compare what dealer provided Insurance has over an above the normal Insurance offered by Insurers offline and online and take an informed decision.
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Old 22nd January 2015, 12:09   #3082
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Originally Posted by ghodlur View Post
Buying insurance for 2 wheelers is possible online on similar lines of car insurance. Its not mandatory to buy it from dealer only, just confirm the cashless tie up with Insurance co from TVS workshop.

Compare what dealer provided Insurance has over an above the normal Insurance offered by Insurers offline and online and take an informed decision.
Thank you!

I will check the price difference between the online quote and the quote provide by the dealer, and then make a decision.
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Old 28th January 2015, 18:44   #3083
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Question Re: Automobile Insurance Queries? Ask me

Need advise on NCB transfer.

I have a 2007 Alto with 50% NCB. Renewal due in Feb 2015.

I have purchased a used 2012 Hyundai Verna 1.6 SX Petrol and got insurance transferred in my name. The renewal is due 1st of April 2015.

My plan is to go for a 3rd Party insurance when I renew for Alto next month- Bajaj Alianz (BA) has online 3rd party facility- and take the NCB certificate from BA.

Then in April, plan is to renew insurance with BA for Verna with this 50% NCB.

Can anyone point out if there is any flaw in my plan and understanding? The BA rep who called me for Alto renewal, said I should check if I'll be allowed to transfer the NCB from 800 CC vehicle to a 1600 CC vehicle.

I have never heard of such a clause but it'd be worth checking.

Expert opinion??

Thanks.
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Old 29th January 2015, 08:25   #3084
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Can anyone point out if there is any flaw in my plan and understanding? The BA rep who called me for Alto renewal, said I should check if I'll be allowed to transfer the NCB from 800 CC vehicle to a 1600 CC vehicle.
Your plan is perfect and unfortunately for you the clause exists. Quoting the text from the Indian motor tariff.
Quote:
It is however, clarified that the entitlement of No Claim Bonus will be applicable for the substituted vehicle subject to the provision that the substituted vehicle on which the entitled NCB is to be applied is of the same class (as per this tariff) as the vehicle on which the NCB has been earned
However you can take it up with the Verna Insurer with whom you are planning to renew and confirm that they would accept this NCB. If the Insurer is keen to retain you as a customer, then they may accept the NCB or else you will have to be try with other online/offline Insurers.
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Old 29th January 2015, 10:27   #3085
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Default Re: Automobile Insurance Queries? Ask me

Thanks ghodlur for the quick response. I found your first statement confusing though, when you say "Your plan is perfect and unfortunately for you the clause exists. Quoting the text from the Indian motor tariff". If the clause exists, then my plan is certainly flawed.

Did some more research and found this on policybazaar.com. Quoting -
"Claim on NCB is available only if the new vehicle caters to the same class as the previous one. For instance, if you have NCB on your vehicle that is being used for commercial purpose, you cannot transfer it to get premium discounts on a vehicle that is meant for private use. Similarly, NCB accumulated on your two-wheeler cannot be used to avail auto insurance discounts if you plan to upgrade to a car. But of course, you can upgrade to a bigger private car from your old car, and get lucrative discounts on premiums if you have No Claim Bonus. Typically, NCB is a feedback on your driving skills and car maintenance record. Since such information is not available in India, NCB serves as a proxy and has an impact on car owner’s eligibility to get an auto loan and premium discounts."

So, what the same class implies is private to private, commercial to commercial, 2 Wheeler to 2 Wheeler and 4 Wheler to 4 Wheeler. Nothing said about the engine capacity or size.

Even the Team BHP article on NCB uses and example of upgrading from Alto to Honda City and transferring NCB.

Can yo or anyone else throw more light on the details?

Thanks.
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Old 29th January 2015, 16:26   #3086
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Originally Posted by Rodie09 View Post
So, what the same class implies is private to private, commercial to commercial, 2 Wheeler to 2 Wheeler and 4 Wheler to 4 Wheeler. Nothing said about the engine capacity or size.
By class I guess the Indian motor tariff means the same as your understanding. Would be better to get this clarified upfront. A talk with an Insurance source confirmed that they have in the past allowed NCB transfer when owner has changed the cars from lower engine capacity to higher one.
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Old 30th January 2015, 17:13   #3087
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Default Re: Automobile Insurance Queries? Ask me

Thanks ghodlur!! Yeah, we are meaning the same thing and its within the rules of NCB transfer.

Another small question - I checked and found NCB on my current policy on Alto is 45%, and not 50% as stated earlier. But there has been no claim this year as well and I'd expect the NCB certificate to reflect 50%. Or would it be 45%?

So, basically what would be the % NCB benefit when I move it to Verna in April?

Thanks in advance.
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Old 2nd February 2015, 08:45   #3088
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Originally Posted by Rodie09 View Post
Another small question - I checked and found NCB on my current policy on Alto is 45%, and not 50% as stated earlier. But there has been no claim this year as well and I'd expect the NCB certificate to reflect 50%. Or would it be 45%?

So, basically what would be the % NCB benefit when I move it to Verna in April?
NCB is credited to your account at the end of the claim free Policy year. If you are selling the car mid year, the you still would be eligible for the NCB prevailing at the start of the policy year i.e 45%. You can use this while buying Insurance for the Verna.
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Old 2nd February 2015, 14:15   #3089
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Default Re: Automobile Insurance Queries? Ask me

My insurance premium, IDV and their difference in % are tabled below. I am wondering why the difference in premium for the third year is only 20% against the 55% I got for the second year! No claims till date, so normal NCBs applied.

I wanted to get the policy renewed through the car dealership to avoid hassles of claim settlement by self. They are quoting almost the same rate for 3rd year from another company Z.

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Old 2nd February 2015, 14:29   #3090
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by thoma View Post
My insurance premium, IDV and their difference in % are tabled below. I am wondering why the difference in premium for the third year is only 20% against the 55% I got for the second year! No claims till date, so normal NCBs applied.

I wanted to get the policy renewed through the car dealership to avoid hassles of claim settlement by self. They are quoting almost the same rate for 3rd year from another company Z.

Attachment 1335519
That's because you have overpaid your insurance premium when you bought the car. I believe you bought the insurance through the dealer itself and hence such an high amount.
Ideally you should have got your new car insurance for around 15000/- if you have purchased insurance in the market.

You need not renew your insurance through the dealer. There won't be any claim settlement issues if it is a genuine claim, go for an reputed insurer rather than the one the dealer recommends. Don't fall for such tactics by the dealer.

Last edited by speedmiester : 2nd February 2015 at 14:33.
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