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Old 18th January 2016, 13:20   #3421
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by dpkbehera View Post
I have sold my old car but the new owner is yet to transfer the insurance on his name. It seems that the new owner does not realize that till the insurance is transferred in his name, he will not be able to make a claim. The only option available to me is that i should go ahead and submit the necessary documents and get an NCB certificate. This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact. Kindly advise whether this is the right course/option for me. Also what do insurance companies do when the registration is transferred but not the insurance. Do they honour the claim? I did not get a clear answer from the insurance company. They mentioned that it can be processed in the name of the old owner subject to certain conditions.
Usually, insurance goes with the car, not the owner. So, technically, I think the insurance will still be valid, even if he has not yet informed the insurance company of the transfer of the vehicle.

Not sure what you mean when you say that you will get an NCB certificate. If you wanted to retain the NCB and apply it for a new car, should you not have got the NCB retention letter from the insurance company before transferring the vehicle?
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Old 18th January 2016, 13:31   #3422
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This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact.
No, the Insurance policy will not be cancelled unless there is a specific request to do so. Surely not when the existing owner is applying for the NCB certificate. You should applied for the NCB certificate at the same time when the ownership transfer documents were submitted at the RTO. If the owner is not interested in changing the ownership, then you will need to appraise him of the situation in case he submits a claim which will be rejected by the Insurance co. Also the new owner may require your presence during claims if the Insurance is not transferred which may not be suitable to you depending on your availability.

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Do they honour the claim?
No they will not honour the claim if the Insurance ownership is not transferred. Alternatively he can get the Insurance cancelled and buy a new policy in which case he will be eligible for claims.
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Old 18th January 2016, 13:39   #3423
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No, the Insurance policy will not be cancelled unless there is a specific request to do so.
The insurance company has replied the below i.e.
"Alternatively, if you do not wish to approach new owner or else, if the car has been sold to some dealer and instead of contacting him/her, you just want No claim bonus certificate, we request you to walk into the nearest local branch and request for No claim bonus certificate. You will be asked to pay a No claim bonus recovery amount by the branch personal and issued a No claim bonus certificate."

Apart from the above the local branch mentioned that the insurance policy will get cancelled. This is creating confusion. So is it one of the below or something else i.e.
a) No claim bonus certificate + pay a No claim bonus recovery amount = No Cancellation.
b)No claim bonus certificate Only = Cancellation.
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Old 18th January 2016, 13:39   #3424
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by dpkbehera View Post
I have sold my old car but the new owner is yet to transfer the insurance on his name. It seems that the new owner does not realize that till the insurance is transferred in his name, he will not be able to make a claim. The only option available to me is that i should go ahead and submit the necessary documents and get an NCB certificate. This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact. Kindly advise whether this is the right course/option for me. Also what do insurance companies do when the registration is transferred but not the insurance. Do they honour the claim? I did not get a clear answer from the insurance company. They mentioned that it can be processed in the name of the old owner subject to certain conditions.
Your understanding is right. New owner will not be able to claim insurance until he gets the insurance transferred to his name.

I had bought pre-owned car in Sep '15 and transferred the insurance (bajaj-alliance) in the month of Dec '15. When I went for to Bajaj office for inspection (inspection is mandatory for transfer of insurance), they took photos of all the existing dents, scratches etc on the body of the car and also checked interiors for the existing damages. He mentioned that, I will be able to make any claim only from the date of transfer of insurance in my name and also I cannot make a claim for any existing damages. So, effectively, I can only make a claim for new damages after the insurance is transferred to my name.

Think this should help you.
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Old 19th January 2016, 08:45   #3425
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When I bought a second-hand car, the insurance was in the name of the previous owner. The policy expired in April. Renewal efforts failed and I ended up buying a new comprehensive policy in the name of the old owner as the RTO transfer had not yet taken place.

Now the RTO transfer has been done and I have approached the insurance company for transferring the policy to my name. They are asking for some amount to be paid towards NCB. Also as the transfer was done more than a month back, they have requested physical inspection of the car.

So my question is: What is the exact procedure for transferring the policy to my name? Why do I need to pay money for NCB? What are my options, if I want to cancel this policy and go with a fresh comprehensive or TP policy?
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Old 19th January 2016, 12:38   #3426
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by honeybee View Post
So my question is: What is the exact procedure for transferring the policy to my name? Why do I need to pay money for NCB? What are my options, if I want to cancel this policy and go with a fresh comprehensive or TP policy?

To transfer the policy in your name, you need to take the car for physical inspection along with the previous insurance copy and original RC in your name (they will take a copy of that). Once the inspection is done, the transfer of policy would happen the same day and they would issue a new policy cover letter in your name.

You need to pay the NCB amount as the previous owner would be eligible to take NCB certificate on this policy from the insurance company, even after you transfer the policy in your name. This is what the representative told me when I went to transfer the insurance.
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Old 19th January 2016, 18:24   #3427
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I have booked a new car and waiting for its delivery. I want to get insurance directly from an insurer instead of the dealer. It will probably save me a few thousands in dealer commission. Can anyone tell me what is the procedure to get insurance for a new car without help from the dealer?
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Old 19th January 2016, 20:49   #3428
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Originally Posted by honeybee View Post
Renewal efforts failed and I ended up buying a new comprehensive policy in the name of the old owner as the RTO transfer had not yet taken place.

So my question is: What is the exact procedure for transferring the policy to my name? Why do I need to pay money for NCB? What are my options, if I want to cancel this policy and go with a fresh comprehensive or TP policy?
When you bought the Insurance for the previous owner, did you claim any NCB on the OD premium? If yes, then the NCB amount claimed is applicable for the policy year. So when you requested for insurance ownership transfer, the Insurance co assumed that they had paid the NCB amount to the previous owner and wanted to recover the money from you as you would be the new owner. So ideally the previous owner would have had to pay from his pocket the pro rata calculated NCB amount claimed for the policy year during the insurance ownership transfer. Instead they recovered it from you. Kind of double whammy for you.

The procedure to transfer the Insurance ownership is fairly simple. When you have applied for the ownership transfer at the RTO, use the same set of documents with the RTO receipt in addition and submit it to the Insurance co. This way you have intimated the Insurance co of the car ownership and Insurance transfer. Once the updated RC is received after ownership transfer is received, submit the copy of the same along with the Insurance transfer fee (nominal) to the Insurance co and the ownership on the policy document will be changed. Insurance co will issue a new document will all new updated details.

Hope this helps.

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Originally Posted by mpm2015 View Post
Can anyone tell me what is the procedure to get insurance for a new car without help from the dealer?
Check with the workshop of the dealer with which Insurance co do they have cashless tie up. If possible, check with the workshop which Insurance co has a good/better claim processing record. Go that Insurance co website online and buy the Insurance policy. Ensure that you have all the details of the vehicle such as chassis no, engine no etc which you will require while online insurance buying.
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Old 20th January 2016, 10:37   #3429
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Default Re: Automobile Insurance Queries? Ask me

Since the new owner was not transferring the insurance on to his name, i did the following i.e.
1. Transferred the insurance to the new owner. The charges was Rs 100.
2. Paid the NCB recovery amount. NCB certificate was issued.
3. Since i had already purchased a new car and the insurance policy was from the same company, the NCB was adjusted in the new car policy and a refund in form of a cheque would be issued to me once processed.

The only query that i have is ideally who should pay the NCB recovery amount? Should it be the old owner or the new owner?
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Old 20th January 2016, 11:03   #3430
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Check with the workshop of the dealer with which Insurance co do they have cashless tie up. If possible, check with the workshop which Insurance co has a good/better claim processing record. Go that Insurance co website online and buy the Insurance policy. Ensure that you have all the details of the vehicle such as chassis no, engine no etc which you will require while online insurance buying.
Thanks for the reply.

I am doing extensive research on which insurance company to approach but I am not sure what is the procedure for new car insurance which is obviously not registered yet (arrived fresh from dealer's stockyard). Should I tell the dealer to get temporary registration done and give that temp. number to insurance company?

There is also something called insurance company cover note that is given to MVD while registration. Does that mean the car need not be insured before registration, a letter from them will do?
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Old 20th January 2016, 16:57   #3431
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Default Re: Automobile Insurance Queries? Ask me

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...
There is also something called insurance company cover note that is given to MVD while registration. Does that mean the car need not be insured before registration, a letter from them will do?
Cover Note is sort of summary of the insurance policy. It is a 1 pager with details of car, owner and policy (add-ons etc, not detailed clauses and t&c). The actual policy document may take 1-2 weeks to reach you.

Don't worry or spend too much time on how to get the insurance and registration done. You decide the insurance company and what policy you want take (mainly what add-ons like zero depreciation etc). You can either go with the dealer's insurance company or outside. Once decided you ask them to coordinate with the dealer. They will do it, you don't have to worry. I have done both - insurance through dealer for my first car and from outside when I changed the car.
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Old 22nd January 2016, 11:08   #3432
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i would need some help. I have gone through earlier threads. I am taking ford figo AT shortly. wondering which insurance to take off the three
royal sundaram,
new india
iffco tokia

kindly help me with the comment
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Old 24th January 2016, 10:50   #3433
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I am on the verge of finalising Car Insurance for my Hyundai Elite i20 Asta 1.2 Petrol. Need some help. got good quotes from Chola MS & Future Generali.
I need a no-nonsense fast claim settlement and comprehensive cover. which one do you recommend? or any other?
i have no idea in India having lived in the UAE for all these years.
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Old 24th January 2016, 18:09   #3434
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wondering which insurance to take
Quote:
Originally Posted by Sachin416 View Post
I need a no-nonsense fast claim settlement and comprehensive cover. which one do you recommend? or any other?
Guys,

The thumb rule of buying insurance for new car (any car for that matter) is to confirm with which Insurance co does the dealer/workshop have cashless tie up. Also enquire with the workshop amongst the short listed Insurance co, which has the best claim processing. Workshop guys generally are the best people to reveal some facts. Then access the Insurance co's online and get a quote. Compare the quote line to line and choose the best which offers VFM deal.

Ensure that the Insurance quotes include zero depreciation add on cover which is important for new car buyers.

It will be difficult to confirm which is the best amongst the ones mentioned in your post coz it depends upon user's experience.
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Old 26th January 2016, 20:37   #3435
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Hi guys,

Well, my mom managed to scrape both sides of the front bumper and the right side of the rear bumper on a three month old car.
Now, we have never ever claimed insurance on any of our cars and TBH, I didn't even know what kind of insurance we have till now. Now, my question is can we claim insurance for the painting of bumpers or should we pay from our own pocket. We have bumper-to-bumper insurance. Will get some pics tomorrow.

Any tips will be welcome!
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