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


Reply
 
Thread Tools Search this Thread
Old 5th May 2016, 05:53   #3511
Senior - BHPian
 
Join Date: Apr 2008
Location: Dombivli/Gurgao
Posts: 2,515
Thanked: 989 Times
Default Re: Automobile Insurance Queries? Ask me

My Accord was insured last year with ICICI Lombard for comprehensive cover after inspection as the previous policy had lapsed. The policy was issued in the name of the old owner as the transfer was pending.

After the transfer was done, I had to pay another grand or so to get the policy endorsed in my name, by way of some NCB charges.

Last month when the policy came up for renewal there are a couple of thorns:

1. The premium amount has suddenly increased by 30%. It was around 15k last year including the endorsement. Now they are asking for almost 20k. There has been no claim made on this car last year, and the IDV should have reduced from last year's. So why this increase?
2. ICICI Lombard refused to issue any receipt for the money paid. Can I whip their behinds for this, as I believe they must issue a receipt for any payments received?
3. Is there a better alternative to ICICI Lombard, maybe just take a 3rd party cover?
honeybee is online now   Reply With Quote
Old 5th May 2016, 08:00   #3512
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,803 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by honeybee View Post
1. The premium amount has suddenly increased by 30%. It was around 15k last year including the endorsement. Now they are asking for almost 20k. There has been no claim made on this car last year, and the IDV should have reduced from last year's. So why this increase?
2. ICICI Lombard refused to issue any receipt for the money paid. Can I whip their behinds for this, as I believe they must issue a receipt for any payments received?
3. Is there a better alternative to ICICI Lombard, maybe just take a 3rd party cover?
Let me answer your thorns serially:
1) The increase in the premium would have been due to the increase in the TPL cost post the recent hike. If not then is the IDV rightly calculated, If the car is more than 5 yrs old then the IDV has to be mutually agreed and does not go as per the depreciation table.
2) That's ICICI for you. They do such things often. If you are referring to last year's premium receipt, aren't you a little late in asking for the receipt?
3) Absolutely, there are lot many better alternatives available out there. Go for an online comparison and find out the actual premium, use the comparison sites only for reference purpose and buy online from the Insurer website directly. If the car is substantially old and you are confident that chances of a claim in the year is slim, opt for the TPL cover only.
ghodlur is offline   Reply With Quote
Old 5th May 2016, 08:17   #3513
Senior - BHPian
 
Join Date: Apr 2008
Location: Dombivli/Gurgao
Posts: 2,515
Thanked: 989 Times
Default Re: Automobile Insurance Queries? Ask me

I am asking for receipt of the payment last week and week before that, for the renewal.
honeybee is online now   Reply With Quote
Old 7th May 2016, 07:16   #3514
Senior - BHPian
 
Join Date: Apr 2008
Location: Dombivli/Gurgao
Posts: 2,515
Thanked: 989 Times
Default Re: Automobile Insurance Queries? Ask me

Finally I got in touch with the agent which renews my Nano insurance. He has quoted a sum close to what the renewal notice from ICICI Lombard had quoted (before they hiked it by another 4k).

Inspection will be done today, payment collected today, cover note by Monday and policy copy in another four to five days.
honeybee is online now   Reply With Quote
Old 7th May 2016, 17:30   #3515
Senior - BHPian
 
DieselFan's Avatar
 
Join Date: Mar 2007
Location: Bangalore
Posts: 1,549
Thanked: 182 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post

Yes, you can utilize your NCB on old car when buying Insurance for your new car. Approach the Insurance co (old car) and get the NCB certificate (they might ask you to furnish the proof of sale). Use the NCB certificate while buying Insurance for your new car. Point to note is if you are offered free Insurance on your new car, I would suggest to not opt for it. Instead buy Insurance on your own. This way you will utilize the NCB or else you will have to wait till the renewal of Insurance on the new car to utilize the NCB.
Thanks Ghodlur. The Key question in my case is I DO NOT WANT TO SELL MY OLD CAR. IS there a way to overcome and get the NCB certificate of my old car .
DieselFan is offline   Reply With Quote
Old 10th May 2016, 11:48   #3516
BHPian
 
vdm295's Avatar
 
Join Date: Apr 2016
Location: India
Posts: 71
Thanked: 55 Times
Default Re: Automobile Insurance Queries? Ask me

I have 2004 Maruti 800. My insurance for the car is due for renewal this month & have 50% no claim bonus. I thought of doing an online renewal & checked up with Royal Sundaram & Tata AIG. Both of them refused to renew my insurance stating that my car is more than 10 years old. Now I want to know whether there is a rule stating that above 10 years old car insurance cannot be renewed online?
vdm295 is online now   Reply With Quote
Old 13th May 2016, 11:21   #3517
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,803 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by DieselFan View Post
Thanks Ghodlur. The Key question in my case is I DO NOT WANT TO SELL MY OLD CAR. IS there a way to overcome and get the NCB certificate of my old car .
Yes, you can still get the NCB if you dont plan to sell your old car. Make an application to the Insurance co requesting the applicable NCB. They will endorse the application with the same and is valid to be used during the insurance buying on the new car. You will not have the NCB certificate per say since it is generally given by Insurance co on vehicle sale only.
ghodlur is offline   Reply With Quote
Old 16th May 2016, 08:45   #3518
BHPian
 
ank.nsit's Avatar
 
Join Date: Oct 2013
Location: Faridabad
Posts: 358
Thanked: 155 Times
Default Re: Accidents in India with Pictures

Quote:
Originally Posted by sid1509 View Post
This S-Cross belongs to a friend of mine...
I would like to know what happens in such cases of "acts of God"? Is insurance claim possible? Or just a complete loss of the owner?
ank.nsit is offline   Reply With Quote
Old 16th May 2016, 10:50   #3519
BHPian
 
Join Date: Jan 2008
Location: Bangalore
Posts: 185
Thanked: 55 Times
Default Re: Automobile Insurance Queries? Ask me

A query on transferring my NCB. I had 50% NCB for my old vehicle. Recently I purchased a new one (Tata Zest) and I was told by the insurer that within 3 months, I can send them a document showing the sale of vehicle and then they will transfer the money back to my account.
I exchanged my car with the dealership and its now more than 3 months but the car is unsold.
Is there a way I can claim the NCB still? The insurance company is Royal Sundaram
rajesh1868 is offline   Reply With Quote
Old 16th May 2016, 11:30   #3520
BHPian
 
biggrin's Avatar
 
Join Date: Apr 2016
Location: Haryana
Posts: 147
Thanked: 192 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rajesh1868 View Post
A query on transferring my NCB. I had 50% NCB for my old vehicle. Recently I purchased a new one (Tata Zest) and I was told by the insurer that within 3 months, I can send them a document showing the sale of vehicle and then they will transfer the money back to my account.
I exchanged my car with the dealership and its now more than 3 months but the car is unsold.
Is there a way I can claim the NCB still? The insurance company is Royal Sundaram
The answer lies in the post just above yours.

The insurer would have meant that you can approach them within 3 months from the sale date. You can claim your NCB when you sell the car (if at all you plan to) or follow the route suggested by ghodlur if you have changed your mind.
biggrin is offline   (1) Thanks Reply With Quote
Old 16th May 2016, 18:49   #3521
BHPian
 
Join Date: Jan 2016
Location: Noida
Posts: 47
Thanked: 25 Times
Default Re: Accidents in India with Pictures

Quote:
Originally Posted by arun_josie View Post
Yes, this will be coverd under insurance.
Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?

Last edited by texens : 16th May 2016 at 18:50. Reason: fixed a typo
texens is offline   Reply With Quote
Old 16th May 2016, 19:49   #3522
BHPian
 
sephiroth's Avatar
 
Join Date: Jul 2015
Location: Thane
Posts: 30
Thanked: 25 Times
Default Re: Accidents in India with Pictures

Quote:
Originally Posted by texens View Post
Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?
A zero dep policy will not cover road tax, registration charges etc. There is an optional add on - Return to invoice which will ensure that these extra costs above ex-showroom price (~IDV) will be paid out by the Insurance provider in the case of a total loss. The premium will be slightly higher for this additional cover.
sephiroth is offline   (1) Thanks Reply With Quote
Old 16th May 2016, 20:20   #3523
Senior - BHPian
 
Join Date: Sep 2008
Location: DL9C
Posts: 2,171
Thanked: 1,670 Times
Default Re: Accidents in India with Pictures

Quote:
Originally Posted by texens View Post
Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?
In an ideal world, yes.

In reality, even for total loss cases, the cars are rarely scrapped. The insurance co will quote a payout that will be less than your IDV. They (Insurance co) will try to find a buyer for the total loss car, who will buy it in as-is condition. The proceeds of the sale will be passed on to you (the owner), along with the difference of IDV and sale proceeds.

The road tax refund can only be claimed for total loss cars, if you can hand over the RTO a scrap certificate stating the car has been junked/scrapped. Since the car is actually sold to someone else, not scrapped, there is no way to get this certificate. Registration charges are non-refundable AFAIK.
Dry Ice is offline   (2) Thanks Reply With Quote
Old 16th May 2016, 21:06   #3524
BANNED
 
Join Date: Apr 2012
Location: Pune
Posts: 207
Thanked: 70 Times
Default

Hi , I have a reliance comprehensive insurance , for sheet metal part replacement the reliance valuator says that a 10% salvage value over and above the depreciation value is applicable due to the salvage value of the damaged part, would like to know whether such a clause exists , thanks
hubolt is offline   Reply With Quote
Old 16th May 2016, 23:06   #3525
Senior - BHPian
 
schakravarthy's Avatar
 
Join Date: Dec 2013
Location: KA 09 / KA 02
Posts: 1,115
Thanked: 3,011 Times
Default

Quote:
Originally Posted by Dry Ice View Post

In reality, even for total loss cases, the cars are rarely scrapped.
Very true!
I was under the illusion that once the car is declared as a 'total loss', the scrap yard is the only place it'll be heading to! It was only when a close friend's car met with an accident did I realise how pathetic the state of affairs are in reality!
So, my friend's car met with an accident. The insurance survey was done and it was decided that the car would be declared as a total loss. The insurance company then took their own sweet time to make the payment, citing lack of scrap buyers as the reason. My friend finally received the payout after a few months and soon forgot all about the car.. until, one fine day, another friend picked up the same car! Upon checking the KA registration info site, we were shocked to discover that my friend's name was still listed as the 'owner'.

Wonder who was responsible for the gross irregularity.

Last edited by schakravarthy : 16th May 2016 at 23:07.
schakravarthy 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 17:43.

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