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Old 7th October 2016, 13:31   #3661
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Default Re: Automobile Insurance Queries? Ask me

Hey guys,

My insurance is up for renewal and I am debating if I should get BMW Secure again or not. I am most worried about the tires and alloys more than anything else and the people at workshop are dilly dallying when I asked them about how good are other insurance providers (I am using ICICI + Secure), I bought secure mostly for alloy wheel damage but they didn't help me when I needed it and had to get a minor bend repaired.

Is BMW Secure a scam just to get people to whip out more money? I've been hearing that insurance covers alloy and wheel damage but can't find definite wordings anywhere.
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Old 7th October 2016, 16:30   #3662
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I've been hearing that insurance covers alloy and wheel damage but can't find definite wordings anywhere.
The insurance does cover alloys and tyres but with different depreciation rates. For tyres it will be considered along with rubber and for alloys along with the metal depreciation rates. The wordings are there in the policy document.

Earlier a few Insurance cos would provide the Alloys and Tyres as separate add on cover but it is discontinued now.
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Old 8th October 2016, 21:08   #3663
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The insurance does cover alloys and tyres but with different depreciation rates. For tyres it will be considered along with rubber and for alloys along with the metal depreciation rates. The wordings are there in the policy document.

Earlier a few Insurance cos would provide the Alloys and Tyres as separate add on cover but it is discontinued now.
So they are included for non-accidental damage for all providers? I can't seem to find specific wordings to cover these. This angers me so much because BMW made me believe that I absolutely needed secure to cover tires.
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Old 9th October 2016, 09:33   #3664
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Default Re: Automobile Insurance Queries? Ask me

My Tata Zest insurance is due this month.

I got a call from showroom for renewal & they are asking 19k for renewal.

When I inquired about buying the insurance cheaper on my own from the same insurer, they promptly replied sir you will not be able to go for cashless in this case.

Is this true? Can someone guide on the best way to renew the insurance?

The showroom only has tie-up with Public Insurance companies (NIC, OIC, NIA)

Though the insurance is due at the end of month, I want to renew within next 6-8 days. Is it advisable?

Thanks.
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Old 10th October 2016, 08:15   #3665
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Is this true?
The showroom only has tie-up with Public Insurance companies (NIC, OIC, NIA)
Not true at all unless the workshop does not have a cashless tie up with any Insurance co which in present times would be really strange. If you have your IDV correctly calculated, you can go to any comparator websites and get a quote of the premium. If that's substantially cheaper that what the dealer provides, its no brainer that you need to buy Insurance outside.
1) Get to know with which Insurance co does the workshop has a cashless tie up.
2) Get online quotes from the above Insurance co. Compare line to line.
3) Check with workshop which of the above Insurance co has a good claim processing record.
Take an informed decision.
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Old 10th October 2016, 08:20   #3666
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The dealership's insurance guy is having him on in the hope of making a commission out of the sale. Forget him.

As for online quotes please don't use those price comparison portals, they will send your details to every single insurance agent out there and you will be deluged with calls.

As they use nationalized insurers - pick any one of them you like, and stick with them (especially for other insurance as well, mediclaim, homeowner etc etc). If you build up a relationship with their local staff at a nearby office that is even better / faster. I have used New India Assurance for over fourteen years now and am quite happy with their service and support.
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Old 12th October 2016, 16:22   #3667
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Default Re: Automobile Insurance Queries? Ask me

I have a doubt.

Scenario as below: -
1. I have valid insurance of (say) ICICI which will expire on (say) 20 Oct 16.
2. I buy insurance online (say) in advance from another company (say) Royal Sundaram on 13 Oct 16.
3. I utilise the existing (say) 35 % NCB during purchase of my new insurance.
4. On (say) 14 Oct 16, I have an accident and produce my car for claim with the existing insurer (ICICI)
5. Claim is cleared and I get my car back.

Now, my question:
What happens to the NCB (35% in this case) which I have already availed whilst buying the new insurance?
I have already taken NCB for the new policy. However, I have made a claim.
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Old 12th October 2016, 16:29   #3668
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by dhanushmenon View Post
I have a doubt.

Scenario as below: -
1. I have valid insurance of (say) ICICI which will expire on (say) 20 Oct 16.
2. I buy insurance online (say) in advance from another company (say) Royal Sundaram on 13 Oct 16.
3. I utilise the existing (say) 35 % NCB during purchase of my new insurance.
4. On (say) 14 Oct 16, I have an accident and produce my car for claim with the existing insurer (ICICI)
5. Claim is cleared and I get my car back.

Now, my question:
What happens to the NCB (35% in this case) which I have already availed whilst buying the new insurance?
I have already taken NCB for the new policy. However, I have made a claim.
In all probability, your new insurer will get back to you as soon as they get to know of your ICICI claim and they ask you to pay up the NCB benefit you had taken. In this scenario, it is actually better of to intimate new insurance company also about this claim and settle the matter with repayment of NCB.

KK
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Old 12th October 2016, 16:37   #3669
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Quote:
Originally Posted by KK_HakunaMatata View Post
In all probability, your new insurer will get back to you as soon as they get to know of your ICICI claim and they ask you to pay up the NCB benefit you had taken. In this scenario, it is actually better of to intimate new insurance company also about this claim and settle the matter with repayment of NCB.

KK
How will the new company come to know of the claim? Do they track these kind of things?
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Old 12th October 2016, 16:42   #3670
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Quote:
Originally Posted by dhanushmenon View Post
What happens to the NCB (35% in this case) which I have already availed whilst buying the new insurance?
Quote:
Originally Posted by KK_HakunaMatata View Post
In all probability, your new insurer will get back to you as soon as they get to know of your ICICI claim and they ask you to pay up the NCB benefit you had taken.
+1 to KK.

But I have a different opinion. RS (say) will come to know of the claim made in previous year only when you make a claim with RS or during renewals. Before that they would not be bothered to know about your claims in previous year. So there is no one stopping you from sitting quiet. As KK mentioned, once RS gets a whiff of the claim in previous year, they will not only ask you to refund the NCB amount claimed but also impose a higher premium for the IDV. Which means you pay NCB amount + difference in the premium amount. So even if you have a claim free year, you could be eligible for 20% NCB during renewal next year.
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Old 12th October 2016, 16:46   #3671
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Default Re: Automobile Insurance Queries? Ask me

They might even cancel your policy and informally blacklist you from becoming a customer. In which case you would find other policies you hold with Royal Sundaram also getting affected by this.

Be honest, there isn't much to lose by that.
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Old 12th October 2016, 16:59   #3672
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Originally Posted by ghodlur View Post
+1 to KK.

But I have a different opinion. RS (say) will come to know of the claim made in previous year only when yo...Which means you pay NCB amount + difference in the premium amount. So even if you have a claim free year, you could be eligible for 20% NCB during renewal next year.
Makes sense that way.

Quote:
Originally Posted by hserus View Post
Be honest, there isn't much to lose by that.
I do not have any damage to my car to claim (touch wood ). This was just a doubt which popped up in my mind whilst brooding over things on a long drive.
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Old 20th October 2016, 01:27   #3673
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Default Re: Automobile Insurance Queries? Ask me

I have a 50% NCB from my old car sale (in Oct'15). I bought this used car in Nov and finally completed the registration process in Dec'15. The insurance was till Oct'16 and didn't want to waste it. Hence, got it transferred to my name by paying up a small sum then.

Now, can I use my 50% NCB to renew the insurance (of the used 2013 model car I purchased last year)? I am told by a friend that I cannot use it for a used car insurance (renewal).

So, is it possible for me to use this 50% NCB certificate to save on my current car's insurance renewal?
Thanks
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Old 20th October 2016, 08:19   #3674
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Now, can I use my 50% NCB to renew the insurance (of the used 2013 model car I purchased last year)? I am told by a friend that I cannot use it for a used car insurance (renewal).
Absolutely, you can use your NCB accumulated till date during the renewal of your car insurance. Tell your friend, the NCB goes with the owner and not with the car.
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Old 20th October 2016, 15:42   #3675
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Default Re: Automobile Insurance Queries? Ask me

So I am in a bit of fix. I was quite a novice and bought a used car in hurry.
ICICI Lombard insurance has expired more than a year ago.
Transfer of the RC book never happened, and its still in the name of previous owner.

Now what option do I have to renew insurance in two scenarios:
-Scenario 1 - Transfer RC to my name:
-Scenario 2 - Sell car to a new owner and transfer RC directly to new buyer. Whose name can I transfer the insurance to if I want to take this option? Is it possible to renew insurance with my name while RC book states owner is another person?

Any help would be really appreciated...
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