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Old 20th October 2016, 16:25   #3676
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Red face Re: Automobile Insurance Queries? Ask me

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Originally Posted by arit.mondal View Post
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?
What a mess man. You learned a lesson hard way. Its surprising that you kept driving without a valid Insurance and ownership.

What you need to do:
1) Contact the dealer from where you bought the car, he will surely have the Form 29, 30 signed by previous owner (pray he still does).
2) Hope you have the old insurance copy. Based on that buy a new Insurance (owner will be still the previous owner, Insurance guys will needle since the ownership is yet to be transferred but they should do it)
3) Get the ownership changed at the RTO.
4) After ownership change, get the Insurance transferred to your name.

Be prepared to visit the Insurance guys, RTO more than required times. OR get hold of a reliable agent who will do things for you.

You can sell the car, but all of the above will have to be done by the new owner if agrees to.
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Old 20th October 2016, 22:04   #3677
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Default Re: Automobile Insurance Queries? Ask me

What is the correct IDV value for renewing a year old car? Is it:

1. 20% less than the ex-showroom price? If it is, then do we reference ex-showroom price of current year or previous year when the vehicle was purchased?

2. 10% less on current IDV Value?

Also, can the IDV be increased in 3rd year Insurance renewal?

I am getting a quote of 19k for my TATA Zest from the dealer for IDV of 6 Lakhs. They say they have a tie-up with NIA for cashless.

From online, I am getting multiple quotes from 16k to 18k (Non-cashless) for IDV of 6.5 Lakhs against my current IDV of 7.2 Lakhs.

I am mighty confused how to go about it?

I also enquired with NIA directly, they suggested to visit their website and renew via their website. The premium will be automatically calculated once I enter all the information in the system. Haven't tried it yet.

Please Help!!
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Old 30th October 2016, 11:46   #3678
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Originally Posted by racingmachine View Post
What is the correct IDV value for renewing a year old car? Is it:

1. 20% less than the ex-showroom price? If it is, then do we reference ex-showroom price of current year or previous year when the vehicle was purchased?

2. 10% less on current IDV Value?

Also, can the IDV be increased in 3rd year Insurance renewal?
The ideal IDV would be 15% less of the current ex showroom cost of the car model. Generally 10% less of last years IDV can also be taken. It is always better not to over insure your car by increasing the IDV although most Insurance co do provide the option of doing so. This may be an issue during total loss claim settlement.

The reasons you are getting multiple quote values is because of un updated data bases of the Insurance cos for the various car model ex showroom cost.
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Old 31st October 2016, 11:48   #3679
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
The reasons you are getting multiple quote values is because of un updated data bases of the Insurance cos for the various car model ex showroom cost.
Is this (updating of Database on ex-showroom prices) really happening ? If so this is great news. But which showroom price do they consider ? As of now there are substantial differences in the ex-show room prices in different parts of India. Any info you have on this ?

Best Regards & Drive/Ride Safe

Ram
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Old 31st October 2016, 13:08   #3680
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Red face Re: Automobile Insurance Queries? Ask me

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Originally Posted by r_nairtvm View Post
Is this (updating of Database on ex-showroom prices) really happening ? If so this is great news. But which showroom price do they consider ? As of now there are substantial differences in the ex-show room prices in different parts of India. Any info you have on this ?
Ram,

As per my information most Insurance co communicate to the car manufacturers for the ex showroom prices for prevailing models city wise i.e RTO wise and use that information to update their data bases. Hence the Insurer first asks for the RTO or city details and based on the selection the link to the ex showroom prices is done in the software. But most of the Insurance cos do this database exercise once a year and do not care to update the system based on festive seasons prices when maximum sales happen. This leads to discrepancy in prices and ultimately the wrong calculations of the IDV.

For eg if you buy during Dussera, the prices offered by dealers are different from those announced by the car manufacturers. So you arrive at a new IDV and this continues. In case of total loss for eg the Insurer checks his database for the prices and based on that applies depreciation to arrive at the payable IDV which is different from what is there on the policy paper. This leads to the heartburn.
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Old 31st October 2016, 16:55   #3681
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
The ideal IDV would be 15% less of the current ex showroom cost of the car model. Generally 10% less of last years IDV can also be taken. It is always better not to over insure your car by increasing the IDV although most Insurance co do provide the option of doing so. This may be an issue during total loss claim settlement.
Ideal situation would be -

Ex Showroom minus 5% would be the first insurance which you take at the dealer - or before driving the car out of dealership.

Next Year would be 15% in addition to initial 5% - means 20% depreciation after one year.

A very well known person, working inside one of public sector auto insurance, strictly advised not to go ahead and increase the IDV against these percentages, as multiple claim settlements are stuck because of this.
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Old 4th November 2016, 12:23   #3682
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Default Re: Automobile Insurance Queries? Ask me

I have seen many news about MACT awarding compensation to victims of accidents by asking the Insurance company and the owner to jointly pay.

1) What is the basis of asking the owner to pay?

2) Isn't third party insurance supposed to cover fully whatever payout has to be given?

I would like to understand the legal basis for this. Can any of the experts throw some light on this
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Old 4th November 2016, 13:23   #3683
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Default Re: Automobile Insurance Queries? Ask me

Gentlemen

I have a query, can anyone share their experience with coverfox or policy bazar, my agent tells me that policies brought online face difficulties at the time of claim. Is this true?
I have never brought a motor policy online, I always buy from the dealership from where I brought my car, but this time around i want to try online.
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Old 4th November 2016, 14:09   #3684
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Originally Posted by gurthvader View Post
I have a query, can anyone share their experience with coverfox or policy bazar, my agent tells me that policies brought online face difficulties at the time of claim.
Your agent is surely misleading you. You do not face any difficulties with regards to claims when the policy is bought online. Also use comparator websites like coverfox, policy bazaar to only get a quote, do not buy from them (personal opinion). Few things you need to do before you buy online:
1) Confirm with the workshop with whom they have cashless tie up.
2) Confirm from workshop which according to them is the best insurance co when it comes to claims processing and settlement.
3) Calculate the correct IDV. For starters use 10% less than your last year's IDV.
4)Keep the Car related info handy.
Once all above done, visit the comparator sites and enter the IDV, get the quotes. Now visit the Insurance co website as per sr no1 above and get the quote. Compare the quotes. If your car is new opt for Zero depreciation add on cover cost. Take an informed decision.
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Old 8th November 2016, 19:02   #3685
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Default Re: Automobile Insurance Queries? Ask me

I am renewing my insurance which expires on 11th and had a query. I am opting for a Zero dep insurance. I have an option to opt for no claim bonus slab cover which basically protects my NCB if I make a claim. Now this is the 5th year of my insurance and maybe next year I might switch to New India.

I just wanted to know one thing - suppose I opt for the NCB cover and make a claim, will the current insurance provider give me a NCB certificate when I switch to a new one or is the NCB cover valid only if I continue with the current insurance provider?

Also I will mostly make a claim to fix the bumper. So it is advisable to go with the the NCB cover?

TIA
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Old 8th November 2016, 19:04   #3686
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Default Re: Automobile Insurance Queries? Ask me

Don't go for the ncb cover - providers will routinely check for stunts like this.

Also why are you wasting a 5 years worth of NCB just to do some tinkering on a bumper?

Go to a good FNG in your location and get it done at a fraction of the cost that an authorized service center will charge.
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Old 8th November 2016, 19:24   #3687
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Default Re: Automobile Insurance Queries? Ask me

Unfortunately I would need a replacement because it has taken hits over the 4 years from cabs and bikers. Infact the bumper has actually cracked and I doubt if anything apart from a replacement will work. So I was wondering on the NCB cover.

So suppose I take the cover and then switch the provider, the new provider will refuse to give me the NCB?
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Old 8th November 2016, 19:47   #3688
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Originally Posted by centaur View Post
I just wanted to know one thing - suppose I opt for the NCB cover and make a claim, will the current insurance provider give me a NCB certificate when I switch to a new one or is the NCB cover valid only if I continue with the current insurance provider?

Also I will mostly make a claim to fix the bumper. So it is advisable to go with the the NCB cover?
Absolutely you will be give the NCB certificate. If you opt for the NCB protection add on cover, your accumulated NCB will not be affected at all. Just read through the fine print of the NCB protection add on cover like how many claims are eligible, what is covered etc. If you are getting the add cover at a good price, then why not? Opt for it. I had once opted for windshield add on cover when I park in a society.

Quote:
Originally Posted by hserus View Post
Don't go for the ncb cover - providers will routinely check for stunts like this.
Sir, can you please elaborate on the stunt part?

Quote:
Originally Posted by centaur View Post
So suppose I take the cover and then switch the provider, the new provider will refuse to give me the NCB?
No he cannot refuse to give you accumulated NCB. As said above, please read the fine print. Take an informed decision.
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Old 8th November 2016, 23:48   #3689
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Default Re: Automobile Insurance Queries? Ask me

OK - just tell me how he is going to fix a bumper that has had several hits over a period of time with an insurance claim.

He has not yet got the NCB cover. And then he intends to raise a claim soon after the NCB cover is sanctioned - for multiple damages that have occured prior to the cover.

Also - Isn't there a cooling off period after such cover before any claims don't affect NCB?
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Old 9th November 2016, 08:04   #3690
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Originally Posted by hserus View Post
OK - just tell me how he is going to fix a bumper that has had several hits over a period of time with an insurance claim.

He has not yet got the NCB cover. And then he intends to raise a claim soon after the NCB cover is sanctioned - for multiple damages that have occured prior to the cover.

Also - Isn't there a cooling off period after such cover before any claims don't affect NCB?
Its not a big deal fixing the damaged bumper and Insurance co will not be scrutinizing it so minutely since it is a known fact that bumpers do get damaged in daily commute. Hence there would not be any accident per say required to file a claim.

By NCB cover he means NCB protection add on over (I hope he means the same). This add on cover can be bought during the Insurance renewal which is used to prevent the NCB from going to zero from existing accumulated in case of any claim. No there is no cool off period required after the Insurance renewal for anyone to file a claim.

Only thing @centaur has to take care is when he files a claim for the bumper replacement, the damage at one particular section must be more more visible than the rest. If he goes with the claim of removing the dents, scratches etc, he will not be eligible for the claim.

But as you rightly suggested, if the repair amount of the bumper is more than the NCB discount amount, then it is worth to file a claim or else it is better to get the repairs done from outside.
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