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Old 16th February 2009, 16:16   #61
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Originally Posted by rjvora_2000 View Post
1. This will reflect on the renewal notice.
2. Actual process say's that you have to take a NCB certificate from old insurance company and give it to new insurance company then only they will give you NCB.
Hi RJVora.Got a few questions regarding the NCB transfer.
1. If the new company (read agent) does not ask for either of the two things mentioned above,then is their any data pool from where the new insuring company comes to know whether the Ncb is accrued or not.
2. What percentage of discount is prevelant right now. For e.g. I'm getting 40% discount from a company for my 5yr.old Santro.
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Old 16th February 2009, 16:35   #62
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Hi RJVora.Got a few questions regarding the NCB transfer.
1. If the new company (read agent) does not ask for either of the two things mentioned above,then is their any data pool from where the new insuring company comes to know whether the Ncb is accrued or not.
2. What percentage of discount is prevelant right now. For e.g. I'm getting 40% discount from a company for my 5yr.old Santro.
Sirji,

Answer to your query...
1. There is noting like Data pool but if claim come's in this year, then there are chances that company may go to last year's insurance company and ask them there are any claims made in the policy or not.

2. 40% + NCB right? If yes that's the best!!!
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Old 16th February 2009, 16:48   #63
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Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians.

(Rated the thread 5 star)
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Old 16th February 2009, 17:18   #64
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Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians.

(Rated the thread 5 star)
Thank you for your kind words.

Sharing is learning - I am also learning while sharing the knowledge.

I believe that if you have knowledge you should share it otherwise it is a waste of knowledge.
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Old 16th February 2009, 17:34   #65
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Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey
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Old 16th February 2009, 17:43   #66
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Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey
Hi there,

Motor Insurance is not done on Invoice value but it is done on IDV (Insured Declare Value) What ever you declare would be taken as the value of your car.

I will advice you to go for that value in which you have bought the car. How much you have spent on the car should be the value of the car.


Last edited by rjvora_2000 : 16th February 2009 at 17:45.
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Old 16th February 2009, 18:18   #67
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Originally Posted by ssjr0498 View Post
Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey
Go to the insurance company of your choice. Show them the transfer papers, previous 3rd party policy and get the car inspected. Thats it.

Choose IDV according to current market value or higher. Higher the better.
Also get electrical accessories insured, if any.

Last edited by F50 : 16th February 2009 at 18:20.
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Old 19th February 2009, 09:09   #68
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Just one doubt. From last 2 years I have chose 2 different insurance company as always new one offers better IDV value at lesser premium keeping other things same. It's a time for 3rd year soon Is it advisable or it will effect in future?
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Old 19th February 2009, 09:23   #69
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Just one doubt. From last 2 years I have chose 2 different insurance company as always new one offers better IDV value at lesser premium keeping other things same. It's a time for 3rd year soon Is it advisable or it will effect in future?
There is no harm in switching companies but its always better to be steady with one company. This helps to build relations with that company and might work at the time of claim.
Choose a company which provides best service. Few hundreds extra shouldnt be a problem when you are assured that your claim will be paid on time.
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Old 19th February 2009, 15:53   #70
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Originally Posted by F50 View Post
There is no harm in switching companies but its always better to be steady with one company. This helps to build relations with that company and might work at the time of claim.
Choose a company which provides best service. Few hundreds extra shouldnt be a problem when you are assured that your claim will be paid on time.
I 100% agree with you its important to build long term relationship.
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Old 26th February 2009, 09:12   #71
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Update:-

Service tax on your insurance premium has gone down. Please check with insurance company and then pay the premium.

Earlier it was 12.36% and now it is reduced to 10.30%.
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Old 26th February 2009, 09:23   #72
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Update:-

Service tax on your insurance premium has gone down. Please check with insurance company and then pay the premium.

Earlier it was 12.36% and now it is reduced to 10.30%.
Great news, thanks rjvora. So if I was quoted a premium of 16500 a week back, what will it be now? 2% less?
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Old 26th February 2009, 09:35   #73
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Great news, thanks rjvora. So if I was quoted a premium of 16500 a week back, what will it be now? 2% less?
Yes you have understood 100% correctly!!
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Old 26th February 2009, 09:37   #74
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Choose IDV according to current market value or higher. Higher the better.
Why so?
Can't lower be better? Since we're paying a lower premium.
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Old 26th February 2009, 09:46   #75
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Why so?
Can't lower be better? Since we're paying a lower premium.
If there is a total loss then you will get the higher value.

What you save in premium will be less then the value what you get in claim. Don't look at the only amount what you spend but you should see the value what you get in claim.
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