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Old 12th March 2010, 17:28   #976
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Quote:
Originally Posted by cuttingcrew View Post
Hi

Here is my issue,

I am transferring my car from company's name to my name. The insurance is also in the company's name and will expire on 31st Mar 2010.

1. I want to get the new insurance in my name. Should I have to transfer the existing to my name also?
2. I talked to an insurance company. They told be that I am not entitled to a no claim bonus as it will be in a different name. Is this true? I want to get this bonus as the difference is about 4K.

Thanks
The NCB can be transferred when the company is transferring teh vehicle to the employee.

There is an endorsment clause in the Indian Motor Tariff GR 27 (e)

(e) "The percentage of NCB earned on a vehicle owned by an institution during the period when it was allotted to and exclusively operated by an employee should be passed on to the employee if the ownership of the vehicle is transferred in the name of the employee. This will however require submission of a suitable letter from the employer confirming that prior to transfer of ownership of the vehicle to the employee, it was allotted to and exclusively operated by the employee during the period in which the NCB was earned."


Please check this clause and talk to the insurance company.

Regards
Marlon

Last edited by Jaggu : 12th March 2010 at 18:48. Reason: Removing [Font] tags, please avoid copy paste from external fornt editors, also Preview before Submitting posts. thanks
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Old 12th March 2010, 17:45   #977
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Default Renewal for my Altis

Hi Rupesh
As written earlier my insurance expires on 5th April. It is my first renewal
and being given 20% NCB. Reliance have sent me a renewla notice with the amount Rs.38889/- while Infinium Toyota (Ahmedabd) has offered discount and made it Rs.26483.71. It is with Reliance..not sure this is best
I can get. Here are the full details:
Value: Rs 1167577
Rate 3.44
Insu. 40164.65
NCB 20% 8032.93
Total 32131.72

Disc. 35% 11246.10

Total 20885.62
Third party rates Rs.2500/-
LL to paid driver 25/-
owner driver 100
PA to unnamed psngr 500

Sub totoal Rs 24010.62
tax 2473.09
TATAL: Rs 26483.71
Please advisse me if this is a good deal or should I try someone other than
Reliance.
Thanks in advance
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Old 13th March 2010, 09:49   #978
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Quote:
Originally Posted by Marlon View Post
The NCB can be transferred when the company is transferring teh vehicle to the employee.

There is an endorsment clause in the Indian Motor Tariff GR 27 (e)

(e) "The percentage of NCB earned on a vehicle owned by an institution during the period when it was allotted to and exclusively operated by an employee should be passed on to the employee if the ownership of the vehicle is transferred in the name of the employee. This will however require submission of a suitable letter from the employer confirming that prior to transfer of ownership of the vehicle to the employee, it was allotted to and exclusively operated by the employee during the period in which the NCB was earned."


Please check this clause and talk to the insurance company.

Regards
Marlon
Wow Marlon this was a new input for me also let me check with some insurance company how they are practically implementing this law. I will update this thread by Monday on this issue.

Quote:
Originally Posted by London Gujju View Post
Hi Rupesh
As written earlier my insurance expires on 5th April. It is my first renewal
and being given 20% NCB. Reliance have sent me a renewla notice with the amount Rs.38889/- while Infinium Toyota (Ahmedabd) has offered discount and made it Rs.26483.71. It is with Reliance..not sure this is best
I can get. Here are the full details:
Value: Rs 1167577
Rate 3.44
Insu. 40164.65
NCB 20% 8032.93
Total 32131.72

Disc. 35% 11246.10

Total 20885.62
Third party rates Rs.2500/-
LL to paid driver 25/-
owner driver 100
PA to unnamed psngr 500

Sub totoal Rs 24010.62
tax 2473.09
TATAL: Rs 26483.71
Please advisse me if this is a good deal or should I try someone other than
Reliance.
Thanks in advance
You are getting 35% other discount which is OK but you can still bargain for more, till 40%. Please stay away from Reliance and Icici for your insurance needs.

Please avoid spelling mistake and shot-forms.
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Old 13th March 2010, 11:38   #979
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Default NCB - less premium amount or high car valuation

Hi experts,

have my NHC insured with Tata AIG...very recently during renewal, I asked for my NCB component (currently ~ 45%)
I'm told that now-a-days all insurance companies instead of reducing the premium amount they are increasing the value of the insured vechicle and adjusting the NCB there....It this true ?
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Old 13th March 2010, 17:32   #980
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Quote:
Originally Posted by zakaaaaasss View Post
Hi experts,

have my NHC insured with Tata AIG...very recently during renewal, I asked for my NCB component (currently ~ 45%)
I'm told that now-a-days all insurance companies instead of reducing the premium amount they are increasing the value of the insured vechicle and adjusting the NCB there....It this true ?
100% false statement. There is noting like this happening in any insurance company. Please check you last two or three policy and you will understand this.
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Old 13th March 2010, 17:54   #981
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I am stuck with a a bill of 15,000 for which i am not getting claim.

in 2007 i bought my bike and insured with National Insurance, in 2008 i shifted to United, and in 2009 Oriental, i never took the claim, nor do i have any records for my previous insurance policies.
this year i repaired my bike and the bill was around 15,000. The Insurance company now asks me to furnish records for the previous insurance (united) else i wont get claim(they want an NCB or something) , now when i contaced united india insurance they said there is no record for any insurance by the name. Now im stuck. what do you suggest ?
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Old 13th March 2010, 18:01   #982
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Hi Guys

I have not renewed my insurance for my bike for the last 4 years and have lost the original papers, the insurance agent told me I can only go for a 3rd party insurance , is there a way out for me .

Thanks

MP
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Old 13th March 2010, 21:34   #983
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Quote:
Originally Posted by motorpsycho View Post
Hi Guys

I have not renewed my insurance for my bike for the last 4 years and have lost the original papers, the insurance agent told me I can only go for a 3rd party insurance , is there a way out for me .

Thanks

MP
If your bike is less then 5 years (starting 5th year from new) then you can get a full insurance. Take the bike to one of the Insurance company branch offices directly. They will inspect and photograph the bike (may be) and then if its clean, they will give you a full insurance.

Its no big deal. You will not get any NCB that is all.

Agent may not want to go to the insurance company office for such small commission he will make out of this and hence, trying to discourage you.

Thanks and Best Regards

Ram
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Old 13th March 2010, 21:48   #984
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Hi R_nairtvm
Thank you very much. The agent did ask me an extra 100 bucks for the renewal. Guess i'll directly take the bike to the insurance company.
Thanks
MP
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Old 15th March 2010, 08:50   #985
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Quote:
Originally Posted by YC.BALENO.CHD View Post
I am stuck with a a bill of 15,000 for which i am not getting claim.

in 2007 i bought my bike and insured with National Insurance, in 2008 i shifted to United, and in 2009 Oriental, i never took the claim, nor do i have any records for my previous insurance policies.
this year i repaired my bike and the bill was around 15,000. The Insurance company now asks me to furnish records for the previous insurance (united) else i wont get claim(they want an NCB or something) , now when i contaced united india insurance they said there is no record for any insurance by the name. Now im stuck. what do you suggest ?
Write a letter to insurance companies claim's department asking them why before issuing the policy they did not ask for this requirement? and now why they are asking you?

1. For making payment if insurance companies needs any document they have to inform the insurer while taking the policy, not at the time of making payment for the claim.

2. No were in the policy wordings it is written that if you don't show your old insurance policy your current claim will not be payable.

Put the above points in your letter to insurance company I am sure they will not have any reply to this one.

Do you have old policy no. with you? as that can be helpful in this case for getting the claim in your favor - Early!!!

Quote:
Originally Posted by motorpsycho View Post
Hi R_nairtvm
Thank you very much. The agent did ask me an extra 100 bucks for the renewal. Guess i'll directly take the bike to the insurance company.
Thanks
MP
If you go for TP policy with an agent you will have to pay extra as agents are not given any commission on TP business.
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Old 15th March 2010, 11:59   #986
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Default Is Orix leasing company overcharging me?

Hi,

I'm leasing a car and Orix - the leasing company quoted INR 32500/- for the insurance. This is with ICICI lombard insurance company.

ICICI lombard has an online policy calculator using which I got an offer for about 25K!

So my question is, is Orix overcharging me? I was told by Orix that they insure for a large number of vehicles at one shot so I would be getting a better offer.

PS: I'm aware of the dangers of ICICI lombard insurance(mentioned in other discussions), but unable to change as its decided by Orix.

Please suggest.

Nitin.
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Old 15th March 2010, 15:30   #987
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Hi rjvora....

I have come across this thread at a very right moment. I am in the process of renewing my policy

Quick questions
I have an ICICI lombard policy and now with the NCB of 25% i have been offered a proposal. In parellel HDFC Ergo has approached me a policy with flat 55% discount...not sure why and their premium works out to be almost 20% cheaper than ICICI Lombard.

I am confused and not sure whether these insurance companies are playing any games.

Cheers...
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Old 15th March 2010, 16:33   #988
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Quote:
Originally Posted by nitinbose View Post
Hi,

I'm leasing a car and Orix - the leasing company quoted INR 32500/- for the insurance. This is with ICICI lombard insurance company.

ICICI lombard has an online policy calculator using which I got an offer for about 25K!

So my question is, is Orix overcharging me? I was told by Orix that they insure for a large number of vehicles at one shot so I would be getting a better offer.

PS: I'm aware of the dangers of ICICI lombard insurance(mentioned in other discussions), but unable to change as its decided by Orix.

Please suggest.

Nitin.
Since you are leasing the car I am not sure what options you have, to change the insurance company. Still if you have any options then please change the insurer. If you have to pay this premium then please tell them the difference of quotes which you have with you.

I hope you have taken the quote as a commercial vehicle and not as a private car. - As your car is used for commercial use.

Quote:
Originally Posted by sumitdongerkery View Post
Hi rjvora....

I have come across this thread at a very right moment. I am in the process of renewing my policy

Quick questions
I have an ICICI lombard policy and now with the NCB of 25% i have been offered a proposal. In parellel HDFC Ergo has approached me a policy with flat 55% discount...not sure why and their premium works out to be almost 20% cheaper than ICICI Lombard.

I am confused and not sure whether these insurance companies are playing any games.

Cheers...
Please check the IDV of both the quotes, if they are same, come to bargaining business as I am sure both the companies rates will come down.

There is noting like FLAT discount they must be combining two discount.
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Old 15th March 2010, 18:00   #989
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Quote:
Originally Posted by rjvora_2000 View Post


If you go for TP policy with an agent you will have to pay extra as agents are not given any commission on TP business.

Thanks RJVora , But if the vehicle is more then 5 years old and without a insurance for 4 years , what are my options?

Thanks
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Old 15th March 2010, 19:09   #990
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Originally Posted by motorpsycho View Post
Thanks RJVora , But if the vehicle is more then 5 years old and without a insurance for 4 years , what are my options?

Thanks
If it is less then 10 Year's then you can go for comprehensive insurance policy. Otherwise stay with TP is the only option.
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