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Old 10th December 2010, 13:53   #1351
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Red face Re: Renewing insurance when the Car is still in Employer's name

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Originally Posted by Lord Lucan View Post
Guys,

I have purschased my car through Company lease plan. The lease and the insurance end on 13-Dec-2010.

Company will transfer the registration papers to my name after 13-Dec but it will take some time.

During the intermittent period, can I newew the insurance in my name? If I do so will it cause any issues during the registration transfer?

You can ask the lease plan fellows to transfer the car in your name with renewed insurance. That way you can save your Insurance amount.

Or else ask them to transfer the insurance in your name and then you can go Insurance shopping but as GTO advised to one of my query you will have to take the insurance afresh and without any NCB advantage.

I have seen the Premiums for car taken through lease plans to be exorbitantly high.
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Old 10th December 2010, 14:36   #1352
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Default Re: Car Insurance NCB

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Originally Posted by GTO View Post
Wrong. NCB is available to private as well as company registered cars AS LONG AS there have been no accident / theft claims. The reason your friend is ineligible for NCB is that, the car wasn't on his name earlier. And no, NCB isn't transferable from one owner to the other.
GTO,

There is a slight difference here (posts 1345 & 1347 by ghodlur). Here the car was leased by the company for exclusive use of one individual (friend). Also he has been the primary drivers/user as well. In such cases when a corporate owner transfers ownership under "plans" to their employees "fair insurers" normally allow the NCB to be carried to the new owner as well.

The logic behind this decision is that the Insurer has earned premium for x years without paying out any claims, due to the careful use and handling of the vehicle by one individual, who is clearly identfiable. Hence when that idividual becomes the actual owner of the said vehicle then the NCB follows.

I will give you another case as well (example).

My company insures all their private cars with a particular insurer, comprehensively

If I am driving company fleet vehicles as part of my benifit package. Down the years I decide to buy a new car.

If my company gives me a certificate stating the ids of the cars I have been driving for the past tears, and decalres that I have had a claims free record, then my company's Insurer may consider granting me the NCB eligible for the years mentioned, on my own purchase.

This is done as a PR exercise of the insurer to retain the loyalty of the employees of their claient as well.

These are all practices which insurers use to retain their clientel and not bound by any rules.

Just for your info

Best Regards & Drive/Ride Safe

Ram

Last edited by r_nairtvm : 10th December 2010 at 14:38.
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Old 10th December 2010, 14:49   #1353
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Default Re: Automobile Insurance - Ask me

Hi,

I have small query for my friend. He purchased i10 last year and dealer offered him insurance at Re1, now he wants to renew it. Earlier he had Alto for 4 years without any claim.
Since he got the insurance in Re1 he was least worried about NCB, is it possible to claim NCB based on his 4 year claim free ownership of Alto.

Last edited by Crazy4Power : 10th December 2010 at 14:50.
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Old 10th December 2010, 15:09   #1354
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Smile Re: Automobile Insurance - Ask me

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Originally Posted by Crazy4Power View Post
Hi,

I have small query for my friend. He purchased i10 last year and dealer offered him insurance at Re1, now he wants to renew it. Earlier he had Alto for 4 years without any claim.
Since he got the insurance in Re1 he was least worried about NCB, is it possible to claim NCB based on his 4 year claim free ownership of Alto.
@Crazy4power

The re 1 Insurance premium is actually a promotional incentive given by the manufacturer/dealer when you buy the car from them. This is a special type of tie up between the car manufacturer and the Insurance co where in the first year Insurance is paid by the dealer. This does not mean that the renewal would be less that Re 1. For second year renewal you have an option of continuing with the same Insurer or new one but at the present market premiums with the applicable NCB.
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Old 10th December 2010, 15:39   #1355
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Default Re: Automobile Insurance - Ask me

I have an RX100 (belongs to my brother) which is over 15 years old and needs to be re-registered. Since the vehicle was not used (or rather very sparingly over the last 4-5 years), I am not sure if it was insured - I can't find papers. The last insurance policy I find is for year 2002.

Talking to some insurance companies, I am told they would not be able to insure it since the break is quite long. Since Insurance is mandatory for driving on the road and is also a pre-requisite for re-registration - I am left clueless on what to do next. Pointers will be helpful.

Vehicle is in MH14 (Pimpri-Chinchwad) RTO jurisdiction.
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Old 10th December 2010, 18:00   #1356
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
You can ask the lease plan fellows to transfer the car in your name with renewed insurance. That way you can save your Insurance amount.
Wrong. If the original owner of the car has NCB, the insurance company will NOT transfer the insurance until the prorated & differential NCB amount is paid. This is of course only the case when the 2nd owner doesn't have any NCB of his own.

Quote:
Originally Posted by r_nairtvm View Post
Here the car was leased by the company for exclusive use of one individual (friend). Also he has been the primary drivers/user as well. In such cases when a corporate owner transfers ownership under "plans" to their employees "fair insurers" normally allow the NCB to be carried to the new owner as well.
Quote:
If my company gives me a certificate stating the ids of the cars I have been driving for the past tears, and decalres that I have had a claims free record, then my company's Insurer may consider granting me the NCB eligible for the years mentioned, on my own purchase.
Thanks for sharing. If this is true, I'm happy to hear. I might add, your company and the NCB support it receives from the insurers is more the exception rather than the rule.

According to the standard policies, NCB is only transferrable to the registered owner of the car.
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Old 10th December 2010, 18:09   #1357
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Default Re: Automobile Insurance - Ask me

@GTO. This is possible and already a few colleagues of mine have benefitted from this.

Please refer to an earlier post #1051.

In fact when the vehicles were initially transferred, we did not know about this clause and we paid the NCB difference. But next year when we renewed the insurance, we got the benefit. I had made a claim thinking that this is not transeferrable. But my colleagues had not and they benefitted from it.

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Originally Posted by pjbiju View Post
I have verified with Maruti Insurance that anyone can get the NCB for a company registered car transferred to an individual if the car was given on lease to the said individual and at the end of the lease period, the car ownership is getting transferred to the same individual.

All you need is a letter from the company stating these facts. A couple of my friends who did not know about this last year got the NCB with retrospective effect this year after I told them about this.

Thanks to this forum and the original poster Marlon! http://www.team-bhp.com/forum/indian...ml#post1779661
-Biju

Last edited by pjbiju : 10th December 2010 at 18:14.
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Old 10th December 2010, 20:38   #1358
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by GTO View Post
I might add, your company and the NCB support it receives from the insurers is more the exception rather than the rule.

According to the standard policies, NCB is only transferrable to the registered owner of the car.
GTO,

I am an Insurer. As per the existing Insurance Parctices both in India and world-wide this is possible.

If an Insurer will allow it or not is a different question. All "standard" & "fair" insurers will follow that. Most of the time its the intermediaries especially those who at times are ill informed or trying to maximise the premium - as their revenue is dependent on the premium - who mis-guide the insureds.

Also it would depend onthe insurers appetite for the Motor Insurance business. Usually motor insurance is a loss making portfolio and many insurers still do motor insurance for two reasons 1) Legal/Regulatory requirement 2) maintain Cash Flow.

When I used to manage some operations of the Calcutta based 'goverment Insurer', we were practicing this.

I think it still is the case - if I am not wrong the Maruti case referred to by pbiju - could be from the same insurer I used to work for.

Best Regards & Drive/Ride Safe

Ram
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Old 15th December 2010, 00:57   #1359
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Post Insurance Renewal.Need Advice for Vista Terra Quadrajet BS-III

Hi,
I need to renew insurance for Our Dec 2009(Purchase;Registered on Jan 2010) Indica Vista Terra Quadrajet BS-III.No Claims.

Car Came with ICICI Lombard Insurance(Rs402981 ex-showroom).

I Consulted Concorde,Cochin and They want Me to get National Insurance(Tie up with TATA Motors). Quote is Rs3,50,000 IDV, Rs8900/- as Charges.
Options Available from TATA are:1)National Insurance 2)United Insurance 3)ICICI Lombard 4)Royal Sundaram .

They are Pressing to get National Insurance.
I want to Hear Especially from Keralites, How is NATIONAL Insurance? Especially in Kerala?
Which One is Preferable? Shall I go for Private Insurance Company?
Please Help Me as I plan to renew Policy Tomorrow.
Thanks
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Old 17th December 2010, 15:54   #1360
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Default Re: Automobile Insurance - Ask me

Hi,
I own Indica Vista Aura Qudrajet and second renewal of car Insurance is due.
My First insurance was with ICICI Lombard then in second year I switched to Bajaj Allianze. For first renewal with Bajaj Allianze I paid premium of Rs.11400 for Rs.400,000 IDV.

Now here are the different quotes I got from different companies.

1) Bajaj Allianze: They quoted Rs.12,500 for same IDV of Rs.4 lakhs. I said that last year I paid less premium for this much IDV. Then adviser said Tata cars have higher number of claims so Insurance premium is higher this year for TATA cars. And this much I need to pay to renew my policy.

Moreover this, the premium comes Rs.10,400 for same IDV if I am not Bajaj Allianze customer. I then infuriated and said you are ripping existing customers by charging more. I am going away from you and hung the phone.

2) ICICI Lombard: Rs.8900 for IDV Rs.3,50,000.
3) Tata AIG:
IDV is Rs.370,000
for 0% depreciation Premium is Rs.13,600
and for normal policy Rs.11,800

If I choose Bajaj Allianze and Tata AIG, I will be paying more premium to that of I paid while purchasing new car. I am confused. Please help me in choosing insurance for my car.

If I choose ICICI then I will save lot of bucks but it is ICICI. However in my first year of ownership I was with ICICI and I made a claim in that year which they promptly settled. While first renewal ICICI quoted higher premium and then Bajaj Allianze gave me much less so I switched over to Bajaj. It looks like companies have tradition of ripping existing customers.

Please help.
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Old 21st December 2010, 16:47   #1361
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Default Re: Automobile Insurance - Ask me

Which all insurance companies provide 0% depreciation policy for Jan 2008 Safari?
I checked with Tata AIG and Bajaj Allianz, both do not provide 0% depreciation policy for vehicles older than 3 years.

My insurance is getting over on Jan 1st and my current isurer is Bajaj Allianz (with 0% Depreciation cover).
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Old 21st December 2010, 17:43   #1362
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by sushantr5 View Post
Hi,
I own Indica Vista Aura Qudrajet and second renewal of car Insurance is due.
My First insurance was with ICICI Lombard then in second year I switched to Bajaj Allianze. For first renewal with Bajaj Allianze I paid premium of Rs.11400 for Rs.400,000 IDV.

Now here are the different quotes I got from different companies.

1) Bajaj Allianze: They quoted Rs.12,500 for same IDV of Rs.4 lakhs. I said that last year I paid less premium for this much IDV. Then adviser said Tata cars have higher number of claims so Insurance premium is higher this year for TATA cars. And this much I need to pay to renew my policy.

Moreover this, the premium comes Rs.10,400 for same IDV if I am not Bajaj Allianze customer. I then infuriated and said you are ripping existing customers by charging more. I am going away from you and hung the phone.

2) ICICI Lombard: Rs.8900 for IDV Rs.3,50,000.
3) Tata AIG:
IDV is Rs.370,000
for 0% depreciation Premium is Rs.13,600
and for normal policy Rs.11,800

If I choose Bajaj Allianze and Tata AIG, I will be paying more premium to that of I paid while purchasing new car. I am confused. Please help me in choosing insurance for my car.

If I choose ICICI then I will save lot of bucks but it is ICICI. However in my first year of ownership I was with ICICI and I made a claim in that year which they promptly settled. While first renewal ICICI quoted higher premium and then Bajaj Allianze gave me much less so I switched over to Bajaj. It looks like companies have tradition of ripping existing customers.

Please help.
I did some calling and found out that the rates for Tata cars are indeed high in Tata AIG!! And the reason I got is exactly the same. This is from someone who I give a lot of business to and who gives me proper quotes.

The % on IDV quoted for a Diesel Tata car was 3.41%. whereas normally it should be 3.283%.

Usually discounts are given on the chargeable rating itself. However for Tata vehicles they give only 5 to 7% discount on the OD premium ( % of IDV - NCB).

For a quote of 3,60,000 I got Rs.11166/- with 20% NCB.

Looks like Future General has better rates. I am trying to find out the same. I would stay away from ICICI.
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Old 21st December 2010, 17:51   #1363
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Default Re: Automobile Insurance - Ask me

I could trasfer the no-claim bonus from my previous Ikon to my new Elantra (purchased 4 years back) and could save a good amount. Now I may sell the Elantra soon but may purchase the next vehicle only after 2 to 3 months after selling the Elantra. Is it possible to get the no claim benefits when I purchase the new car after 3 months?
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Old 21st December 2010, 17:54   #1364
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Default Re: Automobile Insurance - Ask me

The NCB is valid for 3 years, if I'm not wrong. Just get the certificate from the Insurance company. There is a separate thread on how to save on Insurance with transfering NCB. All these details are explained clearly in that thread.
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Old 23rd December 2010, 15:25   #1365
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by sushantr5 View Post
Hi,
I own Indica Vista Aura Qudrajet and second renewal of car Insurance is due.
My First insurance was with ICICI Lombard then in second year I switched to Bajaj Allianze. For first renewal with Bajaj Allianze I paid premium of Rs.11400 for Rs.400,000 IDV.

Now here are the different quotes I got from different companies.

1) Bajaj Allianze: They quoted Rs.12,500 for same IDV of Rs.4 lakhs. I said that last year I paid less premium for this much IDV. Then adviser said Tata cars have higher number of claims so Insurance premium is higher this year for TATA cars. And this much I need to pay to renew my policy.

Moreover this, the premium comes Rs.10,400 for same IDV if I am not Bajaj Allianze customer. I then infuriated and said you are ripping existing customers by charging more. I am going away from you and hung the phone.

2) ICICI Lombard: Rs.8900 for IDV Rs.3,50,000.
3) Tata AIG:
IDV is Rs.370,000
for 0% depreciation Premium is Rs.13,600
and for normal policy Rs.11,800

If I choose Bajaj Allianze and Tata AIG, I will be paying more premium to that of I paid while purchasing new car. I am confused. Please help me in choosing insurance for my car.

If I choose ICICI then I will save lot of bucks but it is ICICI. However in my first year of ownership I was with ICICI and I made a claim in that year which they promptly settled. While first renewal ICICI quoted higher premium and then Bajaj Allianze gave me much less so I switched over to Bajaj. It looks like companies have tradition of ripping existing customers.

Please help.
Sushant, it was a similar situation with me. ICICI with whom I have an insurance for 4 years now were quoting a higher insurance premium for a car which was a year older and with lower IDV. On further inquiries, they doled out the same story, "According to a survey, the number Hyundai vehicles involved in accidents were more and hence the higher premium". Shopped around and found that Royal Sundaram and Chola gave better deals than anyone else out there.

Just look around. You should find an insurer who suits your pocket.

Last edited by kaushikr : 23rd December 2010 at 15:26. Reason: grammer
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