Insurance - Ask me

[longford]

Originally Posted by black12rr

If a second hand car is purchased , can the insurance be transferred before the registration is transferred on RC book ?
PS :The insurance is valid and in force still .

Also will the NCB of that person can be transferred to me in the next renewal ?

IMHO, insurance transfer can happen after the RC transfer because the insurance goes with the asset coverage and ownership transfer is a must.

No. NCB belongs to the previous owner. you can however transfer your NCB with other cars to this car's renewal. Correct,rupesh?

[rjvora_2000]

Originally Posted by longford

IMHO, insurance transfer can happen after the RC transfer

This is wrong!!!

Originally Posted by naman07

Yes it can be done. You just need to submit the photocopy of transfer forms along with the transfer fees.

No, the NCB of that person will not be transferred to you. Also you will have to pay the NCB amount, which the previous owner has availed, to the insurance company for the remaining period of insurance.

Naman

You are right!!!

Originally Posted by black12rr

If a second hand car is purchased , can the insurance be transferred before the registration is transferred on RC book ?
PS :The insurance is valid and in force still .

Also will the NCB of that person can be transferred to me in the next renewal ?

The insurance can be transferred on the day you buy the car where as the RC book will take 20 or may be more day's time. There is one form called "29" it is basically a transfer form which will have a sign of both, seller and buyer. You can give the xerox copy of that form to insurance company and get the insurance done in your name.

NCB is the property of the owner of the car and not the car, that goes with the seller of that car.

Originally Posted by longford

I called chola but they have this single call number and they say they will call back. which did not happen.

So its Bajaj for me. Taking the 250k offer for 4500 bucks.
Thanks for your help, Rupesh.

please tell me one more thing.
The PA for 5 unnamed passengers is 250 bucks for 1L coverage per person.
Now risk coverage is for anybody who has a valid driving license right? SO, if owner driver and paid driver is covered, why do i need 5 people coverage? The bajaj lady indicated that only me and "paid" driver is covered in the additional TP liability. But wife or any other friend drives the car, it is for their coverage and 4 other passengers.

Though I understand that this cover is purely optional, I am not very sure if I understood it correctly and don't mind having that additional cover on.
Please advise.

Un-name P.A. logic, why 5 persons?: -

Eg. I have the car in my name and if I am driving that car then I need to have the owner driver p.a. cover but if I have a paid driver then I need to take paid driver p.a. - This two things is same.

Then what is the need for 5 person p.a.?

Eg. If I am not driving the car and I give my car to my friend and they are 5 people in the car. Now he is not my paid driver or he is not the owner also. that's why we need to take the premium as 5 people UN-NAME.

One can go up to Rs. 200000 for Rs. 100 per person.

[black12rr]

Thanks Naman for answers . I think I have to shell out some money for transfer :( ,for the NCB you mentioned .

[naman07]

Originally Posted by black12rr

Thanks Naman for answers . I think I have to shell out some money for transfer :( ,for the NCB you mentioned .

You are welcome :-)

Yup buddy, we have to do it. Don't worry the amount will not be more than 2k at max. Had done this 5 months back, now I have to go in for the new insurance as the previous one is expiring :-(

[longford]

Originally Posted by rjvora_2000

This is wrong!!!



You are right!!!



The insurance can be transferred on the day you buy the car where as the RC book will take 20 or may be more day's time. There is one form called "29" it is basically a transfer form which will have a sign of both, seller and buyer. You can give the xerox copy of that form to insurance company and get the insurance done in your name.

NCB is the property of the owner of the car and not the car, that goes with the seller of that car.



Un-name P.A. logic, why 5 persons?: -

Eg. I have the car in my name and if I am driving that car then I need to have the owner driver p.a. cover but if I have a paid driver then I need to take paid driver p.a. - This two things is same.

Then what is the need for 5 person p.a.?

Eg. If I am not driving the car and I give my car to my friend and they are 5 people in the car. Now he is not my paid driver or he is not the owner also. that's why we need to take the premium as 5 people UN-NAME.

One can go up to Rs. 200000 for Rs. 100 per person.

Thanks,pal. For clarifying my wrong understanding on the insurance transfer before RC transfer. Ya, I think I also did the same forwarding the form 29,30 to the insurance co.

The un-named PA cover understanding is also reconfirmed. Thanks. I have taken the 100000 cover costed me 250 bucks. Better safe than sorry.

[aryashiv1]

My car insurance policy is expiring on 13 Nov. It is no claim policy. Now my present Insurance company is asking for a premium amount of 7250/- . he says its 40% benefit because of no claim and 20% discount. Details of my car:

Year of Manufactur 2008
IDV 425450.00
Kms Run 15450

What other details do you need?

[rjvora_2000]

Originally Posted by aryashiv1

My car insurance policy is expiring on 13 Nov. It is no claim policy. Now my present Insurance company is asking for a premium amount of 7250/- . he says its 40% benefit because of no claim and 20% discount. Details of my car:

Year of Manufactur 2008
IDV 425450.00
Kms Run 15450

What other details do you need?

He is giving you less discount ask for some more discount. Ncb is something which you deserve so don't calculate that when you are counting discount.

[aryashiv1]

What is the kind of permium I should be paying??

[rjvora_2000]

Please go for some more insurance company, I think it should be around or less then Rs. 6000.

[TracerBullet]

My car insurance policy -Royal Sundaram is going to expire in a month. I haven't made any claims so far. The car will be 6 years old next month.

I read in another thread (Best Insurance provider) that Royal Sundaram reduces the IDV to peanuts. In my renewal notice, the IDV mentioned is Rs 110k and premium quoted is 3442/-.

I hadn't given so much attention about car insurance. Should I look out for another insurance company ? Is this IDV and premium quote fine?

Thanks in advance

[amit_mechengg]

after registering the claim with ICICI Lombard on 3rd of November the surveyor was supposed to call me within 42 hours.
here comes the great pathetic service of ICICI and they dont even bother to assign a surveyor.
then i started taking the followup and was asked to speak to some senior managers and what not. each person giving me a different persons number. at last after making 4-5 calls i managed to speak to a lady who then informed me that she is at home and will go to the office tomorrow

today i called her back and she has given me a long list of documents to be kept ready, let aside the surveyor.
i have noted the following details over the phone.

1. Claim Form
2. Address proof and photos
3. Original policy
4. RTO intimation report -again waste 1500 rs
5. FIR
6. Form 28,29,30 - 3 copies -no idea what this is
7. Loan Statement from bank
8. Purchase Invoice
9. Indemnity Bond -220rs notarized, can someone explain what this is
10. Drivers statement
11. Original RC
12. Untraced Report - after 3 months only
13. Two Keys
14. Vehicle Service records.

[jassi]

My insurance with NIC had expired as mentioned earlier in this thread due to some confusion by company car lease people.

So I went ahead with New India Assurance, and it barely took 2 hrs to get the insurance. The inspection was done in the office parking lot and within 1 hr, I was handing them the check for the premium. So far looks good :-)

[rjvora_2000]

Originally Posted by TracerBullet

My car insurance policy -Royal Sundaram is going to expire in a month. I haven't made any claims so far. The car will be 6 years old next month.

I read in another thread (Best Insurance provider) that Royal Sundaram reduces the IDV to peanuts. In my renewal notice, the IDV mentioned is Rs 110k and premium quoted is 3442/-.

I hadn't given so much attention about car insurance. Should I look out for another insurance company ? Is this IDV and premium quote fine?

Thanks in advance

What is the last year's IDV? (Sum insured)

Originally Posted by amit_mechengg

after registering the claim with ICICI Lombard on 3rd of November the surveyor was supposed to call me within 42 hours.
here comes the great pathetic service of ICICI and they dont even bother to assign a surveyor.
then i started taking the followup and was asked to speak to some senior managers and what not. each person giving me a different persons number. at last after making 4-5 calls i managed to speak to a lady who then informed me that she is at home and will go to the office tomorrow

today i called her back and she has given me a long list of documents to be kept ready, let aside the surveyor.
i have noted the following details over the phone.

1. Claim Form
2. Address proof and photos
3. Original policy
4. RTO intimation report -again waste 1500 rs
5. FIR
6. Form 28,29,30 - 3 copies -no idea what this is
7. Loan Statement from bank
8. Purchase Invoice
9. Indemnity Bond -220rs notarized, can someone explain what this is
10. Drivers statement
11. Original RC
12. Untraced Report - after 3 months only
13. Two Keys
14. Vehicle Service records.

Feels sorry reading this service part from Icici...
But I know few thing's let me start replying.
1. You will get this from insurance company.
2. Pass port will be ok.
3. They need it as they are paying the claim.
4. I think you just have to give the Intimation and submit them the acknowledgment to them.
5. You have it with you.
6. This is a wrong requirement, not for you. This you have to give if there is a transfer of ownership change.
7. You can ask the bank they will give you.
8. You have it with you.
9. They will give you the specimen for this, in which you will write on the stamp paper that if you find the vehicle tomorrow you will hand over the same to them since they are paying the money to you from now on the ownership is transferred to them.
10. You have it with you.
11. You have it with you.
12. This is also called F.I.R. which means Final Investigation Report which you will get it after may be 3 months from police.
13. You have it with you.
14. You have it with you.

[TracerBullet]

Originally Posted by rjvora_2000

What is the last year's IDV? (Sum insured)

Last year's IDV was 135k. The IDV for the year before last year was 165k.

I spoke to the following two motor insurance companies

01. Bajaj Allianz
IDV = Rs 192k, Premium = Rs 3900/-
02. Tata AIG
IDV = Rs 145K (plus/minus 10% of IDV), Premium = Rs 3902/-

I am getting the feeling that Royal Sundaram is valuing the car very low. And I have to admit that I have been ignorant about this and didn't care much about it.

And the car we are talking about is Fiat Palio NV 1.2 EL PS.

[rjvora_2000]

Originally Posted by TracerBullet

Last year's IDV was 135k. The IDV for the year before last year was 165k.

I spoke to the following two motor insurance companies

01. Bajaj Allianz
IDV = Rs 192k, Premium = Rs 3900/-
02. Tata AIG
IDV = Rs 145K (plus/minus 10% of IDV), Premium = Rs 3902/-

I am getting the feeling that Royal Sundaram is valuing the car very low. And I have to admit that I have been ignorant about this and didn't care much about it.

And the car we are talking about is Fiat Palio NV 1.2 EL PS.

Ask Bajaj to give you quote on Rs. 1,21,500 Which is 10% less then the the last year. As they are the best insurer in the market. You started from 3442 lets see where you reach.