Insurance - Ask me

[isldhn]

Originally Posted by rjvora_2000

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.

[rjvora_2000]

Originally Posted by isldhn

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!!!

[Proxima]

Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians.

(Rated the thread 5 star)

[rjvora_2000]

Originally Posted by Proxima

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.

[ssjr0498]

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

[rjvora_2000]

Originally Posted by ssjr0498

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.

[F50]

Originally Posted by ssjr0498

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.

[aka_iitd]

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?

[F50]

Originally Posted by aka_iitd

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.

[rjvora_2000]

Originally Posted by F50

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.

[rjvora_2000]

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%.

[Proxima]

Originally Posted by rjvora_2000

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?

[rjvora_2000]

Originally Posted by Proxima

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!!

[nitrous]

Originally Posted by F50

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.

[rjvora_2000]

Originally Posted by nitrous

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.