Insurance Costs

[Ajay]

Originally Posted by GTO

Hey Steeroid,

MAKE SURE you transfer the no-claim bonus of your Accent to the Safari - It will save you a ton of $$$. And do not opt for third party on a new car. Its just not worth any potential hassles.

Thanks to Ajmat for pointing this one out (Trust me, your insurance agent wont). When I was getting my Vtec, the insurance premium ran up to Rs. 27,000. Transferred my Zens NCB to the Vtec and voila - got the premium down to Rs. 10,200.

GTO

Guys, Had a query. When you transfer the no-claim bonus of your existing car to your new car,Does the insurance on the existing car get converted to 3rd party or remain comprehensive?
Would the NCB still be transferred if we change the insurance co?

[Zappo]

Originally Posted by Ajay

Guys, Had a query. When you transfer the no-claim bonus of your existing car to your new car,Does the insurance on the existing car get converted to 3rd party or remain comprehensive?
Would the NCB still be transferred if we change the insurance co?

A very pertinent question... I was also wondering on the same lines ajay. Although I feel if the NCB is transferred you probably will not get the NCB rebate while renewing the old car's insurance. It should not change the type of cover you have on your old vehicle.

More specifically NCB is paid year to year if I am not mistaken. So if I do not claim anything this year my next year's premium goes down by a certain amount. Right? So how much can this accumulated NCB for the whole year be so as to bring down the premium by such hefty margins?!!!

Come on guys... please do let us know.

[GTO]

Guys, Had a query. When you transfer the no-claim bonus of your existing car to your new car,Does the insurance on the existing car get converted to 3rd party or remain comprehensive?

The choice is yours - irrespective of the type of insurance policy. My zen had a 65% NCB on its policy. My comprehensive insurance for the Vtec cost only about 10,xxx instead of 27,xxx. What can I say but thanks again to Ajmat for telling me about this.

GTO

[karthik247]

I too need to renew insurance for my car.
Now i was told i could get a low premium insurance but then the prob is that if the car is involved in crash and the damage cost exceed the amount u have insured, the vehicle is declared as total loss. NO u need to be careful before deciding..

OK now i don't know what half of that stuff means, but thats what the insurance company guys told me.

[F50]

Originally Posted by Ajay

Guys, Had a query. When you transfer the no-claim bonus of your existing car to your new car,Does the insurance on the existing car get converted to 3rd party or remain comprehensive?

Ok first things first....
You can sell your car in two ways :
1. With Insurance
2. Without Insurance

You get No Claim Bonus in both the cases but you have to SELL your vehicle then only ...
Inshort owners should change then only you can transfer NCB.
And you sell your car with insurance then buyer enjoys the same i.e. comprehensive or 3rd party insurance.

Originally Posted by Ajay

Would the NCB still be transferred if we change the insurance co?

Yes the NCB will be transfered even if you change company but you have to show along the certificate in which your previous company should mention that you enjoy this much % of NCB.
Some companies have issues in givin it ... dont wanna name them.

[F50]

Originally Posted by GTO

Hey Steeroid,


Thanks to Ajmat for pointing this one out (Trust me, your insurance agent wont).

GTO

Actually its wrong on your agent's part. He is supposed to inform you about this. That's why I feel if the insurance guy is a known guy it helps, atleast people are not charged more just for the sake of earning few more hundreds as commission.

[mclaren1885]

Originally Posted by karthik247

I too need to renew insurance for my car.
Now i was told i could get a low premium insurance but then the prob is that if the car is involved in crash and the damage cost exceed the amount u have insured, the vehicle is declared as total loss. NO u need to be careful before deciding..

OK now i don't know what half of that stuff means, but thats what the insurance company guys told me.

ok from what i heard is , to claim total loss the repair costs should be atleast 75% of the IDV cost .. Only then u are eligible ..

[karthik247]

What i think is that he meant if we get a lower plan or sumtin like that, then the money u'll be gettin in case of an accident will be low too. So in case of a crash, even if its not fatal, the car will be a total loss cuz ur insured for a lower amount
Am i correct???

[F50]

Originally Posted by mclaren1885

ok from what i heard is , to claim total loss the repair costs should be atleast 75% of the IDV cost .. Only then u are eligible ..

Its not necessary that it should cross 75% companies do give even at 50-60%....
total loss is IDV as specified in policy less value of wreck.
Eg: if IDV is 500,000 and wreck is of 250,000 then company will declare it as Total Loss and pay client the value and company take the salvage value.

[mclaren1885]

Originally Posted by F 50

Its not necessary that it should cross 75% companies do give even at 50-60%....
total loss is IDV as specified in policy less value of wreck.
Eg: if IDV is 500,000 and wreck is of 250,000 then company will declare it as Total Loss and pay client the value and company take the salvage value.

Hhmm.. thats is what i heard from quite a few people .. That unless the repair costs are 75% u are not eligible to get a total claim .. However all depends on a case to basis too atleast thats what i was told by a few , and also the insurance agent .. So they also consider the value of the wreck while considering the claim is it ???

[Ajay]

Originally Posted by F 50

Ok first things first....
You can sell your car in two ways :
1. With Insurance
2. Without Insurance

You get No Claim Bonus in both the cases but you have to SELL your vehicle then only ...
Inshort owners should change then only you can transfer NCB.
And you sell your car with insurance then buyer enjoys the same i.e. comprehensive or 3rd party insurance.




Yes the NCB will be transfered even if you change company but you have to show along the certificate in which your previous company should mention that you enjoy this much % of NCB.
Some companies have issues in givin it ... dont wanna name them.

Many Thanks to ALL for the clarifications. Looking at your reply, these are the conclusions that I have arrived at:

1) When you plan to sell the car, Transfer the NCB onto your new car. BUT what would happen if I do not intend on buying a new vehicle?? question is valid since in India, the insurance is tied onto the car and not necessarily the owner! Isnt it? I might be wrong here though.

2) Due to the reason decribed above, how would we be able to enjoy the NCB on the car we sell? Well if we have two existing cars and decide to sell one , will we be able to transfer the NCB of that one to the other one we intend to keep?
See where Im getting to??

Recently read a thread by Rtech on how bad ICICI's insurance dept works after which I started to think deep about our cars' insurance policies! it will be good if end consumers interests are kept in mind at all times! BUT!.
Cheers

[tifosikrishna]

Originally Posted by Ajay

Many Thanks to ALL for the clarifications. Looking at your reply, these are the conclusions that I have arrived at:

1) When you plan to sell the car, Transfer the NCB onto your new car. BUT what would happen if I do not intend on buying a new vehicle?? question is valid since in India, the insurance is tied onto the car and not necessarily the owner! Isnt it? I might be wrong here though.

When you sell your old car and get the insurance transferred to the new owner, the insurance company will issue a NCB certificate in your name. you will be able to use that certificate when you make your new purchase. However, I donno how long the NCB certificate is valid. Secondly, in my case, i had my previous car insured with NATIONAL INSURANCE and the new one with NEW INDIA ASSURANCE.. still I was able to avail the NCB from my previous car. If i am right it applies to public sector insurance companies, in the sense, you NCB will be valid across all public sector insurance companies..

[Surprise]

Originally Posted by F 50

Eg: if IDV is 500,000 and wreck is of 250,000 then company will declare it as Total Loss and pay client the value and company take the salvage value.

You mean to say that they will pay the IDV of 5L.

[Beemer]

[quote=F 50]Its not necessary that it should cross 75% companies do give even at 50-60%....
total loss is IDV as specified in policy less value of wreck.

If the repair costs exceeds 75% of the IDV ,only then the car is to be declared as a total loss(atleast thats what i read in the small booklet given to me along with the cover note) but as you said co. do give it even at 50-60% ..

I guess, all they do is calculate .. They try to figure out ,how they benifit the most ..If they feel the repair costs are coming less then they refuse to declare it a total loss or else they do it ..

If the repair costs are less than 75% of IDV , its upto the insurance co to decide whether they want to declare it as a total
loss or not .. If they choose no ,then the client cant take any legal action against them but once the cost exceeds 75% ,the ball is in the clients court(thats what i was told by one of the surveyors) ...

Originally Posted by F 50

Eg: if IDV is 500,000 and wreck is of 250,000 then company will declare it as Total Loss and pay client the value and company take the salvage value.

Are you sure ,they declare it as a total loss or did you mean cash loss ??

[usrivpx]

[quote=Beemer]

Originally Posted by F 50

If the repair costs are less than 75% of IDV , its upto the insurance co to decide whether they want to declare it as a total
loss or not ..

I am quite new bee can u please tell me what does a total loss means ? Is it a total loss to the customer or the insurance company? do the customer gets 100% of the cost of damage in this case?