Insurance Costs - Page 3 - Team-BHP

razor4077 · 20th May 2007, 17:20

My situation is a little complicated...
I have a Santro whose insurance policy elapses on June 1st. Around the same time I will be buying a second-hand Lancer. There will be an overlap of around a month while I restore the Lancer and find a buyer for the Santro.
I don't want to purchase insurance for my Santro for a whole year since I plan to sell it in a month or two. At the same time, driving a car without insurance is a strict no-no.
If i buy insurance for the Santro, will the coverage be transferred to the new owner? Not sure how it works...
And another point - does the premium go down with increase of a car's age, or vice versa?
Anyone with some knowhow in this field, pls pitch in. Thanks!

ash_blore · 10th November 2009, 14:49

Hi,
I have a confusion regarding my insurance renewal. Experts please help

Car details:
Hyundai Accent 1.6 GLS with ABS (petrol).
year - 2003

Current Insurance Details
ICICILombard
IDV 287096 and total premium 12272
No claims in current year so NCB = 20%

Renewal Quotes
a) ICICILombard
IDV 255197. Basic premium 5071 - 20% NCB = 4056
3rd party + own driver = 2600
Total premium incl of tax 7370

b) Bajaj Allianz (online calculator)
IDV 303547, Basic premium 8945 - Bonus (2236) = 5703
3rd party + own driver = 2600
Total premium incl of tax 9158

Couple of questions
BA gives higher IDV so is it better? But its basic rate is 3% of IDV. Where as for Icici the basic rate works out to be 2% of IDV
However, BA seems to give a higher bonus % (maybe because I am moving to them from icici)

Overall if I take the total premium to IDV both come close to 2.9% but with BA giving me a higher IDV.

So which one is recommended in terms of the claim settlement and general customer focus?

Please guide.

aka_iitd · 10th November 2009, 15:16

Razor
I don't want to purchase insurance for my Santro for a whole year since I plan to sell it in a month or two. At the same time, driving a car without insurance is a strict no-no.
>> Can do third party insurance and go ahead driving the car. I think this is OK
If i buy insurance for the Santro, will the coverage be transferred to the new owner? Not sure how it works...
>> It would be transferred but new owner will not get NCB. He needs to pay full insurance. Infact you can transfer you insurance to car which you are buying(Lancer). NCB goes with the insurer not with the CAR
And another point - does the premium go down with increase of a car's age, or vice versa?
>> It depends upon IDV value hence it will go down

rjvora_2000 · 10th November 2009, 17:51

Quote:

Originally Posted by ash_blore

Hi,
I have a confusion regarding my insurance renewal. Experts please help

Car details:
Hyundai Accent 1.6 GLS with ABS (petrol).
year - 2003

Current Insurance Details
ICICI Lombard
IDV 287096 and total premium 12272
No claims in current year so NCB = 20%

Renewal Quotes
a) ICICILombard
IDV 255197. Basic premium 5071 - 20% NCB = 4056
3rd party + own driver = 2600
Total premium incl of tax 7370

b) Bajaj Allianz (online calculator)
IDV 303547, Basic premium 8945 - Bonus (2236) = 5703
3rd party + own driver = 2600
Total premium incl of tax 9158

Couple of questions
BA gives higher IDV so is it better? But its basic rate is 3% of IDV. Where as for Icici the basic rate works out to be 2% of IDV
However, BA seems to give a higher bonus % (maybe because I am moving to them from icici)

Overall if I take the total premium to IDV both come close to 2.9% but with BA giving me a higher IDV.

So which one is recommended in terms of the claim settlement and general customer focus?

Please guide.

Tell Bajaj to give you quote on 250000. Since the last year's Idv 287000 you have to reduce it by 10% to 20% every year. Take a transfer from Icici to bajaj Icici is very poor in services where as Bajaj is the best.

ash_blore · 10th November 2009, 20:19

Quote:

Originally Posted by rjvora_2000

Tell Bajaj to give you quote on 250000. Since the last year's Idv 287000 you have to reduce it by 10% to 20% every year. Take a transfer from Icici to bajaj Icici is very poor in services where as Bajaj is the best.

But is there a problem if i go with the higher IDV itself?

rjvora_2000 · 11th November 2009, 09:46

Quote:

Originally Posted by ash_blore

But is there a problem if i go with the higher IDV itself?

Please see my reply on this thread.

http://www.team-bhp.com/forum/indian...ce-ask-me.html (Insurance - Ask me)

post no. 546,547.

10th November 2009, 14:49	#32 (permalink)
ash_blore BHPian Join Date: Aug 2008 Location: Bangalore Posts: 125	Hi, I have a confusion regarding my insurance renewal. Experts please help Car details: Hyundai Accent 1.6 GLS with ABS (petrol). year - 2003 Current Insurance Details ICICILombard IDV 287096 and total premium 12272 No claims in current year so NCB = 20% Renewal Quotes a) ICICILombard IDV 255197. Basic premium 5071 - 20% NCB = 4056 3rd party + own driver = 2600 Total premium incl of tax 7370 b) Bajaj Allianz (online calculator) IDV 303547, Basic premium 8945 - Bonus (2236) = 5703 3rd party + own driver = 2600 Total premium incl of tax 9158 Couple of questions BA gives higher IDV so is it better? But its basic rate is 3% of IDV. Where as for Icici the basic rate works out to be 2% of IDV However, BA seems to give a higher bonus % (maybe because I am moving to them from icici) Overall if I take the total premium to IDV both come close to 2.9% but with BA giving me a higher IDV. So which one is recommended in terms of the claim settlement and general customer focus? Please guide. __________________ ---------------------- 1978 premier padmini (sold for 7K!) 2000 Daewoo Matiz (what a car!) 2003 Hyundai Accent 2006 Honda civic AT

10th November 2009, 15:16	#33 (permalink)
aka_iitd BHPian Join Date: Aug 2008 Location: Bangalore Posts: 477	Razor I don't want to purchase insurance for my Santro for a whole year since I plan to sell it in a month or two. At the same time, driving a car without insurance is a strict no-no. >> Can do third party insurance and go ahead driving the car. I think this is OK If i buy insurance for the Santro, will the coverage be transferred to the new owner? Not sure how it works... >> It would be transferred but new owner will not get NCB. He needs to pay full insurance. Infact you can transfer you insurance to car which you are buying(Lancer). NCB goes with the insurer not with the CAR And another point - does the premium go down with increase of a car's age, or vice versa? >> It depends upon IDV value hence it will go down __________________ Sx4 - 2008 Getz - 2007 Santro - Sold HH Passion - 2001 Last edited by aka_iitd : 10th November 2009 at 15:19.

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20th May 2007, 17:20	#31 (permalink)
razor4077 Senior - BHPian Join Date: Sep 2006 Location: Kolkata Posts: 1,568 View My Garage	My situation is a little complicated... I have a Santro whose insurance policy elapses on June 1st. Around the same time I will be buying a second-hand Lancer. There will be an overlap of around a month while I restore the Lancer and find a buyer for the Santro. I don't want to purchase insurance for my Santro for a whole year since I plan to sell it in a month or two. At the same time, driving a car without insurance is a strict no-no. If i buy insurance for the Santro, will the coverage be transferred to the new owner? Not sure how it works... And another point - does the premium go down with increase of a car's age, or vice versa? Anyone with some knowhow in this field, pls pitch in. Thanks!