![]() | #151 |
Senior - BHPian Join Date: Dec 2006 Location: Bangalore
Posts: 1,262
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| ![]() Zara Hatke question but can any informed people tell how much of IDV one gets back in case of insurance claims? Suppose I have a vehicle with IDV of 1 lakh and it gets stolen. If I make an insurance claim, how much money will I get from my insurer? |
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![]() | #152 | ||
BHPian ![]() Join Date: Aug 2004 Location: Mumbai
Posts: 710
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Remember that the only time they will bring up this issue is at the time of a claim. | ||
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![]() | #153 | |
Distinguished - BHPian ![]() ![]() Join Date: Feb 2004 Location: GTA
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![]() | #154 | |
BHPian ![]() | ![]() Guys... some help ![]() Quote:
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![]() | #155 | |
BHPian Join Date: Oct 2008 Location: Bangalore
Posts: 46
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However, for you to claim your NCB now, your current policy should have already had a 25% NCB. I am not sure whether the insurance company with which you are renewing your policy now, would award you NCB, if your current policy doesn't show any NCB. I have claimed 65% NCB on my earlier vehicle and got it transferred when I got my new truck (Dicor 2.2) in Oct 2007. I ended up paying less than half of the ‘regular’ premium for the new truck. Motor Insurance policy has two parts (check your policy). Own Damage and Liability. The NCB is given on the 'Own Damage' part. IRDA has now de-tariffed motor insurance premiums – so you could get competitive prices from different insurance companies. Yes, the premium depends on the IDV, but companies dole out discounts on the 'Own Damage'. The ‘Liability’ price is pretty much the same for all companies as stipulated by IRDA. Hope it helps. | |
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![]() | #156 | ||||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
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Note from the Team-BHP Support Staff : Please use the "edit" button if posting within 15 minutes of the first post, instead of creating another back-to-back post Please use "Multi Quote" option for quoting Multiple posts. Last edited by Technocrat : 1st November 2008 at 10:46. Reason: see note in post | ||||
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![]() | #157 |
BHPian ![]() | ![]() Ak47, Rjvora, Thanks for the info, guys. Last edited by ghostrider : 1st November 2008 at 18:33. |
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![]() | #158 |
BHPian Join Date: Jan 2007 Location: Goa
Posts: 417
Thanked: 5 Times
| ![]() I got my NCB certificate from my Insurance company. They were so prompt in issuing my NCB certificate that I was really taken by surprise the way services have improved in this sector. I sold my car to the Hyundai dealer in Pune, he provided me a delivery note and I also had him sign on a sale note that I had drafted. I submitted the following to the Insurance company. 1. Delivery note with dealers stamp. 2. Sale note with dealers stamp. 3. RC book copy. 4. Insurance certificate copy. 5. Hypothecation removal NOC copy from the bank. 6. Copy of the payment Demand Draft from the dealer. 7. Application to the Insurance company to issue a NCB certificate to me (Hand written one at the Insurance firm). Ditto they issued me the NCB certificate in 5 minutes ! The certificate is valid for 3 years from date of last Insurance premium and is a 50% NCB. I now have only 1 concern, maybe forum members might be able to help me here. The vehicle is still in my name, since a dealer sells the car to a prospective buyer and then transfers it in one go. If by some mishap (I pray not), there is some accident with my vehicle, can the dealer claim the insurance that is currently valid on the vehicle ? Or can I prevent him from doing it (the vehicle/insurance is still on my name). I have signed the transfer forms and provided them to the dealer. Also what would happen to the new NCB that the Insurance company gave me in this case ? |
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![]() | #159 | |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
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Dealer can not make any claim in your insurance policy because insurance policy has been canceled in there records as well. The person who will buy your car from the dealer, he will have to do the insurance from first day it self. | |
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![]() | #160 |
BHPian Join Date: Jan 2007 Location: Goa
Posts: 417
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| ![]() Well, the insurance company didn't cancel the existing insurance, it's still valid, but they mentioned the the new owner will have to come and transfer the insurance. |
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![]() | #161 | |
BHPian Join Date: Oct 2008 Location: Bangalore
Posts: 46
Thanked: 0 Times
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On a related note, when your dealer informs you about the sale of your old vehicle, make sure you get a confirmation that your old vehicle has been "officially" transferred to the new owner. ( better to ask for a copy of the RC book, after transfer ). I have heard of a few cases where the seller had done all the formalities (as mentioned by you), but still the vehicle remained in the seller's name for quite some time - and, in some cases the "ownership" has been misused. cheers | |
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![]() | #162 |
BHPian Join Date: Jan 2007 Location: Goa
Posts: 417
Thanked: 5 Times
| ![]() Just spoke to the insurance company again, the existing Insurance on the car is very much valid. They mentioned that the new owner will have to submit an insurance transfer form along with the changed name on the updated RC book. |
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![]() | #163 |
BHPian ![]() | ![]() WOW man never knew about this. God damn. I didnt insured my 15 year old 800 last year. If i had I would have used its benefit on insurance of new car that i'll buy in future. |
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![]() | #164 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() Ok, in that case the purchaser will have to pay the NCB (%) amount (in the proportion to the days left for insurance renewal date) to the insurance company and he can get the insurance transfer in his name. Last edited by rjvora_2000 : 4th November 2008 at 16:13. |
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![]() | #165 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() Still before renewal date you can ask your insurance company to renew your 800 and pay only tp premium and still they will issue the NCB letter to you. |
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