Team-BHP - Insurance premiums vs claims - Would 'Self Insurance' be cheaper for you?

Quote:

Originally Posted by wanderernomad (Post 3921571)

Is it possible to collect your comprehensive insurance ncb certificate and keep it for a later date to transfer to a new car? If yes, what would be the time period for which such a certificate shall be valid? During the interim can I continue to insure the existing car with the third party insurance?

Most of the Insurance co hand over the NCB certificate when you confirm that the car is sold. In other cases, they would mention the NCB applicable on the application form which you would request. The NCB accumulated can be used on new car purchases within 3 yrs of the certificate issue.

You can continue using the TPL only insurance on your car on which you have accumulated the NCB.

Voted others.

I prefer third party insurance for my vehicles, both cars and two wheelers.
Fortunately, no major accidents or thefts and I drive carefully. There is covered and designated parking for my vehicles in my residence.
Even if I am buying a new car or two wheeler, I won't take comprehensive insurance.

I will be more cautious if I buy a new vehicle, probability of damages are less when my vehicle is new unless someone else causes the damage.

I don't care for small scratches, that's bound to happen, can be repainted outside easily.
For me the basics like mechanicals are more important than outer scratch less body.

I feel this whole insurance business is a sham, while paying the premium it is very simple but when there is a claim suddenly lot of procedures!

Third party is just another level!

Insurance premiums vs claims - Would 'Self Insurance' be cheaper for you?-cityinsurance.jpg

I am paying Rs 3683 for a third party cover of just Rs 6000!
I restricted the third party premium by Rs 100 by reducing the cover.

During accidents, if it was super easy to claim for insurance, I would have preferred for insurance.

Quote:

Originally Posted by sindabad.sailor (Post 3659219)

The True Self insurance would make sense if numerous like minded people come together and pool up money.*SNIP*

Er... I know I am responding to a six-year old post; but you've just invented - insurance! clap:

Numerous like-minded people (the insured parties) have indeed pooled their money (premiums) and entrusted one entity (the insurer) to manage it for the group, and pay out when they have claims.

Cheers

Quote:

Originally Posted by tilt (Post 5075174)

I had almost forgotten about this post. Nevertheless, thanks for reminding.

I think the crux of that post was a non-profit-oriented ONE ENTITY, operating on a co-operative principal with the aim of providing AT COST insurance rather than corporate style ONE ENTITY which additionally recovers the fat distributed overheads costs and profit loading on top. As a concept, I reckon it is still valuable. Needless to say, the user experience would largely depend on the integrity of people in decision making positions and perhaps a reason for limiting it to real like minded people who understand the concept, the value in it and associated risks (mainly less legally enforceable contracts)

6 years fast forward and someone from my school group has launched this experiment within close circle of friends, albeit on a very small scale. Not aware how it is doing as I am not part of it due to my relocation overseas.

The concept seems more like Protection and Indemnity Club rather than reinvention of the wheels of insurance principals ( now that I have read a book or two about Marine Insurance:))

Thanks again for the opportunity to reflect on my own thinking few years ago.

Cheers.