Insurance Queries?

nitrous · 23rd November 2005, 12:09

MUST READ!!! for every team-bhpian.

Superb post, tsk1979. It'll definitely benefit a lot of people.

MrBoombastic · 2nd February 2006, 11:37

Does anyone know when the Insurance industry in India gets deregulated? I did run a search, but this thread was the best I could find.

tsk1979 · 2nd February 2006, 11:59

Read the insurers vs manufacturors thread
http://www.team-bhp.com/forum/indian...ight=insurance
The new policy is expected to come in 2007 March definately, and most probably the announcement will be made in this budget.
Actually it was supposed to be 2006 but already left parties are opposing airport privatisation etc., so deregulating insurance will mean them dropping support to govt.

MrBoombastic · 2nd February 2006, 12:04

Quote:

Originally Posted by tsk1979

Read the insurers vs manufacturors thread
http://www.team-bhp.com/forum/indian...ight=insurance
The new policy is expected to come in 2007 March definately, and most probably the announcement will be made in this budget.
Actually it was supposed to be 2006 but already left parties are opposing airport privatisation etc., so deregulating insurance will mean them dropping support to govt.

Believe it or not, I first checked to see if your were online or not before making this post

. Anyway, I'm glad you logged on and answered my query... Thanks, tsk bhai.

ghostrider4385 · 2nd February 2006, 12:53

guys, I was just wondering... can we change insurance companies if we are not satisfied with our present one. Someone in my office told me that we can't. But then it doesnt really make sense now does it?

Godspeed.

Alok.

MrBoombastic · 2nd February 2006, 13:58

Quote:

Originally Posted by ghostrider4385

guys, I was just wondering... can we change insurance companies if we are not satisfied by our present one. Someone in my office told me that we can't. But then it doesnt really make sense now does it?

Godspeed.

Alok.

Wait for your current policy to expire (as that makes sense) and then, you can. I would suggest you take insurance from whoever has a tie-up with your workshop as that saves you a lot of headache and helps in faster claims.

ghostrider4385 · 2nd February 2006, 14:55

Quote:

Originally Posted by MrBoombastic

Wait for your current policy to expire (as that makes sense) and then, you can. I would suggest you take insurance from whoever has a tie-up with your workshop as that saves you a lot of headache and helps in faster claims.

To MrBoombastic: The reason I had asked this question is because someone in my office recently bought a 2nd hand zen. The zen already has a 3rd party insurance policy on it from some other insurance company (in other words not from the company tied up with the workshop). But after reading tsk's post he said he would rather change it to a Comprehensive Insurance policy. So now,

a. Can you change your insurer before the policy has expired, or do you HAVE to wait till it does?

b. Can you UPGRADE your insurance policy from a 3rd party policy to a comprehensive policy. And if so, again, can you do this before it's expiry or do you have to wait till it is expired.

Godspeed.

Alok.

ash7678 · 2nd February 2006, 16:19

Quote:

Originally Posted by MrBoombastic

Wait for your current policy to expire (as that makes sense) and then, you can. I would suggest you take insurance from whoever has a tie-up with your workshop as that saves you a lot of headache and helps in faster claims.

Hey Boombastic!

What happens if i've claimed twice this year already and i change my insurer after my current policy expires? Will my current year's claims reflect in the records of the next insurer and thereby raise my premiums???

Zappo · 2nd February 2006, 16:35

Quote:

Originally Posted by ghostrider4385

a. Can you change your insurer before the policy has expired, or do you HAVE to wait till it does?

b. Can you UPGRADE your insurance policy from a 3rd party policy to a comprehensive policy. And if so, again, can you do this before it's expiry or do you have to wait till it is expired.

To answer your queries,
a. You can definitely do that, but why pay premium twice for the same year? Let the current one lapse and then go for the new premium. It is not mandatory though (and can not be).

b. You sure can do that. If you go to a different insurance co. then it is as simple as choosing the policy type you want, no fuss. If you remain with the current people also you can do that once the current policy cover lapse. A comprehensive policy over the mere 3rd party only means bigger business for the insurance co. So they will be only too glad to oblige

Zappo · 2nd February 2006, 16:39

Quote:

Originally Posted by ash7678

Hey Boombastic!

What happens if i've claimed twice this year already and i change my insurer after my current policy expires? Will my current year's claims reflect in the records of the next insurer and thereby raise my premiums???

You will get into all these problems once the industry gets completely deregulated. As of now there is no central repository available to share such info. When you go to a new insurance company it is not mandatory for you to reveal with whom you had the earlier insurance and more importantly your previous policy no. So they do not know anything about your past history. They will simply work out the IDV and hence the premium based on the age and condition of the vehicle.

So relax

MrBoombastic · 2nd February 2006, 18:13

Hey, ghost and ash, I am sorry, but I think I logged out before you guys posted and Zappo has answered your questions rightly. Thanks, Zappo

Also, I feel that tsk bhai is a far better person at answering insurance related stuff than I am. You must read his posts on the same topic on various threads, one can learn a lot from what he says.

OT: Sensible signature you got, Zappo... I like it!

Zappo · 2nd February 2006, 18:50

Quote:

Originally Posted by MrBoombastic

Hey, ghost and ash, I am sorry, but I think I logged out before you guys posted and Zappo has answered your questions rightly. Thanks, Zappo

Also, I feel that tsk bhai is a far better person at answering insurance related stuff than I am. You must read his posts on the same topic on various threads, one can learn a lot from what he says.

OT: Sensible signature you got, Zappo... I like it!

Tanveer is an expert in quite a few things automotive... particularly if that happens to be diesel. Only his water treatment thing flummoxed me yesterday!

About that signature... well... can't help it... i see the unruly traffic here in hyderabad and the number of those going under the wheels of buses and trucks everyday. So I follow that theory like a gospel

shuvc · 2nd February 2006, 19:40

A colleague of mine told me yesterday (with a lot of conviction) that insurance companies do not give 'comprehensive cover' for vehicles that have been discontinued i.e. production stopped.

Any truth in this ?

tsk1979 · 3rd February 2006, 11:07

Hehe, I am no expert guys

. Just keep my eyes open!
About the water treatment thing, Its something I tried myself after seeing the PUC check guy doing it. And it workes like a dream in improving performance. How do you think those workshop guys decarbonise your silencer. they wash it. Same thing you can do at home without taking of the silencer!

ghostrider4385 · 3rd February 2006, 11:46

<OFFTOPIC>To Zappo & tsk1979: I think i missed reading the post about the water treatment thing. My eyes picked up the word PUC and now i'm curious :P... what was this topic about. Mind giving me the link please? And zappo, thanks man, that answered my collegue's question. He thanks you.

Godspeed.

Alok.

23rd November 2005, 12:09	#16
nitrous Senior - BHPian Join Date: May 2004 Location: UAE/Lon/Madras Posts: 6,965 Thanked: 325 Times View My Garage	MUST READ!!! for every team-bhpian. Superb post, tsk1979. It'll definitely benefit a lot of people.
	() Thanks

2nd February 2006, 11:37	#17
MrBoombastic BANNED Join Date: Oct 2005 Location: Chennai Posts: 253 Thanked: 6 Times	Does anyone know when the Insurance industry in India gets deregulated? I did run a search, but this thread was the best I could find.
	() Thanks

2nd February 2006, 11:59	#18
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Read the insurers vs manufacturors thread http://www.team-bhp.com/forum/indian...ight=insurance The new policy is expected to come in 2007 March definately, and most probably the announcement will be made in this budget. Actually it was supposed to be 2006 but already left parties are opposing airport privatisation etc., so deregulating insurance will mean them dropping support to govt.
	() Thanks

2nd February 2006, 12:53	#20
ghostrider4385 BHPian Join Date: Dec 2005 Location: Hyderabad Posts: 389 Thanked: 12 Times	guys, I was just wondering... can we change insurance companies if we are not satisfied with our present one. Someone in my office told me that we can't. But then it doesnt really make sense now does it? Godspeed. Alok. Last edited by Rehaan : 3rd February 2006 at 08:37.
	() Thanks

2nd February 2006, 18:13	#26
MrBoombastic BANNED Join Date: Oct 2005 Location: Chennai Posts: 253 Thanked: 6 Times	Sorry and thanks! Hey, ghost and ash, I am sorry, but I think I logged out before you guys posted and Zappo has answered your questions rightly. Thanks, Zappo Also, I feel that tsk bhai is a far better person at answering insurance related stuff than I am. You must read his posts on the same topic on various threads, one can learn a lot from what he says. OT: Sensible signature you got, Zappo... I like it!
	() Thanks

2nd February 2006, 19:40	#28
shuvc Senior - BHPian Join Date: May 2005 Location: Kolkata Posts: 2,913 Thanked: 352 Times View My Garage	Comprehensive cover for discontinued vehicles A colleague of mine told me yesterday (with a lot of conviction) that insurance companies do not give 'comprehensive cover' for vehicles that have been discontinued i.e. production stopped. Any truth in this ?
	() Thanks

3rd February 2006, 11:07	#29
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	Hehe, I am no expert guys . Just keep my eyes open! About the water treatment thing, Its something I tried myself after seeing the PUC check guy doing it. And it workes like a dream in improving performance. How do you think those workshop guys decarbonise your silencer. they wash it. Same thing you can do at home without taking of the silencer!
	() Thanks

3rd February 2006, 11:46	#30
ghostrider4385 BHPian Join Date: Dec 2005 Location: Hyderabad Posts: 389 Thanked: 12 Times	<OFFTOPIC>To Zappo & tsk1979: I think i missed reading the post about the water treatment thing. My eyes picked up the word PUC and now i'm curious :P... what was this topic about. Mind giving me the link please? And zappo, thanks man, that answered my collegue's question. He thanks you. Godspeed. Alok.
	() Thanks