Insurance Queries?

Surprise · 3rd February 2006, 15:03

Quote:

Originally Posted by Zappo

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

ghostrider 4385, Are u asking whether we can change the insurance company to a different company without paying any extra premium (just like transfering)? If yes, then the answer is no. Its not possible.

One way out is that you can preclose the insurance subjected to a minimum remaining period of six months, get back the amount refunded by them & open the insurance fresh with the company you like to go with. If you dont handle them properly or give valid reason they will try to avoid this refund.

You can upgrade your 3rd party insurance to a comprehensive one before the policy expires, but the car needs to be less than 5 yrs old. You need to pay the difference in amount and get the renewed updated policy

Anyway check with your insurance companies on these options.

ghostrider4385 · 3rd February 2006, 15:12

To Suprise: Thanks a lot, that info really helped my collegue. And cleared a few doubts I had too!

Godspeed.

Alok.

wolfinstein · 3rd March 2006, 00:23

well guys, this appears very Informative..However I remain little perplexed on the Insurance IDV..See My Lancer is March 2001 Model SFXi- Has clocked as of today 57890 KM- Current Insurance - United India,
Well Last October- My dad had an Unfortunate Accident in which the car bumper's smashed into a Dog while coming down on a Flyover during Rains...! And No Poor Doogie Din't Die ..He happily walked off..and its a the poor Lancer who got Broken Bumper-Raditor Smashed-AC Rotor Blade Broken and Front Grill Broken..! Now when I called for the Surveyor- The total estimate was 65,000 rupees which included Damage to Bonnet/Bumper/Skirtings/LH Fender/Headlight/AC-Rotor Blade/Grill/Paint etc.. The SOB just gave me a claim for 25,000 which barely covered the Bumper-Grill-Ac Rotor-Radiator-Paint-Labour...and to Top- He said Grill and Skirting are not for claims...and even told me to go to Get the Old ones Re-fit..I argued that since its an SFXi Model which comes with Factory Fitted Skirtings on Bumper..He din't buy..Finally got it done with the same amount- The basic works and remainder out of our own money...The Problem is that I had never claimed from Insurance in 4 years and when the time came this is what I got....Since the Insurance is coming for renewal, these United India guys are calling me up and stuff...I want to Know What could be an Aprox IDV for a Lancer SFXI-2001..And for all those who thought that My engine was also damaged..No...Fortunately the Radiator broke into two and AC-Rotor blade..The engine was mile's away from any damage...! So any Help

nitrous · 3rd March 2006, 12:43

Now, i know.
Surprise works in a Insurance company.

Edmund · 27th March 2006, 20:03

Quote:

Originally Posted by shuvc

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 ?

Please let me know too, as i'm planning on switching to Comprehensive insurance once my car hits the road!!!

Wheeliej · 29th March 2006, 19:41

Quote:

Originally Posted by v12

Is it only once or till I finish off the entire amount of cover i've paid for???

You need to be careful here. If you have made a claim, until that claim is processed you cannot make another claim. so it is best to make your claim early and drive very carefully until the claim is processed. You can only claim total cover amount if your car is totalled (even there the insurance company will calculate some depreciation and you wont get the total amount covered)

himanshugoswami · 30th March 2006, 08:57

Quote:

Originally Posted by Wheeliej

You need to be careful here. If you have made a claim, until that claim is processed you cannot make another claim. so it is best to make your claim early and drive very carefully until the claim is processed. You can only claim total cover amount if your car is totalled (even there the insurance company will calculate some depreciation and you wont get the total amount covered)

Hmm.... these sound like the words of an expeirenced person who has burnt fingers over insurance claims

adityapd · 12th July 2007, 10:43

Hi,

Just wanted to while buying a second hand car, does the Insurance company charge a fee for transfer of insurance to my name if the existing owner has a NCB going on the car ? or is just a letter from the existing owner to the insurance company for transfer of policy sufficient ?

~A

adityapd · 17th July 2007, 23:32

Quote:

Originally Posted by adityapd

Hi,

Just wanted to while buying a second hand car, does the Insurance company charge a fee for transfer of insurance to my name if the existing owner has a NCB going on the car ? or is just a letter from the existing owner to the insurance company for transfer of policy sufficient ?

~A

waiting for your inputs guys !!!

~A

saildrive · 1st August 2007, 12:23

Hi Guys

My insurance (2nd year) is due mid Aug - had insured with bajaj allianz for about 10759 (indica xeta) comprehensive cashless. i had about 3 occassions that i claimed damages and had to pay some money since plastics (covered in some %) and glass are not covered.

I got a call from teh service station who has a tie up with reliance that the new policy will be about 7700 with discounts etc and everything will be as per last year. the bajaj allianz guys too called up and he said that i had to pay about 10000 odd for the 2nd year of insurance. he said that reliance guys say a lot of things but you will be hassled when you go for a claim etc etc.

Guys, is there an issue if i switch from bajaj to reliance knowing that i will be saving about 3k but am a little vary if reliance gives trouble - b.a. has been a smooth sail - all i did was gave the car for repair and it was done to the satisfaction.

please advise and help!!

nicejits · 1st August 2007, 13:35

Dear Team,

As you know I bought pre owned zen vxi ( Nov 2004 model) it has a comprehensive insurance and its no claimed, yearly premium which was paid by earlier owner was 9k , I have transfer vehicle on my name but not insurance, I am not to sure shd I transfer it for 3months ( as its valid for nxt 3 months only ) or shd I w8 then after 3 moths shd I get new insurance, again confusion shd I get comprehensive one or shd I get third party as a premium diff is far my frd told me I need to pay 9k for comprehensive one and almost 1k for Third party, plz advice what shd do ? Ifi goes for third party the I will loos all benefits of NO claim ???

Plz help

Regards,
Jitendra

esteem_lover · 1st August 2007, 23:13

The no claim bonus is for the owner & not for the car. So you are treated as a fresh customer & you will not have the benefit of NCB. However, i find 9k wayy to high for a 2004 zen. While you transfer the name in the insurance to yours, a proportionate part of the NCB will have to be paid by you. say the previous owner had 4000Rs NCB, you will have to pay Rs.1000 for the 3 months left in the insurance. I would advice you to take out a fresh insurance. 3rd party is not adviceable & it is not cheap too. These days 3rd party insurance premiums are pretty high just to discourage people from taking them.

wanderernomad · 5th August 2007, 23:06

Two things I would like to ask
1. is it necessary to take out a fresh policy in case I buy a second hand car or Transfer the same policy in my name. What happens if I do not do so and carry on with the previous policy only.
2. In case I want to transfer the NCB (50%)from my earlier old policy to my new policy for a new car, the NCB bonus which gets adjusted into the new policy is 50% NCB of the previous policy or the 50% of the new premium?
And IMHO these days the max limit of the NCB is 50% only and they do not give more than that. I think they changed the rule last year or so, atleast that is what my insurance agent told me. I was given 50% for the last two years consecutively.
Please advise.

keyank · 6th August 2007, 11:12

Hello,

Im planning to buy a new vehicle. I already have one and havent claimed any insurance for the last 3 years or so.

What is the procedure to transfer this insurance to the new vehicle and thereby save some.
Im not planning to sell the old vehicle, then what happens if i renew the insurance for it??

Please clarify
Thanks in advance
Karthik

Mr_Bean · 20th August 2010, 17:00

My pre-owned car is due for insurnace renewal on sep 2nd 2010. The insurance for last year was taken up by the previous owner which I transferred in my name in the month of march 2010. The previous owner had zero NCB as he had exhausted it over some minor work to the car. No problems here.

Problem part:
When I received my reminder letter, I see that my premium has increased from 9840/- to 10,147/- rupees with zero NCB.

I have Bajaj Allianz, when i called them they gave a lame excuse sir u got it transferred in month of march 2010 and u r not eligible for NCB even though Ive not made any claims in the past one year.

Can someone plz clarify?

3rd February 2006, 15:12	#32
ghostrider4385 BHPian Join Date: Dec 2005 Location: Hyderabad Posts: 389 Thanked: 12 Times	To Suprise: Thanks a lot, that info really helped my collegue. And cleared a few doubts I had too! Godspeed. Alok.
	() Thanks

3rd March 2006, 00:23	#33
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 994 Thanked: 20 Times	well guys, this appears very Informative..However I remain little perplexed on the Insurance IDV..See My Lancer is March 2001 Model SFXi- Has clocked as of today 57890 KM- Current Insurance - United India, Well Last October- My dad had an Unfortunate Accident in which the car bumper's smashed into a Dog while coming down on a Flyover during Rains...! And No Poor Doogie Din't Die ..He happily walked off..and its a the poor Lancer who got Broken Bumper-Raditor Smashed-AC Rotor Blade Broken and Front Grill Broken..! Now when I called for the Surveyor- The total estimate was 65,000 rupees which included Damage to Bonnet/Bumper/Skirtings/LH Fender/Headlight/AC-Rotor Blade/Grill/Paint etc.. The SOB just gave me a claim for 25,000 which barely covered the Bumper-Grill-Ac Rotor-Radiator-Paint-Labour...and to Top- He said Grill and Skirting are not for claims...and even told me to go to Get the Old ones Re-fit..I argued that since its an SFXi Model which comes with Factory Fitted Skirtings on Bumper..He din't buy..Finally got it done with the same amount- The basic works and remainder out of our own money...The Problem is that I had never claimed from Insurance in 4 years and when the time came this is what I got....Since the Insurance is coming for renewal, these United India guys are calling me up and stuff...I want to Know What could be an Aprox IDV for a Lancer SFXI-2001..And for all those who thought that My engine was also damaged..No...Fortunately the Radiator broke into two and AC-Rotor blade..The engine was mile's away from any damage...! So any Help
	() Thanks

3rd March 2006, 12:43	#34
nitrous Senior - BHPian Join Date: May 2004 Location: UAE/Lon/Madras Posts: 6,965 Thanked: 325 Times View My Garage	Now, i know. Surprise works in a Insurance company.
	() Thanks

12th July 2007, 10:43	#38
adityapd BHPian Join Date: Feb 2004 Location: Mumbai, Philadelphia Posts: 288 Thanked: 7 Times View My Garage	Hi, Just wanted to while buying a second hand car, does the Insurance company charge a fee for transfer of insurance to my name if the existing owner has a NCB going on the car ? or is just a letter from the existing owner to the insurance company for transfer of policy sufficient ? ~A
	() Thanks

1st August 2007, 12:23	#40
saildrive BHPian Join Date: May 2006 Location: mumbai Posts: 181 Thanked: 50 Times	Hi Guys My insurance (2nd year) is due mid Aug - had insured with bajaj allianz for about 10759 (indica xeta) comprehensive cashless. i had about 3 occassions that i claimed damages and had to pay some money since plastics (covered in some %) and glass are not covered. I got a call from teh service station who has a tie up with reliance that the new policy will be about 7700 with discounts etc and everything will be as per last year. the bajaj allianz guys too called up and he said that i had to pay about 10000 odd for the 2nd year of insurance. he said that reliance guys say a lot of things but you will be hassled when you go for a claim etc etc. Guys, is there an issue if i switch from bajaj to reliance knowing that i will be saving about 3k but am a little vary if reliance gives trouble - b.a. has been a smooth sail - all i did was gave the car for repair and it was done to the satisfaction. please advise and help!!
	() Thanks

1st August 2007, 13:35	#41
nicejits BANNED Join Date: May 2006 Location: Mumbai ( Borivali ) Posts: 328 Thanked: 0 Times View My Garage	Dear Team, As you know I bought pre owned zen vxi ( Nov 2004 model) it has a comprehensive insurance and its no claimed, yearly premium which was paid by earlier owner was 9k , I have transfer vehicle on my name but not insurance, I am not to sure shd I transfer it for 3months ( as its valid for nxt 3 months only ) or shd I w8 then after 3 moths shd I get new insurance, again confusion shd I get comprehensive one or shd I get third party as a premium diff is far my frd told me I need to pay 9k for comprehensive one and almost 1k for Third party, plz advice what shd do ? Ifi goes for third party the I will loos all benefits of NO claim ??? Plz help Regards, Jitendra
	() Thanks

1st August 2007, 23:13	#42
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 502 Times View My Garage	The no claim bonus is for the owner & not for the car. So you are treated as a fresh customer & you will not have the benefit of NCB. However, i find 9k wayy to high for a 2004 zen. While you transfer the name in the insurance to yours, a proportionate part of the NCB will have to be paid by you. say the previous owner had 4000Rs NCB, you will have to pay Rs.1000 for the 3 months left in the insurance. I would advice you to take out a fresh insurance. 3rd party is not adviceable & it is not cheap too. These days 3rd party insurance premiums are pretty high just to discourage people from taking them.
	() Thanks

5th August 2007, 23:06	#43
wanderernomad Senior - BHPian Join Date: Jul 2007 Location: Chandigarh Posts: 2,534 Thanked: 1,276 Times View My Garage	Two things I would like to ask 1. is it necessary to take out a fresh policy in case I buy a second hand car or Transfer the same policy in my name. What happens if I do not do so and carry on with the previous policy only. 2. In case I want to transfer the NCB (50%)from my earlier old policy to my new policy for a new car, the NCB bonus which gets adjusted into the new policy is 50% NCB of the previous policy or the 50% of the new premium? And IMHO these days the max limit of the NCB is 50% only and they do not give more than that. I think they changed the rule last year or so, atleast that is what my insurance agent told me. I was given 50% for the last two years consecutively. Please advise.
	() Thanks

6th August 2007, 11:12	#44
keyank BHPian Join Date: Jun 2007 Location: Bangalore Posts: 72 Thanked: 5 Times	insurance transfer Hello, Im planning to buy a new vehicle. I already have one and havent claimed any insurance for the last 3 years or so. What is the procedure to transfer this insurance to the new vehicle and thereby save some. Im not planning to sell the old vehicle, then what happens if i renew the insurance for it?? Please clarify Thanks in advance Karthik
	() Thanks

20th August 2010, 17:00	#45
Mr_Bean BHPian Join Date: Nov 2008 Location: Bangalore Posts: 891 Thanked: 241 Times View My Garage	NCB part My pre-owned car is due for insurnace renewal on sep 2nd 2010. The insurance for last year was taken up by the previous owner which I transferred in my name in the month of march 2010. The previous owner had zero NCB as he had exhausted it over some minor work to the car. No problems here. Problem part: When I received my reminder letter, I see that my premium has increased from 9840/- to 10,147/- rupees with zero NCB. I have Bajaj Allianz, when i called them they gave a lame excuse sir u got it transferred in month of march 2010 and u r not eligible for NCB even though Ive not made any claims in the past one year. Can someone plz clarify?
	() Thanks