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Old 9th March 2015, 09:08   #91
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Re: Insurance Queries?

Hello All

A friend of mine bought a used Honda Civic 6 months ago. He did not re-register the car. However, he bought insurance for the car on his name. His car met with an accident where the rear is damaged badly. His wife rammed the car into a wall while reverse parking. No other vehicle/person was involved in it. Can he claim insurance on it now given that the RC book is in the previous owners name? Please suggest what is the best course of action.

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Madhav
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Old 9th March 2015, 09:42   #92
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Re: Insurance Queries?

Your friend cannot claim insurance on the car as the car is not in his name.
The insurer will ask for the original RC and insurance policy document for any claim process.
I do not understand how the insurance company issued a policy in your friend's name without verifying the ownership detail.

Your best bet now is to register the car in your friend's name at the earliest and claim insurance or if the old insurance in still valid then ask the previous owner to sign for the insurance claim.
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Old 10th March 2015, 09:10   #93
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Re: Insurance Queries?

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Originally Posted by speedmiester View Post
Your friend cannot claim insurance on the car as the car is not in his name.

I do not understand how the insurance company issued a policy in your friend's name without verifying the ownership detail.

Your best bet now is to register the car in your friend's name at the earliest and claim insurance or if the old insurance in still valid then ask the previous owner to sign for the insurance claim.

Sorry, my mistake. The insurance is also in the previous owner's name. I was also doubting that but my friend told me with quite some conviction!
We can get it re-registered but when we transfer the insurance, will the insurance agent inspect the vehicle? If so, he cannot make a claim as the damages are pretty bad.

If he makes a claim (without re-registration/insurance transfer), the insurance payment will go out as a cheque to the previous owner whom we dont know in person. A middle-man (agent) posing as owners friend sold the car to my friend.

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Madhav
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Old 10th March 2015, 09:47   #94
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Re: Insurance Queries?

Quote:
Originally Posted by maddyoni10 View Post
Sorry, my mistake. The insurance is also in the previous owner's name. I was also doubting that but my friend told me with quite some conviction!
We can get it re-registered but when we transfer the insurance, will the insurance agent inspect the vehicle? If so, he cannot make a claim as the damages are pretty bad.

If he makes a claim (without re-registration/insurance transfer), the insurance payment will go out as a cheque to the previous owner whom we dont know in person. A middle-man (agent) posing as owners friend sold the car to my friend.

Thanks
Madhav
You cant claim, as you cant get paid for this repair job. Just goes to show why the RTO documentation needs to be done on time. When you transfer the insurance, there will be no re-inspection of the car, unless there is a gap/ break in insurance period. In this case, mandatory reinspection comes in to picture. The surveyor will need to send pics of the car to the proposed insurance org. If there is no gap, it is just paper work/ letter that needs to be sent to the insurance org with proof of transfer of ownership - rc book/ receipt from the rto stating that the documents have been submitted and are in order, plus you have paid the transfer fees.
Again, when you try to raise a claim post this, there will be a surveyor who will look at the vehicle to determine the damages etc. If he feels the damage is old and being claimed later, he may deny the insurance claim anyway.
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Old 10th March 2015, 10:34   #95
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Re: Insurance Queries?

My Polo was hit by a truck and the left rear door got damaged. I think the estimate will be around 8K. The car is a 2010 model and has NCB of 45% currently due to no claims made in last 5 years. Now the insurance is due for renewal in June. So if I repair the car now the NCB of 50% will be lost. I would like to know if I claim the insurance in June, what will happen to the NCB for next year? Is NCB applicable from 6th year onward? I could see max 50% NCB for 5 years in Bajaj allianz website.
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Old 10th March 2015, 11:50   #96
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Re: Insurance Queries?

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Originally Posted by poloman View Post
My Polo was hit by a truck and the left rear door got damaged. I think the estimate will be around 8K. The car is a 2010 model and has NCB of 45% currently due to no claims made in last 5 years. Now the insurance is due for renewal in June. So if I repair the car now the NCB of 50% will be lost. I would like to know if I claim the insurance in June, what will happen to the NCB for next year? Is NCB applicable from 6th year onward? I could see max 50% NCB for 5 years in Bajaj allianz website.
Sorry to hear about the accident.

The question you need to ask yourself is whether you will save Rs 8k on premium if you renew the policy instead of claiming the repair damages. I dont think so. Even if you don't repair it now and claim after the renewal, the NCB will become zero for the next year's renewal. So better claim it now, thats what the NCB is there for isn't it? Savings for the rainy day.

Alternatively you can pay the complete repair charges from your pocket and claim the 50% NCB for next year.
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Old 10th March 2015, 12:11   #97
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Re: Insurance Queries?

Quote:
Originally Posted by maddyoni10 View Post
Sorry, my mistake. The insurance is also in the previous owner's name. I was also doubting that but my friend told me with quite some conviction!
We can get it re-registered but when we transfer the insurance, will the insurance agent inspect the vehicle? If so, he cannot make a claim as the damages are pretty bad.

If he makes a claim (without re-registration/insurance transfer), the insurance payment will go out as a cheque to the previous owner whom we dont know in person. A middle-man (agent) posing as owners friend sold the car to my friend.

Thanks
Madhav
I would suggest your friend to register the car in his name at the earliest and once he receives the RC, get the insurance transferred in his name.
If the insurance policy has not expired then a claim can be made as the insurance company will not inspect the car if the policy is transferred before expiry.
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Old 10th March 2015, 13:27   #98
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Re: Insurance Queries?

Thanks speedmiester,latentpotential. Yes, I am working with him on re-registration and then insurance transfer. Hope to close this asap and then make a claim after a week.

Thanks
Madhav
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Old 2nd November 2015, 16:40   #99
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Re: Insurance Queries?

Hi, My bike's insurance policy with oriental insurance expires on 5/11/15. So on 30/10 I went online and did a bank transfer. After the transaction the website said "don't press refresh or back" so I never got any acknowledgement of the transfer. However this screen stayed this way for far too long. Checked my bank and the money was debited from my account. Called their toll free number, person was pathetic (actually said "sir I don't know about this"). Their website is terrible. Emailed their support on 30/10 but have not got any response so far. Anyways, I got the emails of some of the IT and Bangalore head in Oriental insurance and emailed them today. Let me see how it goes. Any other suggestions?

My suggestion- go anywhere, but never to oriental insurance.
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Old 30th January 2017, 13:10   #100
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Re: Insurance Queries?

I wish to purchase new car, Bolero Power+, on third party insurance. Dealer is refusing delivery citing that third party is not applicable to new passenger vehicle. This vehicle I feel does not need comprehensive insurance as I do not foresee any risks which are covered by standard comprehensive policy.

Requesting for advice on above aspect. Regards
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Old 30th January 2017, 20:05   #101
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Re: Insurance Queries?

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Originally Posted by PGA View Post
Requesting for advice on above aspect. Regards
If you asking for advice, I would suggest stick to comprehensive Insurance and add to that the zero depreciation add on cover too. Your confidence in your driving skills is totally agreeable but do not assume the same for the rest of the vehicles on the roads. Buying just a TPL would save you on the premium but will burn a big hole in your pocket during any claim.

Dealer cannot refuse delivery on the grounds that comprehensive insurance is required. All it requires for registration is a valid insurance so TPL is also acceptable. Once the car is registered, the dealer cannot stop the delivery of the car on Insurance grounds.

My advice again for the new car is to buy the Comprehensive Insurance coverage.
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Old 30th January 2017, 20:30   #102
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Re: Insurance Queries?

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Originally Posted by ghodlur View Post
If you asking for advice, I would suggest stick to comprehensive Insurance and add to that the zero depreciation add on cover too. Your confidence in your driving skills is totally agreeable but do not assume the same for the rest of the vehicles on the roads.

My advice again for the new car is to buy the Comprehensive Insurance coverage.
Thanks a lot for the advice I will rethink about it. Why am I thinking about TPL is that it is going to be my farm visit car, secondly it is anyway a piece of metal (Bolero) so local repair is simple and available and lastly it is not going to be parked at any place where I expect it could get stolen. Regards
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Old 6th March 2017, 08:20   #103
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Hi All. Looking for some help on the car insurance. Thought this would be the best thread to seek for help.

I recently got a 1 year old pre-owned Skoda Octavia 1.8 Tsi. Absolutely love the car.

The first owner does not believe in paying high insurance premiums and hence has got an insurance with very less declared IDV. (Universal Sampo Insurance). The IDV on the insurance is around 11 lakh - which is very less compared to what it should be.

The reasoning he gives - He does not drive fast and hence his probability of totalling the car are less. Also, he has a dedicated parking at home and office for the car. So he is not concerned about the theft aspect also. Hence, he deliberately puts the IDV value lower so that the premium is lower. That's the risk he is ready to take. He has a couple of other cars as well and used the same logic with them as well.

He says just in case he wants to claim insurance, for replacing any part due to an accident, his lower IDV insurance would still do the job.

Now, my questions.

1. I am not very comfortable with lower declared IDV. Is there anyway I can write to the insurance company and ask them to increase the IDV now? (by paying an additional premium Ofcourse) - The current insurance is valid till Dec 2017.

2. I want to take a zero dep insurance policy. The current one is only a comprehensive insurance policy. Is there a way I can do this again by paying an additional premium?

Just wanted to get a sense check too, what would be the best way to go about it. Leave the current policy as is and take a zero dep going forward in Dec 2017. Or get the change for the current policy done at any cost?

Last edited by Kimified : 6th March 2017 at 08:25.
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Old 6th March 2017, 08:35   #104
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Re: Insurance Queries?

Quote:
Originally Posted by Kimified View Post
1. I am not very comfortable with lower declared IDV. Is there anyway I can write to the insurance company and ask them to increase the IDV now? (by paying an additional premium Ofcourse) - The current insurance is valid till Dec 2017.

2. I want to take a zero dep insurance policy. The current one is only a comprehensive insurance policy. Is there a way I can do this again by paying an additional premium?

Just wanted to get a sense check too, what would be the best way to go about it. Leave the current policy as is and take a zero dep going forward in Dec 2017. Or get the change for the current policy done at any cost?
To answer your questions:
1. You can write/talk to the existing Insurance co about knowing the correct IDV. Tell them the previous owner was under insuring the car. Know the correct IDV and ask the Insurance co to provide the premium. Any difference can be paid and the new policy with correct IDV can be issued. I know Insurance co can do this. Initially they may come up with an excuse that policy cannot be changed mid year. If that's the case, then you can close the Insurance and take a new one. Probably either with existing Insurance co or alternate. You will need to make a strong case of vehicle under insurance and Insurance co faulting on it.
2. When the existing Insurance co agrees to point 1 then you can buy the zero dep add on cover too provided the Insurance co provides them depending upon the age of the car.

I would suggest depending on point 1, you can opt for the new policy. If not then wait till Dec 2017 and then make the Insurance co change and start afresh.
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