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Old 13th May 2011, 14:14   #1516
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Default Re: Automobile Insurance - Ask me

Hi,
I am reproducing two of my posts from the thread on my T - Fortuner

(http://www.team-bhp.com/forum/test-d...ife-sails.html)

with a query for the insurance gurus ! The query is in the second post below in bold.





1.

Just received a cheque for Rs 30,368/- towards my No Claim Bonus Refund from Bharati Axa on Admiral Togo's insurance amount transferred from Guderian the Scorpio, my earlier ride, now sold.
The original insurance amount was Rs 76,494/-. With this refund the effective insurance amount for the Admiral would be - Rs. 46,126/-.

Having done it the first time - and all by myself, here is the process for those of you who may want to know. Reason I am recounting the same here is because there were enough guys (at the Scorpio dealer's insurance dept etc) giving all kinds of wrong information. So having gone through the trials and tribulations...

The process suprisingly is simple though.

And so here are the steps - this for a NCB refund after purchasing the new vehicle and selling the old vehicle at a later date:

1. Purchased the new TFort with new insurance at full premium. Insurance from Bharati Axa.

2. Sold old vehicle. Delivery note received from car broker. Car broker given original RC documents and insurance policy - Oriental Insurance.

3. RTO transfers vehicle to new owner, insurance company transfers policy to new owner - issues fresh policy document.

4. Copy of transferred RC book (smart card) and new insurance policy of Scorpio taken from broker.

5. New RC book copy (of Scorpio) and copy of the new policy (of Scorpio) submitted to the Oriental Insurance under a cover note asking for the No Claim Bonus certificate.

6. NCB certificate received from Oriental.

7. NCB certificate (original), transferred RC book and insurance policy copies of Scorpio and delivery note received from car broker given (under a covering letter seeking NCB refund) to Toyota dealership to be sent to Bharati Axa.

NCB certificate is valid for 3 years after sale of the old vehicle.


The refund cheque was received in about 25 days after submission of all documents.

Smile.

Smile again !

Some of the wrong bits of information received :

1. No insurance company will give you a refund once you have paid the full amount/premium.

2. NCB transfer will be applicable only from next year/after first year of new vehicle if you sell your old vehicle later.

3. Sell your old vehicle first and then go for a new one to get benefit of NCB transfer.

And blah...blah.

What a load of croc I'd say !

Hurrah !

2.

I received the new policy document (called endorsed policy) - the number etc remains the same - but the premium calculations have changed.

A quick clarification here.

The new document shows the endorsemet date as April 27, 2011. (Another date of 27 th !)

In the entire process I lost about Rs 6335/-.

The same worked out as follows:
Original premium paid - Rs. 76,494/-
New premium as per document - Rs. 39,791/-
NCB refunded - Rs. 30,368/-

Difference - Rs. 6335/-

So where did this difference go is what I asked the B-Axa Area Manager, who was helpful throughout the process, who explained that as the documents were submitted and processed in April and the endorsement completed on April 27 - the amount of premium calculated for the period from original date of policy (Feb 23) to date of endorsement (April 27) worked out to be this amount. This was calculated on the original premium rate without the NCB.
Meaning the No Claim Bonus % is deducted from the original premium - is calculated only from the date of endorsement.

Question here is - is this as per standard IDRA guidelines ? The AM assured me, orally, it is...but no harm asking the gurus here !

Also if it is so - then the learning here is after the sale of the old vehicle rush through the paper work and submit to get the maximum benefits of the NCB in the current year. From the next year of course you'll get the standard applicable NCB % deduction.
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Old 13th May 2011, 15:01   #1517
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Default Re: Insurance company query

Hi Guys,

Although this query is not exactly about NCB I'm posting this query here since it is about Insurance and i can't find any other appropriate thread to post it on.

My girlfriend has just purchased a 2002 Palio 1.2 EL which was originally insured with ICICI Lombard by the previous owner. As i am an existing Bajaj Allianz customer i approached Bajaj Allianz to insure the vehicle with them after the transfer of the R.C. was effected. However they, at first, refused to insure the vehicle saying that they don't insure vehicles that are more than 5 years old and then eventually (after some negotiation by my agent) agreed to insure it only for the ridiculous sum of 1,98,000 and added loading which resulted in a premium of approximately Rs. 10,000 p.a. This i found to be extremely ridiculous as i bought the vehicle for Rs. 80,000.

I then approached TATA AIG who have agreed to insure the vehicle and the other option i have would be to go back to ICICI and just transfer the existing policy onto my girlfriends name and continue with that policy.

However a few posts back i saw one of our members saying " Stay Away from ICICI ". This has scared me and i don't know what to do.

Can someone please advise me on which is the best motor insurance company on the market today ?

Thanks.
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Old 13th May 2011, 15:07   #1518
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Default Re: ARTICLE: No Claim Bonus - How to save on your insurance premiums!

I would suggest you continue with existing ICICI policy (you will have to pay transfer charges and NCB differential if the previous owner had NCB). What is TATA AIGs quote and for what IDV? If it is reasonable get it insured from them.
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Old 13th May 2011, 15:07   #1519
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Default Re: Automobile Insurance - Ask me

The bajaj quote is useless.

Stick to either ICICI or move on to Tata.

In your case with the cost of the car itself at 80k. Any major damage would mean a writeoff as the cost of repair would be more than the IDV.

So I don't see any problem with ICICI.

However if the car is stolen, then I don't know if ICICI would be helpful. But why will anyone steal an old Palio.
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Old 13th May 2011, 15:26   #1520
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Default Re: Automobile Insurance - Ask me

@ bblost .. first of all thanks a lot for moving my post to the appropriate thread. I had done a search but had failed to find this.

In your opinion is any one company preferred over the other (i'm asking with regards to the claims settlement process, God forbid) ?

@ alto99 .. thanks for the quick reply .. Tata AIG has quoted approx. Rs. 6,800 for an IDV of 1,25,000.

Last edited by revvhed : 13th May 2011 at 15:29.
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Old 17th May 2011, 12:38   #1521
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by carboy View Post
If you do a CNG conversion of your car, is it necessary to inform the Insurance company?
I know that if you want to insure the CNG Kit, you need to inform the Insurance company - i.e. you pay an extra premium to insure the CNG also as per the bill value of the CNG kit.

However, if you are willing to fore go the cost of the CNG kit, do you still need to inform the insurance company?
Anyone know the answer to this one?
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Old 17th May 2011, 12:51   #1522
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Default Re: Automobile Insurance - Ask me

I have renewed my Maruti Insurance policy (Royal Sundaram) through MSM a month in advance. Break up as follows:

Idv of two year old Alto Rs 190750 for which the premium quoted was Rs 4800.xx. I also wanted to include the 2 y/o music system now, so the final premium was Rs 5184.00 after NCB. They refused to include the new wind shield sun film!

I also renewed the MSM platinum club membership for Rs 3971.00 which gives me zero % depreciation in case of claim, as well as a free water wash whenever I feel like it. I also get discount on parts, whether related to claim or not.

So I paid a total sum of Rs 9155.00 and got two free coupons to sweeten the deal - one for wheel alignment & balancing and one for wax polish, to be redeemed within six months.

Even though the Maruti logo does not appear anywhere in the policy due to irda conditions, the facility is cashless and all procedures will continue as before. I was informed Maruti will get the approval for their insurance logo shortly, as they have more than a million members.
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Old 17th May 2011, 12:56   #1523
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Guderian View Post
2.

I received the new policy document (called endorsed policy) - the number etc remains the same - but the premium calculations have changed.

A quick clarification here.

The new document shows the endorsemet date as April 27, 2011. (Another date of 27 th !)

In the entire process I lost about Rs 6335/-.

The same worked out as follows:
Original premium paid - Rs. 76,494/-
New premium as per document - Rs. 39,791/-
NCB refunded - Rs. 30,368/-

Difference - Rs. 6335/-

So where did this difference go is what I asked the B-Axa Area Manager, who was helpful throughout the process, who explained that as the documents were submitted and processed in April and the endorsement completed on April 27 - the amount of premium calculated for the period from original date of policy (Feb 23) to date of endorsement (April 27) worked out to be this amount. This was calculated on the original premium rate without the NCB.
Meaning the No Claim Bonus % is deducted from the original premium - is calculated only from the date of endorsement.

Question here is - is this as per standard IRDA guidelines ? The AM assured me, orally, it is...but no harm asking the gurus here !

Also if it is so - then the learning here is after the sale of the old vehicle rush through the paper work and submit to get the maximum benefits of the NCB in the current year. From the next year of course you'll get the standard applicable NCB % deduction.
Hi, Had posted this Q sometime ago. Can anyone help me with this ?
Thanks !
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Old 17th May 2011, 13:06   #1524
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Default Re: Automobile Insurance - Ask me

Renewed my i10 policy. Went in again for Bajaj with zero depreciation.
Reason to go back again with Bajaj.
Last year my friend and me both went for Bajaj zero depreciation scheme(Drive assure package) and my friend had a claim recently. the process for it was very neat and Bajaj paid the whole expenses except Rs.500. It was a claim of Rs.56000. Couple of tires were burst during the accident and my friend wanted Michelin which the A.S.S did not have it. Bajaj allowed him to purchase outside and they refunded whatever applicable as per the insurance policy.

So, back to the renewal of i10.
IDV Rs.300600
Premium Rs.9245 (Drive Assure Package)
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Old 17th May 2011, 16:10   #1525
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Default Renewing expired insurance out of state

My car is stuck in Orissa, and by the time I reach there, its insurance will have expired. Its papers are there as well. The car is registered in kerala, and the previous policy was from there as well. Will renewing it be simply a matter of asking the insurance dude to come inspect the vehicle, paying up, and getting the policy, or will there be complications?
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Old 17th May 2011, 20:30   #1526
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Default Re: Renewing expired insurance out of state

Quote:
Originally Posted by greenhorn View Post
My car is stuck in Orissa, and by the time I reach there, its insurance will have expired. Its papers are there as well. The car is registered in kerala, and the previous policy was from there as well. Will renewing it be simply a matter of asking the insurance dude to come inspect the vehicle, paying up, and getting the policy, or will there be complications?
@greenhorn,
If it is expired, then you need to take the car to the insurer for inspection and then get the policy done.
How old is the car now ?
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Old 17th May 2011, 20:44   #1527
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by carboy View Post
If you do a CNG conversion of your car, is it necessary to inform the Insurance company? ...
The answer in UK would be a very big yes, because it would be a material change to the specification of your car. I doubt that the answer would be any different here?
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Old 17th May 2011, 20:45   #1528
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Default Re: Automobile Insurance - Ask me

@greenhorn, some insurance providers allow you to renew the policy online. Try that.
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Old 17th May 2011, 22:33   #1529
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by rk_sans View Post
@greenhorn,
If it is expired, then you need to take the car to the insurer for inspection and then get the policy done.
How old is the car now ?
But how can you take a car to an insurer if the insurance is expired? Last time this happened, my dealer sent a dude to check up on the car
Quote:
Originally Posted by bblost View Post
@greenhorn, some insurance providers allow you to renew the policy online. Try that.
Mine is insured with New India methinks - let me see if they'll let you.
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Old 18th May 2011, 09:22   #1530
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Thad E Ginathom View Post
The answer in UK would be a very big yes, because it would be a material change to the specification of your car. I doubt that the answer would be any different here?
A conversion to LPG must be informed to the insurance co, so it will be no different for CNG. The premium will go up.
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