[DWind]

My car insurance (2007 Verna) is due next week. For an IDV of Rs. 566915 Bajaj Allianz (my current insurer) is charging me 12,083 as the cost. It includes 45% NCB while for the same IDV Tata AIG is charging 8000 odd. I know it is a No-brainer. But I had changed my car registration in the current year (Bajaj is yet to update its records) though I have sent them the details. Will I face any issues if I quote the new registration number with Tata AIG? Please let me know.

[patil]

I logged on to the TATA AIG website couple of days ago for renewing the insurance for my i20 which is due on 12th of july and left my contact details there on the website.

Later I got a call from one of the TATA AIG call centre guys and he was pestering me to buy the policy from their company even though he was not aware with the finer details of the policy. He even tried to tell me that I am not able to understand what he is trying to tell. At the end of the conversation he was rude and i simply hung the phone.

In fact though they say that the policy is going back to invoice policy where in one can get the complete invoice value of the car if it is stolen or goes in for a total loss. However the sales executive is not able to explain why they have mention the IDV of my car as Rs. 5,50,000/- even though my car's invoice value is Rs. 7,20,000/-

I personally feel that TATA AIG is not transparent enough and they are not able to justify almost double premium which they charge for the going back to invoice policy. Moreover they will never honour your claim or they will make you run around when the time for settlement of the claim comes.

I have even seen workshops displaying boards that they will not undertake the damage repair works for the cars insured with TATA AIG and when questioned I have been told that they are very reluctant to settle claims and the labor charges they pay is far less than the existing labor charges.

Moreover the fact that no other insurance company has come up with such a policy despite stiff competetion in the car insurance business goes to show that there are few takers for such policy and moreover the terms and conditions of the said policy are such that making a claim for the invoice value will become impossible.

[arup.misra]

Originally Posted by r_nairtvm

Arup,

There is no issue in keeping the car in your name itself. Only cancel the Comp insurance and get your NCB Certificate along with refund of the premium fotr the remaining period (if claims free year and I think more than 60 days remaining ). Buy a TP Insurance or a New Comp Insurance for the old car.

Use the NCB to buy Insurance for the new car.

If you use same insurer they may even give you a "fleet" discount (not sure if this is the case in India)

Best Regards & Drive/Ride Safe

Ram

Many thanks Ram. I will approach the company and will aprise them with your solution. Also just one more thing, would I need to buy a new Comp Insurance for my old car from the same insurer or can I chose a different one.

[sumeethaldankar]

Hello,
I am considering buying a used car which has it's insurance expired.In this case how can i proceed with renewing the insurance.I won't be able to renew the insurance since car is not in my name so how can i proceed.

One the posts i think you have mentioned that i can send a letter to the insurance co. that i will be transferring the car to my name.Will the current owner need to sign the same.

[hiren.mistry]

Originally Posted by arup.misra

I have an existing car (with NCB of 45%) in my name. I wuld be shortly buying a new car (sedan) where the cost of insurance is likely to be between 25k to 30k. Is there a way I can transfer my NCB from existing car to my new car and save some premium?

I would not be selling my old car as it would still be used in the family. Can I transfer my car in say my wife's name and then use the NCB. Since the car is nearly 6 years old the insurance premium is not that high.

Experts please advise.

Yes, thats very much possible and thats exactly what I did last year when I purchased insurance from Bajaj Allianz for my Civic. I had transfered 65% of my Esteem's NCB over.
Bear one thing in mind, the new vehicle should be of the same segment as the old car to make much sense of the transfer. BA call center agent has agreed that this transfer from Esteem to Civic is very much possible but later on when the local branch contacted me, they much a big hue and cry. But after much cajoling and convincing they gave in and I got my Civic insured for only 8.5K odd with an IDV of 7L (2006 model).

Best bet would be to contact multiple service providers and chose the one that gives you the best quote and conditions.

Regards

[libranof1987]

Originally Posted by sumeethaldankar

Hello,
I am considering buying a used car which has it's insurance expired.In this case how can i proceed with renewing the insurance.I won't be able to renew the insurance since car is not in my name so how can i proceed.

One the posts i think you have mentioned that i can send a letter to the insurance co. that i will be transferring the car to my name.Will the current owner need to sign the same.

At the time of renewal, you will have to produce a copy of the RC. That and a letter stating you have bought this car would transfer the policy in your name.

The current owner's signature is not required if the RC bears your name.

[Faramir]

Just saw a big crack on the Windscreen of my i20, which is in a parked position for over a week. :(
Even worse , I had a 3M CR70 sunfilm installed on the windshield when i bought the car. Guess its money down the drain now.
I have a TATA Aig policy up for renewal in mid August.(For glass - nil deduction)

Need members help on
1. Expected Cost of replacement and time taken.
2. Own fund Vs insurance , better choice. (No claim till date for 2 years). Windscreen replacement impacts NCB?

[libranof1987]

Originally Posted by Faramir

Just saw a big crack on the Windscreen of my i20, which is in a parked position for over a week. :(
Even worse , I had a 3M CR70 sunfilm installed on the windshield when i bought the car. Guess its money down the drain now.
I have a TATA Aig policy up for renewal in mid August.(For glass - nil deduction)

Need members help on
1. Expected Cost of replacement and time taken.
2. Own fund Vs insurance , better choice. (No claim till date for 2 years). Windscreen replacement impacts NCB?

The front windshield should cost ~7k (just my estimate though).

You could get it changed at Hyundai A.S.S. or Windshield Experts. WE would quote a lower price.

Insurance will reimburse the ENTIRE amount of the windshield, at both WE and A.S.S. You will just have to pay for labour and the adhesive - this should be around 700-800.

How old is your car? If you claim Insurance, you will lose NCB. So, check the amount of NCB and then take a call if it would be better paying it yourself or claiming Insurance. Going by your post, assuming the car is 2 years old, it might be better to pay the amount yourself.

I would strongly advise you to get it at WE though.

[Faramir]

Originally Posted by libranof1987

The front windshield should cost ~7k (just my estimate though).

You could get it changed at Hyundai A.S.S. or Windshield Experts. WE would quote a lower price.

Insurance will reimburse the ENTIRE amount of the windshield, at both WE and A.S.S. You will just have to pay for labour and the adhesive - this should be around 700-800.

How old is your car? If you claim Insurance, you will lose NCB. So, check the amount of NCB and then take a call if it would be better paying it yourself or claiming Insurance. Going by your post, assuming the car is 2 years old, it might be better to pay the amount yourself.

I would strongly advise you to get it at WE though.

Thanks Libran

WE has quoted cost of Rs 4750 all inclusive and 2.5 hours if self paid.

In case of insurance, 860 to be borne by me, rest they will take care but it takes 5 hours to 1 day for approval from Tata AIG.

My NCB benefits are to the tune of 2500 bucks as of now.

[Mr.Beat]

Guys, The insurance policy of my Beat LT is due on 9th July 2011. I went to policy bazar .com but it does not give quotations for Beat. The current insurance amount is around 13.3k. Any suggestions? There hasn't been any claim as of now

[libranof1987]

Originally Posted by Faramir

WE has quoted cost of Rs 4750 all inclusive and 2.5 hours if self paid.

In case of insurance, 860 to be borne by me, rest they will take care but it takes 5 hours to 1 day for approval from Tata AIG.

My NCB benefits are to the tune of 2500 bucks as of now.

So, if you claim Insurance, you lose 2500+860=3360 while if you pay yourself, you lose 4750.

I think you should just pay yourself and be done with it. From personal experience, claiming Insurance et al will take about 5 days. Imagine your other travelling costs since your car wouldn't be available (assuming this is your only car).

Spend a few hours, a few thousand bucks and get the car back to original shape. Peace of mind!

[mayankk]

Originally Posted by Faramir

Thanks Libran

WE has quoted cost of Rs 4750 all inclusive and 2.5 hours if self paid.

In case of insurance, 860 to be borne by me, rest they will take care but it takes 5 hours to 1 day for approval from Tata AIG.

My NCB benefits are to the tune of 2500 bucks as of now.

take it to WE in lakshmi bai nagar.
WE service also differs from location to location.
They did my windshield a couple o' weeks back.
Took 3 hours tops.
"chat mangni, pat byah"
I only paid for the sealant.
All you need is a photocopy of your license and RC.
he'll even do the claim filing .

[vahss_11]

But, the purpose of taking Insurance is to save one from sudden outflow of money, and hence if a person does not claim, lets suppose Rs4000/- thinking that he will save some money via NCB and his bad luck is such that after 1 month , he meets with accident which is bigger then earlier and estimates are in range of Rs.40k and above, how is he going to look smart now if you look at his decision of not going for Rs4000/- claim and now claiming for Rs40k + and still losing NCB bonus??
I mean , how can any one predict that there will be no bigger claims in future and can take risk of not claiming??

I think its better to take risk as paying the (non-ncb bonus) insurance premium then not claiming thinking that he will save money via NCB bonus, as it defeats the basic purpose of taking an insurance.

(just my thought , Sorry if it sounded harsh :( )

[noopster]

Update on this: I got a reply from my insurance company that they will *not* be able to upgrade me. Specific wording:
If the Policy is Comprehensive. we cannot add Zero Dep add on cover in between the policy period.
Only we can do that {sic} at the time of renewal we can take the policy with Zero dep cover.

Waiting for my insurance advisor to confirm on this, but looks like I am stuck with this policy with 6 months to go before renewal.

Originally Posted by androdev

I see no reason why not, especially when you are opting for a costlier policy. In the worst case, you can certainly cancel the current policy and renew with other providers and get the pro-rated amount refunded to you. Btw, do check with your a.s.s which insurance provider they have a tie-up with. Makes the claim process hassle free.

in reply to:

Originally Posted by noopster

Is it possible to change my insurance policy from regular to "zero dep" midway by paying the additional premium? I have a Jan-registered Vento which is insured by Royal Sundaram- no claims yet. Reason is I am worried about the increasingly frequent rear-endings reported in Pune and want to be absutely secure.

[mayankk]

Originally Posted by vahss_11

But, the purpose of taking Insurance is to save one from sudden outflow of money, and hence if a person does not claim, lets suppose Rs4000/- thinking that he will save some money via NCB and his bad luck is such that after 1 month , he meets with accident which is bigger then earlier and estimates are in range of Rs.40k and above, how is he going to look smart now if you look at his decision of not going for Rs4000/- claim and now claiming for Rs40k + and still losing NCB bonus??
I mean , how can any one predict that there will be no bigger claims in future and can take risk of not claiming??

I think its better to take risk as paying the (non-ncb bonus) insurance premium then not claiming thinking that he will save money via NCB bonus, as it defeats the basic purpose of taking an insurance.

(just my thought , Sorry if it sounded harsh :( )

harsh?
why?
specifically, what risk is there in not claiming?

Not claiming is decided more or less by your own driving style.
The odds are decently in favor of a person who has passed 11 months, maybe 23 or 35 months without a claim to be able to pass one more month without instigating an accident.

you may say that someone else may bash into him, but then that is entirely an independent variable.
one can only make a decision based on what one can control, aint it?

but yes, i do understand that one should draw the line when the cost of repairs approaches close to any NCB benefit, then they should file a claim