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Old 24th April 2012, 13:22   #1981
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Default Re: Automobile Insurance - Ask me

NCB can be availed of by the registered owner, not the registered user. Since your wife's employer is the registered owner, the NCB benefit can be availed of by it. If at all you plan to use the NCB to lower the renewal premium, your wife will have to ask her company to do so.

Plus I don't think the NCB is factored into the EMIs, so even if the actual premium were reduced by using the NCBs, I doubt if the EMIs will reduce prorata.
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Old 24th April 2012, 18:22   #1982
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Just renewed my car;s insurance with Bharti-axa life . Previously it was insured with future generalli . tried renewing with future generali but their govt attitude took me away. moreover they were not ready to give me 100 % depreciation cover as I has a claim of 8 K in first year, no reason offered for denial. premium without depreciation cover was 1476o Rs . despite running around them , the never budged, which moved me to bharti - axa. it was a hassle free deal with them and was closed in flat 45 min.

car - FIAT Grande Punto 1.3 Emotion
Total Paid - 15162.
IDV - 520500 ( car was Bought via CSD for 5,40,000 )
100 % depreciation cover for 3123 Rs ( included )
Invoice Price cover included For rs 1821.75 Rs (included in 15K, basically with this rider, i will get the full invoice value of car in case of total loss or theft)

They have a tie up for cashless claim with all the TATA dealer;s in my city.

I hope i has not missed on my thing important in above. Kindly advice if i have missed anything . Is the Paid amount decent for a 1 year old car.

Last edited by .sushilkumar : 24th April 2012 at 18:24.
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Old 25th April 2012, 08:39   #1983
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Default Re: Automobile Insurance - Ask me

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Originally Posted by .sushilkumar View Post
Previously it was insured with future generalli . tried renewing with future generali but their govt attitude took me away. moreover they were not ready to give me 100 % depreciation cover as I has a claim of 8 K in first year, no reason offered for denial. premium without depreciation cover was 1476o Rs . despite running around them , the never budged,

I hope i has not missed on my thing important in above. Kindly advice if i have missed anything . Is the Paid amount decent for a 1 year old car.
I can relate to the Future Generali's attitude, had faced it during my Fiesta insurance renewal. Since I was getting it done through the Ford workshop, a verbal duel with the w/s manager fastened the process.

Has Bharati Axa given the Insurance policy with the nominee details? I think now it is a norm by IRDA to include the nominee details in the policy.
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Old 25th April 2012, 11:23   #1984
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Has Bharati Axa given the Insurance policy with the nominee details? I think now it is a norm by IRDA to include the nominee details in the policy.
Yes Sir , Has to fill the nominee details while renewing the policy with them . i took a online policy and there is a mandatory field in online form. i was assisted by their call center guys in same. strangely same policy was offered for Rs 14780 by policy bazar guys without any 0 % depreciation benefit and Invoice value benefit. may be they have included their margins in between. so for extra 400 or so i get additional benefits .

Lesson Learn : - always deal directly with the insurance companies. turns out to be cheap and the call is recorded in such cases by call centers, chances of going back on commitment are less .
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Old 25th April 2012, 16:28   #1985
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Default Re: Automobile Insurance - Ask me

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Originally Posted by itwasntme View Post
Have a insurance renewal query regarding my wife's company-leased car. The car is owned by The Financing company and my wife's company is just the registered owner with her being the registered user. We have just completed a claim-free year and wanted to know if she is eligible for NCB or not. The first year's amount was capltalized along with the cost of the car and is thus built-in to the EMIs.

As she is the registered user and has completed a claim-free year, is she eligible for NCB?
The renewal insurance will also be in the company name and hence the NCB will be applicable.

At the end of the lease term ,the ownership of the car will be transferred to your wife's name and along the NCB.
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Old 25th April 2012, 20:55   #1986
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Default Re: Automobile Insurance - Ask me

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Originally Posted by honeybee View Post
Umesh, anytime there's a break in the insurance policy, even of a day or two, the insurance company won't sell you a new policy without inspection. This applies to both the comprehensive as well as the third party insurance policies. I have two personal experiences to substantiate this.

My personal suggestion would be to stick to your existing insurance company, take the vehicle to your nearest branch for inspection and get the policy asap. Once you have an active policy for the vehicle, you can next year switch to a cheaper company if you like.

And please note: don't drive the vehicle without a valid insurance policy.
Thanks Honeybee...did exactly as you suggested. Got my documents today,process was easier than I expected!

- Umesh
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Old 25th April 2012, 22:28   #1987
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Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?
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Old 26th April 2012, 18:53   #1988
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Quote:
Originally Posted by libranof1987
Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?
Hi last year (1st renewal) I paid ₹ 21000 for zero dep. I think it makes sense as the repairs are expensive. I didn't face any issue with TataAIG and hopefully will continue this June.
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Old 27th April 2012, 07:59   #1989
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Originally Posted by libranof1987 View Post
Fellas, need suggestions.

My City's Insurance is up for renewal this June. The City will complete 2 years and is currently insured with Tata AIG. The premium paid last time was Rs. 13602.

Should I continue with Tata AIG or get back to Honda Assure? Also, does it make sense getting a Zero-dep policy?
You will be now in the third year of the Insurance policy and normally the zero% depreciation option if offered by most of the Insurance co is for the first three years of the new car. If you do want to opt for it you will have to pay more premium that last year. However if you continue with the normal policy then you would get the NCB discount for the claim free years. IMHO stick to the regular policy and drive carefully.
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Old 27th April 2012, 10:48   #1990
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
However if you continue with the normal policy then you would get the NCB discount for the claim free years. IMHO stick to the regular policy and drive carefully.
Does it mean, one loses NCB if you switch from a regular policy to a zero dep one?
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Old 27th April 2012, 10:50   #1991
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Originally Posted by libranof1987 View Post
Does it mean, one loses NCB if you switch from a regular policy to a zero dep one?
No I didn't mean that. Its just that your premium will go up with the Zero Dep option after NCB discounts. How much is the option going to cost you additionally?
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Old 27th April 2012, 10:54   #1992
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No I didn't mean that. Its just that your premium will go up with the Zero Dep option after NCB discounts. How much is the option going to cost you additionally?
I need to check that; first though I have to decide whether I continue with Tata AIG or go back to Honda Assure.

Will check premiums by both and most probably continue with a normal policy then.
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Old 27th April 2012, 19:03   #1993
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Default Re: Automobile Insurance - Ask me

Hi guys.

I am buying a used car and the car will be delivered to me in last week of May.

The insurance is going to expire almost at the same time. So, my question is, how should I renew the insurance?

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?

Otherwise If I get the car, transfer the RC and then get the insurance in my name, there will be a gap between current and new insurance policy.

Please suggest.

Edit: There is no NCB involved.

Last edited by mukeshgoel : 27th April 2012 at 19:04.
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Old 28th April 2012, 11:48   #1994
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Default Re: Automobile Insurance - Ask me

In addition to my above query, this is the quote Bajaj Alliianz has given to the seller. And he has done some negotiations for me, earlier it was 15-16k.

idv 458607
Tariff Rate 3.28%
OD Premium 15056.06781
Total OD Premium 15056.06781
No Claim Bonus 0.00% 0
Premium After NCB 15056.06781
Company Discount 4516.820343
Premium After Disc. 10539.24747
OD Discount 0
Total OD Premium 10539.24747
Owner driver 100
Passengers 200
Paid Driver 50
Third Party 925
Net Premium 11814.24747
Service Tax 12.36 1460.240987
Final Premium Payable 13,274.49
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Old 28th April 2012, 11:52   #1995
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Originally Posted by mukeshgoel View Post
Hi guys.

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?
This is the most appropriate way to get the Insurance done. You would want to use the car without any Insurance if you try the second option.
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