Automobile Insurance Queries? Ask me

[ariendj]

i have a year old Beat LT with insured at New India Assurance(11.2k) which is expiring on 31 aug.


i was looking for some other and checked policybazaar.com and stumbled on Reliance General Insurance for 6.8k
hows this insurance premium so low?
also they say that we get 20% discount on NCB.does it imply if you change insurance companies or if you change the cars!

[~~VinZ~~]

I have bajaj allianz from last 3 years for my 2009 august punto Em Pk and 25th is the expiry date and need to remove. I made a claim 2 months ago hence i loose the NCB.

But when i spoke to one insurance company i didint mention about the claim and they gave me offer of 8588/- with 40% for Bharti AXA. Now i have a confusion here,

what if i renew with this offer with NCB where in actually have claimed? what happens then?

[F50]

Originally Posted by ariendj

i have a year old Beat LT with insured at New India Assurance(11.2k) which is expiring on 31 aug.


i was looking for some other and checked policybazaar.com and stumbled on Reliance General Insurance for 6.8k
hows this insurance premium so low?
also they say that we get 20% discount on NCB.does it imply if you change insurance companies or if you change the cars!

There could be different parameters which affect the premium.

Discount, IDV.
Im sure New India's discount would be on a lower side.

Originally Posted by ~~VinZ~~

I have bajaj allianz from last 3 years for my 2009 august punto Em Pk and 25th is the expiry date and need to remove. I made a claim 2 months ago hence i loose the NCB.

But when i spoke to one insurance company i didint mention about the claim and they gave me offer of 8588/- with 40% for Bharti AXA. Now i have a confusion here,

what if i renew with this offer with NCB where in actually have claimed? what happens then?

Its wrong to hide facts.

Company will check under two scenarios:

1) As soon as you renew with AXA they'll verify with Bajaj about NCB
2) If not, they'll surely check when a claim arises in Bharti AXA

When the find out that the client was hiding facts, the company could either:
a) Terminate the policy
b) The claim will never be paid

Different companies have different policies regarding hiding facts.

My sincere advice is please pay the full premium. You are buying insurance for peace of mind. For couple of thousands you are really losing that peace of mind.

[DoneAndDusted]

Originally Posted by F50

Its wrong to hide facts.

Company will check under two scenarios:

1) As soon as you renew with AXA they'll verify with Bajaj about NCB
2) If not, they'll surely check when a claim arises in Bharti AXA

When the find out that the client was hiding facts, the company could either:
a) Terminate the policy
b) The claim will never be paid

Different companies have different policies regarding hiding facts.

My sincere advice is please pay the full premium. You are buying insurance for peace of mind. For couple of thousands you are really losing that peace of mind.

Totally Agree with F50. No point hiding your claim. It will come up during their background check. This will also have a ripple effect in the future years of your insurance renewals. Suggest you not claim NCB.

[abhilash_iv]

Hi,
A query regarding transfer of NCB.
I had a Swift which was sold 5 months after I bought a Vento. Now I have received the 35% NCB bonus certificate for Swift. My Vento's insurance is to be renewed by Jan 2013. And I guess, I will be eligible for this 35% NCB at that time.
But if I claim insurance for the current policy of vento, still, will I be able to getthe 35% NCB on the renewal, because that is getting transferred from a different vehicle?

(This was wrongly posted in the FAQ thread. I have asked the mods to delete it)

[mayankk]

My father recently started driving after a hiatus of almost 15 years.He'd been driving our santro on and off, but now he's on a dzire carrying a zero dep policy.
As such, the car has faced some undue abuse(cosmetically) by way of :
1. A broken bumper(about a 4 inch sized hole)
2. Scratch across the rightside from tail to the front door(not just paint, but in metal too.)
3. big scratch on left side on both doors.

Its about 2-3 months old now, and I was thinking of utilizing the zero dep.
My question is, all of the above are covered, i think(?).
What will be the financial impact next year?
Is this a painful procedure, claiming on a zero dep?

[ghodlur]

Originally Posted by mayankk

Its about 2-3 months old now, and I was thinking of utilizing the zero dep.
My question is, all of the above are covered, i think(?).
What will be the financial impact next year?
Is this a painful procedure, claiming on a zero dep?

Zero depreciation is applicable on the total cost of the repairs which means apart from the claim fee (which I think is rs 500 or 1K which you pay) rest of the repair cost will be borne by the Insurer. Claiming a zero dep is like any ordinary insurance claim. The impact next year will be again similar to the NCB loss i.e you loose 20% NCB. With whom is the car insured for zero dep?

[mayankk]

Originally Posted by ghodlur

Zero depreciation is applicable on the total cost of the repairs which means apart from the claim fee (which I think is rs 500 or 1K which you pay) rest of the repair cost will be borne by the Insurer. Claiming a zero dep is like any ordinary insurance claim. The impact next year will be again similar to the NCB loss i.e you loose 20% NCB. With whom is the car insured for zero dep?

Its from MS directly, I think in conjunction with BA.
So, if i lose NCB, whats the premium for next year, same as the first?
Is there and IDV calculation in the case of Zero dep(oxymoronic, it seems to me. )

[avingodb]

Guys, need quick help.
Looking for second year insurance for my Tata Nano. National is quoting 4800 with IDV of 157000 with cashless facility at the garage where I go to for service. Iffco on the other hand is quoting Rs 4585 with IDV of 171000 but no cashless setup.
Which one should I go for? The existing insurance is with National.
I had posted this query in another thread but put it here also after seeing that this is an "ask me" thread.

[ghodlur]

Originally Posted by mayankk

Its from MS directly, I think in conjunction with BA.
So, if i lose NCB, whats the premium for next year, same as the first?
Is there and IDV calculation in the case of Zero dep(oxymoronic, it seems to me. )

The premium for the next year will not be same, infact it will increase since the Insurer would perceive you as a somewhat unsafe driver. By what % the premiums will increase that is upto the whim and fancy of the Insurer(every one has a diff calculation). Above this you lose the NCB also, so basically its a double impact.

Zero dep is an add on taken along with the insurance, the cost of it will remain the same. Unless the Insurer increases the zero dep add on price across all customers.

[SumitB]

I have a related query here. I have a 2010 Tata Safari which is due for renewal of insurance on the 22nd September, 2012. I have no claims in the 2nd year of ownership and was checking for quotes online on policy bazaar. I was surprised to see that I was being offered a renewal at 16xxx by Reliance Insurance while the next lowest quote was 26xxx! Now what gives? Why is there a difference of 10000 rupees between these two quotes and is it safe to go with Reliance Insurance? I am looking at comprehensive policies and these quotes are for the same. Help will be much appreciated.

[mjumrani]

Quick question, if another incident occurred before I could take the car to the service centre after the first incident, what do I do to get both the incidents covered under insurance?

[ghodlur]

Originally Posted by SumitB

Why is there a difference of 10000 rupees between these two quotes and is it safe to go with Reliance Insurance? I am looking at comprehensive policies and these quotes are for the same. Help will be much appreciated.

I would suggest one thing - Stay away from Reliance Insurance as far as possible. I have heard numerous horror stories from friends when it comes to claim settlement. Try other insurers websites for the quotes.

Originally Posted by mjumrani

Quick question, if another incident occurred before I could take the car to the service centre after the first incident, what do I do to get both the incidents covered under insurance?

The Claim will still be a single one isnt it? Also depends on the total repair cost what will be reimbursed. As far as possible tell the Insurers its one claim.

[ninjatalli]

Originally Posted by avingodb

Guys, need quick help.
Looking for second year insurance for my Tata Nano. National is quoting 4800 with IDV of 157000 with cashless facility at the garage where I go to for service. Iffco on the other hand is quoting Rs 4585 with IDV of 171000 but no cashless setup.
Which one should I go for? The existing insurance is with National.
I had posted this query in another thread but put it here also after seeing that this is an "ask me" thread.

My suggestion would be to stick with an insurance that has a cashless facility. Also if you had a decent experience with National, why not continue with them. Btw get the IDV value fixed as per IRDA rules.

Originally Posted by SumitB

Why is there a difference of 10000 rupees between these two quotes and is it safe to go with Reliance Insurance? I am looking at comprehensive policies and these quotes are for the same. Help will be much appreciated.

Simple - Reliance is giving a huge discount on the OD premium just to get sales. Similar is the case for my Vento - there's a difference of 8-10k between Reliance and the rest. Would recommend you to stay away from Reliance, haven't heard good stories about them.

Originally Posted by mjumrani

Quick question, if another incident occurred before I could take the car to the service centre after the first incident, what do I do to get both the incidents covered under insurance?

Ideally you aren't allowed to claim for multiple incidents in the same claim (IMO). I believe you'll have to give an explanation on the accident situation; you'll need to come up with one that deals with both problems.

P.s. Not 100% sure about that, so do get a 2nd opinion. But i remember seeing a post on this thread where the individual's claim was not cleared for both incidents under the same claim.

[volkman10]

Guys, need quick help.
Looking for second year insurance for my Polo. Insurance was on Bajaj Allianz.

For the second year the quote INR 18958 with IDV of 516435 for the Drive Assure Premium. Got a reduction of 1000 from the previously quoted one.

Is this a decent premium? Need advise.


Cheers!