Team-BHP - Automobile Insurance Queries? Ask me

Quote:

Originally Posted by Vid6639 (Post 3289436)

1. 3.283% of IDV

3. Less commercial discount

How did you arrive at this figure(IDV %)? Is it it standard across all vehicles?

What's a commercial discount? How do you go about it? Is this can be availed during applying online too?

Quote:

Originally Posted by Vid6639 (Post 3289436)

A diesel car attracts lesser discount % and so does a Mahindra brand.

Now you are telling me. Ow this hurts! :Frustrati

Quote:

Originally Posted by Wall-e (Post 3288559)

Hi all,
1) Does the zero depreciation add on price increases year on year with the age of the vehicle?
2) Is there a way I can buy comprehensive from the dealer and buy the add-on package from Bajaj Allianz directly, if buying the add-on coverage from Bajaj Allianz directly is cheaper?

1) The add on options are subject to the Insurer who may increase the price based on the various factors best known to them. IRDA has no regulation on the add on schemes.
2) I doubt if you can do that, worth checking with BA about the same.
Are you fixated with BA, there are lot more players in the market who can offer better rates to get business from you.

Quote:

Originally Posted by Vasuki (Post 3289483)

How did you arrive at this figure(IDV %)? Is it it standard across all vehicles?

What's a commercial discount? How do you go about it? Is this can be availed during applying online too?

Now you are telling me. Ow this hurts! :Frustrati

The % is actually based on the car. I made a small mistake with the 3.283%.

It is 3.44% for engine size more than 1500cc and 3.283% for engines between 1000 and 1500cc.

Also, if the car is more than 5 years old, the % goes up a little.

These % are fixed so you can't play around with them. The discounts you get are from commercial discount which they apply.

Tata and Mahindra have the lowest discount %. Toyota has the highest.

The insurance companies have some guidelines which I don't have. Cars are classified as high risk, low risk or medium risk. My Altis was the lowest but my Figo was in the middle.

I am in the process of selling my car. The insurance is valid till 9th December. The sale process is expected to be complete by end of this month. How do I go about transferring the insurance? Should I just ask the buyer to get a new policy, or should I renew the current policy and then get it transferred to the buyers name? Or do I renew in the buyers name?

What sort of documentation is needed for this? Is the delivery note and associated forms proof enough for the Insurance company to do the renewal in the buyers name? The RC transfer will obviously take time and will not be done before the policy expires

Quote:

Originally Posted by Rajeevraj (Post 3289578)

It is advisable to renew the policy first in your name and then transfer the insurance to the new buyer. You can deal with the new buyer to pay the Insurance renewal cost. You will not be able to renew it in the buyers name. If you have already applied to the RC change of ownership then provide the copy of the same along with the original insurance and previous RC copies to the Insurance. They will take care of transfers. Just ensure that when you renew the Insurance policy if you have claimed the NCB, you will have to return the same back to the Insurers since NCB is not transferrable to the new buyer.

Quote:

Originally Posted by mayankk (Post 3289628)

Just need a little clarification here.
Is it allowed by word of a clause in the policy that you cannot claim for more than one accident in a claim?
Or that all claims need to be initiated within 7 days of the accident?

If the multiple accidents are interlinked, then it can clubbed in one claim subject to the approval of the Surveyor. The second statement is absolutely neccessary. However if you dont report but try to club it with other accident claims then Surveyor will take a call on that.

Quote:

Originally Posted by Vid6639 (Post 3289553)

The % is actually based on the car. I made a small mistake with the 3.283%.

It is 3.44% for engine size more than 1500cc and 3.283% for engines between 1000 and 1500cc..

Going OT here but still...In addition to what Vid6639 has mentioned, the rate of 3.440 and 3.283 are for vehicles registered in Zone A which comprises of Ahmedabad, Bangalore, Chennai, Hyderabad , Kolkata, Mumbai, New Delhi and Pune. Rest of India is classified as Zone B and the rates are 3.343 for >1500 cc, 3.191 for 1000 to 1500 cc and 3.039 for <1000cc.

Quote:

Originally Posted by Vid6639 (Post 3289553)

......The discounts you get are from commercial discount which they apply.

Tata and Mahindra have the lowest discount %. Toyota has the highest.

The insurance companies have some guidelines which I don't have. Cars are classified as high risk, low risk or medium risk. My Altis was the lowest but my Figo was in the middle.

Though vehicle risk profiling is done, but many a times based on your bargaining skills and rapport with the salesperson you can get good discounts on any vehicle. Claim history of the owner is also considered while offering discounts.

Quote:

Originally Posted by IndianNomad (Post 3290346)

Currently I have an NCB of 50% on the insurance of my existing car which I am planning to sell off and go for a new car where the insurance is over 30K, so I want to take advantage of my 50% NCB. I only know that I can transfer my NCB from my existing policy to new policy.

Kindly guide me about how to go through this process.

Obtain a NCB certificate from the present Insurer stating the reasons. Use the NCB certificate when buying Insurance for the new car. If you are planning to buy the Insurance for new car from the present Insurer then technically you dont need a NCB certificate, it will be in their records & transaction will be a lot smoother.

Quote:

Originally Posted by rjvora_2000 (Post 1646570)

It is a bad thing please stay away from it. You don't save much premium and you loose more in case of claim.

I'd like to understand why is Voluntary excess a bad thing since i know i'm missing something. Here is my understanding. Suppose i make a claim and post depreciation and compulsary deductible of 1 or 2k, the insurance company will pay 1L towards the accident. Now, if i have opted 5000 voluntary excess, insurance payout would be 1L - 5k = 95k.

If my understanding is right, then i dont mind taking voluntary excess everytime for a simple reason that chances of making a claim is quite rare because we all know the importance of NCB

If we look at insurance (outside of the legal requirement aspects) as being there to cover stuff that we cannot afford, then it makes sense not to have it for stuff that we can afford. Thus, voluntary excess leaves us holding the bill for stuff we can pay.

Is it worth it? It depends on the actual amount of premium saved, but probably one should also take into account the fact that many of us don't make small claims anyway as it is not worth loosing the NCB --- but we're still paying the premium.

Quote:

Originally Posted by Thad E Ginathom (Post 3291400)

Is it worth it? It depends on the actual amount of premium saved, but probably one should also take into account the fact that many of us don't make small claims anyway as it is not worth loosing the NCB --- but we're still paying the premium.

Money saved on premium may just 2 to 3 k for an IDV of say 6L x no of years. In an event of claim (if you really have) paying out that voluntary excess would just even out. But when you transfer during an upgrade, I know you have a fortuner, 40 or 50% NCB makes a huge difference and which brings back to the same question "why is voluntary excess bad? "