![]() | #2701 | |
BHPian ![]() Join Date: Jul 2011 Location: Venice of East
Posts: 574
Thanked: 702 Times
| ![]() 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:
![]() Last edited by Vasuki : 11th November 2013 at 06:49. | |
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![]() | #2702 | |
Senior - BHPian ![]() | ![]() Quote:
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. | |
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![]() | #2703 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
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. | |
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![]() | #2704 |
Distinguished - BHPian ![]() ![]() Join Date: Aug 2011 Location: Bangalore
Posts: 3,994
Thanked: 12,424 Times
| ![]() 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 |
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![]() | #2705 |
Distinguished - BHPian ![]() ![]() | ![]() 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? |
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![]() | #2706 | |
Senior - BHPian ![]() | ![]() Quote:
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. | |
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![]() | #2707 | ||
BHPian ![]() Join Date: Dec 2010 Location: Guwahati
Posts: 327
Thanked: 502 Times
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Quote:
Last edited by wanderer4x4 : 11th November 2013 at 13:07. | ||
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![]() | #2708 |
BHPian ![]() Join Date: Sep 2008 Location: Hyderabad
Posts: 153
Thanked: 35 Times
| ![]() 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. |
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![]() | #2709 | |
Senior - BHPian ![]() | ![]() Quote:
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![]() | #2710 |
BHPian ![]() Join Date: Sep 2013 Location: Bangalore
Posts: 602
Thanked: 573 Times
| ![]() The NCB can be transferred if your new car comes in the same category \ slab as the previous one. |
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![]() | #2711 | |
BHPian ![]() Join Date: Jun 2009 Location: Bangalore
Posts: 342
Thanked: 140 Times
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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 | |
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![]() | #2712 |
Distinguished - BHPian ![]() ![]() Join Date: Jun 2007 Location: Chennai
Posts: 9,647
Thanked: 16,004 Times
| ![]() 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. |
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![]() | #2713 |
Senior - BHPian ![]() Join Date: Aug 2009 Location: India
Posts: 1,345
Thanked: 1,729 Times
| ![]() How I wish automobile insurance cos pay out a handsome bonus at the end of your claim free car ownership, just like life insurance companies. If only such a system were to exist, I would be richer by at-least a million now!! Last edited by Warwithwheels : 12th November 2013 at 23:16. |
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![]() | #2714 | |
BHPian ![]() Join Date: Jun 2009 Location: Bangalore
Posts: 342
Thanked: 140 Times
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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? " | |
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![]() | #2715 |
Senior - BHPian ![]() | ![]() Just a noob question. Possibly discussed before. 1. What's the time frame within which one needs to buy the car insurance after purchasing the vehicle? 2. How does one go about buying car insurance on temporary numbers? Can it be changed after getting the permanent number in a month's time? |
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