Automobile Insurance Queries? Ask me

[harishpr]

Originally Posted by Sawyer

I sold a car in August 2013, with insurance expiring on July 2014. I have the relevant documents evidencing registration of this sale/transfer by the RTO.
Based on this, can I get the NCB letter now, or do I have to wait till July 2014. If I get it now, I can use it for a renewal on another car, to be done in May 2014, hence the question.

You are fully eligible to get ncb with RC COPY and insurance transfer copy with buyer's name. Infact along with ncb, you will also receive the cheque for unutilized premium amount since the buyer would have paid it while getting insurance on his name.

I have received the above in the last 3 cars I sold. Once from United India and twice from hdfc ergo.

[Sawyer]

Originally Posted by harishpr

You are fully eligible to get ncb with RC COPY and insurance transfer copy with buyer's name. Infact along with ncb, you will also receive the cheque for unutilized premium amount since the buyer would have paid it while getting insurance on his name.

I have received the above in the last 3 cars I sold. Once from United India and twice from hdfc ergo.

Not quite, I sold the car with insurance for the remaining period, and the buyer paid the pro rata NCB given to me, since he wasn't eligible for any NCB.
I know I will get the NCB letter, my question is as to when it will be issued - only after the current policy expires in July 2014, or now, if I apply for it?
Logically, it should be the latter since the buyer has paid back the NCB I received in July 2013, but logic may not apply...

[harishpr]

Originally Posted by Sawyer

Not quite, I sold the car with insurance for the remaining period, and the buyer paid the pro rata NCB given to me, since he wasn't eligible for any NCB.
I know I will get the NCB letter, my question is as to when it will be issued - only after the current policy expires in July 2014, or now, if I apply for it?
Logically, it should be the latter since the buyer has paid back the NCB I received in July 2013, but logic may not apply...

It will be issued right away. No need to wait till the end of policy. Hope I'm clear this time.

[wanderernomad]

If a vehicle is declared as total loss what is paid by the Insurance Company? The IDV or only the salvage value? A friends Marshall had an IDV of Rs 1,50,000 and met with an accident. The repair estimate is about 1,75,000 and therefore, the insurance company wants him to collect a salvage value of about 35K only and declare the vehicle as a total loss.

[Sawyer]

Originally Posted by harishpr

It will be issued right away. No need to wait till the end of policy. Hope I'm clear this time.

Yes you are, thank you. I will apply for it right away.

[ghodlur]

Originally Posted by wanderernomad

If a vehicle is declared as total loss what is paid by the Insurance Company? The IDV or only the salvage value? A friends Marshall had an IDV of Rs 1,50,000 and met with an accident. The repair estimate is about 1,75,000 and therefore, the insurance company wants him to collect a salvage value of about 35K only and declare the vehicle as a total loss.

It is the IDV which will be considered for the total loss. But this IDV will be on prorata basis i.e if the accident has happened X no of months after the Insurance renewal, then the IDV is X times depreciated the original IDV. If the Insurer is trying to pass on only the salvage then your friend will need to contest that.

Normally the Insurance co pay off a certain % of the IDV and the salvage value equalling the IDV on the insurance policy.

[comfortablynumb]

My Scorpio's insurance renewal is coming up, but I haven't got a quote + reminder from New India yet.

These are some online quotes that I've got till now from other co's:

Tata AIG: IDV 5,25,000, premium 9,642, std deduction 2500

Bajaj Allianz: IDV approx. 5,16,000, premium 10,551, std deduction 2500

Any opinions on the above, service wise and IDV + quotes wise too?

Cheers,
Vikram

[ghodlur]

Originally Posted by comfortablynumb

My Scorpio's insurance renewal is coming up, but I haven't got a quote + reminder from New India yet.

Vikram,

Why wait for a quote, check it online from New India Assurance website itself. They do have online renewal option.

http://www.team-bhp.com/forum/indian...ml#post3062780

Regarding the Insurance co you mentioned, do they have cashless tie up with Mahindra workshop? If not, then try other online Insurance quotes.

[comfortablynumb]

Originally Posted by ghodlur

Regarding the Insurance co you mentioned, do they have cashless tie up with Mahindra workshop? If not, then try other online Insurance quotes.

Thanks for the reply ghodlur. I seem to recollect that the workshop manager had said yes [to the above question] when I'd asked him 2 years ago, but I'll confirm it again.

Cheers,
Vikram

[comfortablynumb]

Originally Posted by ghodlur

Vikram, Why wait for a quote, check it online from New India Assurance website itself. They do have online renewal option.[/url].

New India's quote is Rs.10,532 for an IDV of Rs.4,80,000 with the same std deduction amount and NCB %. Time to switch over to Tata AIG, methinks.

Cheers,
Vikram

[ghodlur]

Originally Posted by comfortablynumb

New India's quote is Rs.10,532 for an IDV of Rs.4,80,000 with the same std deduction amount and NCB %. Time to switch over to Tata AIG, methinks.

Is this premium with Zero dep add on? What about Tata AIG's quotes, does it include zero dep? Tata AIG option seems to the better one amongst the quotes mentioned.

[comfortablynumb]

Originally Posted by ghodlur

Is this premium with Zero dep add on? What about Tata AIG's quotes, does it include zero dep? Tata AIG option seems to the better one amongst the quotes mentioned.

No zero depreciation/bumper to bumper, nothing. For all 3, the quotes are for a basic comprehensive policy without any additional covers/riders, with same NCB and std deduction.

Regards,
Vikram

[manas27587]

I have received a quote of 21000 for my 2012 skoda rapid ambition TDi for 0 dep from HDFC. They were my previous insurers.
Is the premium OK?

[RajeswaranK7]

Originally Posted by ghodlur

As of now we know only Future generali & Bharati Axa offer zero dep add on for a 4yr old car. But this will be the last year of opting for the zero dep option, make most use of it. Check whether the workshop has a cashless tie up with these Insurers.

@ghodlur

I checked with Royal Sundaram and they are ready to give zero depreciation policy, but i cannot take it via my dealer as my dealer(MPL ford) refuses to issue a zero depreciation policy for a 4 year old car. I spoke to a SA in the workshop and he advised me not to take insurance from outside as they don't do cashless if it is not taken from dealer. they have tie ups with BA, Royal Sundaram, ifco tokio and new india insurance, but still he insisted that they will not do cashless unless the insurance is taken from the dealer. Is this the case everywhere or the are trying to make me buy insurance from the dealer??

[ghodlur]

[quote=RajeswaranK7;3369913 Is this the case everywhere or the are trying to make me buy insurance from the dealer??[/quote]
The SA and the dealer both are BSing and taking you for a royal ride. If the workshop has a cashless tie up with RS and RS is giving a good offer, then the SA cant stop you from buying the Insurance online or otherwise directly from RS. Go ahead and buy that Insurance and drop a mail to Ford about the dealer and the SA antics. I am sure they will come running after you for apologizing.

The SA is bluffing coz the dealer will lose the commission of the Insurance he sells.