Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 9th February 2014, 16:14   #2866
BHPian
 
bj96's Avatar
 
Join Date: Dec 2008
Location: Pune
Posts: 915
Thanked: 817 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by parsh View Post
It is not possible to use NCB from old vehicle on the new vehicle if you are not selling/transferring the old one
Incorrect. I did this 5years ago when we bought safari. WagonR was converted to 3rd party only and 50% NCB was transfered to Safari. I have both cars till date w/o changing owners. Problem is most insurers are reluctant to do this due to obvious reasons and will misguide you.

BJ
bj96 is offline   (1) Thanks
Old 9th February 2014, 16:23   #2867
Senior - BHPian
 
parsh's Avatar
 
Join Date: Aug 2010
Location: Bombay
Posts: 1,561
Thanked: 1,059 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bj96 View Post
Incorrect. I did this 5years ago when we bought safari. WagonR was converted to 3rd party only and 50% NCB was transfered to Safari. I have both cars till date w/o changing owners. Problem is most insurers are reluctant to do this due to obvious reasons and will misguide you.

BJ
Thanks for confirming. Must be the way of the insurers then. We will have to push for our vehicles which has not been possible since years.
parsh is offline  
Old 9th February 2014, 19:03   #2868
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,665
Thanked: 1,764 Times
Default Re: Automobile Insurance Queries? Ask me

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.
Sawyer is offline  
Old 9th February 2014, 20:50   #2869
BHPian
 
Join Date: Nov 2010
Location: Bangalore
Posts: 490
Thanked: 279 Times
Default

Quote:
Originally Posted by Sawyer View Post
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.
harishpr is offline  
Old 9th February 2014, 20:58   #2870
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,665
Thanked: 1,764 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by harishpr View Post
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...
Sawyer is offline  
Old 9th February 2014, 21:51   #2871
BHPian
 
Join Date: Nov 2010
Location: Bangalore
Posts: 490
Thanked: 279 Times
Default

Quote:
Originally Posted by Sawyer View Post
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.
harishpr is offline  
Old 9th February 2014, 22:50   #2872
Senior - BHPian
 
wanderernomad's Avatar
 
Join Date: Jul 2007
Location: Chandigarh
Posts: 2,500
Thanked: 1,065 Times
Default Re: Automobile Insurance Queries? Ask me

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.
wanderernomad is offline  
Old 10th February 2014, 03:38   #2873
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,665
Thanked: 1,764 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by harishpr View Post
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.
Sawyer is offline  
Old 10th February 2014, 08:12   #2874
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,475
Thanked: 2,881 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by wanderernomad View Post
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.
ghodlur is offline   (1) Thanks
Old 12th February 2014, 16:06   #2875
Senior - BHPian
 
comfortablynumb's Avatar
 
Join Date: Jul 2007
Location: Pune
Posts: 1,724
Thanked: 2,181 Times
Default Re: Automobile Insurance Queries? Ask me

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

Last edited by comfortablynumb : 12th February 2014 at 16:20.
comfortablynumb is online now  
Old 12th February 2014, 16:35   #2876
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,475
Thanked: 2,881 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by comfortablynumb View Post
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.
ghodlur is offline   (1) Thanks
Old 12th February 2014, 17:26   #2877
Senior - BHPian
 
comfortablynumb's Avatar
 
Join Date: Jul 2007
Location: Pune
Posts: 1,724
Thanked: 2,181 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
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 is online now  
Old 13th February 2014, 12:04   #2878
Senior - BHPian
 
comfortablynumb's Avatar
 
Join Date: Jul 2007
Location: Pune
Posts: 1,724
Thanked: 2,181 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
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
comfortablynumb is online now  
Old 13th February 2014, 12:35   #2879
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,475
Thanked: 2,881 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by comfortablynumb View Post
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.
ghodlur is offline  
Old 13th February 2014, 12:53   #2880
Senior - BHPian
 
comfortablynumb's Avatar
 
Join Date: Jul 2007
Location: Pune
Posts: 1,724
Thanked: 2,181 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
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
comfortablynumb is online now  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks