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


Reply
  Search this Thread
2,074,452 views
Old 16th March 2014, 13:56   #2911
Senior - BHPian
 
abhinav.gupta88's Avatar
 
Join Date: Sep 2007
Location: Delhi , India
Posts: 4,092
Thanked: 325 Times
Re: Automobile Insurance Queries? Ask me

I sold my car back in 2013 may.

It had a NCB of 45/55% on it.
I forgot to get the NCB certificate from the insurer. Not it has been almost a year, any way can get it now ( i want to use it for the new car i wish to purchase)
abhinav.gupta88 is offline  
Old 16th March 2014, 17:22   #2912
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,997
Thanked: 4,174 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by abhinav.gupta88 View Post
it has been almost a year, any way can get it now ( i want to use it for the new car i wish to purchase)
You should be able to get it provided you know the Insurance details such as policy no etc. Apply to the Insurance co giving some "genuine" reason.
ghodlur is offline   (1) Thanks
Old 16th March 2014, 20:21   #2913
Senior - BHPian
 
abhinav.gupta88's Avatar
 
Join Date: Sep 2007
Location: Delhi , India
Posts: 4,092
Thanked: 325 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
You should be able to get it provided you know the Insurance details such as policy no etc. Apply to the Insurance co giving some "genuine" reason.
I have the old policy documents.

I dont have any reason other than the fact that I did not know it expires after 3 months if document not claimed. Any Pointers?
abhinav.gupta88 is offline  
Old 17th March 2014, 13:01   #2914
Senior - BHPian
 
DieselFan's Avatar
 
Join Date: Mar 2007
Location: Bangalore
Posts: 1,584
Thanked: 259 Times
Re: Automobile Insurance Queries? Ask me

I Currently have a Swift VDI with comprehensive insurance and not claimed for last 7 years. Now I plan to buy a new car and transfer this NCB to the new car. Can I take another comprehensive for Swift paying the full amount without NCB? I want to retain my swift hence the query.
DieselFan is offline  
Old 18th March 2014, 09:13   #2915
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,997
Thanked: 4,174 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by DieselFan View Post
I Currently have a Swift VDI with comprehensive insurance and not claimed for last 7 years. Now I plan to buy a new car and transfer this NCB to the new car. Can I take another comprehensive for Swift paying the full amount without NCB? I want to retain my swift hence the query.
Yes, it can be done. Take the NCB letter from the Insurer and use it when buying policy for the new car. You can buy a comprehensive policy for the swift or a simple TPL policy. My suggestion is to opt for comprehensive policy.
ghodlur is offline  
Old 18th March 2014, 12:08   #2916
BHPian
 
Join Date: Jul 2012
Location: TN
Posts: 74
Thanked: 48 Times
Re: Automobile Insurance Queries? Ask me

I need to get a couple of dents repaired on my Honda which will require tinkering and repainting of two panels. The Honda SA advised against claiming insurance as the insurer would pay for only one dent! I am a little surprised by this advice. The stated reason was that the dents appear to have been caused by two different incidents. I am at a loss to understand why that matters. Any guidance
satyaanveshi is offline  
Old 18th March 2014, 14:29   #2917
BHPian
 
dj78's Avatar
 
Join Date: Oct 2013
Location: Stockholm
Posts: 72
Thanked: 61 Times
Re: Automobile Insurance Queries? Ask me

Hello Friends,
I'm new to the motor insurance scenario in India. My first renewal is coming up. I have some questions (skimmed through this thread before posting but did not find the exact details):
1. If I use an online service such as Policybazaar how do I avail the NCB from my current insurance provider - Do I need to get a physical letter?
2. Any insurance company I should stay away from - I'm in kolkata.
3. How is the NCB calculated? I saw some references to a NCB chart - Any pointers will be useful.
Thanks for the help.
dj78 is offline  
Old 18th March 2014, 18:11   #2918
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,997
Thanked: 4,174 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by satyaanveshi View Post
The Honda SA advised against claiming insurance as the insurer would pay for only one dent! I am a little surprised by this advice. The stated reason was that the dents appear to have been caused by two different incidents. I am at a loss to understand why that matters. Any guidance
The Honda guy is right. The Insurer will treat each dent as a seperate claim unless you can prove to the Surveyor that both the dents are result of a single incident.
Quote:
Originally Posted by dj78 View Post
1. If I use an online service such as Policybazaar how do I avail the NCB from my current insurance provider - Do I need to get a physical letter?
2. Any insurance company I should stay away from - I'm in kolkata.
3. How is the NCB calculated? I saw some references to a NCB chart - Any pointers will be useful.
Answering your questions serially.
1) If you are changing Insurance co when renewing using Policy bazaar quotes, you will have to get the NCB letter from the present Insurer. Although not needed during the renewal, but will be required in case of any claims. During renewal you can just mention the NCB%.
2) Kolkatta BHPians can help here. But stay away from the likes of ICICI Lombars, Reliance etc. Purely my personal opinion.
3)There is a NCB table as seen in the MVA charter which gives the figures in % based on the years of claim free insurance. There is no calculation persay.
ghodlur is offline   (2) Thanks
Old 18th March 2014, 18:29   #2919
BHPian
 
pratyush6's Avatar
 
Join Date: Jun 2013
Location: Toronto
Posts: 569
Thanked: 684 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
The same would be for the rest of the Insurers too who would be wary of making you their customer as you have already made claims.
On this one and on a lighter note, what is the use of insurance when you don't claim if the need be?

As I said earlier, I have been contacted by 3-4 Insurers. Right now SBI looks to have the best of the lot with the highest IDV. Just wanted an opinion if I can go with them. All the 3 mentioned have cashless tie up with the Ford Showroom

Also, how much should be the IDV of a 1 year old vehicle? Really confused there.
pratyush6 is offline  
Old 19th March 2014, 10:47   #2920
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,997
Thanked: 4,174 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by pratyush6 View Post
On this one and on a lighter note, what is the use of insurance when you don't claim if the need be?
Also, how much should be the IDV of a 1 year old vehicle? Really confused there.
You are right in saying that people buy insurance which does help in claim. But put yourselves in the Insurer's shoes and you will realize the lesser the claims settlement, greater will be the Insurer's profit. Once you made a claim,the Insurer is bound to feel that there are chances of a second claim after the renewal. For the premium amount, Insurer might have to spend a lot in settling the claim which will hurt the Insurer's profit substantially. Hence ideally Insurers wouldnt want to continue with the customer

SBI General is a new comer as I said earlier. If they have a cashless tie up with Ford, you can opt for it. Just make a note to enquire if SBI has tied up with Ford for a Pan india basis.

Your ideal IDV should be 10% of current exshowroom cost of the model/variant. Or practically you can take the IDV as 10% less of the last year's IDV
ghodlur is offline   (1) Thanks
Old 19th March 2014, 11:08   #2921
BHPian
 
Join Date: Jul 2012
Location: TN
Posts: 74
Thanked: 48 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
The Honda guy is right. The Insurer will treat each dent as a seperate claim unless you can prove to the Surveyor that both the dents are result of a single incident.
Thanks. But the insurer will still pay for both the dents, right? The Honda SA claims that the insurer will pay for only one dent. But my idea was that since the NCB will be lost anyway, I might as well get both repaired.
satyaanveshi is offline  
Old 19th March 2014, 11:29   #2922
BHPian
 
JMaruru's Avatar
 
Join Date: Jun 2008
Location: BLR/EWR
Posts: 778
Thanked: 364 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by satyaanveshi View Post
Thanks. But the insurer will still pay for both the dents, right? The Honda SA claims that the insurer will pay for only one dent. But my idea was that since the NCB will be lost anyway, I might as well get both repaired.
I was in the same boat for my alto. Now i understand, the modus operandi of insurance companies. They would pay for one dent, minus the deductible. For another dent, i would have to claim again, so that i pay another deductible. This way, their cost for claims come down. So, for the second dent, you might have to go for fresh claim and pay another deductible.
JMaruru is offline  
Old 20th March 2014, 08:56   #2923
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,997
Thanked: 4,174 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by satyaanveshi View Post
Thanks. But the insurer will still pay for both the dents, right? The Honda SA claims that the insurer will pay for only one dent. But my idea was that since the NCB will be lost anyway, I might as well get both repaired.
The Insurance co is always in hands with the Workshop. Even if you prove to the surveyor that both the dents are related and surveyor agrees to it, the workshop can play spoil sport by proving to the surveyor that dents arent related at all. So this way they will have to deal for one dent with the Insurance co and one dent directly from the customer. The logic here is repair cost from the Insurance is generally settled in due course of time. So if both the dents are repaired through Insurance co, repairs amounts will come late as compared to direct payment from the customer.

I would suggest to be present when the surveyor visits the workshop and keep asking questions.
ghodlur is offline  
Old 23rd March 2014, 15:29   #2924
BHPian
 
Join Date: Jan 2008
Location: Bangalore
Posts: 945
Thanked: 1,521 Times
Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by carzealot View Post
Mail4ajo pls stay away from both Bharti & Reliance. Both have a very poor claim settlement ratio.
I looked in the IRDA annual report. For non-life insurers, all I can see is the Incurred Claims Ratio (ICR). Eg., search for "Statement 58" in the IRDA 2012-13 Annual Report. This is different from CSR.

Where can I see the Claim Settlement Ratio (CSR) of motor insurance companies?
vharihar is offline  
Old 25th March 2014, 09:49   #2925
BHPian
 
dre@ms's Avatar
 
Join Date: Oct 2006
Location: MADRAS
Posts: 638
Thanked: 206 Times
Re: Automobile Insurance Queries? Ask me

My 2012 Honda City renewal is next month. I have retained Royal Sundaram for the fact they provide cashless facility with Sundaran Honda. Does this still hold true? Are there any other insurance companies who has a tie up with Sundaram Honda.
How much should I fight for the IDV and what should be my NCB. No claims made till now. Last renewal was 20K for zero dep.
dre@ms is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright ©2000 - 2024, Team-BHP.com
Proudly powered by E2E Networks