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Old 19th May 2014, 10:35   #2986
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gearedup View Post
[Mods: I couldn't find an exact Question as mine already covered here]
Hi All,

Need help to renew insurance coverage for my Oct '99 Zen. Have had a regular policy with Reliance General, coverage will come to an end in 2 weeks time.

Reliance general says:
1. As per latest guidelines of IRDA, Private insurers shouldn't insure cars older than 10-12 years
2. Henceforth, IRDA has only allowed Public Insurers like Oriental, National, New India etc - to cover older cars.

My thoughts:
1. Checked the IRDA website, it isn't quite updated & doesn't have any such info.
2. Is Reliance acting smart - Unfortunately I had 2 claims with them during last year. The claims were settled smoothly though.
3. I didn't call up any Public Insurer yet, the very thought of having to deal with these guys is yet to sink in
4. The last IDV was a mere Rs. 68K, but still I don't prefer 3rd party liability policy.
5. Car is in good condition, no worries on any inspection.
As per my knowledge, the limit is 15 years. However, the risk acceptance depends from insurer to insurer. Some people limit themselves to 10 year old cars while some people do for even older cars.

I do insurance for 150 cars of our company every year, and even I faced these type of issues with a couple of insurers.

My suggestion is to try once with Bharti AXA, ICICI Lombard and Tata AIG as these guys are a bit aggressive in Motor insurance and they should be able to provide you a renewal quote.
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Old 19th May 2014, 11:15   #2987
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sada View Post
Should I concerned about anything here like losing no claim bonus, etc.?
Yes, you should be very concerned that your vehicle doesnt have valid insurance policy, hence could be an issue if you are caught without valid documents. Why didnt you try online renewal instead of depending on the Agent? Keep the Insurance co informed of the cheque deposition and apply for NCB letter parallely, you wont lose the NCB.

Quote:
Originally Posted by darthvader5000 View Post
due oversight lapsed 6 months back.
Query : Will I lose my NCB ?
Do I need to contact some other company ?
Holy cow, thats a long oversight. Ideally the NCB letter has to be obtained from the Insurance co within 3 months of insurance expiry/cancellation. You can still try with them to get the letter. Which Insurance co did photograph your car? Was it BA? You can surely try for others, but bear in mind the premium would be slightly more than the usual since its an expired policy.

Quote:
Originally Posted by DevendraG View Post
I was told that since I have made a claim last year, I can't get a Zero Dep Policy next year.
Absolutely false. Why stick with such Insurers who make their own rules. Look out for others. If still want to go to HDFC, no they cant stop you from buying zero dep. Afterall its just an addon.

Quote:
Originally Posted by coolmob View Post
I want to transfer the old insurance on the new car and claim NCB on it and get a fresh insurance my old spark.
Are you planning to buy Insurance for the i10 from United or others? All you need is the NCB letter from United and use it for buying insurance for the i10. Continue the policy of Spark till the expiry and then buy a TPL only policy.

Quote:
Originally Posted by gearedup View Post
Reliance general says:
1. As per latest guidelines of IRDA, Private insurers shouldn't insure cars older than 10-12 years
2. Henceforth, IRDA has only allowed Public Insurers like Oriental, National, New India etc - to cover older cars.

2. Is Reliance acting smart - Unfortunately I had 2 claims with them during last year. The claims were settled smoothly though.
Absolutely, Reliance is acting smart, can you ask Reliance to provide the proof of the source of info. What benefits will Public Insurers provide to the car which pvt insurers cant. I think they are taking you for a ride unless they susbtantiate the claim. Time to move out from Reliance.
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Old 20th May 2014, 01:02   #2988
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Default Re: Automobile Insurance Queries? Ask me

Hi everybody
I have a Beat which is in my daughter's name and I drive it.
I(not my daughter) want to now employ a driver who has a proper/valid licence to drive LMVs.
Is there any problem as far as the insurance cover is concerned?
I have read about people hiring drivers by the hour in which case is the policy covering mishaps valid?
Please guide.
Thanks a lot for your help.
Regards.
PS: Off topic.What are the rules for having one employee under Maharashtra and or India rules of employment.? Thanks
Thanks a lot for your help
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Old 20th May 2014, 01:52   #2989
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by madhav14 View Post
As per my knowledge, the limit is 15 years. However, the risk acceptance depends from insurer to insurer. Some people limit themselves to 10 year old cars while some people do for even older cars.
Quote:
Originally Posted by ghodlur View Post
Absolutely, Reliance is acting smart, can you ask Reliance to provide the proof of the source of info. What benefits will Public Insurers provide to the car which pvt insurers cant. I think they are taking you for a ride unless they susbtantiate the claim. Time to move out from Reliance.
Thanks Madhav14 and ghodlur, and below is the update.
Mustered courage and called up National Insurance & they applied Murphy's law They plainly told me that when my own insurer of last 6+ years isn't willing to renew - why should they?

Checked quite a few portals - online route is not possible for 10+ year old car.
Have checked in with an agent known to me & hope for her to revert back. She also confirmed that it depends upon the risk acceptance considering the low premiums. They have a tie up with New India Assurance, but told me to keep my fingers crossed. If nothing works, I will write a letter to the RTO and apprise him of the situation - not sure if that helps in preventing me from being on the wrong side of the law
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Old 20th May 2014, 08:47   #2990
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gearedup View Post
Thanks Madhav14 and ghodlur, and below is the update.
Mustered courage and called up National Insurance & they applied Murphy's law They plainly told me that when my own insurer of last 6+ years isn't willing to renew - why should they?

Checked quite a few portals - online route is not possible for 10+ year old car.
Have checked in with an agent known to me & hope for her to revert back. She also confirmed that it depends upon the risk acceptance considering the low premiums. They have a tie up with New India Assurance, but told me to keep my fingers crossed. If nothing works, I will write a letter to the RTO and apprise him of the situation - not sure if that helps in preventing me from being on the wrong side of the law

Seems like you are facing too many difficulties with the renewal. Let me see if I can help you out. PM me if you couldn't get a renewal quotation there.

I may need your RC copy and insurance copy through e-mail and I can try here for a quotation. As we give huge business to insurers by doing motor renewals every month, I think they should consider this one too.
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Old 20th May 2014, 09:53   #2991
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by faustus77 View Post
I(not my daughter) want to now employ a driver who has a proper/valid licence to drive LMVs.
Is there any problem as far as the insurance cover is concerned?
I have read about people hiring drivers by the hour in which case is the policy covering mishaps valid?
@faustus77
There would be no issue when any claim arises if the paid driver is employed provided the required option in the TPL premium is paid for. I am referring to the option "legal liability to paid drivers/cleaners/employees" for which you must have paid Rs 50 as the cost included as a part of TPL premium amount. If thats there, then no issues when claim arises. Check your Insurance policy for the same and also read the section in the policy for more clarity.
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Old 21st May 2014, 23:26   #2992
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
@faustus77
There would be no issue when any claim arises if the paid driver is employed provided the required option in the TPL premium is paid for. I am referring to the option "legal liability to paid drivers/cleaners/employees" for which you must have paid Rs 50 as the cost included as a part of TPL premium amount. If thats there, then no issues when claim arises. Check your Insurance policy for the same and also read the section in the policy for more clarity.
Ghodlur
Hi.Thanks your reply.
Had checked with New India yesterday morning and they said that the insurance cover is valid.After reading your post checked the policy.They have charged 1582 as TP premium with the heading Basic TP cover.This is for owner driver,PA cover for unnamed persons, LL cover for paid driver.
Regards
PS: Any idea about my other query vis a vis the employment rules ( Maharashtra/Central Govt) Thanks.

Last edited by faustus77 : 21st May 2014 at 23:44.
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Old 26th May 2014, 16:02   #2993
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Default Re: Automobile Insurance Queries? Ask me

Royal Sundaram gave me a quote of Rs.12,628/- (with RSA) for my pre-owned '09 Linea MJD. The IDV offered is Rs.5,34,600/-.

Current Policy is expiring on 30th May.

Any reviews about Royal Sundaram?
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Old 26th May 2014, 16:20   #2994
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Default Re: Automobile Insurance Queries? Ask me

My car insurance is with Royal Sundaram and never faced any issues. I just had one claim and dealer-Royal Sundaram took care of it.
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Old 27th May 2014, 10:06   #2995
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Default Re: Automobile Insurance Queries? Ask me

UPDATE:
5 minutes after I posted this, I called BA's local offices and was luckily put straight through to a cluster head. He clarified that they CAN continue with 35% after they have again inspected the car etc. etc.

He also wanted the contacts of the call centre employee who had called me with the below-mentioned erroneous information :-)

Original post below:
Bit of a unique case:

I recently purchased my company-owned/leased Cruze from my employer and transferred it into my name. My company also provided a NOC for the insurance (current NCB @ 25%) to be carried forward, as I was anyway the 'authorized user'.

This was duly accepted and endorsed on the policy by Bajaj Allianz after a exhaustive inspection of the car including taking detailed pictures of every scratch etc. on the car. I only paid the standard IRDA fee of maybe Rs. 150 (don't recollect).

Its time for renewal now (mid-June), and instead of the expected 35% slab BA is saying that as per IRDA rules, as the user ID has now changed etc. etc. they need to start afresh i.e. with a NCB of 0%! Reasoning is that last year was allowed as the my employer had given a NOC, but this year the clock will start again.

Sounds like a load of garbage to me hence this post. Mind you, have spoken only to a flunk so far so will approach BA's local offices shortly Wanted any advice from the insurance gurus!

Last edited by itwasntme : 27th May 2014 at 10:12. Reason: Update
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Old 27th May 2014, 10:47   #2996
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by itwasntme View Post
Its time for renewal now (mid-June), and instead of the expected 35% slab BA is saying that as per IRDA rules, as the user ID has now changed etc. etc. they need to start afresh i.e. with a NCB of 0%! Reasoning is that last year was allowed as the my employer had given a NOC, but this year the clock will start again.
The BA guys are BSing. Since the ownership has been transferred to your name and the policy is now for renewal, you are entitled to the NCB for then policy year in case of no claims. BA guys are just trying to see if they can talk you out of this. Just stand firm and if they dont budge, look our for a new Insurer.
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Old 27th May 2014, 12:33   #2997
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Default Re: Automobile Insurance Queries? Ask me

I was taking a quote for the new honda city (regular and zero dep). TATA AIG quote is around 29K for the zero dep and Bajaj for zero dep quotes 40K. Thats a pretty wide difference. Are there significant difference between the terms and conditions between the 2 policies that command such a big difference or is it just a case of one commanding a superior premium over the other?
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Old 27th May 2014, 13:29   #2998
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Quote:
Originally Posted by Vahanam View Post
I was taking a quote for the new honda city (regular and zero dep). TATA AIG quote is around 29K for the zero dep and Bajaj for zero dep quotes 40K. Thats a pretty wide difference. Are there significant difference between the terms and conditions between the 2 policies that command such a big difference or is it just a case of one commanding a superior premium over the other?
Generally the difference between the quotes is in the range of 2-3K provided all the criterias are almost identical. In your case maybe the IDV quoted by Tata must be lesser than BA, add ons might be charged. Did you compare the two quotes are all sections of the premium breakup? Also if you are a present customer of BA, they feel they can charge you higher premium whereas Tata must be seeing you as a new customer.

In my case of Punto's insurance renewal, I find a difference of 3.5K between the lowest quote and the quote by existing Insurer.
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Old 27th May 2014, 14:26   #2999
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Hi, I'm looking to renew insurance for a 2005 Indigo. I am interested in third party cover only . The regular insurance guy who has been riding his bike to my place for the last 4 years for renewal has given me the cold shoulder and said he doesn't do third party insurance!

Is there any way to buy it online? Do private insurers have the right to refuse renewal if you want liability only coverage?

Or do I have to visit National Insurance /oriental insurance offices to get my car insured?
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Old 27th May 2014, 15:04   #3000
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by drsingh View Post
Do private insurers have the right to refuse renewal if you want liability only coverage?

Or do I have to visit National Insurance /oriental insurance offices to get my car insured?
drsingh, simply head over to any PSU insurer with your vehicle plus necessary documents. If the inspection guy is around, you will walk out in 30minutes flat with your TP insurance. This is from my personal experience with National in Bangalore.

IRDA needs to force the private guys to easily accept TP cases! Legally they are bound to offer and accept subject to normal due diligence. Practically, they will move heaven and earth not to.
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