Team-BHP (https://www.team-bhp.com/forum/)

-   Indian Car Loans & Insurance (https://www.team-bhp.com/forum/indian-car-loans-insurance/)

-   -   Automobile Insurance Queries? Ask me (https://www.team-bhp.com/forum/indian-car-loans-insurance/49712-automobile-insurance-queries-ask-me-205.html)

I am due to renew the insurance for my Polo TDI by the end of August. Its 2 years old and currently insured by HDFC Ergo. I have 50% NCB and currently have Zero Depreciation coverage.

I have been checking around and this is what I see.

For an IDV of 450,000

HDFC Ergo - 9033 for normal cover and 14500 for Zero Depreciation addon
Bharti Axa - 6900 for normal cover
Bajaj Allianz - 9000+ for normal cover
Tata Aig - 8800 for normal cover
SBI - 6931 for normal cover, 8985 for with NCB Protection addon , 9584 with Zero Depreciation and 116400 with NCB protect and Zero Depreciation.

So it seems that Bharati Axa is cheapest if I am looking at a vanilla version of insurance plan. SBI looks attractive even for the full package with NCB and Zero protect.

Any pointers on experience with SBI especially on the NCB protect and Zero depreciation ?

Are these premium rates with the 50% NCB applied? Does the Insurers shortlisted have acashless tie up with the workshop where you service the Polo?

SBI quote looks promising amongst the lot and can be thought of. Have a chat with the workshop guy to find out the SBI insurance claim process. Bharati Axa with the add ons might be at par with SBI quote. SBI is relatively a newer player in car insurance market, hence might be offering the lower quotes.

Any feedback from fellow members on HDFC Ergo ?
I seem to be getting the best rates from them for my 2012 Corolla - have been with Tata Aig for the last 10+ yrs with no complaints.

Tata AIG quotes are 20% more than HDFC Ergo which is making me consider switching.

20% is a substantial saving, you should move to HDFC Ergo. Have you mentioned the same to Tata AIG. Being a loyal customer they might offer you the same rates as HDFC.

Per say the customer support of HDFC Ergo isnt so good when it comes to resolving queries. Thats what I have heard. I havent been their customer at any time.

Even I am in search of a good Automobile Insurance provider. Word is that all the insurance companies are equally bad when it comes to paying out during a claim so I'm looking at going for the cheapest but full Insurance for my car.

So far Reliance seems to be the cheapest for me with 30,800 Rs and IDV value of 7,68,000 Rs.

Hi all,

I'm buying a new Polo to replace my 5 year old Punto. I have NCB of 50% for the Punto (no claims done in 5 years). While browsing through this thread I understood, I can transfer NCB from old car to new car.

Want your suggestion on how to do this?

1) First of all, is my understanding correct - that I can avail the NCB for my new car?

I think this is the process. I (sell and) cancel the insurance of old car and request an NCB letter from insurance company. Give the certificate/letter to the insurance company of new car while buying it and get the bonus.

2) Can I keep both cars and claim NCB on both? I would like to keep the old car for another 2-3 months as my brother wants to use it to learn driving. Can I sell the car after 3 months of buying the new car and then transfer the NCB and get refund of the discount.
I'm sure there are many people with multiple cars here and would have gone through the process.

Thanks in advance.

Yes. You can avail NCB on the new car.You need not cancel the policy for that. Once you sell the car and insurance transferred to the new owners name you can get the certificate. Some insurance companies are also providing certificate by sale letter.
You cannot have NCB on both cars.
If you want to keep the old car with you and get NCB for the new car check with your insurance company what's the pro rata amount to be paid to get the full 50% (deducted in premium). This will keep the existing car with insurance and the company can provide a 50% NCB certificate to you.

So I can avail the NCB on new car when I sell the old car.

Ok. I can have NCB applied to one of the cars and the other car will be on 100% (no discount) premium.

Best thing for me is to get the delivery of new car. Sell the old car in 2-3 months. Then get the NCB and apply it to new car. For this I will get NCB letter from 'old' insurance company when i sell the car, which I have to give to 'new' insurance company and they will give the refund for discounted amount.

Thanks for the clarification. Appreciate it.

I doubt the bold and underline statement. If you buy an Insurance for new car and then claim NCB refund you will not be entertained, you may have to use it during renewal then. Better use the NCB during the Insurance buying for new car. There has been mixed reviewes on the forum regarding getting the NCB letter from the existing Insurer (of old car). Many say that the letter is issues only when the car is sold and new RC reflects it. I am of the opinion that it can be got when the ownership transfer is in process or upon request. Check with your Insurance co about the process and do let us know.

No, you don't necessarily have to wait till selling the old car for the NCB certificate. You have to request the insurance company for an NCB certificate. They will calculate and tell you how much you need to pay for the remaining no. of months till expiry of that policy without applying the 50%. Because after they issue you the NCB certificate, that date onwards till your insurance policy expiry date needs to be payed 100% of whatever the premium is for the old car.

For the new car, unless you provide the NCB certificate before taking the new policy, you can get it applied to the new policy only during the next renewal, which is 1 year later.

Now what you need to work out is,
- Amount you need to pay to get the NCB cert. (If more no. of months left for expiry of Punto's policy the higher the amount and vice versa)
- The discount you will get applying that 50% during delivery of the Polo
- The discount you will get if you apply it 1 year later

See which option saves you the maximum amount and its a clear choice what you need to do. Thanks.

@jhonyboy You can only apply the NCB at the time of buying new or renewing your insurance. Please see the post #2961.It clears the entire issue.

I have just taken a 0 dep insurance policy from Reliance which is full bumper to bumper insurance where the agent allegedly said that i wouldn't have to pay anything other than the compulsory 2,000 Rs as CTC.

However after going through their website and other documents they have clearly mentioned that they will not pay fully for Tires and Tubes and that the insured has to pay 50% of the amount during a claim or accident.

Why is this and is it the same with all insurance companies ?

Yes, that is the case with tyres. However BMW had offered a separate tyre (including alloy wheels) insurance coverage. I got a 1 year cover for free during delivery of my car. Within that 1 year when my car had clocked close to 5K Kms, sidewall of my tyre got torn due to some road side debris. When I went for replacement I was told that they consider 20K life for the tyre and I will get my tyre replaced applying 25% depreciation. RFTs are pretty expensive and the 25% dep. itself which I had to pay was a considerable amount.

Thanks guys.
So I cannot get refund of NCB discount for my new car if I sell the old car after 2 months. The NCB is applicable only at new policy issuance or renewal. It is good for forgoing the NCB for old car by paying extra and taking the bonus on new car (the bonus I'm getting for old car is Rs. 2000-2500 and in the new car it will be 8-9k).
I will check with the insurance company and find out the exact process and will update here.

One more question. Assume I don't sell my old car and continue the NCB on that now. Buy new car with no NCB. Later I sell my old car. Then next year when I renew the insurance for new car, can I avail the old NCB (50%) or will it start from the minimum (I think 10%). I think it should be 50% (provided I don't claim any in the first year of the new car). I will try to find out this also.

Guys, would appreciate some inputs for my insurance renewal queries. This is the first time I am taking up an insurance renewal and am completely clueless about the process! Please help me out.

The current ICICI Lombard insurance on my car will expire on 4th October 2014. This insurance was taken through the VW dealership because, they have a cashless facility for ICICI Lombard and they insisted on taking the first insurance through them to avoid hassles. But the premium paid was Rs. 39,942 for an IDV of Rs. 7,84,658 with a zero depreciation add-on. Isn’t this premium very high? I haven’t had any claims in this one year period and I believe there’s an NCB that I can avail while renewing.

How should I go about with my renewal - Should I continue with ICICI Lombard or should I opt for another insurance company if there is a substantial difference between the premiums offered? Would there be a discount if I renew the insurance online or directly? If I opt for another company’s insurance, how will I claim this NCB during the renewal?

I am completely clueless about this. I am reading up on this and asking around from friends and colleagues in the meantime. I would sincerely request some inputs. please:

EDIT: Forgot to mention. ICICI Lombard had initially screwed up the engine capacity as 1199 CC instead of 1598 CC in the insurance certificate which was later rectified after some mails to their customer support. But with this change, the body type changed from Saloon to Hatchback, the Basic Own Damage Premium reduced from Rs. 28295 to Rs. 26577, Net Third party premium has increased from Rs. 1760 to Rs. 3478.