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Old 4th September 2014, 13:11   #3091
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Default Re: Automobile Insurance Queries? Ask me

Hi! I have a motors insurance policy from Bajaj Allianz with Zero depreciation and engine protection. The car is 3rd owner on RC book. Post getting the RC transferred in my name, I had opted for the above policy when the car was 4yr 6 mnths old from the date of manufacture. As per Bajaj, Zero depreciation cover is not applicable for cars greater than 5yrs old.

Now here is my query:
1.) My car is currently 5yr 2 mnths old, do I still get Zero depreciation benefits as my policy is still active?

2.)As per policy, Zero depreciation cover stands cancelled if it is a case of transfer of ownership. However, since I never got the policy endorsed as it was issued only after getting the RC transferred in my name, so am I still eligible for Zero depreciation cover?
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Old 4th September 2014, 14:20   #3092
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Quote:
Originally Posted by Ajitsingh208 View Post
Why is the Insurance preimium of a Tata Safari high, is there a algorithm by which it is calculated?
I got my Insurance renewed for my 2 year old Safari LX with 0%NCB with an IDV of 580000.
The quotes ranged from 39k to 20k.
The previous premium paid was 23k so it should be less than that.
Tata offered me a quote of 20900 while Future Generalli offered me a quote of 21k for Zero Dep. Went with the Zero Dep. although they don't have a cashless tieup with Concorde Motors where I get my car serviced but they do have tie ups with B.U Bhandari & Pandit in Pune.
Firstly, there are many additions basis which the gross insurance premium is calculated like towing, hotel stay, key replacement, fueling, personal accidental cover. If all such covers are precisely the same in count and declared value, the amount calculated is also the same. Calculations/Algorithms used for calculating the premium is same across all insurance companies. However, the clauses against covering each cover like engine protection etc are different. Discounts are given from insurance payout, no insurance company will be able to give more discount than the dealer itself. There are even cases where dealers give quotes at-par, much less than the competition, they instead earn through achieving targets instead of payout.

Now coming to your query for cashless claim settlement. Cashless settlement is purely done on the situation wherein the dealer is having a tie-up with the insurance company. It is entirely dealer driven, and does not depend on the vehicle manufacturer. Eg: A dealer who is having tie-up with Reliance will give cashless for all claims made on Reliance at all his workshops irrespective of the manufacturer/brand. If in case the dealer is unable to give cashless, you can get in touch with the surveyor/insurance company and request him to give a DO(Delivery order) directly to the dealer. This will solve your problem as you have to pay only for the depreciation.
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Old 4th September 2014, 18:59   #3093
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Quote:
Originally Posted by Camshaft tunes View Post
1.) My car is currently 5yr 2 mnths old, do I still get Zero depreciation benefits as my policy is still active?
In effect means that you got the policy with these coverage before completion of 5 years. The coverage is valid without doubt till the end of the policy period. Do not worry. Only upon the renewal will the new coverage will come into effect.

Quote:
2.)As per policy, Zero depreciation cover stands cancelled if it is a case of transfer of ownership. However, since I never got the policy endorsed as it was issued only after getting the RC transferred in my name, so am I still eligible for Zero depreciation cover?
Since you have got a New policy on a transferred car, there is no contention at all.

Essentially, if your policy is in your name (irrespective of endorsed or new) having said coverage, it is valid without any doubt until the expiry of the policy, nothing will be nullified in-between duration. Nobody can deny you the benefits.
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Old 13th September 2014, 14:03   #3094
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Default Re: Automobile Insurance Queries? Ask me

Hi,
I have a query for which this may or may not be the best location- would be obliged if the mods could move it as appropriate.
I am purchasing a new Ertiga Zxi and was intending to take MarutiInsurance cover primarily for convenience.
The policy is issued by Maruti but serviced through Bajaj, ICICI, Royal Sundaram etc.
I received a phone call from the insurance team to confirm regarding T&C and i have some issues with the process.
  1. This is a comprehensive poilcy but has a limit of Rs 7.5 lakhs for third party property damage (life is unlimited). My concern is say i hit (god forbid) an expensive car like a BMW, Audi Q5 or something, the insurance company would only cover 7.5 lakhs while the remaining of 30-60 lakhs would be my liability. I have never come across this kind of a cap in any of my insurance policies overseas. Is this the standard in India? Do all insurers have this cap? Is there an alternative?
  2. I insisted that i wanted to see the policy wordings before i agreed to the poilcy. This idea seemed completely alien to the Maruti Staff-they seem very confused as to why a consumer would expect to see the terms and conditions BEFORE agreeing to the policy. Finally received a call from the dealers insurance guy who finally agreed to send me a scanned copy of someone elses insurance policy!! Am i being foolish asking to see something before i buy it? Surely all of us should be asking for this before agreeing to anything.
    I would be obliged to anyone who could shed some light on this.
    If this is indeed the reality of indians motor car insurance we perhaps need to raise awareness to make change happen.
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Old 13th September 2014, 18:47   #3095
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rudraksh2005 View Post
Is this the standard in India? Do all insurers have this cap? Is there an alternative?
Am i being foolish asking to see something before i buy it? Surely all of us should be asking for this before agreeing to anything.
Rudraksh,

Unfortunately the TPL cap limit is common for all insurers. This was not the case a few years back when the TPL liability was unlimited to property damage or life loss. This however was bleeing the Insurance co which were paying more TPL liabilities than their income. Hence the Limit revision which over the last few years has gone revision several times and presently is capped at 7.5L. This way atleast some discipline could be bought in the otherwise hopeless situation.

You do have every right to read the T&C of the policy, its just that Maurti Insurance team arent used to people asking for T&C. They feel that by buying their product people wouldnt feel the need to ask for anything related to Insurance. Suggest you to stick to your stand, read the T&C, get the required clarifications and then sign the dotted lines.

I wouldnt be surprised if many on the forum still buy Insurance just because its an annual ritual rather than the need for it.
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Old 14th September 2014, 08:05   #3096
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Originally Posted by ghodlur View Post
Rudraksh,

Unfortunately the TPL cap limit is common for all insurers.
Many thanks for your reply Ghodlur.
The clarification regarding TPL is vey helpful but the present situation is frustrating and difficult.Despite having insurance both parties are left very poorly covered arent they? Are there any add on options or riders that you are aware of that can cover this?
I have stuck to my guns with Maruti and they are finally couriering a copy of the Terms and conditions to me. I am sure the dealership staff think i am completely mad!!
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Old 15th September 2014, 08:42   #3097
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Quote:
Originally Posted by rudraksh2005 View Post
Are there any add on options or riders that you are aware of that can cover this?
At present there are no riders/add ons by which you can increase the TPL liability as this is the standard authorized by IRDA. You however do have add ons for your Own Damage claims such as Zero dep which will ease your contribution towards repairs.
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Old 15th September 2014, 11:46   #3098
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by rudraksh2005 View Post
  1. I would be obliged to anyone who could shed some light on this.
    If this is indeed the reality of indians motor car insurance we perhaps need to raise awareness to make change happen.
Quote:
Originally Posted by ghodlur View Post

Rudraksh,

Unfortunately the TPL cap limit is common for all insurers. This was not the case a few years back when the TPL liability was unlimited to property damage or life loss. This however was bleeing the Insurance co which were paying more TPL liabilities than their income. Hence the Limit revision which over the last few years has gone revision several times and presently is capped at 7.5L. This way atleast some discipline could be bought in the otherwise hopeless situation.
Quote:
Originally Posted by rudraksh2005 View Post

The clarification regarding TPL is vey helpful but the present situation is frustrating and difficult.Despite having insurance both parties are left very poorly covered arent they?
I will add a liitle to what Godlur has said and try to clarify this a bit from my knowledge of Insurance as it was working in India, and I presume it still works in that manner.

Between the Insurers operating in same country, often there is something known as "knock for knock" agreement.

In a nut shell - by this agreement, each insurer agrees to bear their own losses under the comprehensive motor insurance policies issued by them with out going in for a recovery process against the insured or insurance of the party at fault.

In other words each insurer will compensate their own client, irrespective of who is at fault.

By this - in your example - the Insurer of the BMW will settle the damages of the car and should/will not come after you.

The scenario may be slightly different, if the party causing the accident or the one at the receving end does not have comprehensive insurance.

But then again I haven't come accross any scenario where civil cases have been lodged to recover property damage of motor vehicles, at least in India. Also it may be noted that even the property damage claims will have to be filed at the MACT (as Civuil courts have no jurisdiction over road accidents - as the first court) and they also are bound to limit their awards by the MV Act India and the Insurance Regulations, hence any awards over INR 7.5 Lakhs for TPPD is very remote.

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 15th September 2014 at 11:53.
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Old 15th September 2014, 18:44   #3099
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Default Re: Automobile Insurance Queries? Ask me

I have a M&M Alfa Plus 3 Wheeler Goods Carrier purchased in my name in July 2013. The Insurance has elapsed. Now I want to renew the insurance of same.

When searched on Policy Bazaar, I got two quotes-
1) Reliance General Insurance- 3202/-
2) Royal Sundaram- 6993/-


When checked the Price Breakup, the IDV Shown for Reliance is Rs.1,09,273/- whereas Royal Sundaram shows Rs.1,71,200/- against my Purchase Price 1,85,000/-. Both are giving me 20% NCB as I did not claim in 1st year. How come the Reliance taking IDV of such low value?

Any other options, guys?


I don't know whether this query belongs to this thread-
When I sent the vehicle for 3rd service (the vehicle was on site and hence 1st 2 services were not carried out), the Bill showed me that the Invoice Date as 30-06-2012 as against my Actual Purchase Date 12-07-2013. When I questioned my the then Sales Executive, he told me that it is from M&M's end and nothing can be done at the dealer's end.
What to be done in this case?
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Old 16th September 2014, 06:30   #3100
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Guys. I have a query regarding "no claim bonus". I am planning to sell my Honda City car which has 50% no claim bonus but I will be buying a new car only after about a year. Is it possible to use the no claim benefit for my new car after a year? What is the procedure for availing the same? Thanks in advance.
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Old 16th September 2014, 07:53   #3101
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Quote:
Originally Posted by thesilentone View Post
Guys. I have a query regarding "no claim bonus". I am planning to sell my Honda City car which has 50% no claim bonus but I will be buying a new car only after about a year. Is it possible to use the no claim benefit for my new car after a year? What is the procedure for availing the same? Thanks in advance.

The NCB certificate I got, when I sold my swift, was valid for 3 years. It will be mentioned on the certificate itself. You can avail the same NCB (50% or whatever you are eligible for) by presenting it to the next insurer within that period of validity as mentioned in the certificate.

The procedure is - when you sell the car, you need to change the RC and Insurance to the new owner's name. Request for your NCB certificate at that time from your insurer.
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Old 16th September 2014, 08:12   #3102
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Quote:
Originally Posted by IndigoXLGrandDi View Post
Both are giving me 20% NCB as I did not claim in 1st year. How come the Reliance taking IDV of such low value?

When I questioned my the then Sales Executive, he told me that it is from M&M's end and nothing can be done at the dealer's end.
What to be done in this case?
The only reason which could be the case for low IDV quote by Reliance is no updating in their database of the actual cost of the vehicle. Thety must having old prices in their database and upon renewal the IDV must have been lesser. If you are getting a good deal with RS, I think you should go for it provided it ticks all the required parameters.

Th wrong invoice date must be a mistake from either the dealer's side or M&M. Get the dates updated ASAP as your warranty (&extended warranty if any) will depend on the invoice date in the system. Show them the original invoice papers (hard copy) and ask them to change it accordingly.
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Old 18th September 2014, 21:20   #3103
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I got a call from Policy Bazaar, and when I told them it is commercial vehicle (with Yellow Plates), the customer representative refused saying Insurance for Commercial vehicles are not available with them.
I will get it done here locally.

As for my other query, I have registered a complaint on 18002096006 M&M Toll Free No. on Monday itself. But till date no call received. Will have to give a reminder call to the above no. again tomorrow.
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Old 19th September 2014, 11:19   #3104
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How long does it take to get the actual insurance copy when buying a new car? I received a cover note with the car delivery and was told that the insurance card will be sent soon. It has been 2 weeks and I am yet to receive the insurance card.
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Old 19th September 2014, 11:54   #3105
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How long does it take to get the actual insurance copy when buying a new car? I received a cover note with the car delivery and was told that the insurance card will be sent soon. It has been 2 weeks and I am yet to receive the insurance card.
If you had bought the policy yourselves online, you could have taken a print of the policy right away. Since you got a cover note it means you got an insurance either through dealer or agent, it might take a min of 2-4 weeks for the original policy to be received provided that the dealer/agent has put the policy in process. Normally the cover note can be given by the dealer or agent but actual policy will be sent by the Insurance co upon receipt of the payment.
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