[rajathv8]

I recently bought a used car and completed the ownership transfer. The car is in Bangalore and the RC card now displays my name.
The car was previously used in Ernakulum and is currently insured in the previous owners name with United India (UI) Ernakulum. The insurance is a comprehensive package and is valid till 23/12/2014.

I want to have the insurance in my name (obviously) so below are my options :

1. Get the insurance transfered to my name.
I called up UI Ernakulum and was told that the car needs to be visually inspected to allow a name transfer. Driving the car to Ernakulum or travelling there myself is something I want to avoid. I was told that the inspection can be done in Bangalore but it has to be done on the same day when the transfer is applied for. This would be difficult since I do not know anyone personally in Ernakumul and would prefer to not disturb the previous owner again.

2. Get new insurance.
I approached Oriental who denied providing new insurance since the previous one has not expired.
I approached UI Bangalore office who agreed to provide a fresh insurance. However at the time of entering the details in their system an error popped up saying "This Reg. No has already been registered". I was told that the only way I could get insurnce is if I got the transfer done by approaching the Ernakulum office.

Here is what I would like to know :
1. The previous insurance is not in my name, not in line with the current RC card (which is in my name), and has not expired yet. Am I legally allowed to apply for a fresh insurance?

2. The UI Bangalore employee told me that the cars Reg. No would show up at any central government insurance agency and hence none of them can provide insurance.
When I explained the situation to ICICI Lombard person over the phone, he said it can be done without any issues.
Will the Reg. No also show up with the private companies and cause similar issues as with UI Bangalore?

3. Is there any process by which I can terminate the previous insurance with UI Ernakulum? That way the Reg No would not show up in the system and I can buy a fresh policy from UI Bangalore.

PS : Thanks for posting up details everyone. It helped me understand stuff better and is a source of motivation to learn and get things done myself.

[joybhowmik]

Insurance Renewal process.
Just thought to pen down how I went about getting my car insurance renewed. ... a really mundane matter?
Read on...

My car was originally company leased, and at the end of the lease period, was transferred to me. Feb 2014.
The insurance policy from bajaj allianz that was still in effect, was also transferred, with the NCB intact. This was mentioned in the policy transfer endorsement. This transferred policy expires on 14th october.
Insurance premium paid last year was Rs 10,701.



So here goes:
On August 28 2014, I was suddenly called by an insurance agent that I know, who promised me the best possible deal.

Insurance agent: Sir I will give you the best possible deal. For this I need you to shift Insurance provider. This will help me to get commission for roping in a new customer.


I was like . I mentioned to him, how come you are asking for more money than what I paid last year. Anyway , gently reminded him , my policy only expires in October so still some time to go.

So, I decided to check out policy bazaar. The best quote I got was about Rs 12500 for an IDV of 90% of previous IDV. In a minute or so of my entering the phone number, I also got a call from an agent proferring me the best possible quote. I thanked him, gave him the details, but he never bothered to call back.

So , the next thing I did , was to call up Bajaj Allianz, and ask them for a renewal quote. It was quite a shocker. Rs 19530/- same coverage. I asked if they had taken off the NCB. Yes they had! And why? Because there was no mention of an NCB on the policy - despite the policy having been endorsed!


Well, That was not quite acceptable. I needed a quote to compare what I had been given by the agent and policy bazaar. After I raised enough hell with the poor call center agent, he gave me the branch office number.

Thus began a series of exchanges with the branch office.
The first quotation from them on September 4

I remarked the IDV is not 10% less than the previous year IDV, so the guy sent me the final quote on September 15


Back to the agent....Oct 7 he calls me up and asks me , what my plans are. As if.... Anyway, I tell him that he is way outside the ball park. He asks for the actual email from Bajaj Allianz. I give that to him.

The next sequence of events astounds me, even as I recount it.
This guy calls me back in 20 mins and tells me, that the guy in Bajaj Allianz who had given me the quote has resigned, so the quote is invalid.

Next he tells me, better buy the policy from him. He offers me the below policy terms @ Rs 11,410. How I ask?
He says, I am so much of an important customer for him, that he will pay the difference to Future Generali


I think about it, and ask him, can he give me an insurance offer at Rs 11,000 round figure. He says no. I ask him to quit bothering me.

Next I call up Bajaj Allianz local branch guy and ask him to draw up the papers - overall the premium quoted is the least, at a slightly higher IDV.

Curiously enough one would notice OD premium is more than what I paid last year. I am told , this depends (among other factors) on if the car is more than 5 years old. Interesting.

[Dry Ice]

Originally Posted by joybhowmik

Insurance Renewal process.
Just thought to pen down how I went about getting my car insurance renewed. ... a really mundane matter?
Read on...

Quite an ordeal that. Surprised to see higher premium than previous year. In my case, our 7+ year old Alto's premium has continually declined. So, not sure about the 5 year theory.

My Scorp's insurance is also due for renewal in Oct. I used Policy bazaar too to compare the quotes. Bajaj was the worst with lowest IDV and highest premium!

Went with TATA AIG Zero dep just like the previous year as they offered the best deal. The online renewal was a different pain altogether. Eventually had the agent collect the cheque.

[joybhowmik]

Originally Posted by Dry Ice

Quite an ordeal that. Surprised to see higher premium than previous year.

Not sure if you noticed another interesting bit...Amongst all providers the Third Party quote is Rs 4109. Last year I paid Rs 3424 for something called Basic Third Party Liability.
Now , how can Third Party coverage premium go up?

[rajathv8]

Answering my own questions :

Originally Posted by rajathv8

Here is what I would like to know :
1. The previous insurance is not in my name, not in line with the current RC card (which is in my name), and has not expired yet. Am I legally allowed to apply for a fresh insurance?
Ans : Yes. I contacted Bajaj Allianz and ICICI Lombard. Both agreed that the previous insurance is null and I can apply for a new Insurance.

2. The UI Bangalore employee told me that the cars Reg. No would show up at any central government insurance agency and hence none of them can provide insurance.
When I explained the situation to ICICI Lombard person over the phone, he said it can be done without any issues.
Will the Reg. No also show up with the private companies and cause similar issues as with UI Bangalore?
Ans : I guess not since I was provided Insurance by Bajaj Allianz without any issues.

3. Is there any process by which I can terminate the previous insurance with UI Ernakulum? That way the Reg No would not show up in the system and I can buy a fresh policy from UI Bangalore.
Ans : Dont know yet.

Below is my experience with some of the players:

Episode 1 : ICICI Lombard
I called up ICICI Lombard and explained the situation. The executive took down all my details and filled up a proposal. I was provided a login ID and password with which I could view my proposal and pay for the same.
The offer is as below:
IDV: 1.84L
Type: Comprehensive
Premium : Rs.7425

What put me off was the pace at which the executive was speaking! I could barely catch up and understand the sentences. I felt like I was being pushed into making the payment.

Episode 2 : Bajaj Allianz
The executive spoke calmly and slowly. I felt that the person at the other end of the line was listening to me when I spoke. All my questions were answered satisfactorily.
The offer was:
IDV: 1.94L
Type: Comprehensive
Premium : Rs.5748

The mere manner in which the call was handled swayed my wallet towards BA. Here is the sequence of interactions :

• 29th Sep : Called BA for the first time and received the quote
• 30th Sep : Confirmed interest in proceeding
• 1st Oct : Was informed over call that surveyor would visit on Saturday since 2nd and 3rd were holidays
• 4th Oct : Surveyor calls and confirms that he would visit but does not turn up
• 5th Oct : Surveyor calls informs that he would come on Monday morning
• 6th Oct : Surveyor visits. Clicks some snaps and collects copy of RC card
• 8th Oct : Executive calls and informs me that I can proceed with payment. Link sent to my mail id for payment. Payment made at 11 PM.
• 10th Oct : I was informed that I would receive the soft copy of the policy within 3 hours of payment but dont see anything in my inbox. Call up Indiranagar branch and give them the details. They confirm that Insurance had been issued and were surprised to hear that I have not received it. They agree to give me a printout if I visit their office on Saturday. Later while browsing through the "Promotions" tab of my GMail inbox I see it! It was sent to my mail on 9th Oct 11:40AM.

All calls except the first one were made by BA. The interactions with BA have been professional, calm and peaceful. I had a pleasant experience buying my first car Insurance.

[Dry Ice]

Originally Posted by joybhowmik

Not sure if you noticed another interesting bit...Amongst all providers the Third Party quote is Rs 4109. Last year I paid Rs 3424 for something called Basic Third Party Liability.
Now , how can Third Party coverage premium go up?

Ya I saw. That is due to some GoI regulation. I remember reading something to that effect sometime back. Its the same with me. Right now posting through mobile. Will try to lookup and post from PC

[Dry Ice]

Originally Posted by joybhowmik

Not sure if you noticed another interesting bit...Amongst all providers the Third Party quote is Rs 4109. Last year I paid Rs 3424 for something called Basic Third Party Liability.
Now , how can Third Party coverage premium go up?

Originally Posted by Dry Ice

Ya I saw. That is due to some GoI regulation. I remember reading something to that effect sometime back. Its the same with me. Right now posting through mobile. Will try to lookup and post from PC

Here is the news item I was talking about - http://www.thehindubusinessline.com/...cle5845089.ece

Quoting a small part -

MUMBAI, MARCH 28:
General insurers are in a fix as the Insurance Regulatory and Development Authority has moderated the premium hike for third party motor insurance (liability only cover).

While the regulator had initially proposed to hike premium rates for private cars and two-wheelers by 26 to 137 per cent in its draft circular, the regulator finally lowered the proposed increase to 9 to 20 per cent in its final circular released on Thursday.

[rajatmakar]

My XUV W6 will get registered tomorrow and delivered on Thursday.

Today I did a thorough PDI. I have a quick question. Inputs will help a lot.

Sireesh auto has 3 insurance providers - Royal Sundaram, Bharti Axa and Liberty Videocon. To convert the free first year regular insurance to Zero dep, Royal Sundaram is asking for 7.5K INR and Bharti Axa for 3K INR. I found many negative reviews of Bharti Axa. What do you guys recommend?

Thanks,
Rajat

[shipnil]

Need a quick advice on the insurance. My car met with an accident. It is actually own hit to the pothole which broke the oil sump. The SA advised me against claiming insurance as, per him, the expence will be in the range of 8 to 9k out of which engine oil and some sealant cost about 4K. These are called consumables and insurance won't pay for it. So, per him, max I can get is about 3k but my NCB, which is at about 35% in the current year and next year it will be 45% will be gone.

So what should I do? Any opinions? Doesn't the insurance cover oil/sealant?

[ajaypjayaraj]

Originally Posted by shipnil

Need a quick advice on the insurance. My car met with an accident. It is actually own hit to the pothole which broke the oil sump. The SA advised me against claiming insurance as, per him, the expence will be in the range of 8 to 9k out of which engine oil and some sealant cost about 4K. These are called consumables and insurance won't pay for it. So, per him, max I can get is about 3k but my NCB, which is at about 35% in the current year and next year it will be 45% will be gone.

So what should I do? Any opinions? Doesn't the insurance cover oil/sealant?

SA has given you the correct picture. Consumables are not covered unless you have taken additional cover for it (at an additional premium). Best is not to claim for this job, and preserve your NCB.

[Su-47]

Are there any non-PSU companies that insure cars older than 10 years? I understand the reluctance in providing comprehensive insurance on an old vehicle, but, how aboutthird party cover?

The car in question was insured by New India Assurance (comprehensive) and the insurance expired a few days back. The agent who used to handle is not responding (no money to be made with premium being low), so, if I can get the car insured without having to drive halfway across the town to insurance company's office, it would be great.

[dass]

Originally Posted by shipnil

So what should I do? Any opinions? Doesn't the insurance cover oil/sealant?

Originally Posted by ajaypjayaraj

Best is not to claim for this job, and preserve your NCB.

+1 to what Ajay has quoted. The calculation is simple actually. With 45% NCB for next year, how much would you be saving? Keeping that in mind, is spending 4k worth or not is to be considered.

I would say, pay it from your pocket and keep the NCB intact, if you plan to buy a new car in the next couple of years, then this NCB will save you big money.

[ishlinea7260]

Any idea if insurance companies offer zero percent depreciation insurance for the 5th year of ownership?

[logmein]

Team BHP,

A big hi from Goa.

This is my first post out here. Hope I learn a bit from you experts and pass on a bit to those who need it.

I had a query about insurance for my to be bought Swift Vxi. Quoted 5.1L ex showroom. My dealer is quoting me 17.6K for the first year insurance in his quotation.

(i) Can I take my own? Say buy a policy online.

(ii) Eyeing HDFC Ergo. Are they fair, prompt in general experience?

(iii) Does a Zero Dep policy for the first year make sense? Since depreciation only starts after the first year. Pls correct me if wrong.

[ghodlur]

Originally Posted by ishlinea7260

Any idea if insurance companies offer zero percent depreciation insurance for the 5th year of ownership?

Yes, some Insurance co do offer zero dep for the 5th year of ownership. Ensure that the Insurance co who do so do have a cashless tie up with the workshop.

Originally Posted by logmein

(i) Can I take my own? Say buy a policy online.

(ii) Eyeing HDFC Ergo. Are they fair, prompt in general experience?

(iii) Does a Zero Dep policy for the first year make sense? Since depreciation only starts after the first year. Pls correct me if wrong.

To answer your queries serially
i) Absolutely, no one will stop you from doing so. Infact you will save money when buying online rather than buying it from dealer.
ii) They are competetive but ensure that they have tied up for cashless settlement with the workshop where you normally service the car.
iii) Definitely makes sense. First year of ownership is lot more emotional than the preceeding ones. Hence any damage is heart wrenching, for that extra peace of mind get the zero dep add on. Zero dep is an add on purchased along with the normal policy, it takes care of depreciation of parts under repair.