Team-BHP - Automobile Insurance Queries? Ask me

Quote:

Originally Posted by glenmz (Post 3580364)

Now, I get 2 different quotes from the same company.

Compare the like to like sections of both the quotes. Probably either of them has an old non updated database for premium & IDV calculation.

Quote:

Originally Posted by DieselFan (Post 3580367)

I am looking at changing my car hence wanted to know if I can get a NCB withdrawn from the current car but still renew the insurance for comprehensive rather than 3rd party.

Yes, it can be the case. You need to contact the Insurance co of existing car for a NCB letter which you can use during buying the Insurance for new car. You can still continue with a comprehensive insurance coverage for your old car. Many a times the Insurance co dont hand over the hard copy unless you sell the car but a letter for your situation can help. Do let us know how you went about.

Quote:

Originally Posted by JoseVijay (Post 3580421)

In Hyderabad, I have seen Insurance renewal points at some of the petrol stations. Is it advisable to approach them for my bike insurance and close the deal if the offer is good?

If the point is by the Insurance co themselves, then probably yes. If its agents then No. You are better off with renewing at the Insurance office or on their website.

Quote:

Originally Posted by saket77 (Post 3582328)

Can the old owner transfer the insurance of used car to the new owner? Or the new owner needs to get a new policy in his name? I believe there is some concept of insurance endorsement in name of new owner but do not know the process and the rules.

Also, can I take an insurance policy for a used car which covers part failures too? The car is currently on regular comprehensive insurance.

Saket,

Yes the Insurance can be transferred from old owner to new owner and its mandatory to do so. Its mutual agreement between the old and new owner to initiate the Insurance transfer process but preferable old owner should take the onus of getting the Insurance transferred in the same way as the ownership is transferred. The process is quite simple. The old owner should submit an application to the Insurance co along with the set of documents submitted to the ownership transfer and submit the receipt of the same. Once the new RC is recd by the new owner, he can get the Insurance officially transferred to his name by submitting the copy of the new RC to the Insurance co. Pls bear in mind its old owner's responsibility to get the NCB certificate from the Insurance co if applicable.

Regarding the comprehensive policy on the old car, the parts failed can be repaired through claims and applicable depreciation rates. There will be owner's contribution in this case provided to the applicable warranty T & C is existing.

Quote:

Originally Posted by ghodlur (Post 3582344)

Saket,

The old owner should submit an application to the Insurance co along with the set of documents submitted to the ownership transfer and submit the receipt of the same. Once the new RC is recd by the new owner, he can get the Insurance officially transferred to his name by submitting the copy of the new RC to the Insurance co.

Thanks. That surely helps. So until I receive the new RC for a used car purchase, I cannot apply for insurance name change. Will the insurance cover applicable for this period as mine is a case of inter-state transfer. It would be very kind of you if you can tell me what would be the process for inter-state transfer where I am still to get NOC from the home state of the car? Will it be a good idea to get a new policy once I receive the NOC or endorsing the previous policy is a better thing to do with 3 months validity left on it?

Quote:

Originally Posted by ghodlur (Post 3582344)

Regarding the comprehensive policy on the old car, the parts failed can be repaired through claims and applicable depreciation rates. There will be owner's contribution in this case provided to the applicable warranty T & C is existing.

So can I claim insurance if high value parts fail on my car (apart from depreciation)?

Thanks.
Saket

Quote:

Originally Posted by saket77 (Post 3582355)

So until I receive the new RC for a used car purchase, I cannot apply for insurance name change. Will the insurance cover applicable for this period as mine is a case of inter-state transfer and all.

No, You can apply parallelly for Insurance name change along with the ownership change process. the Insurance cover will be there for the car but will be under your name rather than new owner's name. Once the new RC is recd, Insurance will be officially transferred to the new owner's name.

If its intra state transfers, then till the time the new RC is recd from the RTO (of state where the new owner registers), Insurance will be in your name only.

Quote:

So can I claim insurance if high value parts fail on my car (apart from depreciation)?

Sorry Saket, I didnt clarify sufficiently. All parts to be repaired under normal wear and tear will not be able to done through claims. Pls see below:

Quote:

The Company shall not be liable to make any payment in respect of:-
(a) consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failures or breakages;
(b) damage to tyres and tubes unless the vehicle is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement.
and
(c) any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs.

Enquired about motor insurance from local Volkswagen dealership regarding my soon to be purchased vehicle.
The so called bumper to bumper insurance they are offering has some clauses which I have never heard in B to B insurance before.
Apart from the regular 2000 bucks file charges they are quoting:
1. 5% for any metal part involved.
2. All consumables extra.
3. All nuts bolts extra.

So this is in no way a B to B insurance.
They are asking premium of zero Dep. insurance and are giving benefits of comprehensive ones.
I have insured Skoda and Toyota before and never have I heard of this type of clause in zero dep insurance.

Any existing Volkswagen owners on zero dep insurance, please comment.

Thanks

Quote:

Originally Posted by ishlinea7260 (Post 3582768)

Any existing Volkswagen owners on zero dep insurance, please comment.

While the scheme under question looks suspicious, it is not manufacturer specific. It depends on your insurance provider. Buying insurance through the dealer is usually a more expensive affair, so I would suggest you get some independent quotes.

Quote:

Originally Posted by nowwhat? (Post 3584879)

Can someone please educate me, what exactly is bumper-to-bumper insurance?

Bumper-to-bumper insurance is a colloquial term for zero depreciation insurance.

Quote:

Originally Posted by ishlinea7260 (Post 3582768)

1. 5% for any metal part involved.
2. All consumables extra.
3. All nuts bolts extra.

None of the zero depreciation add on covers provide consumables in the cover. Some of the Insurers even have seperate add ons for consumables which include the nuts and bolts. The surprising part is the 5% for any metal part. This needs to be debated with the Insurance co. The add on offered to you seems to be from the dealer rather than the Insurance co. Kindly verify before making a purchase.

Quote:

Originally Posted by nowwhat? (Post 3584879)

Did a google search on Team-BHP, but failed to get this info.

You should have searched Zero depreciation. :)

Quoting from Royal Sundaram website.

Quote:

Get depreciation waiver on plastic and metal parts in case of partial loss/claim. This means when you make a claim, you will get the full claim amount without any deduction for depreciation on the value of parts being replaced.

For example, normally when you have to replace some part and make a claim towards this replacement, you will not get the full cost of the part but only the depreciated cost depending on how old your vehicle is. Older the vehicle lower the value, however you can protect yourself against depreciation with this cover. If you take this cover, you will be paid full value of the parts without deduction of any amount towards depreciation. This means you do not have to pay out of your pocket towards the replacement of the parts.

What is Covered?
All plastic parts without applying depreciation in case of a claim.
All metal parts without applying depreciation in case of a claim.
You need not bear any portion of any depreciable parts. The cost of all parts necessitating replacement will be allowed in full.

What is not Covered?
The amount of total deductible mentioned in the policy schedule.
Damage caused by an uninsured peril including mechanical breakdown.
Damage to uninsured items including accessories and bi-fuel/gas kit.
Claims made for theft of parts and/or accessories.
Claims made under Self Authorisation Mode.

Deductibles: As per the base Package Policy

Minimum Premium: The cover will be subject to a minimum premium of Rs.100/-.

Other Conditions:
The Cover will be offered on annual basis and will run concurrently with the Package policy of the vehicle.
Mid-term inclusion or removal of this cover shall not be allowed.
Cover available only for vehicles up to 5 years of age.
The Cover is not available for imported vehicles and obsolete models that are no more in production and whose parts are not available off the shelf.
Pricing: Based on the vehicles IDV, Age, Engine size and Make

One of my colleagues is about to renew his car insurance.
We had a debate over the IDV and I wanted some clarification regarding the same.

While getting an on-line quote, he had an option to increase the IDV (to a certain extent). He can decrease it too.
I told him to increase it so that he has more cover

One other colleague then told him that increasing the IDV is useless.
As per him, when we have a total loss claim, they will not give the IDV(increased) but they will calculate the depreciated vehicle value and give that amount.

As per my experience with a total loss claim, I had got the full IDV.
Of course, I had not increased the IDV, any time during the previous 3 renewals of the car for which I was claiming a total loss.

But for my current car, I have increased the IDV a couple of times in the 4 renewals that I have made till now.
In such cases, If there is a total loss claim, will we not get the full IDV? Have I just paid more premium without any use?

Edit: I checked a few pages of this thread but didn't find a concrete answer. If there has been a discussion on this topic in this thread and anywhere else, it would be helpful if anyone can lead me to it