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Old 14th December 2014, 12:29   #3196
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by sbalagru6 View Post
Initial quotation for repair from Elite Ford service center is 2.43 lakhs.
My car's IDV value is 2.1 lakhs and the insurance is from ICICI (Comprehensive).
By default this is a case of total loss since the repair costs exceeds the IDV. However it will depend on how many months have passed by since the Insurance renewal since the IDV will be calculated on pro rata basis. Based on that you will be paid by the Insurer. Even if the Insurer proposes any other ways of paying such as salvage to be dealt by you, dont opt for it. With a firm head, straightaway demand the IDV worth of the car.

Absolutely no point in repairing the car, structurally it is done with.
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Old 14th December 2014, 12:47   #3197
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Originally Posted by rjvora_2000 View Post

Friend NCB is not transferable. Let anyone issue a NOC, still NCB will not be transfer from your company to you. Still for your satisfaction get this thing confirmed from the insurance companies customer service.
In general, or just in this case is NCB not transferable?
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Old 15th December 2014, 16:37   #3198
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
By default this is a case of total loss since the repair costs exceeds the IDV. However it will depend on how many months have passed by since the Insurance renewal since the IDV will be calculated on pro rata basis. Based on that you will be paid by the Insurer. Even if the Insurer proposes any other ways of paying such as salvage to be dealt by you, dont opt for it. With a firm head, straightaway demand the IDV worth of the car.

Absolutely no point in repairing the car, structurally it is done with.

Quote:
Originally Posted by speedmiester View Post
Sorry to hear about the accident, hope no one was hurt.

I would suggest you go in for total loss. Even with a lowered estimate of 1.5L, it is still more than 70% of the IDV of the car.
It's a ten year old car and even with proper repair the car will not be the same as before.
Ikon 1.6 has terrible resale value in the market and with the accident repairs, the car will be worth peanuts in the market.

Make a claim for total loss and move on.
Thanks for the quick reverts!
However what I know is, if the insurer's liability is more than 75% of the vehicle's IDV value, then only they will accept total loss claim. Please correct me if I wrong here.
I have registered the claim on 8th of this month and survey completed last week. When I called the surveyor today, he says it will take 3~4 days more for him to get back to me Is there any way I can speed up this process?! Also please give me some pointers for negotiating with insurance guys with respect to my case.
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Old 15th December 2014, 16:48   #3199
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by mayankk View Post
In general, or just in this case is NCB not transferable?
AFAIK NCB certificate is obtained in the RC owner's name and it can only be used during vehicle purchase in that same person's name.
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Old 16th December 2014, 10:22   #3200
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by sbalagru6 View Post
if the insurer's liability is more than 75% of the vehicle's IDV value, then only they will accept total loss claim. Please correct me if I wrong here.
In my opinion your car will go in total loss case only, that can be one of the reason surveyor is taking such a long time.

Quote:
Originally Posted by sbalagru6 View Post
I have registered the claim on 8th of this month and survey completed last week. When I called the surveyor today, he says it will take 3~4 days more for him to get back to me Is there any way I can speed up this process?! Also please give me some pointers for negotiating with insurance guys with respect to my case.
You don't be mentally ready, just tell him you will come back to him if he bargains on the IDV. Stick to your IDV.

Reason for delaying can be mind game only. They will make you tired and then they will wait that you surrender and they take the advantage of the same. Don't surrender, fight for your right. (Which is IDV) Don't be too aggressive on this first stage. Be came.
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Old 26th December 2014, 21:10   #3201
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ajaypjayaraj View Post
AFAIK NCB certificate is obtained in the RC owner's name and it can only be used during vehicle purchase in that same person's name.
Not always correct. I had a similar car lease situation. When the lease expired and the car ownership was transferred to my name, the insurer asked for a NOC from my employer and then transferred the insurance along with the NCB in my name. They did also ask for a letter certifying I am still an employee of the company and proof of the same (employee ID card was good enough) but the NCB did get transferred in my name.

Even I was surprised by this, having read about NCB being in the name of the person and not the car, but it seems that at least for car leases being transferred to the same employee who was driving the car during the lease, the NCB can get transferred.

This was Future Generali btw, so I cannot say that it will definitely happen for any insurer.

To the poster who asked whom to get the NOC from, it should be the same department that handles car leases in your organization. In my case, it was the Commercial team within the Finance department.
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Old 27th December 2014, 00:45   #3202
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Not always correct. I had a similar car lease situation. When the lease expired and the car ownership was transferred to my name, the insurer asked for a NOC from my employer and then transferred the insurance along with the NCB in my name. They did also ask for a letter certifying I am still an employee of the company and proof of the same (employee ID card was good enough) but the NCB did get transferred in my name.



Even I was surprised by this, having read about NCB being in the name of the person and not the car, but it seems that at least for car leases being transferred to the same employee who was driving the car during the lease, the NCB can get transferred.



This was Future Generali btw, so I cannot say that it will definitely happen for any insurer.



To the poster who asked whom to get the NOC from, it should be the same department that handles car leases in your organization. In my case, it was the Commercial team within the Finance department.

When the car ownership and insurance is transferred to your name, NCB will naturally be carried over to you, unless the previous owner claimed the NCB certificate from the insurance company, in which case your NCB would have started all over again from 0.

If you sold off your car which was in your dad's name (for example) and got the NCB certificate (which will be in his name), you cannot use that certificate to purchase the next car in your name to apply that NCB. That NCB will be applied only when a car is purchased in your dad's name (in this case).

In your case the insurance along with NCB was transferred to your name when the car ownership was transferred to you. Let's assume that the lease company or previous owner had taken the NCB certificate while transferring the insurance to your name, you would not have got the accumulated NCB.

NCB alone is not transferrable. It gets transferred along with the ownership, that too if the previous owner did not claim the NCB certificate, that's all. Experts please correct me if I'm wrong.
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Old 27th December 2014, 10:44   #3203
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Originally Posted by rjvora_2000 View Post
In my opinion your car will go in total loss case only, that can be one of the reason surveyor is taking such a long time
Ford has given revised estimate of around 1.3 lakhs based on the request from insurance company.

Now the insurance guys are asking me to go for repair, since their liability is around 50% only.

What should I do now?!
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Old 27th December 2014, 11:35   #3204
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ajaypjayaraj View Post
When the car ownership and insurance is transferred to your name, NCB will naturally be carried over to you,.
NO. The NCB follows the insured who earned it. When a vehicle with NCB is transferred to a person without any NCB, the NCB allowed will be recovered from the new owner on a pro-rata with the remaining period of insurance.

Nest Regards & Drive Safe

Ram
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Old 27th December 2014, 11:42   #3205
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Originally Posted by r_nairtvm View Post
NO. The NCB follows the insured who earned it. When a vehicle with NCB is transferred to a person without any NCB, the NCB allowed will be recovered from the new owner on a pro-rata with the remaining period of insurance.



Nest Regards & Drive Safe



Ram

Okay. So in the case of Indiagenie above, you mean to say that the NCB he got while transferring ownership is not for free?
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Old 27th December 2014, 17:00   #3206
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ajaypjayaraj View Post
Okay. So in the case of Indiagenie above, you mean to say that the NCB he got while transferring ownership is not for free?
Indiagenie's case its free. Its not a sale but a transfer from lease company to the lessee at the end of a lease period during which the lessee or lessee's employee (Indiagenie) was/would have been the sole user of the car.

I think I am not wrong n this inference (Indiagenie can confirm this)

This is a special provision available when a Company Fleet Car/Employer Leased car is transferred to an employee (who has been the sole user of such vehicle).

For Individual owned vehicle, the above provision is not applicable

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 27th December 2014 at 17:01.
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Old 2nd January 2015, 18:27   #3207
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Default Re: Insurance Renewal -- query

Hi!

I have to renew the insurance policy for 2nd year. I had an ICICI Lombard 0% dep policy for the 1st year and it served me well. I made 2 claims which costed more than 40k. The premium was 27k for an IDV of 770559.

Since I made a claim, I am not going to receive any NCB.

When I checked online, various companies like TATA AIG, Bharti and even ICICI Lombard, they are offering a premium of 18k while the Maruti tie up ICICI Lombard is offering Rs.19500/- . The IDV is 648500 for all.

Is there any difference between the two?

The reply I got was "since its a tie up from Maruti and an offline insurance, hence the increase in cost", which sounds weird.

I hope I am not being cheated.

Thanks
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Old 2nd January 2015, 19:21   #3208
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Default Re: Insurance Renewal -- query

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Originally Posted by 4k_jz View Post
When I checked online, various companies like TATA AIG, Bharti and even ICICI Lombard, they are offering a premium of 18k while the Maruti tie up ICICI Lombard is offering Rs.19500/- . The IDV is 648500 for all.

Is there any difference between the two?
Firstly confirm if the IDV is correct coz the difference of almost than 1.3L is totally incorrect. Even going by the thumb rule of 10% less than last year's IDV, your present IDV should be close to around 6.9L. Calculate the IDV correctly based on the years of depreciation and then compare the premium. No point in paying less premium and under insuring your car.

The difference in the premium between the Insurers depends on what is being offered in the Insurance. Take an informed call.
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Old 2nd January 2015, 21:38   #3209
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
Firstly confirm if the IDV is correct coz the difference of almost than 1.3L is totally incorrect. Even going by the thumb rule of 10% less than last year's IDV, your present IDV should be close to around 6.9L. .
The quote I have got gives an IDV of 6.5L only. I recently checked it on policy bazaar and their I am being given an IDV of only 6L!

The IDV might have decreased because of the 2 claims I have made?

I just confirmed the IDV - it is 6.5L max.
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Old 5th January 2015, 08:00   #3210
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Default Re: Insurance Renewal -- query

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The IDV might have decreased because of the 2 claims I have made?
No IDV doesnt have to do anything with claims. The premium however depends on the IDV and the no of claims made.

The reason for getting different values of IDV is because the vehicle prices databases of most of the Insurance co arent updated. Ideally your IDV should be the current ex showroom cost of the vehicle times the depreciation in % based on the age of the vehicle.
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