[arun_josie]

Can a insurance company issue insurance for a car which has expired RC papers? My cousin is having insurance even though his car is 15+ years with expired RC papers.

Note: Insurance was issued after the RC had expired.

[d3mon]

Tata AIG is giving me a hard time in transferring my old car's NCB to my new car.

Here's what I did:

1) Cancel the insurance on my old Alto with 65% NCB and get third party insurance.
2) Got the NCB letter.
3) Gave the NCB letter to Tata AIG, but here's the catch.
They're refusing to accept the letter without a sales certificate (Form 28/29) despite the NCB letter specifically mentioning that the NCB letter is valid for 90 days in case the old car doesn't undergo a change in ownership.

Is there any IRDA guideline or rule that I can point them to so that they start seeing reason and stop asking me for the sales certificate? I've already provided them a copy of the new third party insurance, but to no avail :(

[rohanak1]

Originally Posted by Rodie09

Hi Folks,

1) Third Party Insurance goes for around Rs 1300-1400 for under 1.5 ltr engine cubic capacity. However, for 1.5 ltr and above this jumps manifolds to about 4900 as of this year. I noticed that while 3rd Party premiums have gone up for all classes in last 2 years, the jump has been very steep in 1.5 Ltr plus segment. It went from under 3k to about 4900 in 2 jumps in as many years.
Cheers!

Even I feel that this is ridiculous. I own a 1598cc duster petrol and paid 4900 as TP while diesel dusters at 1498cc pay only 1700 as TP. There need to be more slabs atleast.
Also why all cars should not have the same TP insurance premium?

[ghodlur]

Originally Posted by arun_josie

Can a insurance company issue insurance for a car which has expired RC papers? My cousin is having insurance even though his car is 15+ years with expired RC papers.

Note: Insurance was issued after the RC had expired.

Ideally no, Insurance should not be issued to vehicle having expired RC. The Insurance co is just making money from this transaction. In case of any claim, they would simply shy away from payment on the pretext of expired RC. Its the vehicle owner's responsibility to ensure that the RC is renewed and Insurance is purchased on the vehicle with valid RC.

Originally Posted by d3mon

1) Cancel the insurance on my old Alto with 65% NCB and get third party insurance.

Is there any IRDA guideline or rule that I can point them to so that they start seeing reason and stop asking me for the sales certificate?

Tata AIG is simply arm twisting you, make a complaint with the higher authorities if you want to continue with them. Or else look out for Insurance co who would offer a better deal for your vehicle.

Are you sure its 65% NCB on your Alto, I am told that max 50% NCB can be taken forward.

[d3mon]

Originally Posted by ghodlur

Tata AIG is simply arm twisting you, make a complaint with the higher authorities if you want to continue with them. Or else look out for Insurance co who would offer a better deal for your vehicle.

Are you sure its 65% NCB on your Alto, I am told that max 50% NCB can be taken forward.

Yes, it's a very old Alto, from when the max NCB % was 65%

[schakravarthy]

Suppose a car's bonnet catch fails and the bonnet pops open while the car is in motion, damaging the bonnet and windshield, can the insurance be claimed or will the claim be denied on the grounds that the damage resulted due to a mechanical failure?

[ghodlur]

Originally Posted by schakravarthy

Suppose a car's bonnet catch fails and the bonnet pops open while the car is in motion, damaging the bonnet and windshield, can the insurance be claimed or will the claim be denied on the grounds that the damage resulted due to a mechanical failure?

Insurance will be denied on the grounds of mechanical wear and tear which caused the catch to fail unless you can prove to the surveyor that catch failed due to a hit or upon impact. Then Insurance can be claimed.

If the car is in warranty I am sure workshop will have to replace the bonnet and windshield if confirmed that the catch malfunctioned.

[dpkbehera]

My scenario is the following i.e.
a) My old car insurance is getting expired on 2nd October.
b)I will be exchanging the old car with the new car in the 4th week of october. The ownership change may take 2-3 weeks and hence may actually happen by 2nd week of November.
c)Both the insurance providers are different.

From the discussion in the previous threads, it seems that i have the following options i.e.
a)I should apply for NCB reservation letter with my insurance provider after expiry of insurance. I can also parallely start a new TP only insurance/ Normal insurance on my old car with the same/different provider at 0% NCB.I wil use the NCB reservation letter at the time of applying for insurance for the new car.

b)Renew the Old Car Insurance.Apply for insurance for the new car with a different provider at 0% NCB. Submit RC copy with updated ownership details. Cancel Existing car insurance policy and get NCB retention letter.Submit the NCB retention letter to the new car insurance provider and get a refund.

I have the following queries i.e.
a) Are both the options correct.
b) Which Option would be better in my case.
c)I assume it will be good to renew the insurance. Should i go for a TP only or Normal insurance. What will be the difference from the perspective of ownership change and charges.
d) NCB reservation letter / NCB certificate is the same?
e)NCB reservation letter / NCB certificate will only be provided when RC copy with updated ownership details submitted or on expiry parallely start a new TP only insurance/ Normal insurance on my old car with the same provider at 0% NCB
f)It is better to get a hard copy of NCB retention letter/NCB certificate.
g)Any other suggestions.

[drmohitg]

I have to renew my Toyota altis insurance. It has completed 4 years now. The last policy's IDV was 8.4L. How much depreciation should I take into account to calculate this year's IDV? I feel 10% should be ideal but most policy offers on policybazaar are taking into account 15% and some companies even more.

[gypsyFreak]

My Scorpio insurance is scheduled for renewal in Nov 15. I am getting calls from various insurance companies for renewal. Current IDV is 7 lakhs and insured with ICICI.
Getting a quote of 20K from ICICI for B2B. National Insurance is quoting 16K B2B. All others are quoting above 22k.

How is National Insurance in terms of service and claim settlement?
Should i continue with ICICI itself?

[ghodlur]

Originally Posted by drmohitg

How much depreciation should I take into account to calculate this year's IDV? I feel 10% should be ideal but most policy offers on policybazaar are taking into account 15% and some companies even more.

Ideally your IDV should be 50% of the current ex showroom cost of the variant of the Toyota Altis. If this value matches approximately to the 10% less from last year IDV value then you should stick to this value. Personally I use the Policy bazaar just for comparison not for purchase.

Who is the present Insurer and have they quoted for renewal?

Originally Posted by gypsyFreak

How is National Insurance in terms of service and claim settlement?
Should i continue with ICICI itself?

IMHO, you should stay away from both. Do only these two Insurers have a cashless tie up with the Mahindra workshop where you service the Scorpio? If there are others, it will be worth checking out with them and getting a comparison quote. Have the IDV calculated correctly and then take the online quote.

[rajatmakar]

My 1 year old XUV W6's insurance is up for renewal. For the first year, I had paid Rs 30517/- for comprehensive insurance + depreciation waiver from Royal Sundaram. The IDV of the vehicle was Rs 11.28L.

For renewal, Sireesh auto bangalore has sent me quotes from 3 different insurance providers. IDV is Rs 10.34L for all of them (~ 8.6% depreciation considered). No NCB as there were claims. The quote amount for Bumper to bumper insurance are as follows :-

Royal Sundaram = Rs 29675/-
Bharti Axa = Rs 27435/-
Reliance General = Rs 25290/-

Sireesh car insurance dept explained to me that the difference in amount is due to
a) the difference in discount on the basic premium (Reliance 65% and others 60%)
b) varying % of IDV taken for bumper to bumper cover (Royal Sundaram = 0.65%, Bharti Axa = 0.46%, Reliance General = 0.45%)

My queries are as follows :-

a) Reliance General is cheapest but I found many negative reviews about them. Sireesh says that claims are smooth and they will facilitate. I would like to know if it will be wise to go with Reliance general?

b) There is some glitch in the website when I am trying to renew the existing policy online with Royal Sundaram. I was just trying to check if that will be cheaper. Any ideas if renewing online is cheaper?

Thanks in Advance,
Rajat

[ghodlur]

Originally Posted by rajatmakar

a) Reliance General is cheapest but I found many negative reviews about them. Sireesh says that claims are smooth and they will facilitate. I would like to know if it will be wise to go with Reliance general?

b) There is some glitch in the website when I am trying to renew the existing policy online with Royal Sundaram. I was just trying to check if that will be cheaper. Any ideas if renewing online is cheaper?

Rajat,

To answer your queries:
1) In general people avoid Reliance although their buying process is relatively smooth. Its in case of claim processing the actual mettle of the Insurance co is seen where Reliance fails miserably. This is my personal opinion after hearing harrowing experiences fro near and dear ones. Don't go by dealer say, they tend to patronize the Insurance co which offer the highest commission.

2) Renewing online will be cheaper definitely. In you case since you had a claim, RS will see you as high risk customer and hence premium applied will be higher than normal. If your claim processing experience with RS has been smooth, then it will be worthwhile spending a few thousand extra and continuing with RS rather than have a hear tearing experience with the cheaper premium providing Insurance co. Take an informed decision.

The correct IDV in your case should be around 10.15L, you should get quotes based on this IDV. I assume that you have verified that the 3 insurance co's you have mentioned do have cashless tie up with the Mahindra workshop.

[Dry Ice]

Anyone heard of Liberty Videocon? https://www.libertyvideocon.com

One of my long trusted contacts is offering me a policy from them. The rate is very good. My current insurer is TATA AIG.

[rajatmakar]

Originally Posted by ghodlur

Rajat,

To answer your queries:
1) ... Its in case of claim processing the actual mettle of the Insurance co is seen where Reliance fails miserably...

2) Renewing online will be cheaper definitely...

The correct IDV in your case should be around 10.15L, you should get quotes based on this IDV. I assume that you have verified that the 3 insurance co's you have mentioned do have cashless tie up with the Mahindra workshop.

Firstly, many thanks.

1) Sireesh Auto representatives keep pushing Reliance General strongly. And that is making me feel that something is fishy.

2) When I tried online renewal with RS, it says that my policy cannot be renewed online. I am following up with their customer care daily. Are the charges same if I go to their office and renew directly incase the online option doesn't work out?

3) Sireesh representatives explained that they considered 8.5% depreciation instead of 10% as the current price of W6 has increased. Is this a correct rule or they are cashing on my ignorance?

4) Yes, all of them have cashless tie-up with Sireesh workshop.

Regards,
Rajat