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Old 9th January 2016, 09:20   #3556
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Default Re: Automobile Insurance Queries? Ask me

My third party policy has expired on 7th. Is it possible to renew it online?
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Old 9th January 2016, 13:52   #3557
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My third party policy has expired on 7th. Is it possible to renew it online?
Check out your insurance company's website.

The question cannot be answered without you stating what company it is.
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Old 9th January 2016, 14:09   #3558
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The question cannot be answered without you stating what company it is.
The subject policy was TP only for car and was issued by New India Assurance Company. Their web site mentions that TP Policy is renewed/issued for two wheelers only.
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Last edited by Eddy : 12th January 2016 at 00:37. Reason: As requested
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Old 11th January 2016, 08:54   #3559
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Originally Posted by rajeev k View Post
The subject policy was TP only for car and was issued by New India Assurance Company. In their web site mentions that TP Policy is renewed/issued for two wheelers only.
Have you tried with other Insurers or you are fixated with New India. If the TP only policy cannot be renewed by New India on their website, try visiting their local branch. You should be able to renew there.
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Old 12th January 2016, 00:08   #3560
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Hey guys,

My 2011 registered HH Hunk is up for insurance renewal on the 19th of January.

When I tried to renew it online, this is the policy I ended up with when I wanted the following covers:



1) Own damage coverage
2) Third Party coverage
3) Return to invoice
4) No depreciation cover
5) Personal Accident Insurance upto Rs. 1,00,000 for pillion rider
6) Personal Accident Insurance for Owner/Driver

Automobile Insurance Queries? Ask me-oremium.jpg

My concern is the Rs. 0 for the Return To Invoice and No Depreciation covers. When I went through the IRDA documents, it said that RTI and ND is applicable on vehicles which is not older than 60 months. My bike will cross 60 months this January 20th.

What do I do?

Also, if ND and RTI are not applicable, is it sensible to increase the IDV though it might increase the premium as well?
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Old 12th January 2016, 00:31   #3561
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Originally Posted by ghodlur View Post
Have you tried with other Insurers or you are fixated with New India. If the TP only policy cannot be renewed by New India on their website, try visiting their local branch. You should be able to renew there.
Saturday and Sunday being holidays, I wanted to get it online.
Ultimately, I got it through the portal Easy Insurance on Saturday itself
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Old 12th January 2016, 08:19   #3562
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Originally Posted by ashwin.terminat View Post
Also, if ND and RTI are not applicable, is it sensible to increase the IDV though it might increase the premium as well?
I am not surprised with your addon covers not provided by the Insurance co. There is no return to invoice and zero dep add on covers made available to 2 wheeler as on date. Going forward there may be a possibility of the same or they may be available only for select 2 wheelers only (250cc and above I guess or worth more than 2L), I am not too sure.

If you increase your IDV, then you are over insuring your bike which may be scrutinized in case of total loss (god forbid). What you could have omitted was the option PA cover for pillion rider & unnamed passenger. You could have shaved off Rs 140 from the final premium amount.
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Old 12th January 2016, 11:00   #3563
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I am not surprised with your addon covers not provided by the Insurance co. There is no return to invoice and zero dep add on covers made available to 2 wheeler as on date. Going forward there may be a possibility of the same or they may be available only for select 2 wheelers only (250cc and above I guess or worth more than 2L), I am not too sure.

If you increase your IDV, then you are over insuring your bike which may be scrutinized in case of total loss (god forbid). What you could have omitted was the option PA cover for pillion rider & unnamed passenger. You could have shaved off Rs 140 from the final premium amount.
Thanks a ton.

I would like the PA cover to be there. The Rs. 140 is a small price to pay for a Rs. 1,00,000 cover.

So I will not get RTI or Zero Depreciation for my bike from any insurance company?

Could you please tell what is the safest insurance covers I can avail of? I don't mind the premium being high. Safe in terms of maximum coverage for the bike as well as for the people on the bike.

Thank you!
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Old 12th January 2016, 11:43   #3564
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So I will not get RTI or Zero Depreciation for my bike from any insurance company?
Return to Invoice is not available for 2 wheeler as of now, but I can see there are two Insurance co which offer zero depreciation add on cover. reliance Insurance and Universal Sompo. You might want to check them out. This is as per the info I got on Policy bazaar and coverfox. Please read the fine print before you opt for the add on covers especially from Reliance.

Again Universal Sompo is a relatively newer player, you might want to validate their claim proces with your workshop before you proceed. In fact do check out with the workshop whether they honor cashless claims and zero dep claims from these two Insurance cos.
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Old 13th January 2016, 19:29   #3565
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I am looking for some help on insurance. I am considering buying Ertiga through company lease. Can I select my own insurance for new car purchase through company lease?

Also, is there some insurance shopping sites that can give me quotes from multiple insurance providers so that I can compare prices?

Is zero-depreciation insurance advisable?

Thanks!
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Old 14th January 2016, 08:21   #3566
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Originally Posted by sanchari View Post
Can I select my own insurance for new car purchase through company lease?

Also, is there some insurance shopping sites that can give me quotes from multiple insurance providers so that I can compare prices?

Is zero-depreciation insurance advisable?
AFAIK, Car lease comes with Insurance included isn't it? I am doubtful if you can choose your own Insurance co coz a lot will depend upon the tie up between the car lease co and the Insurers/agents. You can try by requesting the car lease co to provide the list of Insurance co with whom they have tie up and if its possible to opt your choice.

Policybazaar, Coverfox are a couple of site where you can compare Insurance premiums from multiple Insurance providers

Zero dep add on cover is an absolute must. Goes long way in avoiding a major hole in the pocket during claims for a few thousands more in the premium.
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Old 18th January 2016, 12:54   #3567
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I have sold my old car but the new owner is yet to transfer the insurance on his name. It seems that the new owner does not realize that till the insurance is transferred in his name, he will not be able to make a claim. The only option available to me is that i should go ahead and submit the necessary documents and get an NCB certificate. This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact. Kindly advise whether this is the right course/option for me. Also what do insurance companies do when the registration is transferred but not the insurance. Do they honour the claim? I did not get a clear answer from the insurance company. They mentioned that it can be processed in the name of the old owner subject to certain conditions.
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Old 18th January 2016, 13:20   #3568
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Originally Posted by dpkbehera View Post
I have sold my old car but the new owner is yet to transfer the insurance on his name. It seems that the new owner does not realize that till the insurance is transferred in his name, he will not be able to make a claim. The only option available to me is that i should go ahead and submit the necessary documents and get an NCB certificate. This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact. Kindly advise whether this is the right course/option for me. Also what do insurance companies do when the registration is transferred but not the insurance. Do they honour the claim? I did not get a clear answer from the insurance company. They mentioned that it can be processed in the name of the old owner subject to certain conditions.
Usually, insurance goes with the car, not the owner. So, technically, I think the insurance will still be valid, even if he has not yet informed the insurance company of the transfer of the vehicle.

Not sure what you mean when you say that you will get an NCB certificate. If you wanted to retain the NCB and apply it for a new car, should you not have got the NCB retention letter from the insurance company before transferring the vehicle?
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Old 18th January 2016, 13:31   #3569
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This would however result in the cancellation of the insurance policy. Only the Third party insurance would be left intact.
No, the Insurance policy will not be cancelled unless there is a specific request to do so. Surely not when the existing owner is applying for the NCB certificate. You should applied for the NCB certificate at the same time when the ownership transfer documents were submitted at the RTO. If the owner is not interested in changing the ownership, then you will need to appraise him of the situation in case he submits a claim which will be rejected by the Insurance co. Also the new owner may require your presence during claims if the Insurance is not transferred which may not be suitable to you depending on your availability.

Quote:
Do they honour the claim?
No they will not honour the claim if the Insurance ownership is not transferred. Alternatively he can get the Insurance cancelled and buy a new policy in which case he will be eligible for claims.
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Old 18th January 2016, 13:39   #3570
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No, the Insurance policy will not be cancelled unless there is a specific request to do so.
The insurance company has replied the below i.e.
"Alternatively, if you do not wish to approach new owner or else, if the car has been sold to some dealer and instead of contacting him/her, you just want No claim bonus certificate, we request you to walk into the nearest local branch and request for No claim bonus certificate. You will be asked to pay a No claim bonus recovery amount by the branch personal and issued a No claim bonus certificate."

Apart from the above the local branch mentioned that the insurance policy will get cancelled. This is creating confusion. So is it one of the below or something else i.e.
a) No claim bonus certificate + pay a No claim bonus recovery amount = No Cancellation.
b)No claim bonus certificate Only = Cancellation.
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