[bblost]

Originally Posted by biggrin

Hello people.

This question is on behalf of my friend, who wants to insure his 2012 Activa. The scooter is registered on 7.5.2012 as per the RC but in 2015, he failed to renew the insurance on time and went with HDFC ERGO to avoid inspection and other checks for starting a policy. Now when he checked the current policy's expiry date, it states 15.5.2016. Is this normal? He is in doubt because the registration date and policy start date do not match. He is not able to crosscheck as the previous policy document is lost. Is this difference due to the delay in starting the policy of 2015? How shall he proceed for this year's policy document? Does it matter if the reg. date on RC and policy start date do not match or correcting it is the only way out? Experts please guide.

I don't think it matters.

For the record my bike has the same issue as I once forgot to renew in time.

[honeybee]

My Accord was insured last year with ICICI Lombard for comprehensive cover after inspection as the previous policy had lapsed. The policy was issued in the name of the old owner as the transfer was pending.

After the transfer was done, I had to pay another grand or so to get the policy endorsed in my name, by way of some NCB charges.

Last month when the policy came up for renewal there are a couple of thorns:

1. The premium amount has suddenly increased by 30%. It was around 15k last year including the endorsement. Now they are asking for almost 20k. There has been no claim made on this car last year, and the IDV should have reduced from last year's. So why this increase?
2. ICICI Lombard refused to issue any receipt for the money paid. Can I whip their behinds for this, as I believe they must issue a receipt for any payments received?
3. Is there a better alternative to ICICI Lombard, maybe just take a 3rd party cover?

[ghodlur]

Originally Posted by honeybee

1. The premium amount has suddenly increased by 30%. It was around 15k last year including the endorsement. Now they are asking for almost 20k. There has been no claim made on this car last year, and the IDV should have reduced from last year's. So why this increase?
2. ICICI Lombard refused to issue any receipt for the money paid. Can I whip their behinds for this, as I believe they must issue a receipt for any payments received?
3. Is there a better alternative to ICICI Lombard, maybe just take a 3rd party cover?

Let me answer your thorns serially:
1) The increase in the premium would have been due to the increase in the TPL cost post the recent hike. If not then is the IDV rightly calculated, If the car is more than 5 yrs old then the IDV has to be mutually agreed and does not go as per the depreciation table.
2) That's ICICI for you. They do such things often. If you are referring to last year's premium receipt, aren't you a little late in asking for the receipt?
3) Absolutely, there are lot many better alternatives available out there. Go for an online comparison and find out the actual premium, use the comparison sites only for reference purpose and buy online from the Insurer website directly. If the car is substantially old and you are confident that chances of a claim in the year is slim, opt for the TPL cover only.

[honeybee]

I am asking for receipt of the payment last week and week before that, for the renewal.

[honeybee]

Finally I got in touch with the agent which renews my Nano insurance. He has quoted a sum close to what the renewal notice from ICICI Lombard had quoted (before they hiked it by another 4k).

Inspection will be done today, payment collected today, cover note by Monday and policy copy in another four to five days.

[DieselFan]

Originally Posted by ghodlur

Yes, you can utilize your NCB on old car when buying Insurance for your new car. Approach the Insurance co (old car) and get the NCB certificate (they might ask you to furnish the proof of sale). Use the NCB certificate while buying Insurance for your new car. Point to note is if you are offered free Insurance on your new car, I would suggest to not opt for it. Instead buy Insurance on your own. This way you will utilize the NCB or else you will have to wait till the renewal of Insurance on the new car to utilize the NCB.

Thanks Ghodlur. The Key question in my case is I DO NOT WANT TO SELL MY OLD CAR. IS there a way to overcome and get the NCB certificate of my old car .

[vdm295]

I have 2004 Maruti 800. My insurance for the car is due for renewal this month & have 50% no claim bonus. I thought of doing an online renewal & checked up with Royal Sundaram & Tata AIG. Both of them refused to renew my insurance stating that my car is more than 10 years old. Now I want to know whether there is a rule stating that above 10 years old car insurance cannot be renewed online?

[ghodlur]

Originally Posted by DieselFan

Thanks Ghodlur. The Key question in my case is I DO NOT WANT TO SELL MY OLD CAR. IS there a way to overcome and get the NCB certificate of my old car .

Yes, you can still get the NCB if you dont plan to sell your old car. Make an application to the Insurance co requesting the applicable NCB. They will endorse the application with the same and is valid to be used during the insurance buying on the new car. You will not have the NCB certificate per say since it is generally given by Insurance co on vehicle sale only.

[ank.nsit]

Originally Posted by sid1509

This S-Cross belongs to a friend of mine...

I would like to know what happens in such cases of "acts of God"? Is insurance claim possible? Or just a complete loss of the owner?

[rajesh1868]

A query on transferring my NCB. I had 50% NCB for my old vehicle. Recently I purchased a new one (Tata Zest) and I was told by the insurer that within 3 months, I can send them a document showing the sale of vehicle and then they will transfer the money back to my account.
I exchanged my car with the dealership and its now more than 3 months but the car is unsold.
Is there a way I can claim the NCB still? The insurance company is Royal Sundaram

[biggrin]

Originally Posted by rajesh1868

A query on transferring my NCB. I had 50% NCB for my old vehicle. Recently I purchased a new one (Tata Zest) and I was told by the insurer that within 3 months, I can send them a document showing the sale of vehicle and then they will transfer the money back to my account.
I exchanged my car with the dealership and its now more than 3 months but the car is unsold.
Is there a way I can claim the NCB still? The insurance company is Royal Sundaram

The answer lies in the post just above yours.

The insurer would have meant that you can approach them within 3 months from the sale date. You can claim your NCB when you sell the car (if at all you plan to) or follow the route suggested by ghodlur if you have changed your mind.

[texens]

Originally Posted by arun_josie

Yes, this will be coverd under insurance.

Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?

[sephiroth]

Originally Posted by texens

Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?

A zero dep policy will not cover road tax, registration charges etc. There is an optional add on - Return to invoice which will ensure that these extra costs above ex-showroom price (~IDV) will be paid out by the Insurance provider in the case of a total loss. The premium will be slightly higher for this additional cover.

[Dry Ice]

Originally Posted by texens

Just curious. The insurance companies payout the IDV only, right? Is this true even if you get a zero dep insurance?
Also, what about road tax, registration charges etc. Does the RTO refund those?

In an ideal world, yes.

In reality, even for total loss cases, the cars are rarely scrapped. The insurance co will quote a payout that will be less than your IDV. They (Insurance co) will try to find a buyer for the total loss car, who will buy it in as-is condition. The proceeds of the sale will be passed on to you (the owner), along with the difference of IDV and sale proceeds.

The road tax refund can only be claimed for total loss cars, if you can hand over the RTO a scrap certificate stating the car has been junked/scrapped. Since the car is actually sold to someone else, not scrapped, there is no way to get this certificate. Registration charges are non-refundable AFAIK.

[hubolt]

Hi , I have a reliance comprehensive insurance , for sheet metal part replacement the reliance valuator says that a 10% salvage value over and above the depreciation value is applicable due to the salvage value of the damaged part, would like to know whether such a clause exists , thanks