Team-BHP - Automobile Insurance Queries? Ask me

Quote:

Originally Posted by Dry Ice (Post 3975205)

In reality, even for total loss cases, the cars are rarely scrapped.

Very true!
I was under the illusion that once the car is declared as a 'total loss', the scrap yard is the only place it'll be heading to! It was only when a close friend's car met with an accident did I realise how pathetic the state of affairs are in reality!
So, my friend's car met with an accident. The insurance survey was done and it was decided that the car would be declared as a total loss. The insurance company then took their own sweet time to make the payment, citing lack of scrap buyers as the reason. My friend finally received the payout after a few months and soon forgot all about the car.. until, one fine day, another friend picked up the same car! Upon checking the KA registration info site, we were shocked to discover that my friend's name was still listed as the 'owner'.

Wonder who was responsible for the gross irregularity.

Quote:

Originally Posted by schakravarthy (Post 3975338)

Even though insurance company would have given a impression that the car is a total loss, they would have actually documented it as "Salvage Loss". If they have termed it as "Salvage Loss" in the final settlement, then they have the rights to sell the car.

Quote:

Originally Posted by arun_josie (Post 3975356)

So, who would the 'seller' be? Insurance company or the registered owner? The insurance company collects the signed 29/30 forms, right?
In my friend's case, the car had already passed through an owner before ending up with the other friend, all the while the registered owner still being my friend.

Quote:

Originally Posted by schakravarthy (Post 3975360)

The seller will be the registered owner. Insurance company just acts as a co-coordinator.

From my experience and what I have seen around, this is just like how you sell a car through true value or any car agency, the seller will be the owner till the car agency sells the car and the buyer registers the car. If the buyer skips the registration/transfer of name then car will continue to be in the original registered owner's name.

As per RTO rule, if the name transfer doesn't happen within one month then you are supposed to update the RTO about the sale deal.

Insurance company will not do these followups.

Quote:

Originally Posted by arun_josie (Post 3975463)

From my experience and what I have seen around, this is just like how you sell a car through true value or any car agency, the seller will be the owner till the car agency sells the car and the buyer registers the car. If the buyer skips the registration/transfer of name then car will continue to be in the original registered owner's name.

This is bad practice on the part of the seller.

Quote:

Originally Posted by schakravarthy (Post 3975360)

I find it very strange on people selling cars to the showrooms (used/new) and signing the form 29 & 30 blindly without having any name of the buyer on the forms. Ideally the forms of transfer copies (set) should be forwarded to the RTO through registered post (return acknowledgement) with an application of intimation of sale of the vehicle and free from encumbrance for the vehicle. This way even if the dealer does not do the ownership transfer, the seller has intimated the RTO about the sale and is no longer liable for anything related to the vehicle.

There is a fantastic post by GTO when selling a car. In had used on two occasion and found it very very helpful.
http://www.team-bhp.com/forum/owning...ml#post1411821

Quote:

Originally Posted by arun_josie (Post 3975356)

Not exactly Aurn. There are two things to be taken into account when the total loss is documented as Salvage loss - is it with documents or without documents? If it is without document, then the Insured will have to cancel the Registration at the RTO, dispose the wreck and should not get it repaired. If it is with documents, then the Insured will be at liberty to get the car repaired and sold seperately (of course at unauthorized garages or other wise repairing at authorized workshop would prove more expensive). By document I refer to the certificate provided by the Insurance co/Surveyor confirming the value of the salvage.

Insurance co do not have the right to sell the car at all at any given point of time, only the Insured can. Its just that the Insured (owner of the vehicle) does not want to retain the salvage and dispose it. Hence most of the time, the Insured authorizes the Insurance co/Surveyor to find the salvage buyers & dispose the salvage.

Quote:

Originally Posted by jesj (Post 3978120)

I have a car that is a year old for which insurance renewal is due for next month. My query is, if I do a renewal through my workshop or online, will there be a visit from a surveyor before the policy is renewed? Please advise and thank you.

Jesj, if your insurance is renewed prior to it expiring, then there is no need of a surveyor to inspect the car. However, if the policy expires, and then you are looking to renew it, it wouldn't be possible without it being checked by the surveyor first.

Online is surely the way to go - very easy, convenient and hassle free. Bajaj Allianz with whom my cars were insured used to send over a hard copy of the renewed insurance papers about a week later, after i had renewed the policy online.

Quote:

Originally Posted by benbsb29 (Post 3978152)

...Bajaj Allianz with whom my cars were insured used to send over a hard copy of the renewed insurance papers about a week later, after i had renewed the policy online.

benbsb29, thank you for clarifying that query. But there is one query that arises from your reply - Bajaj Allianz is quoting a higher premium (with Zero Depreciation, Road Side Assistance, Engine Protector, Baggage Loss) while IFFCO-TOKIO is giving a lesser premium (with Zero Depreciation, Road Side Assistance, Return to Invoice, PA policy for un-named insured) and topping it off with a further 15% discount. Also, Bharati AXA is quoting a much higher premium other two (with Zero Depreciation, Return to Invoice, Consumables Protector, Engine Protector) without any discounts. All of these three providers have cashless tie up with my garage. But, the garage has asked me not to go with Bajaj Allianz as customers have had issues with claims with them.

So, I have to choose between IFFCO-TOKIO and Bharati AXA of which I'm inclined to go with IFFCO-TOKIO due to the discount given. Please advice as I haven't heard or read much about them. Thank you.

Quote:

Originally Posted by jesj (Post 3978120)

Online is the way to go. Easy, cheap and hassle-free. Compare quotes from sites like Policy Bazaar and go ahead! Some experts here recommend to get the policy through the insurer's website itself (after comparing through portals) but I have been dealing through Policy Bazaar since the last one year and have nothing to complain about.

In case of online, even if your policy is expired (<90 days), some companies offer insurance without any survey. HDFC Ergo is one of them. Otherwise most companies won't conduct a survey if your previous insurance is valid. There is a term in the policy that any undisclosed/misleading fact will leave the policy void.

I have another query - when I'm opting for Zero Dep. cover, is there a need to take Consumables, Engine or Hydrostatic Lock cover? Why are there all these extra covers, won't it be covered by the Zero Dep. add-on.
My workshop also informed me that, if I took an insurance other than Chevrolet Assured (Bajaj Allianz, Reliance, ICICI Lombard, New India Assurance & United India Insurance), then at the time of claims, I'm liable to pay 5% charge on all metal parts claimed. All of this does not make any sense to me. Could somebody explain these things, because as far as I know, if I take Zero Dep. cover my car should be covered B2B.
Also, has anybody used or have knowledge about user experience with IFFCO-TOKIO car insurance policies? Thank you.

Quote:

Originally Posted by JMaruru (Post 3980109)

The car is insured with NIA as suggested earlier by Mandovi. Now, the SA says that we need to bear charges as under :

Plastic : 50%
Metal : 40%
Labor : 25%
Consumables : INR 300
Compulsory : INR 1000

Is this reasonable?
BTW, they have texted an estimate of INR 45,000/- for this repair.

Please advise.

If the policy has an endorsement of Nil Dep and Cost of consumables, all you need to pay is Compulsory Excess of Rs. 1000. Period.

If not, Yes you need to pay these. Get an estimate. Getting it done in FNG should work out cheaper.

Quote:

Originally Posted by ghodlur (Post 3894100)

When you bought the Insurance for the previous owner, did you claim any NCB on the OD premium? If yes, then the NCB amount claimed is applicable for the policy year. So when you requested for insurance ownership transfer, the Insurance co assumed that they had paid the NCB amount to the previous owner and wanted to recover the money from you as you would be the new owner. So ideally the previous owner would have had to pay from his pocket the pro rata calculated NCB amount claimed for the policy year during the insurance ownership transfer. Instead they recovered it from you. Kind of double whammy for you.
Hope this helps.

Hi Ghodlur,

I am in the same situation, but sorry I couldn't figure out the maths.
I was also renewing the policy for the previous owner with Iffco Tokio, since the RTO transfer had not taken place. Now when the RTO transfer as well as policy transfer has taken place, then in the renewal quote why am I not eligible for the NCB (20%). Also I (technically the previous owner) was getting an additional 20% bonus on Own damage premium which is missing in the renewal quote.

I apologise if I am missing something very basic here:confused: