[FORTified]

Insurance Gurus - Please see how you can help me.

I work for a software multinational. As one of the perks, company offers me the Company leased Vehicle policy where I can buy any car as per my eligibility. EMIs will be tax deductible. At the end of the loan tenure, I need to pay a pre-agreed sum and get the car transferred to my name. During the loan period, car will be in company name and they pay insurance.

I just completed the loan tenure and as it takes a couple of months to complete the process and my insurance due is on the exact date of loan closure, I paid the premium and got it renewed in company name [as company is still the owner of the vehicle on paper]. In the due course, I got all the process completed, got NOC and other forms and got the ownership transferred to my name.

When I tried to transfer the insurance to my name in 2015, they refused to give me the NCB. I got a letter from my employer that they have no objection to transferring the NCB to me [In fact, I only paid the premium]

This year, when I renewed, again the same issue came up for discussion. I had shown the same letter and they issues me new policy considering 40% NCB. Today, I get a letter from my insurer HDFC ERGO that the previous insurer [L&T] claimed that the policy is not eligible for transfer of NCB and hence I need to pay back the NCB.

What are my choices now? I did not make any claim, my employer have said they have no objection to passing on the NCB to me and it is not a real resale. I used the car for last three years and got it transferred to my name [Employer to employee]

[amit.toshniwal]

Guys, sharing my experience with buying Toyota Protect Plan and Chola Insurance

http://www.team-bhp.com/forum/indian...xperience.html

[sriturl]

The way insurance works is, "a person" is insuring the vehicle or for that matter anything that he/she wants to insure.
NCB is offered because the person has been a good customer and not made any claims.
If you sell a vehicle, you should be able to pass on the NCB to a new vehicle, but you cant get NCB with the vehicle.
NCB remains with the person.

This is as per my knowledge collected from this forum...

Originally Posted by FORTified

Insurance Gurus - Please see how you can help me.

I work for a software multinational. As one of the perks, company offers me the Company leased Vehicle policy where I can buy any car as per my eligibility. EMIs will be tax deductible. At the end of the loan tenure, I need to pay a pre-agreed sum and get the car transferred to my name. During the loan period, car will be in company name and they pay insurance.

I just completed the loan tenure and as it takes a couple of months to complete the process and my insurance due is on the exact date of loan closure, I paid the premium and got it renewed in company name [as company is still the owner of the vehicle on paper]. In the due course, I got all the process completed, got NOC and other forms and got the ownership transferred to my name.

When I tried to transfer the insurance to my name in 2015, they refused to give me the NCB. I got a letter from my employer that they have no objection to transferring the NCB to me [In fact, I only paid the premium]

This year, when I renewed, again the same issue came up for discussion. I had shown the same letter and they issues me new policy considering 40% NCB. Today, I get a letter from my insurer HDFC ERGO that the previous insurer [L&T] claimed that the policy is not eligible for transfer of NCB and hence I need to pay back the NCB.

What are my choices now? I did not make any claim, my employer have said they have no objection to passing on the NCB to me and it is not a real resale. I used the car for last three years and got it transferred to my name [Employer to employee]

[FORTified]

Originally Posted by sriturl

The way insurance works is, "a person" is insuring the vehicle or for that matter anything that he/she wants to insure.
NCB is offered because the person has been a good customer and not made any claims.
If you sell a vehicle, you should be able to pass on the NCB to a new vehicle, but you cant get NCB with the vehicle.
NCB remains with the person.

This is as per my knowledge collected from this forum...

Agreed.
In this case, even the vehicle stayed with the person . There is no change in the person using the vehicle OR the vehicle itself
Why they refuse to pass on the NCB?
Following up with them. They ran out of execuses.
Will update here, once I get some resolution.

[sriturl]

Originally Posted by FORTified

Agreed.
In this case, even the vehicle stayed with the person . There is no change in the person using the vehicle OR the vehicle itself
Why they refuse to pass on the NCB?

Theoretically, there is a change in ownership in the RTA records.

[FORTified]

Originally Posted by sriturl

Theoretically, there is a change in ownership in the RTA records.

Agreed. But, the NCB should be passed on to the old owner atleast? and if he doesn't have issue with passing it onto the new owner, shouldn't it be passed?
Why should the insurance company pocket it?

BTW, they agreed to pass it on. Now, waiting for the official communication.

[PetrolRider]

Dear Insurance Gurus
I moved from Bangalore to Pune last year and changed my car registration number from KA to MH. Effectively I have notified the insurance company with the details and they have updated the record with the new car registration number.
It is the time to renew and I found out the registration date is still the first registration date of Bangalore RTO. Is it legal and valid?
I checked with the customer care and they reconfirmed that the registration date would be initial registration date whereas the registration number would be the current one. I am still not satisfied with the answer.
In case of any future claim or legal consequences, there might be a gap in details in RTO database and Insurance database, based on registration date. Please suggest.

[speedmiester]

Originally Posted by PetrolRider

Dear Insurance Gurus
I moved from Bangalore to Pune last year and changed my car registration number from KA to MH. Effectively I have notified the insurance company with the details and they have updated the record with the new car registration number.
It is the time to renew and I found out the registration date is still the first registration date of Bangalore RTO. Is it legal and valid?
I checked with the customer care and they reconfirmed that the registration date would be initial registration date whereas the registration number would be the current one. I am still not satisfied with the answer.
In case of any future claim or legal consequences, there might be a gap in details in RTO database and Insurance database, based on registration date. Please suggest.

This is the proper procedure, the initial registration date will always remain the same and the data will reflect that you have changed the registration from KA to MH. There should not be any problem.

[hrman]

Originally Posted by FORTified

Insurance Gurus - Please see how you can help me.

At the end of the loan tenure, I need to pay a pre-agreed sum and get the car transferred to my name. During the loan period, car will be in company name and they pay insurance.

Since the car was in the company's name (Party A) and you transferred it to your name (Party B), the insurance company's stand is correct. When ownership has passed on from Party A to Party B, NCB stays with Party A. (Whether they use it or not)

I used to handle this lease scheme in my previous organisation and this used to be the process then. Not sure if this has changed now.
However, you can try to convince your organisation's insurance person if he can speak to the insurance company and get the NCB in your name. It would be difficult IMHO but if it happens, will benefit you.

[FORTified]

Originally Posted by hrman

Since the car was in the company's name (Party A) and you transferred it to your name (Party B), the insurance company's stand is correct. When ownership has passed on from Party A to Party B, NCB stays with Party A. (Whether they use it or not)

I used to handle this lease scheme in my previous organisation and this used to be the process then. Not sure if this has changed now.
However, you can try to convince your organisation's insurance person if he can speak to the insurance company and get the NCB in your name. It would be difficult IMHO but if it happens, will benefit you.

Agreed [again].
However, when PArty A issues a letter that they are OK to pass on the NCB to Party B, what is the problem with Insurance company to pass it on?
I have that letter and gave it to them.

[r_nairtvm]

Originally Posted by FORTified

Insurance Gurus - Please see how you can help me.

I work for a software multinational. As one of the perks, company offers me the Company leased Vehicle policy where I can buy any car as per my eligibility. EMIs will be tax deductible. At the end of the loan tenure, I need to pay a pre-agreed sum and get the car transferred to my name. During the loan period, car will be in company name and they pay insurance.

Originally Posted by sriturl

The way insurance works is, "a person" is insuring the vehicle or for that matter anything that he/she wants to insure.
NCB is offered because the person has been a good customer and not made any claims.

Originally Posted by FORTified

Agreed [again].
However, when PArty A issues a letter that they are OK to pass on the NCB to Party B, what is the problem with Insurance company to pass it on?
I have that letter and gave it to them.

All these questions have been discussed in detail in the other thread in the forum.

http://www.team-bhp.com/forum/buying...-premiums.html

Please read that thread up and most of questions in this regard will be answered.

I short - Fortified - you should have got your NCB transferred with you when you transferred the Leased Car from Company to you in 2015, on the basis of the letters issued by you employer and the Leasing company (as per the right process that was followed at that stage by the mentioned letters) - why it wasn't followed through at that point of time is not clear.

It appears that the NCB was not passed to you at that stage when the Registration and Insurance was transferred to your name.

It should've been followed through at that time itself

What I think has happened now - for the new car when the insurer ERGO contacted the old insurer to confirm your self declaration of NCB the old company would have given a negative reply as their records are not reflecting a NCB in your name.

I don't know if anything much can be done at this stage - but part of the responsibility for your situation is squarely with you.

You can try going to the old insurance company with the letters issued in 2015 from your employer and leasing company and try to get a letter from them confirming that you had a good driving history

If you are still with the old MNC and they are still with the old leasing company then may be you can try some leverage through that channel and it may work (leasing companies do have a degree of influence and special ways with insurers).

All the best

Best Regards & Drive Safe

Ram

[FORTified]

Originally Posted by r_nairtvm

All these questions have been discussed in detail in the other thread in the forum.



I short - Fortified - you should have got your NCB transferred with you when you transferred the Leased Car from Company to you in 2015, on the basis of the letters issued by you employer and the Leasing company (as per the right process that was followed at that stage by the mentioned letters) - why it wasn't followed through at that point of time is not clear.

It should've been followed through at that time itself

I don't know if anything much can be done at this stage - but part of the responsibility for your situation is squarely with you.

All the best

Best Regards & Drive Safe

Ram

Thanks for the detailed reply.
I did follow the process and to my eyes, it looks like the insurance company is trying their luck to see if they can make few extra bucks.

I forwarded the same mail dated Feb-2016 with all attachments and they accepted to pass the benefit to me.
Now, waiting for them to complete the process.

[Santoshbhat]

A query for the Insurance gurus :

I have a standard zero dep insurance policy and the car recently met with an accident where only the front bumper is damaged and the car is driveable. I have reported the accident to the insurance company and the car is at the workshop. Now since the particular part (bumper) is a rare part for the company, the same is not in stock and needs to be ordered from Germany. The workshop says it will take 15 days minimum but likely to take more time. The insurance surveyor has surveyed the car and approved the estimate and now we wait for the part. In the meantime I would like to take the car back and use it as the car is driveable without any issues and I don't want it to sit in a state of neglect at the workshop. Once the part arrives, I can take the car back and get it fixed.

My question is , will the car be covered against a new accident or damage that may occur during the period the car is driven around until the part arrives and is fixed? Since the first claim is still not "settled", can the Insurance company deny a new claim for a new accident that could occur in that period? The first accident is already intimated and the survey completed and claim lodged. The part may take months to arrive and I can't keep the car idle for such a long period. Any inputs will be appreciated. Thanks.

[ghodlur]

Originally Posted by Santoshbhat

My question is , will the car be covered against a new accident or damage that may occur during the period the car is driven around until the part arrives and is fixed? Since the first claim is still not "settled", can the Insurance company deny a new claim for a new accident that could occur in that period? The first accident is already intimated and the survey completed and claim lodged. The part may take months to arrive and I can't keep the car idle for such a long period. Any inputs will be appreciated. Thanks.

Yes, the car will be covered against any new accident, however it will be taken as a new claim in addition to the claim already raised.

It is surprising to see the consumable part like bumper unavailable at the workshop and may take months to get the part.
Bumper is a rare part??

[Santoshbhat]

Originally Posted by ghodlur

Yes, the car will be covered against any new accident, however it will be taken as a new claim in addition to the claim already raised.

It is surprising to see the consumable part like bumper unavailable at the workshop and may take months to get the part.
Bumper is a rare part??

Thanks! Actually the car is rare so its parts are rare . Its a BMW X3 30d M sport model. The M sport model has a different bumper design than the regular X3s. This particular model was launched only in August last year and very few have been sold. I don't blame them for not stocking it. Entire Bangalore may have some 2 or 3 cars of this particular model running on the road!