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Old 9th November 2016, 08:04   #3841
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by hserus View Post
OK - just tell me how he is going to fix a bumper that has had several hits over a period of time with an insurance claim.

He has not yet got the NCB cover. And then he intends to raise a claim soon after the NCB cover is sanctioned - for multiple damages that have occured prior to the cover.

Also - Isn't there a cooling off period after such cover before any claims don't affect NCB?
Its not a big deal fixing the damaged bumper and Insurance co will not be scrutinizing it so minutely since it is a known fact that bumpers do get damaged in daily commute. Hence there would not be any accident per say required to file a claim.

By NCB cover he means NCB protection add on over (I hope he means the same). This add on cover can be bought during the Insurance renewal which is used to prevent the NCB from going to zero from existing accumulated in case of any claim. No there is no cool off period required after the Insurance renewal for anyone to file a claim.

Only thing @centaur has to take care is when he files a claim for the bumper replacement, the damage at one particular section must be more more visible than the rest. If he goes with the claim of removing the dents, scratches etc, he will not be eligible for the claim.

But as you rightly suggested, if the repair amount of the bumper is more than the NCB discount amount, then it is worth to file a claim or else it is better to get the repairs done from outside.
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Old 9th November 2016, 10:46   #3842
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Default Re: Automobile Insurance Queries? Ask me

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He has not yet got the NCB cover. And then he intends to raise a claim soon after the NCB cover is sanctioned - for multiple damages that have occured prior to the cover
Not really. To be very frank I dont intend to cheat the company in anyway and mostly I wont be making a claim immediately. I had taken a quote earlier and they said the bumper would need a replacement which would be 10k+painting and the SE advised to go ahead with a claim. I did not do it because to be frank primarily I find it very difficult to be without the vehicle, secondly I never found any time and finally because the damage is not that has dislodged the bumper from place as yet. Given the current scenario I plan to make only one claim sometime 6 months down the line assuming not other biker wants to bless my car with additional dents.
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Old 9th November 2016, 11:14   #3843
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Default Re: Automobile Insurance Queries? Ask me

In such a case you can easily get the bumper tinkered at a good garage.

Also 10K is way way too low an amount to consider wasting insurance claims on.
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Old 19th November 2016, 18:00   #3844
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Its time to renew the insurance for my Fluidic Elantra 1.8SX VTVT and the quotes am getting are making my eyes pop!!

Firstly not one provider except my current insurance provider - Bharati AXA is willing to provide an IDV upwards of 10lacs except Liberty Videocon which goes to 10.82lacs.

What have i missed in the last 3 yrs cause the premiums seem really high to me. Also, any recommendations from the quotes i've?

ICICI Lombard is quoting INR36000 for the same IDV as Liberty Vid. Only Kotak General Insurance is quoting INR23k on Coverfox for an IDV of INR12.25lacs including 24x7 roadside insurance.

My line of thought was in case of the car getting totaled, the insurance should at least payout the price of a car one segment lower. So i was looking for an IDV of around 12lacs but that would jack up premiums which already seem high to me.
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Last edited by Nilesh5417 : 19th November 2016 at 18:01.
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Old 20th November 2016, 10:00   #3845
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Default Re: Automobile Insurance Queries? Ask me

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Its time to renew the insurance for my Fluidic Elantra 1.8SX VTVT and the quotes am getting are making my eyes pop!!

Firstly not one provider except my current insurance provider - Bharati AXA is willing to provide an IDV upwards of 10lacs except Liberty Videocon which goes to 10.82lacs.
One thing that puzzle me is your obsession with higher IDV. Why is this tendency to either over insure or under insure your car? Believe me, this over insurance is not going to help you in case of total loss (god forbid).

Calculate the correct IDV first and then get the quotations. It is very evident from the screen shot which you attached that you haven't done that.

Use coverfox or other policy comparators strictly for comparison purposes only.
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Old 20th November 2016, 12:33   #3846
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Originally Posted by ghodlur View Post
One thing that puzzle me is your obsession with higher IDV. Why is this tendency to either over insure or under insure your car? Believe me, this over insurance is not going to help you in case of total loss (god forbid).

Calculate the correct IDV first and then get the quotations. It is very evident from the screen shot which you attached that you haven't done that.

Use coverfox or other policy comparators strictly for comparison purposes only.
Well you seem to have left only comments but not really helped. What do you really mean over insurance and why wont it help me in case of total loss? What is correct IDV really? I am paying 20lacs OTR for a car which is 2yrs old so 12lacs is too much? And if not aggregators then what do you suggest?
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Old 20th November 2016, 15:19   #3847
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Default Re: Automobile Insurance Queries? Ask me

Just thought of sharing the process which followed to receive NCB certificate from Royal Sundaram for the Honda Citi that sold on 01-Sep'16 with 45% NCB.

11-Nov'16 - I called RS help-desk and they asked me to reply with the below listed documents to their support email ID for further processing, I sent all these on same day.
  1. Delivery Note
  2. Sale Receipt
  3. Form 29
  4. Form 30
  5. RC Copy
  6. Insurance Copy
  7. Ownership Transfer Proof
(In my case I retrieved it from https://parivahan.gov.in/rcdlstatus/vahan/rcstatus.xhtm)

13-Nov'16- I got below response from RS and as per that paid 667/- , later replied to them with the TXn receipt on same day.

We wish to inform you that the as per delivery note, vehicle has been sold on September 01, 2016.
In this scenario, No claim Bonus recovery amount has to be paid from the vehicle sold date to policy expiry date.
Hence, we request you to pay the No Claim Bonus recovery fee of Rs. 667 /- to assist further


17-Nov'16 - Since I did not get any response after agreed SLA, triggered reminder email on 17th early AM.Support team replied with E-Copy of 3 year valid NCB(45%) by same day evening. Also, the hard copy will be dispatched to my communication address.

Last edited by JVille07 : 20th November 2016 at 15:25. Reason: Bonus recovery fee explanation from RS added
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Old 21st November 2016, 06:11   #3848
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Nilesh5417 View Post
Well you seem to have left only comments but not really helped. What do you really mean over insurance and why wont it help me in case of total loss? What is correct IDV really? I am paying 20lacs OTR for a car which is 2yrs old so 12lacs is too much? And if not aggregators then what do you suggest?
If you overstate the idv then you have a very good chance of a total loss claim being delayed or denied. Insurers calculate idv according to their own tables and if there is a big variation between their calculation and your claim they are quite likely to refuse.

When buying online the correct idv as per their estimate automatically appears after you input the make / model / year of your car. Stick with that. Buy it online direct from the insurer not from online comparison sites for the best rate and also freedom from insurance agents telemarketing you again and again.
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Old 21st November 2016, 08:17   #3849
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Default Re: Automobile Insurance Queries? Ask me

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When buying online the correct idv as per their estimate automatically appears after you input the make / model / year of your car. Stick with that.
This would happen provided the Insurance co data bases are updated with the latest ex showroom price.

Quote:
Originally Posted by Nilesh5417 View Post
What do you really mean over insurance and why wont it help me in case of total loss? What is correct IDV really? I am paying 20lacs OTR for a car which is 2yrs old so 12lacs is too much? And if not aggregators then what do you suggest?
Why it wont help you is explained by @hserus.
There are two ways to calculate the IDV:
1) It is the Current ex-showroom cost of the model/variant times less the no of year of depreciation in %. The depreciation table should be available in the policy document. For eg 20L is the exshowroom cost, then in the second year the IDV would be 20L * - 20%= 16L
2) IDV should be 10% less than last year's IDV. For eg if last years IDV is 20L, the IDV will be 20L * -10%= 18L

The point I want to stress here is the option of increasing the IDV is solely by the customer, no Insurance co will propose that. Not that they have profit in terms in increased premium. But when it comes to claims, they go by their own rule book. Hence it is always better to be realistically close to the correct IDV.
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Old 21st November 2016, 08:58   #3850
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hserus + ghodlur - makes sense now. Thanks!
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Old 21st November 2016, 11:42   #3851
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My 3 series insurance is up for renewal this week. The car currently has a NCB of 20% with no claim taken in the last year. What will be the current year's NCB? 25% or 30%? I was under the impression that it increases by 10% every year.
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Old 21st November 2016, 12:26   #3852
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by drmohitg View Post
My 3 series insurance is up for renewal this week. The car currently has a NCB of 20% with no claim taken in the last year. What will be the current year's NCB? 25% or 30%? I was under the impression that it increases by 10% every year.
it will be 25%. As per the IRDAI, the NCB slabs are as follows

Automobile Insurance Queries? Ask me-ncb.jpg

Best Regards & Drive Safe

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Old 23rd November 2016, 13:28   #3853
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Default Re: Automobile Insurance Queries? Ask me

I have been quoted INR 3829/- with an IDV of 84,xxx for my 2004 WagonR LX.
This is from Maruti Insurance. I have always stuck with them since the beginning but I feel the quote is high this year as compared to the last one so I'm looking for outside options.
What are the risk factors which should be kept in mind while choosing other insurance co.? The guy on the phone told me that none can give me cashless facility in writing which he is giving.

Any other points to consider?

Thanks in Advance.
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Old 23rd November 2016, 14:50   #3854
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Default Re: Automobile Insurance Queries? Ask me

As it is a relatively minor amount stick with your MGI plan. Though you should be able to renew your existing plan online at the same insurer without any issues. (MGI resells a wide variety of insurer's policies).

That way at least the dealer agent's commission gets saved for you and you still have the same policy so cashless with Maruti will still be there.
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Old 23rd November 2016, 14:58   #3855
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Sherlocked View Post
I have been quoted INR 3829/- with an IDV of 84,xxx for my 2004 WagonR LX.
This is from Maruti Insurance. I have always stuck with them since the beginning but I feel the quote is high this year as compared to the last one so I'm looking for outside options.
What are the risk factors which should be kept in mind while choosing other insurance co.? The guy on the phone told me that none can give me cashless facility in writing which he is giving.

Any other points to consider?

Thanks in Advance.
There was an increase in the premium amount for third party insurance coverage this year by about 40%, April onwards, which could be the reason for an increased premium. I guess since you have continued with MGI for so long, it is suggested to continue with them for ease of dealing/claim.

Here is the IRDA order on the increase in premium for TP coverage.

KK
Attached Files
File Type: pdf MTP Order 280316 (2).pdf (3.79 MB, 163 views)

Last edited by KK_HakunaMatata : 23rd November 2016 at 14:58. Reason: Correction
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