Automobile Insurance Queries? Ask me

[ghodlur]

Originally Posted by pkrish

Basically looking for a safe + reliable, zero depreciation cover insurance for my ~5-6 year old global fiesta (insurance expires in another 15 days). I am ok with the premium being high, since in case of damage repairs, the parts seem to cost quite a bit which would be a bigger financial blow to me, so zero dep makes sense.

Two things to be done before Insurance purchase:
1) Calculate the correct IDV
2) Check with which Insurance co does the Ford workshop have cashless tie up. Get quotes for the above IDV and compare.
If Iffco tokio has ticked the above two, then you may deal with them. To know about their claims process, Ford workshop will be a good place to start with. Enquire about the claim settlement process of Iffco and decide.

Originally Posted by r_devakumar

Is Aadhaar is mandatory for insurance claims now? ICICI Lombard is asking me to link the Aadhaar and says without which claims will not be processed. Is there any specific timeline for this (as per the Government, i hope we have time till end of this year).

Yes, now its mandatory to link the Insurance policy with Aadhaar. The deadline is end of the year.

https://www.ndtv.com/business/insura...o-know-1773084

[feluda86]

Query regarding Aadhaar linking.

I read the notification that says we need to link Aadhaar to all insurance policies. However, on calling Royal Sundaram and Honda Assure, I was told that, we need not link the policy to Aadhaar at this point. However, to file a claim, Aadhaar number in the name of policy holder is mandatory.

Is this true? I am confused with what to do with so many conflicting opinion going around.

[ghodlur]

Originally Posted by feluda86

Query regarding Aadhaar linking.

I read the notification that says we need to link Aadhaar to all insurance policies. However, on calling Royal Sundaram and Honda Assure, I was told that, we need not link the policy to Aadhaar at this point. However, to file a claim, Aadhaar number in the name of policy holder is mandatory.

Is this true? I am confused with what to do with so many conflicting opinion going around.

IRDA has specifically circulated to all General Insurance cos about the mandatory linkage of the insurance policies to Aadhaar number. Please see the attached circular for reference.

Why wait till the claim is raised for linking the Aadhaar to to the Insurance policy.

[aadya]

Originally Posted by ghodlur

IRDA has specifically circulated to all General Insurance cos about the mandatory linkage of the insurance policies to Aadhaar number. Please see the attached circular for reference.

Why wait till the claim is raised for linking the Aadhaar to to the Insurance policy.

Probably not for motor and health insurance. Nobody launders money in motor insurance. This should be strictly for insurance cum investment products. I have not received any notification from motor/health companies whereas got one from life insurance company.

[ghodlur]

Originally Posted by aadya

Probably not for motor and health insurance. Nobody launders money in motor insurance. This should be strictly for insurance cum investment products. I have not received any notification from motor/health companies whereas got one from life insurance company.

The circular clearly states for General and Life Insurance cos. General insurance includes the Motor and Health Insurance and by default needs the Aadhar linkage.

If you have not received any communications from the general insurance co, suggest to call them up or write to them your policy and Aadhaar details.

[ethanhunt123]

Does anyone know how does the multi year insurance for Bikes work ? New India Assurance is giving an option for Zero-Dep for all 3 years. But they say - no NCB only multi year discount ?

[ike]

Is there an age restriction on the car to opt for the return to invoice cover? I ask because it makes sense to reduce IDV and go for an RTI. But if it is available only for the first two years then I might end up with a very low IDV after a couple of years.

[blackwasp]

Originally Posted by ethanhunt123

Does anyone know how does the multi year insurance for Bikes work ?

I think this should help you out. Here is a policy of my 3 yr insurance from ICICI Lombard. Notice the IDV for the 3 years as well as the NCB of 40% if I don't have a claim in the insurance period.


Also I have added additional coverage for 2 people in the policy instead of the usual one.

Originally Posted by ike

Is there an age restriction on the car to opt for the return to invoice cover?

Currently companies offer it for the first 3 years from the date of registration / 1st policy.

[reihem]

I have a very specific question. The fact that I made a couple of bad decisions here is evident ... you don't need to rub it in !

I bought a Honda Jazz AT S in July 2014. My wife has a few scrapes in the car, many dents and scratches resulted, and I ALSO let my insurance lapse in 2016. I noticed it had lapsed in September 2017 and used coverfox to buy fresh insurance via bharati axa. I took on a barebones policy with a low IDV and as expected bharati sent someone to photograph the car (in its banged up state).

This month I went ahead and fixed up the car at huge cost, it looks and runs virtually new now.

How do I get my insurance to reflect this ? I feel that any claim i make now will use its old banged up state as the point of reference. Can i get a fresh assessment done and take a new policy ? Any advice will be appreciated.

[JohnyBoy]

Originally Posted by reihem

I have a very specific question. The fact that I made a couple of bad decisions here is evident ... you don't need to rub it in !

I bought a Honda Jazz AT S in July 2014. My wife has a few scrapes in the car, many dents and scratches resulted, ....

Couple of bad decisions - buying a Jazz and getting married? Just kidding

You cannot change the 'look of the car' in this policy. You can do
1) Cancel the current policy (i think it's possible and you may get some refund also). Get a new policy, get the car photographed again to reflect the new condition.
2) Wait till next Sept and do this at renewal.

[reihem]

Originally Posted by JohnyBoy

Couple of bad decisions - buying a Jazz and getting married? Just kidding

You cannot change the 'look of the car' in this policy. You can do
1) Cancel the current policy (i think it's possible and you may get some refund also). Get a new policy, get the car photographed again to reflect the new condition.
2) Wait till next Sept and do this at renewal.

Haha ! Well I’m stuck with both for better or for worse ! (I meant for better in case my wife is reading this )

Let me call and ask them if they can reissue a policy with fresh photographs and refund some part of my first policy. Frankly even if they don’t refund me I’m fine. I just want the policy to reflect the current nature of the car.

[ike]

But if you increase your IDV in the next renewal, is that not grounds for claim rejection in the unlikely event of a total loss claim?

[itwasntme]

https://www.google.co.in/amp/www.fin...5/985452/lite/

Car insurance premium: Bajaj Allianz General Insurance gives New Year gift, cuts rates by up to 15%

Sounds promising! What's the catch?

[wishnipon]

I have a rather basic query. How are the insurance providers doing business? For a small hatchback the insurance premium is about 9-10K per year. Yet a typical low speed impact may result in damages with repair cost of almost the similar amount. Only last week, an auto overtook me from the left and the space become narrow as there was a pedestrian on his left - so he veered right and the rear right wheel of the autorickshaw attacked my front bumper + fender + fog lamp housing! I was driving at 20 kmph. These collisions are routine in any city. How then the insurance companies are doing business?

[Irish]

Hi Experts,

Please advise the steps to be followed to transfer the existing insurance policy in the name of seller to the buyer in Delhi.

Cheers!
Irish