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Old 6th December 2017, 12:52   #4156
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
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.
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Old 6th December 2017, 13:14   #4157
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by aadya View Post
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.
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Old 11th December 2017, 01:20   #4158
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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 ?
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Old 19th December 2017, 15:33   #4159
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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.
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Old 19th December 2017, 15:47   #4160
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ethanhunt123 View Post
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.
Automobile Insurance Queries? Ask me-vespa-policy.png

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

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Originally Posted by ike View Post
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.

Last edited by blackwasp : 19th December 2017 at 15:51.
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Old 20th December 2017, 21:13   #4161
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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.
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Old 21st December 2017, 10:41   #4162
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by reihem View Post
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.
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Old 21st December 2017, 10:56   #4163
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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 Iím 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 donít refund me Iím fine. I just want the policy to reflect the current nature of the car.
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Old 21st December 2017, 23:32   #4164
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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?
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Old 24th December 2017, 08:47   #4165
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Default Re: Automobile Insurance Queries? Ask me

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?

Last edited by itwasntme : 24th December 2017 at 08:48. Reason: Grammar
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Old 27th December 2017, 14:25   #4166
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Default Re: Insurance Renewal -- query

Hi All - My 2017 Jan Alto K 10 AMT insurance renwal is due next month. Attached is the quote i got from the dealer. Insurance provider is Universal Sompo - hearing this for the first time! I checked in other websites - Royal sundaram offering the renewal for INR 10,500 includes unlimited zero depreciation claims, coverfox - bharat axa provides around INR 8500 for zero dep. I didnt make any claims last year. So NCB is 20%. Please let me know if its safe to proceed with the dealers quote or take royal sundaram and be safe. Royal sundaram offers Roadside assistance also 24x7.

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Old 28th December 2017, 12:11   #4167
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Originally Posted by sairamboko View Post
Hi All - My 2017 Jan Alto K 10 AMT insurance renwal is due next month. Attached is the quote i got from the dealer. Insurance provider is Universal Sompo - hearing this for the first time! I checked in other websites - Royal sundaram offering the renewal for INR 10,500 includes unlimited zero depreciation claims, coverfox - bharat axa provides around INR 8500 for zero dep. I didnt make any claims last year. So NCB is 20%. Please let me know if its safe to proceed with the dealers quote or take royal sundaram and be safe. Royal sundaram offers Roadside assistance also 24x7
Firstly check with the Maruti workshop with which Insurance cos do they have cashless tie ups. Clearly Universal Sompo is one of them. Secondly calculate the correct IDV, should be around 10% less than last year's IDV. Thirdly check with Coverfox for the correct IDV, the premium quotes. Compare the quotes with quotes from the shortlisted insurance co on their official websites. Don't be surprised if they are different. Buy the insurance online with informed decision.

I am sure Maruti will try to arm twist you saying that claims processing will be difficult for any other insurance co other than that the dealer has suggested. Ask them to give the same in writing and they will fall in line.

Note cheapest insurance is not always the best.
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Old 29th December 2017, 01:03   #4168
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Default Re: Automobile Insurance Queries? Ask me

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?

Last edited by wishnipon : 29th December 2017 at 01:04.
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Old 31st December 2017, 14:46   #4169
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Default Re: Automobile Insurance Queries? Ask me

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!
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Old 31st December 2017, 16:03   #4170
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Default Re: Automobile Insurance Queries? Ask me

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Please advise the steps to be followed to transfer the existing insurance policy in the name of seller to the buyer in Delhi.
Its quite a simple process. Make an application for transfer of Insurance ownership to the Insurance co along with the transfer fee. If there is a format available with the Insurance, even more better. Just ensure that you calculate the NCB amount to be returned on pro rata basis if you had claimed the NCB in the policy period.

I hope you have obtained the NCB certificate from the Insurance co if you are eligible.
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