Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 4th May 2019, 12:55   #4321
BHPian
 
Ketan T's Avatar
 
Join Date: Jun 2014
Location: Pune
Posts: 213
Thanked: 166 Times
Default

I am in the same boat as you. Only IFFCO Tokyo provides 0 Dep insurance for a 5 year old car. I am not sure about the company though. They don't seem to have cashless tie-up with VW service centres in my city. Tata AIG provides 0 Dep too, as per my search on Policy Bazar. Anyone here has an experience with IFFCO Tokyo?

Last edited by Ketan T : 4th May 2019 at 12:57.
Ketan T is offline   (1) Thanks
Old 8th May 2019, 16:03   #4322
BHPian
 
d3mon's Avatar
 
Join Date: Nov 2008
Location: Bangalore
Posts: 663
Thanked: 1,357 Times
Default Re: Automobile Insurance Queries? Ask me

While buying a used vehicle, what's the best course of action to maintain insurance coverage during the transfer of ownership? Is the vehicle covered when the original RC is submitted to the RTO and one is waiting for the transfer to go through? When is the right time to tell the Insurance company about the transfer in ownership?
d3mon is offline  
Old 8th May 2019, 16:14   #4323
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by d3mon View Post
While buying a used vehicle, what's the best course of action to maintain insurance coverage during the transfer of ownership? Is the vehicle covered when the original RC is submitted to the RTO and one is waiting for the transfer to go through? When is the right time to tell the Insurance company about the transfer in ownership?
It is mandatory for a vehicle to have insurance when a change of ownership is applied for at the RTO. Just ensure the validity of the Insurance such that it does not expire before the ownership change actually happens. Once the ownership change documents are submitted to RTO, a similar set of documents can be provided to Insurance co with a request letter for the change of Insurance ownership too. This just keeps the Insurance co informed about the ownership change and will help in claims too. Once the RC is changed, a copy of the same can be submitted to the Insurance co for the change in records.
ghodlur is offline   (1) Thanks
Old 21st May 2019, 16:30   #4324
BHPian
 
theredliner's Avatar
 
Join Date: Jan 2014
Location: Bengalooru
Posts: 677
Thanked: 1,273 Times
Default Re: Automobile Insurance Queries? Ask me

At the time of purchase of my two-wheeler back in 2016, I had bought a long term policy with 3 year coverage. It is about to expire soon. I thought of buying one online, but the problem is that the previous NCB is zero even though I have not made any claims on the vehicle till now as the last time the policy was bought was when the vehicle was new.

The only way I see as of now to get NCB is to continue with the same provider for one more year and switch to a different provider. Is there any alternative or am I stuck with the same provider for this year?
theredliner is offline  
Old 21st May 2019, 18:14   #4325
Senior - BHPian
 
funkykar's Avatar
 
Join Date: Oct 2008
Location: Bengaluru
Posts: 2,456
Thanked: 3,258 Times
Default Re: Automobile Insurance Queries? Ask me

Vehicle Insurance topic experts:
I recently purchased a classic Scooter that has a Life Time Insurance. My question is if its valid and legal.
Attached Thumbnails
Automobile Insurance Queries? Ask me-i1.jpeg  

Automobile Insurance Queries? Ask me-i2.jpeg  

funkykar is offline  
Old 4th June 2019, 14:28   #4326
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

My Punto's insurance was up for renewal. Existing Insurer HDFC Ergo refused to offer zero dep add on along with comprehensive policy for the reason being the car is 6 yrs old. Had a detailed discussion/debate with the marketing executive but they didnt budge. So decided to check out in the market, tried the new age insurance cos like Acko, Digit and Coverfox but the quotes didn't seem interesting. Everyone was hell bent on calculating insurance on the year of manufacture rather than the year of registration.

Iffco Tokio was the only one Insurance co which was offering an attractive premium for the calculated IDV and zero dep add on cover. Compared Cover fox and Iffco website quotes. A call to Iffco further sweetened the deal and the final difference between Iffco and Coverfox quotes was a princely 1000 rs.

Final IDV: 360708
Final Premium: 11180 incl GST
ghodlur is offline   (1) Thanks
Old 8th June 2019, 15:46   #4327
BANNED
 
Join Date: Apr 2009
Location: Bangalore
Posts: 641
Thanked: 1,285 Times
Default Re: Automobile Insurance Queries? Ask me

Hi
I have claimed the insurance in New India Assurance on 21st APril and I got a mail from them stating the claim is processed and account is credited to my bank. But, so far, I have not received the amount in the Bank account.

what is the next step for me? I got the insurance from Coverfox and hence, submitted the claim through them only. When I follow up with them they are just saying "Sorry, we are following up with the insurance company." This is a standard reply and NOT helping in any way. No phone calls are received by the Insurance company.

Can you please suggest what should be done?
gkveda is offline  
Old 9th June 2019, 09:39   #4328
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 102
Thanked: 65 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gkveda View Post
Hi
I have claimed the insurance in New India Assurance on 21st APril and I got a mail from them stating the claim is processed and account is credited to my bank. But, so far, I have not received the amount in the Bank account.

what is the next step for me? I got the insurance from Coverfox and hence, submitted the claim through them only. When I follow up with them they are just saying "Sorry, we are following up with the insurance company." This is a standard reply and NOT helping in any way. No phone calls are received by the Insurance company.

Can you please suggest what should be done?
This is a common problem with policies bought through certain insurance broking agents. All goes well when buying the policy, but when it comes to claim, a straightforward process becomes a nightmare!

Anyway, since Coverfox is your broking agent here, you will need to follow up on this delay only through them. Though settlement is done directly to the NEFT/RTGS account mentioned in the claim document, in cases of reimbursement, i.e., non-cashless, the process involves the respective broking agent as well. Normally, credit to an account takes up to 7-10 business days from the date of settlement mentioned by the insurance company (unless you have opted for settlement by other means). In your case, New India Assurance seems to have settled the claim in April 2019. So, by now, Coverfox should be able to decisively give you the transfer details/status. Please escalate this through ombudsman if you aren't getting a proper response from Coverfox.
shijanto4 is offline  
Old 17th June 2019, 13:11   #4329
Senior - BHPian
 
ashwin.terminat's Avatar
 
Join Date: Feb 2011
Location: Bangalore
Posts: 1,518
Thanked: 1,538 Times
Default Re: Automobile Insurance Queries? Ask me

Question for our Honda City, 2006 model. IDV is 1.62L.

Tree branch fell on it damaging the roof, the rear windshield and the boot lid. Magnum Honda gave an estimate of 1.59L for the repairs. 75k in spares and 83k in Labour.

Oriental Insurance tells me their payable is only 80-90k. Hence, they will give the work order for repairs. I've asked Honda to hold out on repairs until I give the go ahead.

Is a total loss claim dependent on the insurance amount payable or the total repair amount?

I know the first post clears this:


Quote:
Q. When should a vehicle be scrapped (Under total loss)?
Quote:
A. In case of an accident where the repair cost is more than 75% of car value (IDV), then insurance company will scrap the vehicle and pay the insurer the entire value of the vehicle.

Oriental's website also says:
Quote:
A vehicle will be considered to be a CTL, as referred to above, where the aggregate cost of retrieval and / or repair of the vehicle subject to terms and conditions of the policy exceeds 75% of the IDV.

Just want to make sure I'm in the right before I start arguing with them.
ashwin.terminat is offline  
Old 17th June 2019, 13:17   #4330
BHPian
 
handsofsteel's Avatar
 
Join Date: Jun 2009
Location: mumbai
Posts: 268
Thanked: 393 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ashwin.terminat View Post
Question for our Honda City, 2006 model. IDV is 1.62L.

Tree branch fell on it damaging the roof, the rear windshield and the boot lid. Magnum Honda gave an estimate of 1.59L for the repairs. 75k in spares and 83k in Labour.

Oriental Insurance tells me their payable is only 80-90k. Hence, they will give the work order for repairs. I've asked Honda to hold out on repairs until I give the go ahead.

Is a total loss claim dependent on the insurance amount payable or the total repair amount?



Just want to make sure I'm in the right before I start arguing with them.
Your are entitled to a total loss. Don't hold back and escalate as required. Be sure to read the fine print on the cover note and the website for any extenuating circumstances.
handsofsteel is offline   (1) Thanks
Old 17th June 2019, 15:46   #4331
Senior - BHPian
 
ashwin.terminat's Avatar
 
Join Date: Feb 2011
Location: Bangalore
Posts: 1,518
Thanked: 1,538 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by handsofsteel View Post
Your are entitled to a total loss. Don't hold back and escalate as required. Be sure to read the fine print on the cover note and the website for any extenuating circumstances.

Thank you. I see reason for the SVC and Surveyor colluding to ensure this doesn't become a Total Loss. I have asked the SVC to not proceed with repairs until I give the go ahead.


Will take it up with the Insurance company.
ashwin.terminat is offline  
Old 23rd June 2019, 13:07   #4332
BHPian
 
sheelz's Avatar
 
Join Date: Nov 2010
Location: India
Posts: 122
Thanked: 34 Times
Default Re: Automobile Insurance Queries? Ask me

Guys,

I just bought a pre owned car. I'm in process of transfer of ownership. The previous owner's insurance is valid till December. Can I tranfer that too on my name? He doesn't have any objections to it if it's possible. Thanks.
sheelz is offline  
Old 23rd June 2019, 14:21   #4333
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 3,755
Thanked: 5,896 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sheelz View Post
Guys,

I just bought a pre owned car. I'm in process of transfer of ownership. The previous owner's insurance is valid till December. Can I tranfer that too on my name? He doesn't have any objections to it if it's possible. Thanks.
There is a standard letter format for insurance transfer which is issued as part if the sale paperwork. Take that to the insurer along with a copy of the sale papers and the policy will be endorsed to your name. Give them an rc copy showing your name after the rc transfer is done.
hserus is offline   (1) Thanks
Old 23rd June 2019, 14:30   #4334
BHPian
 
Join Date: Mar 2019
Location: Calcutta
Posts: 426
Thanked: 1,447 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sheelz View Post
Guys,

I just bought a pre owned car. I'm in process of transfer of ownership. The previous owner's insurance is valid till December. Can I tranfer that too on my name? He doesn't have any objections to it if it's possible. Thanks.
Yes, you can. Once you receive your new RC, take xerox copies of the RC and the PUC to the nearest branch office of your insurance provider. Don't forget to carry the new RC and the old insurance papers in original. No other documents are required. The transfer process takes a maximum of 10 minutes and in my case, my insurance provider (National Insurance) billed me Rs. 60 for it.

Last edited by boniver : 23rd June 2019 at 14:31.
boniver is offline   (1) Thanks
Old 15th July 2019, 14:09   #4335
Senior - BHPian
 
ashwin.terminat's Avatar
 
Join Date: Feb 2011
Location: Bangalore
Posts: 1,518
Thanked: 1,538 Times
Default Re: Automobile Insurance Queries? Ask me

My car has been lying in the SVC for a month now while we sort out issues with Oriental Insurance.

Will removing the car from the SVC cause any issues with the insurance claim? Because it is racking up parking charges of Rs.350/day.

Last edited by ashwin.terminat : 15th July 2019 at 14:11.
ashwin.terminat is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2020, Team-BHP.com
Proudly powered by E2E Networks