[Haste]

I'm shopping for insurance for my 3-year old Eon. I've been with royal sundaram for last 2 years after the showroom (free) insurance had expired. I had purchased the policy directly from them. However to my surprise the premium quoted this year was 500rs higher than what I paid last year. I've got suspicious of it and generated to fresh quote through policybazaar and found there is difference of 1000rs from the quote they have given me to what policybazaar was offering me for similar IDV (this is for standard plan, not zero-dep) through RS only.

Now, I believe in buying insurance directly from the company reading all the negatives of policybazaar and coverfox, however there is quote of New india assurance which is further cheaper by 700 bucks than RS quote (generated via PB) and they mention repair anywhere cashless, below it, it is mentioned "Cashless - Self Video Claims Cashless Claims or Cash Within 72 hours Across India"

Now, NIA doesn't have cashless tie-up with any hyundai workshop in Pune, (all the garages on their list are multi-brand one), so that's discouraging me for going for NIA.

However anyone has any experience with this self video claims service from Policy Bazaar and NIA? Is it worth to explore ? or should i stick with the usual players like hdfc, axa, etc..

[ghodlur]

Originally Posted by Haste

However anyone has any experience with this self video claims service from Policy Bazaar and NIA? Is it worth to explore ? or should i stick with the usual players like hdfc, axa, etc..

The reason you see a bump in your premium is due to the hike in the Third party premiums. If you are getting a cheaper quote from comparator websites it is because of the discounts on the OD premium. If you had a good experience with Royal Sundaram, ask them to match the quote and if they do you should go ahead with them.

Alternatively check out with the Hyundai workshops near your place with which Insurance cos do they have a cashless tie up and get the quotes accordingly.

I would suggest to stick with private sector Insurance cos rather than the PSU, the reasons are obvious and well known.

Take an informed decision.

[Haste]

Originally Posted by ghodlur

The reason you see a bump in your premium is due to the hike in the Third party premiums. If you are getting a cheaper quote from comparator websites it is because of the discounts on the OD premium. If you had a good experience with Royal Sundaram, ask them to match the quote and if they do you should go ahead with them.

Alternatively check out with the Hyundai workshops near your place with which Insurance cos do they have a cashless tie up and get the quotes accordingly.

I would suggest to stick with private sector Insurance cos rather than the PSU, the reasons are obvious and well known.

Take an informed decision.

Thanks for the suggestions. The bump in the 3rd party premium is just 200bux, they've bumped OD premium too. Funny thing, RS's own website is generating the quote far lower for a fresh policy for same vehicle with more IDV than quote given which also has less IDV. Anyway I've negotiated with them on same point and got a quote similar to this quote (still couple of hundreds bucks higher though), so will be sticking with RS only this year.
I'm yet to make a claim, so donno about the experience yet, i hope it will be good

[rovingeye]

Hello -

Can someone help me with my insurance related question. I purchased a new car couple of months back and the insurance from the dealer along with it. Is it now possible to ammend the policy and add some extra coverage for engine protection, tire protection and also RTI to the existing policy?

[ghodlur]

Originally Posted by rovingeye

Hello -

Can someone help me with my insurance related question. I purchased a new car couple of months back and the insurance from the dealer along with it. Is it now possible to ammend the policy and add some extra coverage for engine protection, tire protection and also RTI to the existing policy?

Unfortunately no, not in the middle of the policy year. The best you can do is cancel the policy and buy a fresh one with all add ons required. But this will result in loss of money. Better wait till renewal and then add.

[hserus]

Originally Posted by ghodlur

Unfortunately no, not in the middle of the policy year. The best you can do is cancel the policy and buy a fresh one with all add ons required. But this will result in loss of money. Better wait till renewal and then add.

It depends on the insurer .. especially for new cars several of them will try to upsell addons in order to generate extra premium revenue. Try on the online portal of the insurer or walk into their local office and ask.

[Sherlocked]

Dear Insurance experts,
Suppose my policy is expiring on 3rd August midnight and new policy begins from 4th August. Now I give my car for a claim to the workshop on 2nd August.
Let's say the surveyor conducts the survey by 5th August and approves it.
Now does that mean that my NCB for the current year will be lost just because the surveyor completed the survey during the new period although the accident occurred in previous year and the car was also handed to the workshop in the previous year. By current year I mean period from 4th August 2019 to 3rd August 2020.

Thanks in Advance.

[ghodlur]

Originally Posted by Sherlocked

Dear Insurance experts,
Suppose my policy is expiring on 3rd August midnight and new policy begins from 4th August. Now I give my car for a claim to the workshop on 2nd August.
Let's say the surveyor conducts the survey by 5th August and approves it.
Now does that mean that my NCB for the current year will be lost just because the surveyor completed the survey during the new period although the accident occurred in previous year and the car was also handed to the workshop in the previous year. By current year I mean period from 4th August 2019 to 3rd August 2020.

Thanks in Advance.

Irrespective of when the claim was surveyed, since the claim was raised in previous policy year, it is always prudent to disclose the same during the renewal.
If you had renewed the policy with NCB and the claim is approved in the next policy year (provided you renewed with the same Insurance co), Insurance co can claim the NCB back anytime during the policy period. This would also be an issue if you (god forbid) had a claim in the next policy period.

[Sherlocked]

Originally Posted by ghodlur

Irrespective of when the claim was surveyed, since the claim was raised in previous policy year, it is always prudent to disclose the same during the renewal.

Thanks. Here is my case. Request you to kindly advice. The insurer is Maruti Insurance.

My insurance expires on 2nd August. Insurance for the year 17-18 i.e. from 2nd August 2017 to 1st August 2018 was renewed 15 days before the expiry i.e. on 16th July 2017 with full NCB. On 29th July 2017, i.e. 3 days before the new policy starts, the car was hit by another vehicle while it was parked in front of our house. We decided to give it in insurance. Now we had two options, either to wait till 2nd August and put it in new insurance period or surrender the current NCB and put it in old insurance period. We chose the latter cos there were only two zero dep claims given in a year and there was another damage to the car's front left door which we thought the surveyor might put as another claim.

Hence, we surrendered the NCB of around 2000 rupees something to Maruti. We have a receipt for that dated 30th July. Both the damages were taken in a single claim with a little convincing to the surveyor. Car was given to us in a around a week or 10 days or so. All went well. No claims after that.

But when we renewed the insurance next year for the period 2nd August 2018 to 1st August 2019, the NCB given to is was 0. It should have been 20%. I was not in town and my father failed to notice and renewed the insurance with 0 NCB from the same insurer i.e. Maruti Insurance again.

I noticed this thing this year and asked the insurance agent who came to our house. Again, the same insurer.
His logic was even though you gave the car to the workshop in old period (17-18), your survey was conducted in the new period (18-19), and hence, no NCB.

I thought the agent couldn't do much in this and hence it's better to take the matter to the company separately.

What do you think? Is the insurance company right? Also, how should I take the matter ahead. Basically I surrendered the old NCB and was also deprived of the 20% NCB benefit of the next year.

Thanks in Advance.

[ghodlur]

Originally Posted by Sherlocked

What do you think? Is the insurance company right? Also, how should I take the matter ahead. Basically I surrendered the old NCB and was also deprived of the 20% NCB benefit of the next year.

Thanks for the previous reference. Can you confirm when the amount of Rs 2000/- was returned to Maruti, the Insurance policy was changed to reflect zero NCB from the previous already issued Insurance policy where NCB was applied? I guess since the policy was not changed or reissued, contesting the surveyor's argument of claim being registered after the policy start date was not possible or else the surveyor could have been asked to register the claim on 27th July 2017 i.e in policy year 17-18.

Ideally the zero NCB in policy year 18-19 should have been contested with Maruti with the NCB return receipt available.

Pls note to not repeat the same for the present renewal, have a discussion with Maruti before hand and get a confirmation accordingly. Give them the previous experience example.

[Sherlocked]

Originally Posted by ghodlur

Can you confirm when the amount of Rs 2000/- was returned to Maruti, the Insurance policy was changed to reflect zero NCB from the previous already issued Insurance policy where NCB was applied?

Pls note to not repeat the same for the present renewal, have a discussion with Maruti before hand and get a confirmation accordingly. Give them the previous experience example.

I did not receive any updated policy after the NCB refund by me, so I guess the Insurance policy was not changed. That's also a mistake on my part. I must have followed up. Anyways, current year's insurance has also been renewed.
I will contact the Insurance company now taking Maruti in loop or else since the company is Oriental Insurance, which is a PSU, I'll also give a shot writing at PG Portal.

Thanks.

[hserus]

https://www.livemint.com/money/perso...902504454.html

How do you as a total loss claimant (in my case, stolen car) ensure this is done?

[sujithsidhardha]

Royal Sundaram says they provide zero dep insurance for up to 10 year old vehicles, if the policy is with them. Got the information from their call centre itself, while renewing my insurance. Anyone have any idea whether its a fake promise or true?

[Sherlocked]

This for a friend:

He has a cousin who has went out of India for a brief stint and had handed over his car to my cousin. Yesterday night, some miscreants shattered the front windscreen as well as both the window glasses on the drivers side while it was parked at my friend's place
My friend is concerned if he can claim insurance on the car which is in his cousin's name. Cousin is not in India to sign the documents. However, my friend has the original RC card as well the insurance document with him.
What is the procedure in such cases?

Thanks.

[hserus]

The best bet would be for your friend's cousin to courier the documents from abroad, after the initial claim is raised over the phone and the survey has been made.

Originally Posted by Sherlocked

This for a friend:

He has a cousin who has went out of India for a brief stint and had handed over his car to my cousin. Yesterday night, some miscreants shattered the front windscreen as well as both the window glasses on the drivers side while it was parked at my friend's place
My friend is concerned if he can claim insurance on the car which is in his cousin's name. Cousin is not in India to sign the documents. However, my friend has the original RC card as well the insurance document with him.
What is the procedure in such cases?

Thanks.