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Old 26th April 2019, 21:24   #4516
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by Thad E Ginathom View Post
I have an agent and do my renewals online. My agent is a friend, which doesn't necessarily get anything done (except supporting friends!), but at least there is a human I can speak to. He told me that he continues to get his commission on the renewals anyway.
Doesn't matter a whit where you RENEW the policy. Where you actually buy the policy matters. If online on the company website your premium is lower as only the management fees and such are deducted. Else the premium is a bit higher as commission for the agent is deducted from it.

Life Insurance vendors that sell "insurance + investment" plans, especially agent driven ones like LIC, can whack as much as 25-30% of your premium amount just to pay their agents and themselves.

So unless you owe some debt from your past 10 births to the neighbourhood LIC agent uncle, steer clear and buy pure term policies online .. only for life insurance. And this is only because the agents hate to sell pure term and will even convince you not to take it.

For medical etc insurances go ahead, buy through some local employee of the insurance company, again not through an agent.
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Old 2nd May 2019, 16:34   #4517
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Re: Automobile Insurance Queries? Ask me

When I purchased my new car from a dealer, the insurance was also purchased from him.

In the second year, to save on some costs, I purchased online insurance.
When I check for my car details online on government sites like Vahaan etc. it still shows the first year insurance dates which obviously implies that my insurance has expired.

My question - Is it mandatory for the Insurance company to update the insurance details to the concerned RTO where the vehicle is presently registered?
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Old 2nd May 2019, 17:00   #4518
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Re: Automobile Insurance Queries? Ask me

Guys, one quick question.

I've sold my 17.5 year-old WagonR today and there was not a single claim all these years. I have been getting 50% NCB for more than a decade.

As I don't have a plan to buy a new car right now, within how much time should I buy one to get the NCB benefit? Also, can I get that benefit if I buy a used car in the near future? And should I write to the insurer (Bajaj Allianz) to let them know the car is sold?

It pains me to see the benefit vanish merely because i am not planning for a replacement soon.

Thanks in advance.
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Old 2nd May 2019, 17:53   #4519
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by ruzbehxyz View Post
My question - Is it mandatory for the Insurance company to update the insurance details to the concerned RTO where the vehicle is presently registered?
There may be a process where Insurance database is linked to the vehicle registration database and the updates may be happening at a scheduled frequency. However if you have the latest vehicle insurance details in order you don't need to worry about the Vahaan database.

Quote:
Originally Posted by vnabhi View Post
As I don't have a plan to buy a new car right now, within how much time should I buy one to get the NCB benefit? Also, can I get that benefit if I buy a used car in the near future? And should I write to the insurer (Bajaj Allianz) to let them know the car is sold?
The NCB certificate is valid for 3 yrs. You can buy a new car & use the NCB during Insurance buying.
Unfortunately you would not be able to use the NCB when buying used car. However once the car ownership & Insurance is transferred in your name you can use the NCB during first renewal.

Ideally the new buyer of the Wagon R has to intimate the Insurance co for the insurance ownership transfer. However no harm in intimating BA regarding the car sale.
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Old 2nd May 2019, 21:18   #4520
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
The NCB certificate is valid for 3 yrs. You can buy a new car & use the NCB during Insurance buying. Unfortunately you would not be able to use the NCB when buying used car. However once the car ownership & Insurance is transferred in your name you can use the NCB during first renewal.

Ideally the new buyer of the Wagon R has to intimate the Insurance co for the insurance ownership transfer. However no harm in intimating BA regarding the car sale.
In my case the insurance for my new used car was from Reliance and had less than two days left to run so I was able to get ncb from my old car applied on a new policy from my usual insurer New India, based on the sale paperwork. After the name transfer took place and rc was endorsed I sent the insurer a copy for their record.
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Old 3rd May 2019, 14:32   #4521
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Re: Automobile Insurance Queries? Ask me

Hello mates,

Am stuck between two choices for car insurance and need help deciding.
My car is Hyundai i20 Petrol 2011 model. So far it has been under Zero Dep cover with Tata AIG (Insurance expires on Sunday 5/5). IDV under current policy is 4.17 lakhs (Have always tried to keep a higher IDV to protect in case of theft / total damage, came to know of this when a colleague's car was stolen).

This time around Tata AIG are saying that they cannot offer Zero Dep as per company policy but are offering comprehensive insurance at 11K with IDV of 3.7L.

On checking for Zero Dep options I was redirected to Iffco Tokio who are offering Zero Dep (upto 10 year old cars) and their quote is as below
IDV: 2.82L
Premium 10.8K (includes zero dep, PA, RSA & co-passenger insurance upto 2 lakhs).

My confusion is whether I should choose a higher IDV (should the vahicle be stolen or damaged beyond repair) or should I go with 2.82 IDV (~50% depreciation as compared to purchase price 8 years ago, but with bumper to bumper cover).

Any inputs / thoughts on the above choices and which one to be opted for. Does it make sense to have a zero dep for an old car or one is better off without a zero dep for older vehicles? I am inclined to go with IffcoTokio zero dep since it offers more peace of mind in case of any untoward incident. Chances of car being damaged in an accident are more than it being stolen is what I am thinking
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Old 3rd May 2019, 15:10   #4522
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by sukhoi View Post
My confusion is whether I should choose a higher IDV (should the vahicle be stolen or damaged beyond repair) or should I go with 2.82 IDV (~50% depreciation as compared to purchase price 8 years ago, but with bumper to bumper cover).
If your main worry is the car being stolen then higher IDV should be your priority although this is a false notion that higher IDV translates to higher payout. Remember it is you who is making that choice and not the Insurance co. If your car has an anti theft protection & still expect the car to get stolen, then this option will be best for you.

If you need min hole in your pocket during claims , then zero dep add on cover along with comprehensive insurance should be your priority. But this will depend a lot on your previous claims history and your style of driving. This option will result in lower IDV. Secondly you also need to check if Iffco Tokio has a cashless facility with the workshop where you would service/repair the car. Just check their claims process too.

Expecting a double whammy of car getting stolen and/or future claims possibility would be too much of an imagination. Taken an informed decision.
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Old 3rd May 2019, 15:12   #4523
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Re: Automobile Insurance Queries? Ask me

The Insurance of both my vehicles is due for renewal mid-June; I checked on Policybazaar casually yesterday and saw a discount on the premium of almost 50%. The renewal at 22k is offered to me at 11k. And I'm only looking at ICICI/New India/Tata AIG.

Is such a huge discount normal, considering I'm doing it more than a month in advance?
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Old 3rd May 2019, 16:10   #4524
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by libranof1987 View Post
The Insurance of both my vehicles is due for renewal mid-June; I checked on Policybazaar casually yesterday and saw a discount on the premium of almost 50%. The renewal at 22k is offered to me at 11k. And I'm only looking at ICICI/New India/Tata AIG.

Is such a huge discount normal, considering I'm doing it more than a month in advance?
Have you checked this thread?

https://www.team-bhp.com/forum/india...ke-policy.html (Getting a very low premium for car / bike insurance renewal? Could be a fake policy)

https://timesofindia.indiatimes.com/...w/69077256.cms

I have known many a friends who have complained that the T&C's offered by Policy bazaar was different from the original Insurance co. Please take an informed decision.
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Old 3rd May 2019, 16:47   #4525
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Re: Renewal of Insurance for 2001 Alto!

Coverfox does NOT provide a quote for my 2001 Alto LX car. The search on car registration does NOT find the details against their database.
And when i try to key in the details the registration year does NOT go below 2004.

Is there any other way we can do this? Please advise!
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Old 3rd May 2019, 22:33   #4526
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Re: Automobile Insurance Queries? Ask me

My hdfcergo renewal has dropped in price, and all the extras such as engine cover and bumper-to-bumper have fallen off and don't seem to be available. The car will be 5 at renewal. Is it worth me looking elsewhere, or are these covers unavailable on a five-plus year old car?
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Old 4th May 2019, 12:55   #4527
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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.
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Old 8th May 2019, 16:03   #4528
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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?
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Old 8th May 2019, 16:14   #4529
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Re: Automobile Insurance Queries? Ask me

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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.
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Old 21st May 2019, 16:30   #4530
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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?
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