[funkykar]

Vehicle Insurance topic experts:
I recently purchased a classic Scooter that has a Life Time Insurance. My question is if its valid and legal.

[ghodlur]

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

[gkveda]

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?

[shijanto4]

Originally Posted by gkveda

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.

[ashwin.terminat]

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:

Q. When should a vehicle be scrapped (Under total loss)?

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:

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.

[handsofsteel]

Originally Posted by ashwin.terminat

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.

[ashwin.terminat]

Originally Posted by handsofsteel

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.

[sheelz]

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.

[hserus]

Originally Posted by sheelz

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.

[boniver]

Originally Posted by sheelz

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.

[SKB]

Experts here, can you please take a look at the quote given by my insurance company (Honda Assure Bajaj Alianz) and let me know your opinion.

[ghodlur]

Originally Posted by SKB

Experts here, can you please take a look at the quote given by my insurance company (Honda Assure Bajaj Alianz) and let me know your opinion.

The quotation looks all good except the zero depreciation add on cost. Normally it is 1% of the IDV, in your case its almost 2% of the IDV cost. Can you check with the Insurer if the calculation is correct?

[ashwin.terminat]

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.

[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.