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Old 24th September 2020, 08:25   #4621
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by kalyan_hyd View Post
Basis your claim, you know that your NCB gets reset to 0% unless you had NCB protector in your last policy. There are some inclusions like Zero Dep which once dropped might be difficult to add back next year while some like Engine Protect, etc may be dropped but these add-ons typically won't save you much but at the other hand provide a good cover. Some folks only take TP insurance and cover OD all by themselves, so it depends on your risk-taking nature. My recommendation is to continue with all the usual add-ons.
Thanks Kalyan, this helped.

The difference in premiums is like this:

1. Zero Depreciation super saver by Acko for 11k - basically a zero dep policy but I would need to shell out 6k as claim fee for each claim I make instead of 1k which is the norm.

2. The normal Zero Depreciation policy by Acko/Tata AIG for 15k.

3. Zero Depreciation with all the add ons I would like to have (Engine Protection, Key Replacement, Loss of baggage) - 19k (Royal Sundaram)

I would have definitely gone for all the bells and whistles if not for this Covid situation. Just thinking of spending minimum possible on the policy this time around as I don't see the car being used much this year due to the pandamic.
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Old 24th September 2020, 09:09   #4622
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1. Zero Depreciation super saver by Acko for 11k - basically a zero dep policy but I would need to shell out 6k as claim fee for each claim I make instead of 1k which is the norm.
That is just clever marketing. Rs. 1,000 is the compulsory deductible amount. User can select a voluntary deductible amount to be paid over and above the compulsory deductible at the time of claim. Select Rs. 5,000 as voluntary deductible in any normal policy and premium will drop down accordingly.

Personally I'd advice you to take voluntary deductible, skip other add-ons (engine protect and stuff) instead of playing around too much with the IDV. You can skip zero-dep as well if you're not planning to opt for the same in the future.

Taking zero-dep cover after a break of 1 year will require an (online) inspection. While the process itself is straightforward, some insurers may outright deny a zero-dep cover (happened with me, for my scooter) when it's time for renewal.
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Old 26th September 2020, 12:56   #4623
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by self_driven View Post
That is just clever marketing. Rs. 1,000 is the compulsory deductible amount. User can select a voluntary deductible amount to be paid over and above the compulsory deductible at the time of claim. Select Rs. 5,000 as voluntary deductible in any normal policy and premium will drop down accordingly.

Personally I'd advice you to take voluntary deductible, skip other add-ons (engine protect and stuff) instead of playing around too much with the IDV. You can skip zero-dep as well if you're not planning to opt for the same in the future.

Taking zero-dep cover after a break of 1 year will require an (online) inspection. While the process itself is straightforward, some insurers may outright deny a zero-dep cover (happened with me, for my scooter) when it's time for renewal.
It is denied if there are some visible fresh damages (minor scratches and all), which will eventually get paid off in case of an unfortunate major accident in future. So, companies try to avoid this kind of liability, which from an Insurer's point of view is logical.
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Old 29th September 2020, 10:39   #4624
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Default Re: Automobile Insurance Queries? Ask me

I bought a pre owned bike just before lockdown. Received the RC recently after vehicle transfer in my name. The current insurer is Liberty General Insurance and insurance is valid till 10th October 2020 and third party is valid till 2024 (1+4).
Will it be possible to get a fresh insurance on my name before the expiry of comprehensive insurance, or I'll have to wait till 10th October?

PS - I don't want to get in the hassle of transferring the existing insurance since Liberty guys want an NOC from the first owner which isn't possible.
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Old 30th September 2020, 00:22   #4625
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Default Re: Automobile Insurance Queries? Ask me

Guys, quick question regarding Personal Accident Cover while renewing my car insurance. I understand that it is mandatory for the owner-driver to have one such cover.

In my case, the family has two cars registered in my name - One is driven by me and the other by my dad. We often change and drive as well.

If I understand correctly, during renewal, I need to opt for the owner-driver PA cover in any one of them and that will cover me for both cars.

My question is, does my dad need to have a separate PA cover even though none of the cars is registered in his name but he drives daily?

Thanks in advance!
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Old 30th September 2020, 00:36   #4626
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Default Re: Automobile Insurance Queries? Ask me

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My question is, does my dad need to have a separate PA cover even though none of the cars is registered in his name but he drives daily?
Hi,

Since both the cars are in your name, the car insurance policies for both will be in your name. Therefore, PA cover from either one of the policies or an outside accidental insurance policy of >= 15 Lakhs in your name suffices the legal need of "owner-driver" having a PA cover.

It is optional to cover passengers traveling in a car. If you feel the need to, you can go with that.

-Kalyan
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Old 30th September 2020, 11:11   #4627
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Hi,

Since both the cars are in your name, the car insurance policies for both will be in your name. Therefore, PA cover from either one of the policies or an outside accidental insurance policy of >= 15 Lakhs in your name suffices the legal need of "owner-driver" having a PA cover.

It is optional to cover passengers traveling in a car. If you feel the need to, you can go with that.

-Kalyan

Thanks Kalyan for the quick reply, this is very helpful. A couple of follow up questions please,

1. So if anyone else in the family is driving the car, they won't require the owner-driver PA if I already have a cover as the owner?

2. Does a term life insurance policy >15L suffice instead of taking a separate 15L PA cover?

Thanks again for your guidance!
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Old 30th September 2020, 12:03   #4628
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by sugam View Post
1. So if anyone else in the family is driving the car, they won't require the owner-driver PA if I already have a cover as the owner?

2. Does a term life insurance policy >15L suffice instead of taking a separate 15L PA cover?
Hi Sugam

1. Anyone else driving a car registered in your name is driving the car as you authorized them to. It could also be any relative, friend, neighbor, acquaintance, service station driver that has come to pick-up your car for service, etc and not just your father.

But, they cannot take the position of an 'Owner-Driver' as they do not own the car. They should not be needing PA cover mandatorily specified by IRDA on Car insurance policies. For their own benefits and for the benefit of the immediate dependants/ family, an accidental insurance policy is always recommended.

2. Please read point 4. (viii) on this link:
https://www.irdai.gov.in/ADMINCMS/cm...eNo3684&flag=1

My understanding is that if this term insurance policy mentions in its cover an accidental/ motor accident cover (which is normally the case most of the time), it can be substituted for the mandatory 15L PA cover asked for by IRDA. I was able to send my Term Insurance cover + this link to my Car insurer(Kotak GI) last time around and get the Mandatory PA cover removed.

-Kalyan
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Old 30th September 2020, 12:03   #4629
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Default Re: Automobile Insurance Queries? Ask me

Hi,

I had a couple of doubts. I purchased my new car last year and got the policy from the dealer itself. The policy is from liberty insurance and after multiple calls to them they refuse to provide me the premium for the renewal. So decided why not look for other options while i have time (1 month more)

Based on this, there were some things i needed to clarify

1. Is there any way i can claim the NCB for my old car that i sold off when i got this car a year back. I was too lazy that time to follow up (inspite what team bhp kept telling me to do). Any discount on premium without sacrificing coverage or IDV would be great. What would the procedure be if yes.

2. The policy that is expiring has 1 year own damage and 3 years third party. So do I renew only own damage and keep the previous policy for third party? If i change the insurance company do i need to take 3 year third party again?

3. What should the IDV for the renewal be. Presently its Rs 10,55,000. I would like to do the maximum IDV. Is there any guidelines?

Thanks in advance
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Old 30th September 2020, 12:40   #4630
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by sriks View Post

1. Is there any way i can claim the NCB for my old car that i sold off when i got this car a year back. I was too lazy that time to follow up (inspite what team bhp kept telling me to do). Any discount on premium without sacrificing coverage or IDV would be great. What would the procedure be if yes.

2. The policy that is expiring has 1 year own damage and 3 years third party. So do I renew only own damage and keep the previous policy for third party? If i change the insurance company do i need to take 3 year third party again?

3. What should the IDV for the renewal be. Presently its Rs 10,55,000. I would like to do the maximum IDV. Is there any guidelines?
Hi

1. Yes, first get something called an NCB Reservation Letter, some insurers call it by name NCB Certificate. Once issued, it is valid for 3 years. This can be issued if the car you sold is re-registered in that person's name and the insurance has either been transferred to him or cancelled. In both the cases, the insurer will issue you an NCB. Now, I am not sure on when the transaction happened a year back if the insurer can issue the NCB letter now. You need to check with the insurer. Once you get this, you can submit this letter while renewing your car policy this year and the new insurer will take care of applying whatever NCB the letter mentions.

2. Yes, you can renew only the OD part. Check Coverfox or PolicyBazaar for quotes, there will be an option for OD only, TP only and Comprehensive. No, the 3 year TP cover from the first start date will be valid as-is from that provider. You can have another provider for the OD.

3. Again on Coverfox or Policybazaar, you can see the IDV range based on Car Make/ Model/ Year of purchase, etc. Its a pretty healthy range, you can also check with an offline insurance agent if there is a specific need to have a particular amount greater than what is shown there.

-Kalyan
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Old 30th September 2020, 12:42   #4631
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Default Re: Automobile Insurance Queries? Ask me

My insurance is due next month, covered with Bharati AXA now and thinking of going for a different one, any suggestions?
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Old 30th September 2020, 14:44   #4632
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My insurance is due next month, covered with Bharati AXA now and thinking of going for a different one, any suggestions?
You can do your research online on Coverfox or Policybazaar. Normally, once you have a quote, your regular agent/ company will also usually match it.
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Old 1st October 2020, 13:00   #4633
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I have a question. Is it essential to have the hard copy of insurance for claims or soft copy will do? I had renewed my Bajaj Allianz car policy 15 days back but yet to receive the hard copy. Calls to their help line does not go through, and the local Calcutta office number says out of service
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Old 1st October 2020, 14:31   #4634
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We have a Swift ZDi AMT which got flooded and was subsequently declared a total loss by future generali the insurers.

1) There was apprehension when I brought up cancellation of the registration.

2) Since its on a company registration, selling the vehicle in that manner would entail an approx 11-12% hit in the form of GST.

3) Lastly, the workshop will start charging parking fees if the car is not moved tomorrow.

Thank you!
Thank you Thad & Kalyan!

We finally received the amount from the Insurers this week, so just posting a quick update:

1) Regarding RTO Cancellation: I had a word with the surveyor, and even sent an email with relevant links where it is mandatory for a total loss vehicle to have it's registration cancelled. They were more than helpful in this regard, and though it delayed the process a little longer - they agreed to the same at the same IDV.
The vehicle was re-auctioned, which was the primary cause of the delay + they needed a letter from the RTO stating the RC was cancelled (which in turn required the vehicles VIN / chassis No. plate , both number plates, etc.)
Have now applied for a RTO Tax refund - hoping that it is successful as we paid 20% of the ex-showroom as Lifetime RTO Tax - even getting 50% of the same (after deducting agent fees & 'other' fees) back will be a cherry on the top.

2) GST not applicable as depreciated value was in line with the book value, so I didn't push further.

3) Future & the Scrap Buyer were both accommodating & allowed me to move the vehicle to my premises where it was parked under CCTV coverage (just in case).

Overall, I have to say I was very very impressed with Future. They took their time, but the matter was resolved!
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Old 1st October 2020, 20:59   #4635
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by AnkitAnimesh View Post
I too faced issues with GoDigit, my Maruti Insurance was with Godigit. Unfortunately, my car met a small accident because of a big pothole. Firstly the surveyor said pothole damages are not covered by insurance, but still I am approving the claim. It took the surveyor 8 days and 4 visits just to approve a total of 4 parts to be repaired/replaced. Also during the 4th survey I myself was present at the service center where the surveyor didn't come himself, instead someone else appeared to survey the vehicle who, upon asking identified himself as surveyor appointed by IRDA, to which me and service advisor had a good laugh. Later, after an earful he admitted that he is just a friend of surveyor, no where related to GoDigit. I have lodged a formal complaint, but it's been 5 days and I am yet to hear anything.
GoDigit lost me and any body that will listen to me, as a customer. Though they finally approved my claim, they insisted I get the repair done at a non-accredited garage of their choice, to which I reluctantly said yes, since it is walking distance from my house.
The garage guys only wanted to do the minimal denting and painting and refused to change the rubber lining on the door. I finally got fed up and just went to the authorized workshop after they were done and got it replaced at my own cost.
Classic example of penny wise, pound foolish. They lose a customer with multiple cars and a nearly zero-claim record (even the current claim was for minor denting and painting, no major damages) and saved maybe 2-3k by cutting corners and being just all-round PIA.
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