[pandey.jai]

I bought a car with a bank loan and the hypothecation was mentioned in the registration card. Now my loan has been closed and the hypothecation has been removed in the new card that I received from RTO. This has been slightly over a month now. My car insurance renewal is coming up in the month of Feb.

My question is should I update the hypothecation status with the insurance company right away or can this be updated while renewing my insurance?

[rachitarora1985]

Hello Everyone,

My Ciaz Alpha 1.5 MT petrol (2019 registered) OD insurance is expiring towards end Jan'21 (the 3rd party cover is valid upto Jan'22). The current insurer is Bajaj Allianz (both for 3rd party & OD).

While checking online (PolicyBazaar), the lowest quote for 1 year OD cover is around 13k from Future Generali and 21k for Bajaj Allianz. Surprisingly, quote for Digit is 33k. All these quotes are based on following pre-selections:
1. IDV - 8L
2. RSA
3. Zero dep. cover
4. Engine protection

Due to the price difference, I am inclining towards Future Generali. However; if I choose to buy the OD cover from Future Generali, I will have Bajaj Allianz for 3rd party cover (existing insurer with 3rd party cover upto Jan'22) and OD cover from Future Generali. Is it advisable to have insurances from two different companies? What are the risks? (e.g. in case of any unforeseen incident involving a 3rd party, which insurance provider will bear which expense? I fear that these companies may try to push the documentation part and co-ordination, if any, with the other provider towards me and delay the claim on one pretext or the other.)

Or I am being over cautious? Need opinion & guidance from experts!

[ghodlur]

Originally Posted by rachitarora1985

Is it advisable to have insurances from two different companies? What are the risks? (e.g. in case of any unforeseen incident involving a 3rd party, which insurance provider will bear which expense? I fear that these companies may try to push the documentation part and co-ordination, if any, with the other provider towards me and delay the claim on one pretext or the other.)

Or I am being over cautious? Need opinion & guidance from experts!

No need to panic, its OK to have insurance cover from 2 different Insurance cos. The purpose for insurance covers are different. In case of any claim related to 3rd party it will be Bajaj who will cover the damages and in case of rest of the claims it will be the second insurance co. Why dont you ask Bajaj to match the FG quote, I am sure they will be interested. Even if the difference between quotes come to less than 3-4K, it will be good to go ahead with BA for that extra peace of mind.

[ghodlur]

Originally Posted by pandey.jai

I bought a car with a bank loan and the hypothecation was mentioned in the registration card. Now my loan has been closed and the hypothecation has been removed in the new card that I received from RTO. This has been slightly over a month now. My car insurance renewal is coming up in the month of Feb.

My question is should I update the hypothecation status with the insurance company right away or can this be updated while renewing my insurance?

Why wait till the renewal, drop a mail to the Insurance co with the copy of the updated RC and continue the existing Insurance. On renewal automatically the hypothecation wouldn't be visible.

[kalyan_hyd]

Originally Posted by kauphylover

My almost one-year-old Civic is up for insurance renewal. What's the general perception of the Honda Assure program? From whatever I've read, no one likes it (since it's relatively expensive) but eventually go with it anyway for the convenience and peace of mind.

Thanks in advance!

Hi

I used to have a Honda City and took the Honda Assure program in Year 1 but post that moved out. I saved a lot of money in premiums and never had any issues per-se while claim. I have heard from friends that in a few cases, Honda Assure helps as they have a tie-up with insurers in such a way that certain works (like say a damaged windshield, etc) can be carried out post taking some pics even before the approval from the insurer arrives. Personally, I don't see this being a big issue.

--Kalyan

[sairamboko]

My Tata Tigor car insurance own damage cover is coming for renewal soon. The current policy is from new india assurance and yet to get quotes on this. I am sure it will be high because the policy was purchased from the dealer. Any suggestions on which insurance provider to chose?

[ashis89]

Originally Posted by ghodlur

Why wait for someone to give you a quote when you can do it online yourself? Find out with which Insurance co does your workshop have a cashless tie up and visit that Insurance co to get a quote. Alternatively visit the comparator websites like Policybazaar, Acko, Godigit, Coverfox etc to get an idea about the quotes available in the online market. Use 10% less amount of last year's IDV when getting quote.

Thanks to your advice, I renewed my OD insurance directly on ICICI website. I received the soft copy of the insurance certificate on my email immediately and also received the hard copy few weeks later. The TP insurance is still with BA which I bought for 3 years when I bought the car.

Now I have another query. On Parivahan website, the insurance is said to be valid till Oct 29,2020 against my RC. Is it required to get it updated? How do I do it?

[Fx14]

Originally Posted by ashis89

Now I have another query. On Parivahan website, the insurance is said to be valid till Oct 29,2020 against my RC. Is it required to get it updated? How do I do it?

When I renewed my insurance, the Parivahan site automatically reflected the new expiry date after a couple of days.

Apparently the insurers may be sharing details with them.

[tp_dominator]

Originally Posted by ashis89

Now I have another query. On Parivahan website, the insurance is said to be valid till Oct 29,2020 against my RC. Is it required to get it updated? How do I do it?

What you need to do is contact your third party insurance provider and update your vehicle's registration number with them post which it will get updated on Vahan. This happens usually since when the car is bought new, no registration number is mentioned on it and you also did not renew your OD part with the same insurer, so they don't have your registration number.

[ashis89]

Originally Posted by tp_dominator

What you need to do is contact your third party insurance provider and update your vehicle's registration number with them post which it will get updated on Vahan. This happens usually since when the car is bought new, no registration number is mentioned on it and you also did not renew your OD part with the same insurer, so they don't have your registration number.

That shouldn't be the case since the insurers ask for the registration number while buying a new policy. My new policy document also states my registration number correctly, so they did have the details.

Anyway, I have dropped an email to them requesting to update Vahan portal. Thanks for the suggestion.

[ghodlur]

Originally Posted by sairamboko

My Tata Tigor car insurance own damage cover is coming for renewal soon. The current policy is from new india assurance and yet to get quotes on this. I am sure it will be high because the policy was purchased from the dealer. Any suggestions on which insurance provider to chose?

Check with the Tata workshop where you would normally service your car with which Insurance co do they have a cashless tie up. Opt for the one which has the best claims process. Alternatively check with the comparator websites for the best quotes and visit the shortlisted Insurance cos website for better deal. Take an informed decision.

[ashis89]

Originally Posted by tp_dominator

What you need to do is contact your third party insurance provider and update your vehicle's registration number with them post which it will get updated on Vahan. This happens usually since when the car is bought new, no registration number is mentioned on it and you also did not renew your OD part with the same insurer, so they don't have your registration number.

So I received a reply to my email which says that Vahan would show the TP insurance only. How correct is that?



Edit:

Originally Posted by tp_dominator

That is what I mentioned in my previous post. You need to contact your TP insurance provider. The insurer who issued your policy when you bought your vehicle as "New". Register your car's registration number with them and then it will get updated on Vahan once they have a record of it.

Got it, my mistake I missed the TP part in your earlier post (misunderstood the relevance of Third Party)

However, again another doubt here as my car is a year old. This past year, Vahan has shown (and is still showing) my insurance validity till Oct 29, 2020. This is inspite my TP insurance validity till Oct 29, 2022. Where lies the error?

I will send a similar email to Bajaj Allianz, my TP insurance provider.

[tp_dominator]

Originally Posted by ashis89

So I received a reply to my email which says that Vahan would show the TP insurance only. How correct is that?

That is what I mentioned in my previous post. You need to contact your TP insurance provider. The insurer who issued your policy when you bought your vehicle as "New". Register your car's registration number with them and then it will get updated on Vahan once they have a record of it.

[kushagra452]

The OD insurance for my Swift VXi AMT (purchased Feb 2020) is up for renewal. The existing policy is of Bajaj Allianz taken through Maruti Insurance. The insurance has the following add-ons: Zero dep and engine protection (EP). I am planning to take only include the zero dep add-on at the time of renewal and drop EP.

What is the opinion of BHPians w.r.t add-ons such as EP and RTI (return to invoice)?

[rachitarora1985]

Originally Posted by kushagra452

The OD insurance for my Swift VXi AMT (purchased Feb 2020) is up for renewal. The existing policy is of Bajaj Allianz taken through Maruti Insurance. The insurance has the following add-ons: Zero dep and engine protection (EP). I am planning to take only include the zero dep add-on at the time of renewal and drop EP.

What is the opinion of BHPians w.r.t add-ons such as EP and RTI (return to invoice)?

Hi Kushagra, seeing your location as New Delhi, I would suggest keeping the EP due to the perennial water logging problems we face in Delhi NCR