[iamswift]

Originally Posted by sdp1975

There are 2 parts to any insurance : own damage(OD) and third party insurance.

OD(damage to your 2L car) is optional, but 3rd party insurance(Merc) is compulsory as per law.

There are limits to 3rd party damage, don't remember what the limits are. Even if it's your fault, insurance should cover it ( provided that the driver had a valid license while driving, was not under the influence of anything - standard clauses ).

The process is for the 3rd party to go to the MACT ( motor accidents claims tribunal) and claim for damage. Long drawn affair.

As far as I understand, third party covers the bodily injuries / death of the person involved in accident or properties involved in accident. Not the repair charges of the other car / bike.

Any damages to the vehicles, they have to use their own insurance to cover it.
If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages. Ofcourse they lose the NC bonus.

[sdp1975]

Originally Posted by iamswift

As far as I understand, third party covers the bodily injuries / death of the person involved in accident or properties involved in accident. Not the repair charges of the other car / bike.

Any damages to the vehicles, they have to use their own insurance to cover it.
If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages. Ofcourse they lose the NC bonus.

You're right, thanks for correcting me.

[rjvora_2000]

Originally Posted by iamswift

As far as I understand, third party covers the bodily injuries / death of the person involved in accident or properties involved in accident. Not the repair charges of the other car / bike.

Any damages to the vehicles, they have to use their own insurance to cover it.
If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages. Ofcourse they lose the NC bonus.

Well explained. Better then my explanation.

Originally Posted by mrkanitkar

My Corolla 1.8 VL, due for Insurance renewal. It's new car, I got delivery on 1st Jan 2009. The ex-showroom price was 1273740/- Current Insurance is done with United by dealer. Dealer have tie up with United,ICICI. There is no claim in last one year, dealer paid 40K for premium.
1. What should be new IDV?
2. Should I change insurance company even if there is no tie up with dealer?

1. New IDV can be between Rs. 1089000/- to Rs. 9680000/-.
2. If only two option like ICICI(Don't even think of going with them) United is the only company which you can opt for.

Not my cup of tea but still, do you have a option of changing the dealer? If yes then please do that and go for a dealer who has a tie-up with Bajaj or Chola or any other good company please do that.

If you don't want to take the pain of changing the dealer then United is the only option for you.

[r_nairtvm]

Originally Posted by bblost

My car is insured for about 2Lakhs.
If I crash into a Mercedes and their bill runs to a couple of lakhs. Will my insurance company pay them.

The assumption is I am at fault and agree that it is my fault.
So does my insurance company pay them.

What if instead of my car, its my bike that crashes into the merc and shatters the windscreen.
Will my insurance cover the repair cost.

I have bee reading all the posts on the subject following the original post above from bblost. Things have been explained but only partially.

Theoretically, the Mercs insurer will/can pay for the loss suffered by the Merc and then recover the amount from the insurer of the Car/ Bike at fault - under the TP Liability section of the policy of the party at fault.

This is the scenario in developed markets (even in Dubai). The Merc owner will not loose his NCB either. I suppose this is possible in those markets where the driving/traffic rules are strictly imposed. The Traffic police summarily decides who is at fault and issues the papaers accordingly to enable the insurance claims. Disputed cases go to the trafic court and the insurance claims will be settled based on the fault/nofault ruling of the court.

But in some markets (like it was in India) there is something called a knock for knock agreement between all the insurers operating in the market, where they all agree not to claim from each other (as in India it was all nationalised companies and could not sue each other). This usually is administered by the Ins regulatory Authority along with some form of compensation to offset certain % of the Motor Own Damage losses incurred by "a insurer" - in the form of a contributed common fund maintained by all of the insurers (I better stop here as I am sure all of you are more confused now - but this happens at the back end of insurance companies and customer needn't be concerned)

In these type of environment if you make claim you losses your NCB.

To sum-up, theoretically in a collision scenario you can get your repair bills paid by the TP Insurer of a vehicle that is at fault (held liable by a traffic court) through the MACT.

In practice it never happens and no one in the right frame would want to get in to a situation of any legal wrangling in India.

Hope I have confused you all enough

Best Regards & Ride/Drive Safe

Ram

[janitha]

"If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages." Suppose the scenario where my vehicle has only third party and is hit and badly damaged by another vehicle. The fault is totally his and he also has only third party insurance.

Just now saw the post of r nairtvm and that is what I too thought. (the court coming into picture) Hope somebody will clarify the actual state of affairs here.

[rjvora_2000]

@Ram "Please don't say that, you have been always an important contributor on this thread."

Originally Posted by janitha

"If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages." Suppose the scenario where my vehicle has only third party and is hit and badly damaged by another vehicle. The fault is totally his and he also has only third party insurance.

Just now saw the post of r nairtvm and that is what I too thought. (the court coming into picture) Hope somebody will clarify the actual state of affairs here.

In India both the cars will not get the claim's as both has TP only. - You need to have OD insurance to claim for your own damages.

[mrkanitkar]

I have only one dealer in Pune.
Thanks for all your help. You are really helping all of us. It's great job.

[rjvora_2000]

Originally Posted by mrkanitkar

I have only one dealer in Pune.
Thanks for all your help. You are really helping all of us. It's great job.

I hope I get paid for this !!!
I would have earned so much !!!

Just kidding guy's.

[r_nairtvm]

Originally Posted by janitha

"If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages." Suppose the scenario where my vehicle has only third party and is hit and badly damaged by another vehicle. The fault is totally his and he also has only third party insurance.

Just now saw the post of r nairtvm and that is what I too thought. (the court coming into picture) Hope somebody will clarify the actual state of affairs here.

If your vehicle - V1- (with TPP only) is damaged in a collision and the other vehicle - V2- (with TPP only) is at fault - also held liable by a court of law in Criminal Proceeding for causing damage to TP Property (V 1 here), then you have the option to proceed through MACT or a Civil Court to claim for your damages from the Owner &/or Driver/Insurer of V2. There are many decided cases of this instance in India.

Originally Posted by rjvora_2000

In India both the cars will not get the claim's as both has TP only. - You need to have OD insurance to claim for your own damages.

Rajesh, what you are saying is only partially true that you will not get claim directly from the Insurance Company at fault, straight away, but Insurer will have to pay up as and when there is a "legal liability ruling in this regard"

There was a famous case a few years ago of an oil tanker overturning near Baroda (I think) due to rash and negligent driving. The chopadpati wallas were siphoning kerosene from the overturned vehicle. There was a fire in the process causing heavy loss of human life and damage to property in the visinity including vehicle parked in the visinity. The Courts held that the insurer of the tanker was responsible as the driver was held negligent by the criminal courts.

Here in this case there was some arguments rised by the insurer in question that some of the TP vehicles damaged did not have Comprehensive Insurance and hence they were not eligible for compensation.

Fortunatel for the owners of those vehivles, the courts held otherwise and they were able to get the claims.

The total claims on that was in the region of INR 50 Lakhs + interest (huge amount those days in late 70s and early 80s ).

Thanks, Best Regards & Drive/Ride Safe

Ram

[rjvora_2000]

Originally Posted by r_nairtvm

Rajesh

Ram you changed my name from Rupesh to Rajesh

Rajesh who Rajesh Khanna

[r_nairtvm]

Originally Posted by rjvora_2000

Ram you changed my name from Rupesh to Rajesh

Rajesh who Rajesh Khanna

Rupesh, I am sorry about this slip!

If you are as handsome as RK was then you wouldn't be in this forum, as you wouldn't have any free time to do this LOL!

Best Regards

Ram

[janitha]

Originally Posted by r_nairtvm

If your vehicle - V1- (with TPP only) is damaged in a collision and the other vehicle - V2- (with TPP only) is at fault - also held liable by a court of law in Criminal Proceeding for causing damage to TP Property (V 1 here), then you have the option to proceed through MACT or a Civil Court to claim for your damages from the Owner &/or Driver/Insurer of V2. There are many decided cases of this instance in India.

This is exactly what I wanted to know, in academic interest. And I do have full cover insurance!

[Torque123]

I have a question. Mine is Jan 2008 model Ford Fiesta 1.6 SXI (Petrol) and the insurance is due for renewal. I have got various quotes which i have mentioned below. Please advise if i can get a quote lesser than these.

1. Bharathi Axa - Total premium is Rs 13,131. IDV is Rs 5,62,000.
2. Reliance General Insurance - Total premium is Rs 13400, IDV is Rs 5,62,500. This covers third party property damage of upto Rs 7,50,000 and Owner driver coverage of Rs 2,00,000.

These are the best quotes i have got. Please advise if the quotes are fine or do i need to get something better from the insurance company.

PS - All premium amounts mentioned are after the deduction of NO CLAIM BONUS amount.

[rjvora_2000]

Originally Posted by rjvora_2000

Some information on the current performance of Indian Pvt. Motor Insurer.
(Rank wise data, Rs. in crores, OD premium only, Period April - September 2009)

Bajaj - 482.67
Ril - 475.46
Icici - 427.37
Royal Sundaram - 223.15
Iffco - 222.27
Cholamandalam - 162.22
Tata - 83.66
Hdfc - 78.52
Shriram - 66.71
Future - 63.95
Bharti - 41.51
Universal - 15.04
Reheja - 0.03

Data have been taken from IRDA website.

Originally Posted by Torque123

I have a question. Mine is Jan 2008 model Ford Fiesta 1.6 SXI (Petrol) and the insurance is due for renewal. I have got various quotes which i have mentioned below. Please advise if i can get a quote lesser than these.

1. Bharathi Axa - Total premium is Rs 13,131. IDV is Rs 5,62,000.
2. Reliance General Insurance - Total premium is Rs 13400, IDV is Rs 5,62,500. This covers third party property damage of upto Rs 7,50,000 and Owner driver coverage of Rs 2,00,000.

These are the best quotes i have got. Please advise if the quotes are fine or do i need to get something better from the insurance company.

PS - All premium amounts mentioned are after the deduction of NO CLAIM BONUS amount.

Don't even think of going with Reliance (and Icici too) as at the time of claim the companies performance is not so good. (I hope you know how GOOD name they have in the market.)

As far as Bharti Axa is concern please see my post above. As you can see in the business of insurance they are ranked third from the bottom. Please ask the quote from good company like Bajaj.

[Raccoon]

^^^ IMHO, being ranked third (through OD premium collected, right?) does not automatically mean its a bad idea to take a policy from them. Is there a better reason why you do not recommend them?