Automobile Insurance Queries? Ask me

rjvora_2000 · 16th February 2009, 16:04

Quote:

Originally Posted by Proxima

Hi,

I am buying a new Ford Ikon TCDI in Chennai and the premium quoted by the dealer is 19250. I heard that it can be done for lesser because Condor (a Bangalore BHPian) said he got is it for 4k less.

How do I go about this? I want to go with a nationalized bank only. Kindly advice.

If someone can guide me with a step by step process, it will be nice. Eg: which first (registration/temp reg/etc)

1. Call any three company which you like and tell them you are buying a new car

2. As you start receiving the quote from them, start bargaining with them.

3. Cheapest is the best.

4. Make sure all the quote have same value. (IDV)

After doing this you will find that you have saved a lot of money.

isldhn · 16th February 2009, 16:16

Quote:

Originally Posted by rjvora_2000

1. This will reflect on the renewal notice.
2. Actual process say's that you have to take a NCB certificate from old insurance company and give it to new insurance company then only they will give you NCB.

Hi RJVora.Got a few questions regarding the NCB transfer.
1. If the new company (read agent) does not ask for either of the two things mentioned above,then is their any data pool from where the new insuring company comes to know whether the Ncb is accrued or not.
2. What percentage of discount is prevelant right now. For e.g. I'm getting 40% discount from a company for my 5yr.old Santro.

rjvora_2000 · 16th February 2009, 16:35

Quote:

Originally Posted by isldhn

Hi RJVora.Got a few questions regarding the NCB transfer.
1. If the new company (read agent) does not ask for either of the two things mentioned above,then is their any data pool from where the new insuring company comes to know whether the Ncb is accrued or not.
2. What percentage of discount is prevelant right now. For e.g. I'm getting 40% discount from a company for my 5yr.old Santro.

Sirji,

Answer to your query...
1. There is noting like Data pool but if claim come's in this year, then there are chances that company may go to last year's insurance company and ask them there are any claims made in the policy or not.

2. 40% + NCB right? If yes that's the best!!!

Proxima · 16th February 2009, 16:48

Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians.

(Rated the thread 5 star)

rjvora_2000 · 16th February 2009, 17:18

Quote:

Originally Posted by Proxima

Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians.

(Rated the thread 5 star)

Thank you for your kind words.

Sharing is learning - I am also learning while sharing the knowledge.

I believe that if you have knowledge you should share it otherwise it is a waste of knowledge.

ssjr0498 · 16th February 2009, 17:34

Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey

rjvora_2000 · 16th February 2009, 17:43

Quote:

Originally Posted by ssjr0498

Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey

Hi there,

Motor Insurance is not done on Invoice value but it is done on IDV (Insured Declare Value) What ever you declare would be taken as the value of your car.

I will advice you to go for that value in which you have bought the car. How much you have spent on the car should be the value of the car.

F50 · 16th February 2009, 18:18

Quote:

Originally Posted by ssjr0498

Hi,

one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired.

Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now?

Shrey

Go to the insurance company of your choice. Show them the transfer papers, previous 3rd party policy and get the car inspected. Thats it.

Choose IDV according to current market value or higher. Higher the better.
Also get electrical accessories insured, if any.

aka_iitd · 19th February 2009, 09:09

Just one doubt. From last 2 years I have chose 2 different insurance company as always new one offers better IDV value at lesser premium

keeping other things same. It's a time for 3rd year soon Is it advisable or it will effect in future?

F50 · 19th February 2009, 09:23

Quote:

Originally Posted by aka_iitd

Just one doubt. From last 2 years I have chose 2 different insurance company as always new one offers better IDV value at lesser premium

keeping other things same. It's a time for 3rd year soon Is it advisable or it will effect in future?

There is no harm in switching companies but its always better to be steady with one company. This helps to build relations with that company and might work at the time of claim.
Choose a company which provides best service. Few hundreds extra shouldnt be a problem when you are assured that your claim will be paid on time.

rjvora_2000 · 19th February 2009, 15:53

Quote:

Originally Posted by F50

There is no harm in switching companies but its always better to be steady with one company. This helps to build relations with that company and might work at the time of claim.
Choose a company which provides best service. Few hundreds extra shouldnt be a problem when you are assured that your claim will be paid on time.

I 100% agree with you its important to build long term relationship.

rjvora_2000 · 26th February 2009, 09:12

Update:-

Service tax on your insurance premium has gone down. Please check with insurance company and then pay the premium.

Earlier it was 12.36% and now it is reduced to 10.30%.

Proxima · 26th February 2009, 09:23

Quote:

Originally Posted by rjvora_2000

Update:-

Service tax on your insurance premium has gone down. Please check with insurance company and then pay the premium.

Earlier it was 12.36% and now it is reduced to 10.30%.

Great news, thanks rjvora. So if I was quoted a premium of 16500 a week back, what will it be now? 2% less?

rjvora_2000 · 26th February 2009, 09:35

Quote:

Originally Posted by Proxima

Great news, thanks rjvora. So if I was quoted a premium of 16500 a week back, what will it be now? 2% less?

Yes you have understood 100% correctly!!

nitrous · 26th February 2009, 09:37

Quote:

Originally Posted by F50

Choose IDV according to current market value or higher. Higher the better.

Why so?
Can't lower be better? Since we're paying a lower premium.

16th February 2009, 16:48	#109
Proxima BHPian Join Date: Jul 2006 Location: Chennai Posts: 910 Thanked: 299 Times	Great thread Rupesh! Appreciate your expertise and willingness to help fellow BHPians. (Rated the thread 5 star)
	() Thanks

16th February 2009, 17:34	#111
ssjr0498 BHPian Join Date: Mar 2006 Location: Blr-Ccu Posts: 860 Thanked: 516 Times View My Garage	Hi, one question for you @rj... I have got my car (2001 ohc vtec)transferred to my name recently, however, the 3rd party insurance that the previous owner had has expired. Now I want to get a comprehensive insurance done, I do not have the invoice and neither does the previous owner have it. What should I do now? Shrey
	() Thanks

19th February 2009, 09:09	#114
aka_iitd BHPian Join Date: Aug 2008 Location: Bangalore Posts: 630 Thanked: 45 Times	Just one doubt. From last 2 years I have chose 2 different insurance company as always new one offers better IDV value at lesser premium keeping other things same. It's a time for 3rd year soon Is it advisable or it will effect in future?
	() Thanks

26th February 2009, 09:12	#117
rjvora_2000 Senior - BHPian Join Date: Mar 2008 Location: Mumbai/Mulund Posts: 1,658 Thanked: 56 Times	Update:- Service tax on your insurance premium has gone down. Please check with insurance company and then pay the premium. Earlier it was 12.36% and now it is reduced to 10.30%.
	() Thanks