[ghodlur]

Originally Posted by satishv1987

I was wondering if I can renew the insurance online. Will it be an issue I renew it now and transfer it to my name later once the RC has been updated?!

You can renew the policy online and later complete the insurance ownership transfer formalities. Alternatively you can buy a new policy for the car once the old insurance expires. I hope along with the car ownership transfer, you will also submit the same set of documents to the Insurance co for the ownership transfer.This way the Insurance co is aware of the change of ownership.

[a_micky]

Hi,
I have a icici Lombard 4wheeler insurance issued through maruti dealer while purchasing the car last year. It is time for renewal and the dealer is quoting 19K with very low idv of 7.2L Policy baazar is providing option to increase the idv to 8L and premium of 13K with zero dep and roadside assistance.
Existing policy includes zero dep, engine protect, return to invoice price, driver and co passenger accidental cover of 2L each for 7 passengers. Maruti insurance states all components of existing policy will carry forward to renewed policy. Don't need engine protection and return to invoice but would like higher idv. Would you recommend availing the insurance thru policy baazar?

[hserus]

You have return to invoice price right? That should take care of the IDV issue. It covers the difference between your IDV and the car's invoice value.

Don't use policybazaar type third party sites, they make money by sending your details to every single insurance broker using their services so that they will be forever calling you trying to get your business starting from a month before your insurance falls due every year. Utter nuisance.

Originally Posted by a_micky

Hi,
I have a icici Lombard 4wheeler insurance issued through maruti dealer while purchasing the car last year. It is time for renewal and the dealer is quoting 19K with very low idv of 7.2L

[a_micky]

Originally Posted by hserus

You have return to invoice price right? That should take care of the IDV issue. It covers the difference between your IDV and the car's invoice value.

Don't use policybazaar type third party sites, they make money by sending your details to every single insurance broker using their services so that they will be forever calling you trying to get your business starting from a month before your insurance falls due every year. Utter nuisance.

Thanks for the advice. I will contact the providers with lowest quotes on policy baazar directly for quotes.
I learned from maruti insurance that Return to invoice will be available only up to 2nd year from purchase of vehicle and not available from 3rd year onwards.

[ghodlur]

Originally Posted by a_micky

Don't need engine protection and return to invoice but would like higher idv.

What is your current IDV? For renewal your IDV should be ideally 10% less than last year's IDV, no point in over insuring the car. Regarding the add on covers, it is purely your choice, you should retain zero depreciation add on. PA insurance for passengers premium is very meagre, you can continue with it.

As Hserus mentioned, use the comparator portal for comparison purpose only. Find out the premiums quoted for the correct IDV and ask Maruti to match the same. If they do, you can continue with Maruti provided Insurance or else look outside.

[a_micky]

Originally Posted by ghodlur

What is your current IDV? For renewal your IDV should be ideally 10% less than last year's IDV, no point in over insuring the car. Regarding the add on covers, it is purely your choice, you should retain zero depreciation add on. PA insurance for passengers premium is very meagre, you can continue with it.

As Hserus mentioned, use the comparator portal for comparison purpose only. Find out the premiums quoted for the correct IDV and ask Maruti to match the same. If they do, you can continue with Maruti provided Insurance or else look outside.

Thanks ghodlur. I am going with maruti insurance. They are offering quite low idv. Last year idv was 8.64L now they are offering 7.26L. I am retaining zero dep, return to invoice and dropping engine protection. The premium quoted was 17990,after negotiations they offered 1k discount.
Policy baazar was offering better idv and lower premiums however none of the quotes had return to invoice option. Return to invoice will be available only up to 2nd year since purchase of vehicle hence going with maruti insurance. Moreover hoping any claims will be seamless with maruti. Will look for different insurance company next year.

[ghodlur]

Originally Posted by a_micky

Thanks ghodlur. I am going with maruti insurance. They are offering quite low idv. Last year idv was 8.64L now they are offering 7.26L. I am retaining zero dep, return to invoice and dropping engine protection. The premium quoted was 17990,after negotiations they offered 1k discount.
Policy baazar was offering better idv and lower premiums however none of the quotes had return to invoice option. Return to invoice will be available only up to 2nd year since purchase of vehicle hence going with maruti insurance. Moreover hoping any claims will be seamless with maruti. Will look for different insurance company next year.

Good for you. The correct IDV for next year should be around 7.77L, hope the premium is quoted for this IDV. If less ask Maruti to quote for the correct IDV.

Frankly I am not for the Return to Invoice add on covers since the premium for this will be a good amount. But leave it to you to decide. Just ensure that you read the T&C's of the add on cover.

[Saanil]

Hi Guys,

I have got an urgent query and needed help of experts here. I have paid booking amount to Maruti True value for a second hand car yesterday (i.e. 5th November). The current insurance on the car (i.e. purchased by the previous owner) is valid till 17 Nov, 2017 which is just 10 days ahead. Is it possible for me to buy the insurance on the car under my name although the car has not been registered yet in my name? The dealer tells me that for submitting the new documents to the RTO, he will need to submit insurance and since the old insurance is expiring in just 10 days, he is telling me to buy the new insurance.

My query – should I just buy a policy online for the new car but in my name (even though the car is not yet registered in my name in the RTO records)? I was just thinking of using policybazaar etc. and buy a policy quickly. As far as I know, you just need few details about the car (i.e. engine number, chassis number and details of old insurance which the dealer has provided me). I was thinking of making the full payment for the car today and probably take the delivery tomorrow. Is it possible to do this if I buy the policy online and just give the insurance receipt of the new policy to the dealer?

[hserus]

You can take the sale paperwork such as delivery note / insurance transfer letter etc to your insurer, or better still, the insurance provider who sold the policy, and ask them to endorse it to your name. You then have to send them the RC as and when you get it.

The process will not take more than a day or two as the current policy is still valid.

Originally Posted by Saanil

Hi Guys,
I have got an urgent query and needed help of experts here. I have paid booking amount to Maruti True value for a second hand car yesterday (i.e. 5th November). The current insurance on the car (i.e. purchased by the previous owner) is valid till 17 Nov, 2017 which is just 10 days ahead.

[ghodlur]

Originally Posted by Saanil

My query – should I just buy a policy online for the new car but in my name (even though the car is not yet registered in my name in the RTO records)? I was just thinking of using policybazaar etc. and buy a policy quickly. As far as I know, you just need few details about the car (i.e. engine number, chassis number and details of old insurance which the dealer has provided me). I was thinking of making the full payment for the car today and probably take the delivery tomorrow. Is it possible to do this if I buy the policy online and just give the insurance receipt of the new policy to the dealer?

Since the Insurance policy is still valid, ensure that the ownership transfer process at RTO is started. RTO requires a valid Insurance policy at the time of submission only. Parallelly submit the same set of documents to the Insurance co for the Insurance ownership transfer. Give them an application about the Insurance expiry and propose that you will renew the policy either online or offline. The Insurance co should accommodate your request easily and you can renew the policy before expiry if you still want to continue with the same Insurance co.
Alternatively, you can let the Insurance expire. You can buy a fresh Insurance policy for the car on 17th November for which the new Insurance co would inspect the car. Tell the new Insurance co that the car ownership transfer is in process and upon change of RC, Insurance ownership can also be updated.

Originally Posted by hserus

You can take the sale paperwork such as delivery note / insurance transfer letter etc to your insurer, or better still, the insurance provider who sold the policy, and ask them to endorse it to your name. You then have to send them the RC as and when you get it.

Unfortunately the Insurance co do not accept the delivery note as proof of sale, they would need the changed RC.

[Saanil]

Originally Posted by ghodlur

Since the Insurance policy is still valid, ensure that the ownership transfer process at RTO is started. RTO requires a valid Insurance policy at the time of submission only.

Parallelly submit the same set of documents to the Insurance co for the Insurance ownership transfer. Give them an application about the Insurance expiry and propose that you will renew the policy either online or offline. The Insurance co should accommodate your request easily and you can renew the policy before expiry if you still want to continue with the same Insurance co.

Alternatively, you can let the Insurance expire. You can buy a fresh Insurance policy for the car on 17th November for which the new Insurance co would inspect the car. Tell the new Insurance co that the car ownership transfer is in process and upon change of RC, Insurance ownership can also be updated.

Can I buy the new insurance online today itself? I was thinking of buying a policy online today itself. I am assuming after buying it, I would get the insurance policy over email in a day or so? and I can then submit this policy to the dealer?

Will the RTO accept to change the car ownership with an insurance policy which is set to expire in a few days? Apologies for asking such basic questions.

[hserus]

Originally Posted by ghodlur

Unfortunately the Insurance co do not accept the delivery note as proof of sale, they would need the changed RC.

RC change will take max three or four days. Till then a receipt that paperwork transfer has been given to the RTO should be enough to submit to the insurer.

[ghodlur]

Originally Posted by Saanil

Can I buy the new insurance online today itself? I was thinking of buying a policy online today itself. I am assuming after buying it, I would get the insurance policy over email in a day or so? and I can then submit this policy to the dealer?

Will the RTO accept to change the car ownership with an insurance policy which is set to expire in a few days? Apologies for asking such basic questions.

Yes, you can buy Insurance today itself and if bought on the Insurer's website you should get the policy (soft copy) instantly. The hard copy will follow within few days. The soft copy print out should be sufficient for submission to RTO.

RTO does not bother to check if the policy is expiring in next fortnight or so. If you submit the policy today itself along with other documents for ownership change, they will still accept it. All RTO needs is the required list of documents to be submitted for ownership change.

Originally Posted by hserus

RC change will take max three or four days. Till then a receipt that paperwork transfer has been given to the RTO should be enough to submit to the insurer.

Agreed, the RTO provided receipt is sufficient to initiate the process but not finalize it. Insurance co can begin the ownership change process but final Insurance policy with new owner will be provided only after the changed RC is submitted.

I am yet to hear any RTO which is that super efficient which can issue RC change in 3-4 days. Generally it takes a min of 15 days for the process to complete. Unless you have an insider or a well connected agent who can get the process done in 3-4 days. In either case RC will be sent through Indian Post which as we all know works at snail's pace.

[hserus]

Originally Posted by ghodlur

I am yet to hear any RTO which is that super efficient which can issue RC change in 3-4 days. Generally it takes a min of 15 days for the process to complete. Unless you have an insider or a well connected agent who can get the process done in 3-4 days. In either case RC will be sent through Indian Post which as we all know works at snail's pace.

Come to Chennai RC endorsement of transfer of ownership within the same city takes a maximum of 3..4 working days. Even faster if done at the same RTO (eg if you buy a used car from someone in the same area you live in).

All that gets done is they will paste a sticker with the endorsement details on your old RC.

Last two used cars I got (used i10 for my wife, used Fiesta for me), the TO took that much time is all. All in the TN07 RTO (Thiruvanmiyur, Chennai). Both the cars were from other RTOs in Chennai.

If you use any agent at all, they will hand the RC back to the agent and you get it faster.

[GranvilleDsouza]

Just renewed my car insurance. It's sad to pay the premium every year when there have been no claims so far! But it is of course for the rules and the fact that if anything went wrong, there is something to benefit from it.

Car: Swift DZire 2008
NCB: 50%
Premium: 6,082
IDV: 2,00,000

Is this legit? Or am I paying too much? Also, should I claim insurance for repairs such as a dented fender (coconut fell on the fender), a scraped running board (was forced to go left with a BEST Bus trying to overtake from the right, scrapped it on a divider stone that was out of place or else the bus would take my entire RHS) Bumpers are scratched thanks to Mumbai traffic, autos and bikes. But it makes me think I've been paying the insurance without claiming it and I should make use of it!

Suggestions welcome