[fergus]

Originally Posted by r_nairtvm

New Invoice price. The RTO Tax calculation also will be on the current invoice price, which is filed with Local RTO. Specially if the Car is to be registered with you as the 1st owner.

Best Regards & Drive Safe

Thank you for your response .Just to clarify if the new Mfg car ex showroom price is 15 lakhs and the demo car is being offered at discounted ex show room rate of 14 lakhs will the insurance be calculated on 14 lakhs and likewise RTO rate also on 14 lakhs?

[Aviator_guy]

Originally Posted by fergus

Thank you for your response .Just to clarify if the new Mfg car ex showroom price is 15 lakhs and the demo car is being offered at discounted ex show room rate of 14 lakhs will the insurance be calculated on 14 lakhs and likewise RTO rate also on 14 lakhs?

RTO always calculates the tax on latest ex showroom price of the vehicle without any discount. Not sure about insurance, but it should be likewise I assume.

Please make sure dealer is paying correct RTO tax.

[rkrishnar]

Dear members,

I recently bought my first car - a pre-owned Hyundai Grand i10 Sportz AT (Petrol) from Spinny in June 2022. Got RC transferred to my name.
The car had insurance valid till 26-Sep-2022. The previous owner took it from New India through Aditya Birla Insurance Brokers.

The car manufacturing date is Sep-2017. Would be really helpful if you can respond to the below queries regarding insurance renewal.

1) NCB: Acko said they will treat this as a new policy and not a renewal (given new ownership, RC in my name, policy in previous owner's name). Hence, no NCB benefit will be given. He said New India will also do the same. Is this correct and is there any way to get NCB benefit, which is 50%?

2) IDV: Previous policy had it at INR 342,000. Can I increase it now to INR 4lakh, if I am changing the insurance provider?

3) Zero Dep.: Should I opt for Zero Dep policy given the car is 5 years old this month? Will the insurer say Zero Dep is not applicable after couple of months?

4) Add-ons: Not planning to take Personal Accident add-on as I am already covered on Health and Life Insurance. Road side assistance is a useful add-on I presume. Please let me know if there any other add-on I should take like Engine Protection?

Thanks
Ram

[Aviator_guy]

Originally Posted by rkrishnar

Dear members,

I recently bought my first car - a pre-owned Hyundai Grand i10 Sportz AT (Petrol) from Spinny in June 2022. Got RC transferred to my name.
The car had insurance valid till 26-Sep-2022. The previous owner took it from New India through Aditya Birla Insurance Brokers.

The car manufacturing date is Sep-2017. Would be really helpful if you can respond to the below queries regarding insurance renewal.

1) NCB: Acko said they will treat this as a new policy and not a renewal (given new ownership, RC in my name, policy in previous owner's name). Hence, no NCB benefit will be given. He said New India will also do the same. Is this correct and is there any way to get NCB benefit, which is 50%?

2) IDV: Previous policy had it at INR 342,000. Can I increase it now to INR 4lakh, if I am changing the insurance provider?

3) Zero Dep.: Should I opt for Zero Dep policy given the car is 5 years old this month? Will the insurer say Zero Dep is not applicable after couple of months?

4) Add-ons: Not planning to take Personal Accident add-on as I am already covered on Health and Life Insurance. Road side assistance is a useful add-on I presume. Please let me know if there any other add-on I should take like Engine Protection?

Thanks
Ram

1. NCB is for the owner and not the car so it is not transferable. Insurance company is right.
2. Check what is the max IDV insurance company is able to provide. You can inflate it but it won't help in case of a total loss claim if it is unreasonably high.
3. Take zero dep cover if it is offered on your car. Once you buy this cover, insurance company can not cancel it. Generally it depends on the insurance company for how many years they can provide zero dep cover (typically first 2-3 years or beyond based on their policy and owner claim history).
4. If you already have a PA cover through other insurance then it is not necessary to buy. Engine protect / consumable/ rat bite covers could be good add on if available. There is return to invoice cover which means you get the invoice price back in case of total loss. But it may not be offered on older car so you can check.

[ghodlur]

Originally Posted by rkrishnar

2) IDV: Previous policy had it at INR 342,000. Can I increase it now to INR 4lakh, if I am changing the insurance provider?

4) Add-ons: Not planning to take Personal Accident add-on as I am already covered on Health and Life Insurance. Road side assistance is a useful add-on I presume. Please let me know if there any other add-on I should take like Engine Protection?

You will need to calculate the correct IDV based on the depreciation table, no point in over insuring the car. The Insurance co will happily do it for the extra premium but later will put in lot of hurdles when it comes to claims processing.

You can opt for NCB protection add on which will help you preserve your NCB in case of any claims.

[Aviator_guy]

Originally Posted by ghodlur

You will need to calculate the correct IDV based on the depreciation table, no point in over insuring the car. The Insurance co will happily do it for the extra premium but later will put in lot of hurdles when it comes to claims processing.

You can opt for NCB protection add on which will help you preserve your NCB in case of any claims.

Since the OP is new owner (ownership transfer) of the car and will be starting from zero NCB, I don't think this NCB protect cover would be applicable or of any help. The cover comes into picture to protect current NCB during next renewal which in this case is zero. This was the explanation given to me by insurance company when I enquired for a new policy.

[ghodlur]

Originally Posted by Aviator_guy

Since the OP is new owner (ownership transfer) of the car and will be starting from zero NCB, I don't think this NCB protect cover would be applicable or of any help. The cover comes into picture to protect current NCB during next renewal which in this case is zero. This was the explanation given to me by insurance company when I enquired for a new policy.

You are right in your comment. This is for the owner if he has any NCB to be used for insurance buying. Even if he starts with zero NCB, the add on will help during the renewal in case of any claim during the policy year.

[fergus]

I had asked for a quote for Insurance for a new car from from Skoda dealer along with quote from other insurance companies and observed that the dealer is providing a third party for 3 years ,i year NIL depreciation with engine protect. The other insurance companies are also providing comprehensive policy for 1 year and 3 years third party. Can someone please explain the logic of having a comprehensive policy for 1 year and 3 years third party as I am confused....

[r_nairtvm]

Originally Posted by fergus

Can someone please explain the logic of having a comprehensive policy for 1 year and 3 years third party as I am confused....

3 year TP Insurance is sort of Mandatory as per MV Rules/IRDA Rule, as directed by Supreme Court - fixed premium (https://morth.nic.in/sites/default/f...od_of_cars.pdf)

Own Damage is not mandatory at all in the sense. So OD Policies renewal premium will depend on your driving history of the policy year. Hence changes from year to year.

In operation its like this;

1st year OD & TP from Company A

2nd year you get a better OD Quote/Terms from Company B and opt for it

Your policy from Company B will be showing the following Sections in policy schedule

1) TP Insurance - Company A - policy number and validity dates
2) Own Damage - Validity dates

Trust this clarifies

Best Regards & Drive Safe

[Aviator_guy]

Originally Posted by ghodlur

You are right in your comment. This is for the owner if he has any NCB to be used for insurance buying. Even if he starts with zero NCB, the add on will help during the renewal in case of any claim during the policy year.

I had the same thought but the insurance company said that the NCB for current year (if any) will be protected during next renewal in case of any claim during the year and not the NCB which will be applicable in next renewal if no claim. So if one is at 20% NCB currently, has NCB protect cover and makes a claim during the year then during next renewal the NCB would be offered at 20% so one does not lose current NCB. But if currently NCB is zero then there is nothing to protect at next renewal.

[ncmiata]

Hi,
I am in the process of buying a pre-owned car. The ownership transfer process through mParivahan fails as the previous owners insurance has expired in 2020. I am a bit confused about the correct sequence here, can I get an insurance for this vehicle before the RC is under my name ? If I am wrong what is the correct procedure here ?

[techcoze]

For my Seltos, I replaced original 16 inch alloys with OEM Kia 17 Inch Alloys (they are OEM, not aftermarket). Will insurance cover these swapped OEM alloys, or will I have to add it as an additional accessory?

[yedukrishnan199]

Originally Posted by techcoze

For my Seltos, I replaced original 16 inch alloys with OEM Kia 17 Inch Alloys (they are OEM, not aftermarket). Will insurance cover these swapped OEM alloys, or will I have to add it as an additional accessory?

Tyres and rims are not covered as per standard insurance policy unless you take them specifically or as non-electrical accessories or a specific alloy wheel cover is taken which hardly any insurers provide in India. Moreover, even so they tend to cover the wheels as per stock profile and not upgraded profile unless the same has been intimated to insurer before policy is taken.

[techcoze]

Is it possible to take own damage and third party insurance from different companies? My current insurance policy still have 2 more years TP insurance left, so wondering if i will have to renew own damage insurance mandatorily from same company for next 2 years or i can explore options of better quotes from other companies?

[Aviator_guy]

Originally Posted by techcoze

Is it possible to take own damage and third party insurance from different companies? My current insurance policy still have 2 more years TP insurance left, so wondering if i will have to renew own damage insurance mandatorily from same company for next 2 years or i can explore options of better quotes from other companies?

You can opt for different company for OD insurance renewal.