Automobile Insurance - FAQ

[itsashishsharma]

Hi,

My car had an IDV of 275000. I wish to go for Total Loss as Repair costs are estimated to be more than this.
Car is a White Swift VXi from Feb 2011 (Old shape, K-series). It is Haryana 'HR' registered and is located in Bangalore.
Today I just talked to the Claim Manager (ICICI Lombard) and I am told that as Car is from outside state, they are not getting good value for it in the market and hence, they would be paying lesser than the IDV, about 23000. It is Rs45000 lesser than the IDV.

I don't buy this. Experts, please help.

Regards,
Ashish

[srichida]

I am exchanging my old car Alto Lxi for a Polo TDI and would like to make use of 50% NCB. Now that I am giving my old car to the VW dealer, how do I go about getting the NCB certificate from the old insurer? Should I wait until the car is sold?

[ghodlur]

Originally Posted by srichida

I am exchanging my old car Alto Lxi for a Polo TDI and would like to make use of 50% NCB. Now that I am giving my old car to the VW dealer, how do I go about getting the NCB certificate from the old insurer? Should I wait until the car is sold?

Just drop an application to the Insurer asking them to provide the applicable NCB certificate. Now they may come back asking about the sale of the car for which you need to demonstrate that the ownership transfer is in process i.e Form 29, 30 etc or the receipt from RTO for the ownership transfer. Now if you can somehow convince the Insurer that the new car Insurance will be bought from them, they can provide the NCB letter before hand or just might offer you insurance for Polo with NCB considered.

[techiecal]

The last time I was faced with this situation the Company asked me to even prove that that car sold by me was insured by the buyer. I had to contact the buyer and ask for his certificate copy and only after that they gave me a NCB certificate. The sale documents were not sufficient according to them. The Company was Bajaj Allianz.

[swiftdriver]

Sir, Can you help with foll. question:

I have a 10 year old car that I plan to sell in the next 12-18 mo. I have 50% NCB on this car. If I change insurance to third party in the next renewal, what happens to my NCB?

When I buy a new car in the future, can I transfer this NCB to new car?

Thanks,
SwiftDriver

[ghodlur]

Originally Posted by swiftdriver

Sir, Can you help with foll. question:

I have a 10 year old car that I plan to sell in the next 12-18 mo. I have 50% NCB on this car. If I change insurance to third party in the next renewal, what happens to my NCB?

When I buy a new car in the future, can I transfer this NCB to new car?

Thanks,
SwiftDriver

Absolutely my friend. The NCB stays with you, you can get NCB certificate from your present Insurer and use it during your new vehicle Insurance purchase. You are sitting on a goldmine mate (50% NCB)

BTW who is the sir here??

[guru0101]

Needed Advise :
I am buying a New Car. But as suggested in Team BHP, I do not want to buy it from Dealer as it is more expensive. SO I told that I prefer to choose Insurance on my own. But the sales person scared me with following points :

1. If any claim needs to be done, then i will be responsible for that. So i have to run behind the Insurance company, which take lot of time & the task is painful. On the contrary, if i buy insurance from Dealer - they will repair then start the processing of claim.
2. The sales person also told tat there are several vehicles with Non-Dealer insurance & struggling to provide the claim for many days. He told many vehicles are Parked in the service station, for them even Parking Fees will be charged additionally.

Now I am in Dilemma to choose between Company Insurance Vs My own. Please guide me for a choice.

[ghodlur]

Originally Posted by guru0101

But the sales person scared me with following points :
Please guide me for a choice.

Hahaha. The lengths Sales team go to scare people. I would say ignore the sales fellow. No one can stop you from buying an Insurance from outside and in fact you will find it more beneficial if you buy online. Just check with which Insurance co does the workshop have a cashless tie up and get the quotes fro these companies via online. In case of any claim, all you have to do is call the Insurance co claims helpline and they will arrange for the further process. Unless the workshop starts to act stubborn, the process will be relatively smoother. So do not fall for the Sales team BS.

[raghp74]

Hi,

I have an two wheeler insurance from New India Assurance.
Since last two times, I am renewing it through online.
In the policy document I can still see brokers name.
This means broker still gets the commission whenever I renew the policy?
If yes how can I get rid of borker from the policy as I am not getting any service from him.

Please advice.

@Admin - request you to move this query to the right thread if the current one is not the correct one.

[nowwhat?]

What is the meaning of "Commercial Discount" when it comes to auto insurance?

I got a decent quote from my regular insurer which had approximately 50% commercial discount on the Own Driver premium.

Today I got an unsolicited SMS from some unknown insurer providing commercial discount of 65% resulting in a much lower quote.

I need to know soon if this commercial discount in any way affects the quality of the insurance.

[ghodlur]

Originally Posted by nowwhat?

What is the meaning of "Commercial Discount" when it comes to auto insurance?

I need to know soon if this commercial discount in any way affects the quality of the insurance.

It is just a way of using hifi wordings to get the business. Generally every Insurance co to entice the new customer offer discounts on the Own damage premium. So this Insurer is calling it commercial discount. Nothing new. Such discounts are beneficial to customers with insurance being a competitive market. Just ensure that you don't fall trap to unsolicited messages and quotes. Always buy Insurance from the Insurer's website through online or authorized agents.

[Technocrat]

Note From Support - Please continue all Insurance related discussion in following thread

Automobile Insurance Queries? Ask me

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