How To Save On Insurance Costs

s.prashanth · 17th July 2006, 11:26

1. insure 5% less of the Showroom value
2. Transfr the NCB and Insurance from a ca you are selling.
3. Increase the vouluntary Excess on the insurance (prefixed Rs 1000) to an amount of Rs 5000- Rs 10000, that is if you are not in the habit of claiming insurance upto an amount of Rs 5000- Rs 10000
4. Take discount of Rs 500 on security system if installed
5. try and negotiate upto 5-7% discount on premium with the agent

200mph · 17th July 2006, 12:13

be careful of the voluntary excess, many of these agents just apply it in our deal to make it look cheaper and later on only when u claim does one come to know of this. so when ever u take the insurance make sure u have the break up of the discount and stuff.

mithun · 21st July 2006, 05:14

Quote:

1. insure 5% less of the Showroom value

How can someone do that ? When the new vehicle is registered the showroom guys always do all the paper work and never involves the customer.

Quote:

2. Transfr the NCB and Insurance from a ca you are selling.

What is the process for transferring the NCB ? How can we transfer the insurance from our old car since when we are selling a car the total selling price combines the insurance amount also ?

Quote:

3. Increase the vouluntary Excess on the insurance (prefixed Rs 1000) to an amount of Rs 5000- Rs 10000

What is meant by Voluntary Excess ?

Quote:

5. try and negotiate upto 5-7% discount on premium with the agent

If we are paying the premium directly to the Insurance office, how is that possible ?

srasania · 21st July 2006, 10:16

Quote:

Originally Posted by s.prashanth

Take discount of Rs 500 on security system if installed

man..I didn't know this !!!..will get it done for my car on it's nex renewal !..is this even applicable on 2 wheelers as well?..any idea guys??..I mean if I have an immobiliser system fitted in the 2 wheeler is the discount applicable?
cheers,
-sr

s.prashanth · 21st July 2006, 10:49

to answer mitun andsrasania together,
1.insure 5% less> check your new car policy it is already insured 5% less this is allowed by the IRDA as per rules

2.Submit a letter to your insurer stating you are selling the car and would like to retain the NCB for your new car, they will take care of it. The car sold , the new owner will have to pay the difference of NCB. NCB is owner specific and not Car specific.

3. Any claim that you do , the insurance does not pay for the 1st Rs 1000 and then pays for the balance depreciation calculated. This is called Voluntary excess. Since most damaged parts are plastic which get only 50% you can increase the voluntary excess if intrested and get discount on premium, remember the value of the car does not get effected.

4 any security system approved by AA will get Rs 500 discount for anti theft device, or even if it is factory fitted.

5 discounts can be taken from the agent insuring and not the insurance company, get a good agent

6. I have no idea on security systems of 2 wheelers, but NCB and voluntary excess are the same for 2 wheelers also

17th July 2006, 11:26	#1
s.prashanth BHPian Join Date: Jul 2006 Location: bangalore Posts: 365 Thanked: 85 Times	How To Save On Insurance Costs 1. insure 5% less of the Showroom value 2. Transfr the NCB and Insurance from a ca you are selling. 3. Increase the vouluntary Excess on the insurance (prefixed Rs 1000) to an amount of Rs 5000- Rs 10000, that is if you are not in the habit of claiming insurance upto an amount of Rs 5000- Rs 10000 4. Take discount of Rs 500 on security system if installed 5. try and negotiate upto 5-7% discount on premium with the agent
	() Thanks

17th July 2006, 12:13	#2
200mph BHPian Join Date: Jun 2006 Location: new delhi Posts: 166 Thanked: 0 Times	be careful of the voluntary excess, many of these agents just apply it in our deal to make it look cheaper and later on only when u claim does one come to know of this. so when ever u take the insurance make sure u have the break up of the discount and stuff.
	() Thanks

21st July 2006, 10:49	#5
s.prashanth BHPian Join Date: Jul 2006 Location: bangalore Posts: 365 Thanked: 85 Times	to answer mitun andsrasania together, 1.insure 5% less> check your new car policy it is already insured 5% less this is allowed by the IRDA as per rules 2.Submit a letter to your insurer stating you are selling the car and would like to retain the NCB for your new car, they will take care of it. The car sold , the new owner will have to pay the difference of NCB. NCB is owner specific and not Car specific. 3. Any claim that you do , the insurance does not pay for the 1st Rs 1000 and then pays for the balance depreciation calculated. This is called Voluntary excess. Since most damaged parts are plastic which get only 50% you can increase the voluntary excess if intrested and get discount on premium, remember the value of the car does not get effected. 4 any security system approved by AA will get Rs 500 discount for anti theft device, or even if it is factory fitted. 5 discounts can be taken from the agent insuring and not the insurance company, get a good agent 6. I have no idea on security systems of 2 wheelers, but NCB and voluntary excess are the same for 2 wheelers also
	() Thanks

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