anijog

Every thing and any thing on Insurance

Recommended Posts

Hey guys,

Just thought when I went through one of the mails on auto insurance any thing with regards to this can be continued in this thread, Including claims I will try to respond to the same, I am a insurance guy! smiley1.gif

Share this post


Link to post
Share on other sites

Hi anijog,

I have a eight year old maruti800 on which I get NCB. I understand that this NCB can be utilised in buying a new car insurance. I plan to buy a new car in another six months. Could u pls let me know what's the process for doing the same ?

Cheers

Share this post


Link to post
Share on other sites

Which insurance company is best for Tata Indigo. Our car often get hit by stray dogs on highways and the front bumper and fog lamps get damaged. Which insurance company provide fast claim process and more benefits at the same time? Currently we have Bajaj Allianz.

Share this post


Link to post
Share on other sites

Hi anijog' date='

I have a eight year old maruti800 on which I get NCB. I understand that this NCB can be utilised in buying a new car insurance. I plan to buy a new car in another six months. Could u pls let me know what's the process for doing the same ?

Cheers

[/quote']

Yes the NCB can be transfered to the new vehicle but it has to be with the same insurance co.

Share this post


Link to post
Share on other sites

Which insurance company is best for Tata Indigo. Our car often get hit by stray dogs on highways and the front bumper and fog lamps get damaged. Which insurance company provide fast claim process and more benefits at the same time? Currently we have Bajaj Allianz.

All private insurance co's today try to settle claims as fast as possible, if the car is for repairs in their member listed service station you will get a faster service, of course it also depends on the complexity of the claim. If you have repeated claims of the above nature beware the insurance co. will start questioning the way these damages take place and later can refuse these claims if they have been paid again and again.

Share this post


Link to post
Share on other sites

Is the insurance amount directly proportional to the ex-showroom price of the car are different from that .

Also do we get different benefits from different insurance guys are is it same across all of them .

Can we get the insurance for car , couple of months after we buy the car

Share this post


Link to post
Share on other sites

csnana - our laws require that any vehicle being driven on the road have insurance cover - so you must have it for taking delivey of your vehicle from the dealer.

There are two types of policies -

a) The comprehensive insurance policy that people usually buy - this is the policy that covers accident repair costs, theft, etc. This is mandatory if you have taken any car loan to purchase the car.

B) There's something called "Act only" or "3rd party" insurance cover thats the minimum cover that you need to have for any car being used on the roads - this policy does not cover any accident damage or theft of vehicle - and you can only get it if there's no loan on the car.

The premium for this is a minimal amount (Rs 994 only for my logan diesel) and is calculated on the basis of engine capacity. This means that I pay 100% out of my own pocket for any damage to my car smiley18.gif or if it gets stolen smiley28.gif.

No - I'm not telling you where its parked !! smiley2.gif

Share this post


Link to post
Share on other sites

Hi anijog' date='

I have a eight year old maruti800 on which I get NCB. I understand that this NCB can be utilised in buying a new car insurance. I plan to buy a new car in another six months. Could u pls let me know what's the process for doing the same ?

Cheers

[/quote']

Yes the NCB can be transfered to the new vehicle but it has to be with the same insurance co.

Why does the NCB transfer have to be with the same insurance co. ? I thought you could always transfer the NCB to a policy with another insurer (as per the regulatory authority).

Share this post


Link to post
Share on other sites
Which insurance company is best for Tata Indigo. Our car often get hit by stray dogs on highways and the front bumper and fog lamps get damaged. Which insurance company provide fast claim process and more benefits at the same time? Currently we have Bajaj Allianz.

Hi Sudeepd,

How much do these bumper and fog light repairs usually cost you ?

Unless your car needs major work (read "costly") , putting in an insurance claim for these may actually work out to be more expensive in the long run. I say this because you loose out on the NCB (no claim bonus) and pay a part of the cost for every claim that you make.

Please take a minute to take these costs into account before putting in a claim -

If your car needs a new bumper (old one unusable) then the insurance company will anyway make you pay 30-40% of its cost (depending on age of vehicle) and the same calculation for the lights. Plus there's the fixed charge that they put in  (I think its Rs700 for diesel cars). And then you loose the NCB (anywhere between 1-4 K) that you'd get as a discount on your premium next year if you don't make any claims. 

See for yourself - is making an insurance claim for minor repairs worth the effort after all ? As per my calculations - Minor repairs such as bumper and lamps are best carried out without making a claim.

Safe driving. And maybe get better lights (instead of a better insurer) so you can spot the dogs sooner and avoid hitting them smiley1.gif.

Share this post


Link to post
Share on other sites

Hii

 

What is difference between getting insurance from dealer vs getting it from outside? There is normally a price diff of arnd 20% but a dealer told me that getting insurance from dealer makes claim process much easier.

 

In nutshell, should I buy car insurance from outside and save on premium?

 

 

Share this post


Link to post
Share on other sites

The 20% difference in the insurance amount that you mention is a margin for the dealer - money that goes into the dealer's pocket - so yes, he'll try to be helpful in getting your claims sorted out smiley1.gif.

It's a call that you have to make (But do go for getting the policy elsewhere if you prefer a different insurance company than what the dealer is offering)

 

Share this post


Link to post
Share on other sites

You're welcome csnana. I did a lot research on car insurance before I decided to go in for a 3'rd Party/Act Only insurance cover for my Logan.

The biggest hassle I faced was that none of the private insurance companies were issuing an Act Only policy to for the car (they are required to - as per the regulatory authority) as they don't make any money on it - Zero margins.

Share this post


Link to post
Share on other sites

so what is best insurance policy one should opt for. Ford dealer is offering iffko-tokio insurance! I recently heard that reliance insurance is very good and there is no hassle of reimbursement and surveyor etc.

Please help me in deciding.

Share this post


Link to post
Share on other sites

I own a Pulsar which I purchased on 13 Feb 2007. It came with Bajaj-Allianz Insurance by default. I renewed it with New India Assurance Company.

 

Now please tell me what should be the premium that is applicable to me if I opt for "Third-Party Only" Option.
sudeepd2009-01-20 13:04:47

Share this post


Link to post
Share on other sites

Yes insurance is value based the more the cost of your car the more you pay. Further insurance will soon be based on lot of other factors like your eye sight number, the color of your car, say you have a red or black car you pay more it is physcology driven.

No the concept of pay as you drive insurance is yet to come in India. but expect it in another couple of years!

So if your car is in the garage if you are outstation you do not pay!!!

Is the insurance amount directly proportional to the ex-showroom price of the car are different from that .

Also do we get different benefits from different insurance guys are is it same across all of them .

Can we get the insurance for car ' date=' couple of months after we buy the car[/quote']

Share this post


Link to post
Share on other sites

You need to choose wisely, If possible try not to approach a service station when it may be in the process of renewing its insurance.

As a rule of thumb - buy insurance from the company that has a tieup with the place where you get your car repaired.. That helps reduce the hassle's involved in the reimbursement.

Share this post


Link to post
Share on other sites

Your NCB is maxxed out as your car is eight years old.

The max NCB to transfer to a new insurance co will be a net outflow of premium to the new company and hence it is tough but doable.

Your policy should not break.

Hi anijog' date='

I have a eight year old maruti800 on which I get NCB. I understand that this NCB can be utilised in buying a new car insurance. I plan to buy a new car in another six months. Could u pls let me know what's the process for doing the same ?

Cheers

[/quote']

Yes the NCB can be transfered to the new vehicle but it has to be with the same insurance co.

Why does the NCB transfer have to be with the same insurance co. ? I thought you could always transfer the NCB to a policy with another insurer (as per the regulatory authority).

Share this post


Link to post
Share on other sites

3rd party cover is possible on a loan too.

If it is private use as your you are thinking just about ur self what about the people with you in the car they and u are not covered in case of injury. Be ware!

csnana - our laws require that any vehicle being driven on the road have insurance cover - so you must have it for taking delivey of your vehicle from the dealer. There are two types of policies - a) The comprehensive insurance policy that people usually buy - this is the policy that covers accident repair costs' date=' theft, etc. This is mandatory if you have taken any car loan to purchase the car.B) There's something called "Act only" or "3rd party" insurance cover thats the minimum cover that you need to have for any car being used on the roads - this policy does not cover any accident damage or theft of vehicle - and you can only get it if there's no loan on the car. The premium for this is a minimal amount (Rs 994 only for my logan diesel) and is calculated on the basis of engine capacity. This means that I pay 100% out of my own pocket for any damage to my car smiley18.gif or if it gets stolen smiley28.gif. No - I'm not telling you where its parked !! smiley2.gif[/quote']

Share this post


Link to post
Share on other sites

Third party cover on a car with an outstanding loan - No way - you can't go for a 3rd party policy as long as your car is hypothecated to your financier.

Your car is the collateral on your loan amount - so what happens if a hypothecated car gets totaled?  That's the reason why comprehensive insurance is mandatory for a car with an outstanding loan on it.

 

Share this post


Link to post
Share on other sites
You need to choose wisely' date=' If possible try not to approach a service station when it may be in the process of renewing its insurance.

As a rule of thumb - buy insurance from the company that has a tieup with the place where you get your car repaired.. That helps reduce the hassle's involved in the reimbursement.

I'm not saying that you buy your policy from the dealer/service station - buy it directly from the company - but preferably the same company that has a tieup with your service station. Sorry if that was not clear !

Share this post


Link to post
Share on other sites

You can go for 3rd party cover. The insurance product selection is your criteria as the owner ship is with you, even if it is hypothicated with the financer. Even in case of comprehesive cover the insurance company does not settle the invoiced value of the car. In case of 3rd party cover the full repayment to the financer is your responsibility hence no one opts for it. The fianancing documents will have the above condition in place when you sign the papers.

Third party cover on a car with an outstanding loan - No way - you can't go for a 3rd party policy as long as your car is hypothecated to your financier. Your car is the collateral on your loan amount - so what happens if a hypothecated car gets totaled?? That's the reason why comprehensive insurance is mandatory for a car with an outstanding loan on it.?

Share this post


Link to post
Share on other sites

If you have insured belongings like a i phone or a laptop and you make a mistake of keeping it in the car like a maruti 800 the chances of the claim being paid are very low, since insurers are aware that such cars are easy to pilfer from. So take precaution and don't keep valuables in such car.

If you have a advanced alarm system in the car you should haggle for further discounts.

So go for that advanced alarm system for your car, better late than never.

Share this post


Link to post
Share on other sites

Let me put out my information and experience:

In addition to the Comprehensive & Act Only policies there are others as well - namely Act + Theft, Act + Fire, Act+fire & Theft. What I do is to keep my car(s) under Act + Fire + Theft after they are three years old. This is Ok for Maruti & Hyundai products, may not be such a wise idea for others.

As for NCB transfer before selling a car I move it to Act Only. Then get a certificate of the NCB from the insurance co. which is valid for three years. The certificate is the same for Comprehensive and Act + whatever policies. TYhuis when you switch back from the lower cost to teh fully comp policies (Act only excluded) you get the benefit of the NCB. A year and a half back my son sold his car in Kanpur and subsequently bought a new one in Udupi.  We did exactly what I have outlined with no problems.

If you sell a car do not transfer the policy to the new owner. He will need to show that the car covered before he can take out a policy, so give him a photocopy for the purpose. As in UP the car cannot be insured until it is transferred I find spending the Rs.800 off to get the act only policy the best way.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...