Vehicle Insurance: General Questions & Discussions

[RSM]

Let us discuss questions/queries on vehicle insurance in India.

Ok, first question from my side. It came after reading sad story of theft of 350Z's HU and ECU.

Question is - If the music system is part of vehicle (OE Music System), will it covered in insurance, in case something happen to it?

 

[ilango[speed thirst]]

Yep a very much important topic to discuss.

How do they valuate. i have no idea.
policies differ from one to other.

i have heard that paying up a 50/- extra covers a accident life insurance too.

 

[RSM]

Actually OE music system is part of invoice price itself, and policy premiums get calculated based on invoice, so i think it should be covered.

i have heard that paying up a 50/- extra covers a accident life insurance too.

Whats that? Life insurance of how much?

 

[jalex]

I have additional insurance for accident injuries or death to driver and four passengers,it came at an additional premium of 200 rupees for my Alto. I have also done this for my Unicorn. For the bike the additional premium was 340 rupees for a coverage of upto Rs.1 lakh for rider and Rs.1 lakh for pillion

 

[RSM]

I think all first party insurance will have PA coverage, isn't it?

See my policy for my punto, i never told them anything to put, but i see PA (personal accident) is covered.

 

[ilango[speed thirst]]

Whats that? Life insurance of how much?

Yeah its like jalex post.

additional amount as life insurance.
For my bike last year it was 740/-
an additional 50 rs was paid for 1L if at all i die in a bike accident.

No idea how much for cars as mine run on 3rd party

 

[FIAT-YAMAHA]

Can anyome tell me the Benefits of No Claim Bonus?

 

[AMG]

You get charged less for subsequent insurance.
e.g if you claim Rs. Rs 3900 and have to pay Rs. 1900 extra every year for insurance, it is not worth it, is it?
So it is advisable to claim only for large sums.

 

[mukeshus]

Can anyome tell me the Benefits of No Claim Bonus?

F-Y which insurance has your A.S.S provided you this year?
It all depends on Insurance companies.
If you don't claim during the insured period of vehicle then the premium you pay in the coming year reduces, As vehicle value depriciates every year.
So better don't claim .

 

[Marun]

What if one claims???
Do one has to pay more than the what he/she has paid that year apart from depriciation?

 

[RSM]

You get charged less for subsequent insurance.
e.g if you claim Rs. Rs 3900 and have to pay Rs. 1900 extra every year for insurance, it is not worth it, is it?
So it is advisable to claim only for large sums.

What do you mean by every year? You can claim NCB, next year, if you have not used insuarnce in that year.

Normally one gets 20% of premium as NCB. Now suppose you have paid 15K as premium, you would get 3K as NCB next year. Now anything goes beyond 3K, you must claim the insurance. Specially if you are claiming early. You never know you might need again in same year.
If you are very close to completing the year, and you have not claimed anything for that year, you can skip the smaller amounts claim.

IMO, insurance is not made to claim NCB, it is there to keep your vehicle in good condition, without having heavy on your pocket. Please do always claim it. BTW,Insurance companies would be very happy if you keep claiming NCBs.

I have had 2 scratches in my car this year, and i have already claimed 12K (12K was also the premium). First claim was for 4K and second was about 8K.

 

[FIAT-YAMAHA]

Ok. Think if i'm going for Insurance claim now, so i will loose NCB benefits & will be paying more premium next year. Instead If i go for other Insurance next year will there be any problem.

Again any changes in premium amount? or will I pay according to other Ins offered premium.?

 

[AMG]

You will have to pay more premium no matter if you keep the same insurance or change it, as the new company will see the copy of old insurance.
And you might have trouble seeling your car as well. since it will technically be classified as ACCIDENTAL

 

[RSM]

Ok. Think if i'm going for Insurance claim now, so i will loose NCB benefits & will be paying more premium next year. Instead If i go for other Insurance next year will there be any problem.

Again any changes in premium amount? or will I pay according to other Ins offered premium.?

You will not pay more premium. You will not get the NCB rebate.
There will not be any issue if you change your insuarnce company.
Premium will be calculated in same way, based on IDV value - depreciation amout.

And you might have trouble seeling your car as well. since it will technically be classified as ACCIDENTAL

In that case, one can never find any car, without accident. Just because somebody has claimed insurance, I dont think the buyer is so dumb not to take it.
Actually, insuarnce claimed vehicle, is better, as you are sure the sevearity of the accident, otherwise, you would never know what happend to car which never claimed insurance. I am yet to see an car which has have no minor accidents (scratchjes) in Bangalore. For big accident, you don't have a choice.

 

[FIAT-YAMAHA]

You will have to pay more premium no matter if you keep the same insurance or change it, as the new company will see the copy of old insurance.
And you might have trouble seeling your car as well. since it will technically be classified as ACCIDENTAL

AMG

ACCIDENTAL this word popped up in my mind. Anyways i will not sell the car.

thanks for the clarification. I'm clear now & will not go for Ins claim.