Help in Insurance Transfer of Used Car

[virgovin]

Hi Guys,

Need suggestion on buying a car insurance for my car.

I bought a used car Ford Fiesta 2006 model and got it tranferd to my name in RC book, while the insurance(IFFCO Tokio) is still in the first owner name. And also he has got 45% NCB for no claim made.

So now since NCB is not transferable I need to pay full premium to to get new isurance done by name.

But If I buy any insurance online by mentioning previous NCB as 45% i get
less premium and i can goahead and buy it online. But when I spoke to insurance company they told the NCB i mentioned will be false and will be recoveryed at the time of any claims done. Also some suggested doing so will
be problemetic to any future claims?

So need suggestion whether to take chance of putting NCB as 45% (so if there are no claims then i can save half the premium amount) and buying the insurance online or buy new insurance paying full premium amount.


Also please suggest the best car insurance to buy

Thanks in advance!!!

 

[Santosh V]

Re: Insurance tranfer

Hi virgovin,

Am too looking for a insurance for a used car, but same state of confusion, I guess the NCB will not make a major change in your premium, but in my case I am opting for a new insurance as it will be of no use for me to continue with existing one which is due to expire next month, I will still end up paying the same, good you brought up this topic, i can probably consider the option on negotiation on the premium charges, thanks anyways


Drive Safe
Santosh.V

 

[virgovin]

Santosh,

So with insurance company you going with??

Cheers!!

 

[350Z]

Welcome aboard to The Automotive India. And also welcome to Ford Fiesta Club.

But If I buy any insurance online by mentioning previous NCB as 45% i get less premium and i can goahead and buy it online. But when I spoke to insurance company they told the NCB i mentioned will be false and will be recoveryed at the time of any claims done. Also some suggested doing so will be problemetic to any future claims?

This can cause trouble in future while claiming the insurance. It’s better to fully renew or buy a new insurance from elsewhere.

Also please suggest the best car insurance to buy

I’m satisfied with Tata AIG. Presently I’m also using Iffco Tokio for Fiesta which was offered directly through dealership. Else, Go with PSUs like National Insurance.

Drive Safe,
350Z

 

[virgovin]

Guys,

Is it good to have more IDV and pay more premium or is it ok to have bit less IDV and save bit on new insurance premium, please suggest.

How will it effect if I have less IDV value.

Cheers!!

 

[350Z]

Having more IDV (Insurance Declared Value) of course helps, since it is the overall value of the car and can be claimed in case of total loss.

Drive Safe,
350Z

 

[Santosh V]

Hi virgovin,

Am still in confusion about what to do , my worry now is am planning to hit for a trip & should act before that.

Now my questions would be:

Can I transfer the same insurance to my name keeping around 1 month for it to expire?

What is the process if I have to do that?

Is it better to get the new insurance in my name?

Keeping the old insurance can I travel outside Bangalore??

Experts please revert on this..


Drive Safe
Santosh.V

 

[virgovin]

Hi Santhosh,

Here my views.....

Can I transfer the same insurance to my name keeping around 1 month for it to expire?


---You can but before that check how much NCB does your previous owner got, if it's more and its near to expire then no point in get it transferd, as NCB
wil not be appicable to you.

What is the process if I have to do that?

---If the RC book tranfer to your name is more than 15 days(not usre), then your car wil be inspected and can be tranferd very easly. Else if it's less then
15 days u can just need to sign few docs and get it transfered.


Is it better to get the new insurance in my name?

Yes, if NCB of prvious owner is more and insurance is near to expire better to go for new insurance, check with Reliance you get good perium deal(but not sure abt claims, but i bought for my car), let me know if need contact of the guy i got it done.

Keeping the old insurance can I travel outside Bangalore??

---RISK!!! if you fine taking the risk then you can goahead. Here I assume RC transfer done to ur name and insurance transfer pending.

 

[Santosh V]

Hi virgovin,

Thanks a ton mate !! That really gave me a very good idea about things. Will consider buying a new one & travelling with peace of mind :)

Drive Safe.
Santosh.V

 

[Santosh V]

HI virgovin,

Have a question going on in my Mind, dnt mind if it sounds stupid, if NCB is less better to transfer the Insurance if NCB is more then not worth is that correct? Claim is made only for windshield which was broken due to tender coconut falling on it. Apart from that no other claims made. Is it good for me to renew the same in this case. Please help..

Thanks
Santosh.V

 

[virgovin]

Santhosh,

I was telling NCB with respect to you car previous owner, since NCB is not tranferable to you from him. If he has got any NCB discount, at the time of tranfer you need to pay full premium.

In you case please the preminum you will be paying if get insurance transferd from previous owner and also get quote from other isurance companies for
fresh insurance and compare which is better.

Cheers!!
Vinay

 

[Arati_Pande]

Hi virgovin
Last time i bought car insurance form aviva after that I transfer my car insurance policy to ICICI Lombard car insurance policy. It provide me best plan with expert advice. I am very happy with service of ICICI Lombard.