1. You can get no-claim bonus even if you change your insurer

You can get no-claim bonus even if you change your insurer

– Manohar Bhat I am not satisfied with the services of my car insurer. If I change the insurer, will I get no claim bonus? – Ajit Pillai Yes, when you change your car insurer, you will be entitled to receive your earned No-Claim Bonus (NCB), if you have not made any claims during the previous […]

Published: September 12, 2017 5:23 AM
no-claim bonus, bonus, claim bonus, bonus, insurer, change your insurer, insurer, car insurer, insurance Yes, you should renew the insurance as long as you are the owner of the car. (Image: Reuters)

– Manohar Bhat

I am not satisfied with the services of my car insurer. If I change the insurer, will I get no claim bonus?
– Ajit Pillai

Yes, when you change your car insurer, you will be entitled to receive your earned No-Claim Bonus (NCB), if you have not made any claims during the previous policy period and policy is renewed in a period of up to 90 days of expiry of the current policy.

Since I am not using my 15-year-old car and plan to sell it in the next few months, do I have to renew the insurance which is due at the end of this month?
—S Sukumaran

Yes, you should renew the insurance as long as you are the owner of the car. Once you sell it, the new owner of the car will need to transfer the policy in his name by writing an application to the insurance company and by paying appropriate transfer charges and NCB amount, if any, on the policy.

Will the insurance company pay the full amount for denting and painting of my 5-year-old car. I have never claimed any insurance?
—Rajiv Batra

In every bill, there are two components —one being material (spare parts) and the other being the labour component. If you have a normal policy (non-zero depreci-ation), the insurer will pay the entire labour component cost. However, on the material component, depreciation will apply as per slabs mentioned in your policy documents based on the car’s age. The claim amount to be paid is subject to the admissibility of the claim, as per your policy terms.

My car got stuck in the recent Mumbai floods. Now the engine does not start and the insurance company has refused to pay for the repairs. What should I do?
—Sanjiv Kumar

The car operation manuals state that one should not drive in a water-logged area to avoid damage to the engine. In flood-like situations and afterwards if a car has been inundated, one should not try to start the engine as that may damage the engine and electrical system. In such circumstances, the car should be towed to the nearest workshop for necessary repair and cleaning. If you are staying in a flood-prone area, it is wise to opt for add-on-covers such as engine protector and 24×7 assistance that your insurer offers on a little additional amount on your premium. This add-on covers any engine-related damage that may occur to the vehicle due to inundation or seepage of water into the engine. policy terms and conditions.

The author is the chief business head, Motor, Bajaj Allianz General Insurance Company. Send your queries to fepersonalfinance@expressindia.com

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