[PrasadS]

Originally Posted by GTO

Quoting the relevant portion from another post of mine:

Thanks a lot for the merge GTO. Going by what I've read so far, unless someone is physically damaged, almost everyone opt's to go for self insurance (Some feel-good-but-nowhere-enough moolah from the offending vehicle if you are lucky and fight for it)
It'll be good if the government makes some changes to the existing policy, but we all know it's not going to happen soon.

Penny for a thought: Why don't Insurance companies have an addon-coverage where they'll fight on behalf of their customer and get the damages from the offending vehicle's insurance company, if the fault is clearly established. I will gladly pay a bit extra for such a cover as it saves us our NCB. Also the company is saved from paying for the claim, given that they do incentivize us in the premium for added security measures, this should save them the cost too.

Till that time all we can do is, as Barney the Legen-dary Stinson says 'Suit-up', or in our case 'Dash-cam Up' our rides. Have proof of our innocence and pressure the other party with this evidence to minimize our loss

[pjbiju]

Originally Posted by GTO

Quoting the relevant portion from another post of mine:

Originally Posted by PrasadS

Thanks a lot for the merge GTO. Going by what I've read so far, unless someone is physically damaged, almost everyone opt's to go for self insurance (Some feel-good-but-nowhere-enough moolah from the offending vehicle if you are lucky and fight for it)
It'll be good if the government makes some changes to the existing policy, but we all know it's not going to happen soon.

Penny for a thought: Why don't Insurance companies have an addon-coverage where they'll fight on behalf of their customer and get the damages from the offending vehicle's insurance company, if the fault is clearly established. I will gladly pay a bit extra for such a cover as it saves us our NCB. Also the company is saved from paying for the claim, given that they do incentivize us in the premium for added security measures, this should save them the cost too.

Till that time all we can do is, as Barney the Legen-dary Stinson says 'Suit-up', or in our case 'Dash-cam Up' our rides. Have proof of our innocence and pressure the other party with this evidence to minimize our loss

As per the details given on this page for motor claim insurance, the third party claims are limited to injury or property damage other than the vehicle.

They have said the following:

Knowledge:
In India, "Knock for knock agreement" shall be applied in case of accident between cars, which stipulates the policy-holders for whom have sustained losses in the same insured accident, whereby each insurance company pays the damage claim for vehicle insured under its policy, regardless of who was responsible for the accident. At the court also, it is followed. Thus the liability for third party shall be limited to the injury or property damage other than the vehicle."

As far as I know earlier, the insurance companies had to spend a lot of time (which means money) to fight these cases before the fault was established. Cases would still need to be fought in the tribunal when there is injury to third party or damages to property etc.

The bottom line is that even if the accident is no fault of yours, you stand to lose on the NCB if you make a claim. That anyway happens even if your vehicle is parked in your apartment building parking and some incident damages your car (e.g. a kid cycling and crashing into your car) and you make a claim. The positive side is that you can simply chuck the NCB and make claims even for minor damages/scratches that you might otherwise live with, to save your NCB.

[TechNomad]

Hi All

My comprehensive insurance expired on 15th Jan this year , I was out of town and couldn't renew on time. Now I'm trying to renew the Insurance and planning to renew only 3rd party Insurance , will this cause my 35% NCB of last 4 years to be zero percent ?
How long will this 3rd party Insurance be valid ? Can I purchase another comprehensive Insurance next year ? Or in coming years ?

I never use Insurance claims - god forbid , never had to use Insurance claims in last 10 years but every year I pay a hefty sum just for peace of mind !! This year - since I already missed the date , I am wondering if I can get away with a 3rd Party Insurance paying nominal fees.

Can anyone advise on my case , what I should do .


Thanks
TechNomad

[IndigoXLGrandDi]

Originally Posted by TechNomad

Hi All

My comprehensive insurance expired on 15th Jan this year , I was out of town and couldn't renew on time. Now I'm trying to renew the Insurance and planning to renew only 3rd party Insurance , will this cause my 35% NCB of last 4 years to be zero percent ?
How long will this 3rd party Insurance be valid ? Can I purchase another comprehensive Insurance next year ? Or in coming years ?

I never use Insurance claims - god forbid , never had to use Insurance claims in last 10 years but every year I pay a hefty sum just for peace of mind !! This year - since I already missed the date , I am wondering if I can get away with a 3rd Party Insurance paying nominal fees.

Can anyone advise on my case , what I should do .


Thanks
TechNomad

You can get Comprehensive Insurance even now but you have to get the vehicle inspected by the Insurance Company.

Also you can check with your Insurance Company if they could issue you NCB certificate (if no claims have been made before the Insurance expired in Jan 2023)

If you want you can buy Third Party Insurance too. But in that case, the Insurance Company would not pay you if your vehicle gets damaged (God Forbid) and you want file a claim.

[Lobogris]

Originally Posted by TechNomad

I never use Insurance claims - god forbid , never had to use Insurance claims in last 10 years but every year I pay a hefty sum just for peace of mind !! This year - since I already missed the date , I am wondering if I can get away with a 3rd Party Insurance

Self insurance is a viable and economical option. What you have to evaluate is whether you are financially able to handle the loss. If the value of the vehicle is say, 5 lakhs, and that amount is not a major one for you financially, then it makes sense to take on the risk yourself and save the premium. Most of the time, you will end up ahead as that is how the insurance business model works. You can also take a look at the amount of comprehensive premium. Sometimes for older vehicles, the premium is really small and thus it might not be worthwhile trying to save it.

[nomad47]

Hello all, bumping up the thread.
I was involved in an accident yesterday. I was driving on a relatively empty road with speed breakers almost every 100m. A two wheeler was on my left hand side, a little ahead of my car. While approaching a speed breaker the two wheeler started sliding in front of my car. I applied brakes, but my car touched the two wheeler on the side, the rider lost his balance and fell down. The rider was still sliding towards the right and I was going straight when it happened. And to my bad luck and his, the two wheeler fell on his knee, fracturing it.
I stopped, waited for his family to come, and then took him to a hospital. The family has contacted me that he will need surgery and wants to claim third party insurance from me.
Any idea what will the procedure for this? What impact will it have on me? Will all liability (if any) will be covered by insurance? Any long term impact on myself?