Auto Insurance

-When can an auto insurance policy be renewed?

The policy has to be renewed before the expiry of the period and any
delay in renewal of the policy attracts a penalty for renewal. There
are other hassles involved too, like a surveyor (inspector) from the
insurance company will inspect the vehicle again. Besides, most
importantly, it is an offence by law to drive an uninsured car.

-How an insurance claim can be filed in the event of complete damage
to the vehicle?

Complete damage or total loss (as it is popularly known) occurs in the
event of the vehicle being beyond repair after an accident or fire
etc. In such cases, the insurance company declares the car as a "total
loss".

Typically, one can claim total loss damages as follows:

* Inform the insurance company the time, date and place of the
accident. You can get a standard form for filling in these details
from any insurance company branch.

* File a First Information Report (FIR) at the police station
closest to the place of mishap. Documents related to the vehicle like
registration book, tax paid receipt, insurance papers, driving
licence, etc. are needed while lodging the FIR.

You will need to surrender the following to the insurance company:

* Original registration certificate book

* Duplicate key

* The ownership of the car is then transferred to the insurance
company and documents pertaining to transfer of ownership are filed. A
No Objection Certificate (NOC) is required from the Regional Transport
Authority (RTO) for the transfer of the vehicle.

* If the vehicle has been damaged by fire, then a report from the
Fire Brigade authorities will also be required.

"Total Loss claims" could take a long time depending on how quickly or
otherwise you are able to arrange for reports from the police and the
fire brigade. To enable the process go smoothly, it is advised to keep
all documents related to the vehicle handy. However, vehicle surveyors
are a moody lot, and one may have to bargain a bit to increase the
claim amount from the insurance company.

-How a damage insurance claim can be filed in the event of an accident?

In the event of an accident, which involves damage to the vehicle, one
makes an "accident claim" to the insurance company. An "accident
claim" covers the cost of repair to the car and the cost of replacing
damaged parts to the extent covered by the insurance policy.

Typically, the procedure to claim "accident insurance" is as follows:

* Inform the insurance company about the accident, the time, date
and place of the accident. Insurance companies have forms for filling
these details and one can obtain these forms from any branch of the
insurance company.

* File a First Information Report (FIR) at the police station
closest to the place of mishap. Documents related to the vehicle like
registration book, tax paid receipt, insurance papers, driving
licence, etc. are needed while lodging the FIR.

* Take the vehicle to a reputed workshop for repair and get a
repair estimate from the workshop.

* Submit the estimate to the insurance company.

* A surveyor from the insurance company will come for an
inspection of the vehicle, and to assess the cost of restoring the
vehicle to its pre-accident condition.

* Based upon the surveyor's report, the insurance company will
make a final settlement of the estimate and the deal is closed.

"Accident claims" are normally processed quickly enough. To enable the
process go smoothly, it is advised to keep all documents related to
the vehicle handy. However, vehicle surveyors are a moody lot, and one
may have to bargain a bit to increase the claim amount from the
insurance company.

-How an insurance claim be filed incase the insured vehicle is stolen?

Thefts insurance claims take longer to settle as the RTO and police
are required to submit their report stating that vehicle has not been
recovered. Now this report gets done only after an investigation by
both the authorities, which could take a long time. Six months is the
conservative estimate.

Typically, one can claim "theft insurance" by following these steps:

* Inform the nearest police station about the theft and file a FIR

* Inform the insurance company.

* Inform about the stolen car and documents to the concerned
registration authority and get duplicate document issued.

* Make the claim for insurance in the prescribed claim form of the
insurance company.

What are the rules about insurance transfer when transferring vehicle
from one person to another. Is old policy transfers to the buyer or he
has to take new policy. Is there any time limit about it?

Yes, the old policy can be transferred in the name of buyer by
submitting the copy of Form 29/30 and copy of Registration book/Owner
book. The above process preferably should be done within 30 days.

*source personalfn