Insurance
patrick
(Querist) 08 January 2013
This query is : Resolved
i have booked a TATA Nano car by paying advance abd balance i have applied for loan from TATA Motor Finance (TMF) and the work out of EMi is 16% pa.
when i was calculating the EMI there was a difference in the the amount to be paid and amount charged so when i inquired about this the people from TMF said they are charging this towards the insurance of the car till the compilation of the loan period (5 years)and it is the rule of the company.
here i want to know is it compulsory for me to take insurance what they are providing or can i refuse, because i have better option in the market.
pls note i have taken car insurance for current year.and these people are charging me for future car insurance.
kindly advise
regards
Patrick
ajay sethi
(Expert) 08 January 2013
Tat motor Finance does not want to take any chances . what if you forget to take out insurance for subseqent years ? anyhow tell the company that you dont want insurance for subsequent years and to delete insurance amount from loan amount
Raj Kumar Makkad
(Expert) 08 January 2013
Company cannot enforce you for taking their own insurance cover so negotiate with them and bring the insurance cover prior to the vehicle comes out of the showroom as per their advice.
patrick
(Querist) 09 January 2013
thanks for the advise. as per you advise i have spoken to them now they have agreed that i can take my choice of insurance from where ever i want too.
