Help Regarding Insurance of Ford Figo

[vikasnair]

One important question. I haven't finalized on the loan yet. Do you have any recommendations? SBI seems to have a good offer going, but I've been reading bad reviews about how long they take to sanction the loan.

On similar lines, would it help to get the car insurance from outside or should I stick to taking it through Lathangi?

 

[JammyD]

I went for HDFC through Lathangi. They took just two days to approve the loan and are pretty quick in their processings.
SBI take too much time to approve and you usually end up running short of time. Think a lot before going to SBI.

Car insurance, I again went with the one offered by Lathangi for the simple reason that I did not have time to shop outside.

This is one area I am not happy with Lathangi. When I was signing the documents I was told they will be offering Bajaj Allianz but they actually got it from Sundaram Alliance.

So be sure to ask them which insurance are they going for that get a written statement from them about it.

 

[cooldhaya]

But i remember our member RSM mentioning that if you get insurance on your own from outside , you could end up saving some money!

 

[JammyD]

But i remember our member RSM mentioning that if you get insurance on your own from outside , you could end up saving some money!

That is usually true. But since Figo was a newly launched car, insurance companies were not sure what to quote. Lot them did not even have Figo on their list. I paid something like 15K+ and if I did go directly to the insurance companies, I was paying 13k+. It is a saving but things were pretty uncertain and I was short of time.

For i10, the premium from Advaith Hyundai was Rs.15,600 while Bajaj Allianz directly was offereing it for Rs.9,500! and this was the comprehensive package.

 

[RSM]

When i purchased Punto, it was also very new to market.
The delaer offered me quote of 16K and i got it ~12K. And nothing much required to do. Just drop some emails to 2/3 insurance companies, they will contact you. Just make sure your dealer has cashless agreement with that insuarnce company. They came to my place and just i had to fill one simple form.

Remember, dealers make lots of money with insurance. They get lesser quote from them and rest they keep it.

Also, the quote from any insurance company is based on price of the vehicle. It normally doesn't change based on manufacturer.

And all these just for 1st year. Next year again you will pay more, if you have payed more for 1st year.

I strongly recommend buying insurance from outside. If anybody wants the Bajaj Allianz agent number i can provide.

 

[JammyD]

When you bought Punto, did the insurance companies have a quotation?

In my case, they did not even have a quotation and when asked got an answer that they will be coming up with one shortly. But I never got to know hence went for the in house insurance.

By next year, Figo would be old and insurance companies would have also come down on premium amount, I presume.

 

[RSM]

I took in July, and Punto launched in June. And yes they had quotation.
Whom you asked? I am surprised that they didn't have quote for Figo. Actually you could have directly check with Sundaram and surely would have got some benefit.
But anyway since you have taken this time, next time do check with at-least 2-3 companies and do bargain with them telling that following company is quoting this much ...etc.

 

[mukeshus]

Guys if you have a previous car in your name.
Transfer the car to your relatives name or within your family.
For Ex: If a person has a car , if he wants to buy another car then he can transfer the ownership to his wife and can avail hefty discount on new car's policy.
Purchase the new car in your name as you can transfer the NCB(No Claim Bonus) from that policy to your new policy of new car.
So you can avail hefty discount on new policy.

Note : Just remember that the NCB accrues to a person, not a vehicle.

 

[vikasnair]

...
I strongly recommend buying insurance from outside. If anybody wants the Bajaj Allianz agent number i can provide.

Hey RSM, could you please pass over the number of the Bajaj Alliance guy? Thanks in advance.

 

[RSM]

Kishore - Bajaj Allianz
No - 9632344113

 

[vikasnair]

Kishore - Bajaj Allianz
No - 9632344113

Boy! That was fast! Thanks a lot! :-)

 

[vikasnair]

Update on insurance offers for Figo...

Just an update on the insurance...I called up the Bajaj Alliance guy (thx to RSM) and asked for a quote. It was exactly the same as that offered by the dealer (Rs.15,775)! When asked why, he replied that Alliance has a national level tie-up with Ford and hence the figures would remain the same whether you buy it from outside or get it from the dealer itself.

Tried negotiating but he was not relenting. In fact, when I quizzed him about the lesser price he had offered to RSM, he mentioned that he would be able to give a lesser quote than the dealer in case of a Punto, but not so for Figo.

The Tata AIG guys were offering me a best price of 15200, which is not very tempting either. I guess, for want of better, I will stick to the dealer offered insurance itself. Any alternate suggestions?

 

[RSM]

Do try with Reliance - Phone number - 39898282.
And also with ICICI Lombard.

Also when you talk of Insurance, do verify what features they have. As per my understabding the TATA-AIG gives best features.

When i enquired about my quotation, I used to send email like below -

Vehicle Details - Fiat Grande Punto - 1.3 L Diesel - Emotion
Ex-showroom price - Rs. 559318
Coverages Required (100% vehicle value):
1) Owner driver - 2 lacks
2) each occupant - 2 lacks
3) paid driver - 50000/-
4) 3rd party property damage - 7.5 lacks
5) 3rd person death/disability - unlimited
6) PA unnamed coverages for 2 lacks

 

[vikasnair]

Well, the Alliance guy called me yesterday evening with a slightly reduced quote (14,800). So, I guess I will continue that line of discussions after all.

BTW, RSM, he was mentioning a depreciation of 5% on the car value. Will have to check that. Were you able to get 100% value coverage? Also, for the six coverages you mentioned in the email you mentioned, what all did you finally get and for what amount? And just to clarify, you finally took it from Kishore only, right?

 

[JammyD]

I took in July, and Punto launched in June. And yes they had quotation.
Whom you asked? I am surprised that they didn't have quote for Figo. Actually you could have directly check with Sundaram and surely would have got some benefit.
But anyway since you have taken this time, next time do check with at-least 2-3 companies and do bargain with them telling that following company is quoting this much ...etc.

Sure, I had actually done that for i10 and was ready but for the changed plan. .

Do try with Reliance - Phone number - 39898282.
And also with ICICI Lombard.

Also when you talk of Insurance, do verify what features they have. As per my understabding the TATA-AIG gives best features.

When i enquired about my quotation, I used to send email like below -

I would say no for ICICI lombard. Have got negative feedback from quite a few. I believe, it is a big pain when it comes to claims. Not sure about Reliance though.

BTW, if you are going with the dealer, please make sure cross checking that it is Bajaj Allianz and not Sundaram Alliance.

Tata-AIG too is a good option. Just check with them and try to get a quotation.