Vehicle Insurance: General Questions & Discussions

[nithinpvthrn]

Re: Vehicle Insurance - General Questions / Discussion

Hi guys, I am new here. Is there any way to know Insurance premium for registering a Hyundai Grand i10 magna as taxi in Kerala. Dealer suggesting HDFC insurance for 28k and says insurance for taxis way higher than private registration. Kindly help as we are about to take delivery very soon

 

[puneet848]

Re: Vehicle Insurance - General Questions / Discussion

Met a accident today. Should i claim insurance and lose NCB and resale or fix outside. Front light costs 2300 approx . Can the bumper and side panel be fixed cheap outside ?
My car 10 month old and has comprehensive insurance only.

 

[Akash1886]

Re: Vehicle Insurance - General Questions / Discussion

Met a accident today. Should i claim insurance and lose NCB and resale or fix outside. Front light costs 2300 approx . Can the bumper and side panel be fixed cheap outside ?

If the bumper is torn then it is advisable to take claim for entire damage. If the bumper has just lost a lock or two then it can be repaired outside and fender too can be painted. If you want to buy the headlight, suggest you to buy it from Kashmiri Gate. There is a shop in the starting of the market that deals in Lumax lights. You can also get new bumper (black) from there and get it painted.

Regards

Akash

 

[vaibhav]

Re: Vehicle Insurance - General Questions / Discussion

Stay away from coverfox.com Poor customer support

 

[V.car]

Re: Vehicle Insurance - General Questions / Discussion

Im going to Convert my Taxi (T-Permit) car into Private Car.
Is it possible to convert insurance also?

 

[gauravp]

Query about expired car insurance

Hi experts, need some guidance

Insurance of my car has expired yesterday, it's a 5 year old Honda city 1.5 VMT , driven 24K kms only ( unfortunately I have been claiming insurance in last 3 years due to neglegance of other car drivers ) so far I have been on 0dep allowance, now the offer seems to have gone, last idv 619200

I now have an offer for Zero Dep from Iffko Tokyo with a idv option of 5.60 K and premium about 23000 and , a comprehensive policy from Bharti AXA , Tata AIG for 12681, 16500

Any recommendations ?

 

[gauravp]

Re: Vehicle Insurance - General Questions / Discussion

My car insurance has expired yesterday , Is it a viable move to get 0-Dep from
Tata AIG for a 2010 Honda city 1.5 VMT model at IDV of 570000 at premium of 20650 or a comprehensive insurance for IDV of 573000 at premium 12500 from Bharti AXA

 

[TSIVipul]

Re: Vehicle Insurance - General Questions / Discussion

Go for Tata AIG one Gaurav. A couple of friends are using it and are so far satisfied.

 

[AbhisekVerma]

Idv or 95%

Im about to get my new car and insurance is pending. The ex showroom price is 4.89L
Car - Tiago xz w/o alloy. (The alloy model price is around 5.09L)

So does that mean my IDV cannot be more than 95% of 4.89 ie 4.64

The quotes I got for 0 dep policies

Bajaj Allianz -4.83 idv. But claims that in case of theft etc i would get 4.83 and not 4.64. Premium - 16.6k
Royal Sundaram -4.73 idv. Premium - 16.1k
Tata Aig - 4.64 idv and claims even if idv is more in policy I can't get more than 95%. Premium - 15.6k after discount.

Shall I go with Tata aig or which one?

 

[soap]

May I know the insurer that is being offered by the showroom person? and the premium amount?

Do all three have cashless transactions with the Tata Service Centre?

This may not be a good thumb rule. But I would recommend not to go for insurance claims for the first 2-3 years (unless it is a major damage). Try to reach a NCB of 50% at the earliest so that you pay less for insurance premium through the years. Insurance claims at a later stage of the car's life hardly makes a dent on insurance premium.

The key point is to ensure that you keep the IDV of the car high. This is important when there is write down of your car due to major damage. I personally found this number to have minimal impact when selling in the second hand market.

I have used Bajaj Allianz and Royal Sundaram
I claimed insurance two times in a year for my car from Bajaj Allianz and they refused to insure me the next year. I have made the most claims under Bajaj Allianz for different vehicles (including bikes) and my success rate is fairly good :)

I got conned by Royal Sundaram who gave me a low insurance premium but reduced my IDV. (I was naive at that time) Also, the one insurance claim I made to them, they did not approve everything on the list. This can also be attributed to the fact that the service centre guy mindlessly put everything and anything on the list.

TATA AIG, I have never used. I read some internet reviews and found way too many negative reviews so didnt opt for it

 

[AbhisekVerma]

Insurer from dealer is Tata insurance (20k) or national insurance (17.6k). Tata insurance premium is quite high and national insurance is not good. Premium is also high.

 

[Akash1886]

national insurance is not good. Premium is also high.

Abhishek, I have opted for National Insurance policy for my City I-vtec. I would suggest you to opt for govt. insurance agencies than the private ones because govt ones can be a bit slow but are much more transparent in deals (as per my personal experience). Apart from that, you can negotiate for the premium amount too from dealer. When I renew my car's policy I make sure to negotiate and so far have been successful too.

Regards

Akash

 

[TSIVipul]

Insurer from dealer is Tata insurance (20k) or national insurance (17.6k). Tata insurance premium is quite high and national insurance is not good. Premium is also high.

You can safely go with national insurance. if the dealer has a tie up with the local office of the insurance company, then they make sure that the claim process is also done quickly. I have personally experienced this and it works flawlessly. In fact the best part is that, these govt. company guys are good while giving the claims too, they normally don't try to cut any corners.

 

[AbhisekVerma]

Thanks guys for everyone's input. I already bought RS insurance due to their good record and good balance between premium and idv. Also road side assistance is included in their premium. Few people informed that National Insurance requires FIR even for small claims and premium was a bit higher so I dropped it.

Now I am in a big trouble http://www.theautomotiveindia.com/f...tor/27888-wrong-chassis-number-form-20-a.html

 

[soap]

One of the points that folks and good websites put up when buying insurance is that
- always ensure the IDV of the vehicle is high when buying motor insurance.

I have always been following this advice. But this got me thinking. When does IDV matter? To my understanding
1. When there is a write down of car, the IDV is amount that will be given by the insurance company. In other words, if your insurance claims go beyond the IDV, the car is written off
2. IDV value matters when selling the car
(I request others to add any other benefits of high IDV)

Coming to point 2, IDV did not have any correlation with market valuation when I was trying to sell my car. My car was a low selling car and close to 8 years and this could have contributed to the selling price being less than IDV. Mind you, I tried keeping my IDV high through 8 years.

Coming to point 1, I completely agree that increased IDV is definitely a plus in this scenario.

With lower IDV, the insurance premiums are less and correct me if I am wrong, NCB (in value and not percent) for future years would also be less because the insurance premium is less. Now, since the insurance premium is less and the NCB value is also less, I would be tempted to use insurance for small damages by forgoing NCB. If the insurance premium was high, the loss of high value NCB would deter me from claiming insurance for small damages. So, having a lower premium would mean I would be tempted to use insurance.

So, this is the dilemma, should I prioritize write off value over smaller premiums.

What are your thoughts?