Vehicle Insurance: General Questions & Discussions

[generalmax]

Re: Vehicle Insurance - General Questions / Discussion

My car insurance is due on 26 March, in the current policy the IDV value is Rs 4,20,000. Now I am receiving quotes for IDV value of around Rs 350000. I am insisting on increase in IDV value to Rs 4,00,000.
Need an advice, on what IDV value I can go for? Will it be fine if I go for Rs 3,50,000?
Mine is 2013 model i10 car.

Some companies,like Reliance will give you at that IDV.But,that will only increase the premium, as in case of a Total loss(unfortunate),they are not going to give you that money.They will only give the current market rate.May be you can keep it at 3.75 L,which may be good in case you want to sell the car.The underwriters say,20% decrease on the ex-showroom price every year.A 10% variation is possible by the insurance companies.

 

[vijay]

Re: Vehicle Insurance - General Questions / Discussion

Keep the standard 10% depreciation value deduction to keep your IDV which gets near to 3.78/-.Companies have no issue even if you ask to higher the value of your car which would counter the higher premium charges.
But while making the claims of total loss you wont be paid for that higher idv that you choose but the default depreciated one.

 

[RKKOLLIPARA]

Re: Vehicle Insurance - General Questions / Discussion

Thanks generalmax & vijay.

After receiving the quotes for both 3.8 & 4 laks, I found the premium difference is only 4 to 5 hundred. Now again in a state of confusion. Which one to go for?

 

[nozzlering]

Insurance Renewal.

Hello Mates
Posting after a long time.
Yesterday I renewed insurance policy for my Manza which I had bought in 2012. Initial insurance was of Royal Sundaram, done by the dealer. Since then, I have switched to different insurance company every year. Is it better to stick to same company? How much to spend on insurance? Does my car usage decide the type of insurance I should buy? There are many questions which can be answered well by members who have good knowledge of the subject.
I feel its all a game of probability. The lesser the probability of our car to meet with an accident/ failure/ theft, higher is the probability of the insurance provider's profit.
So wont it be wise to adopt safe and sane driving habit, have safety and security features in car and go for the cheapest available insurance policy? We can have a discussion on this.
OK, so I switched over from Royal Sundaram to HDFC Ergo in 2nd year. The reason behind it was purely price. While RS quoted 24000, HDFC Ergo offered for 15000. I went with HDFC Ergo.
In 3rd year I switched over to Bajaj Allianz as it was offering lower price and better features. I also opted for SBI insurance (Rs 11000). I had almost bought it, but tried calling there customer care number. I tried many times, but no answer! If I am not able to contact them, whats the use of insurance?? I went ahead with Bajaj Allianz.
This year the policy expires in end March. So I started searching and comparing policies. As I mentioned earlier, I always go for basic/ standard policies (no add ons). I tried following

• Oriental Insurance: Couldn't proceed after 2nd page of its website, as it was opening partially.
• National Insurance: quoted Rs13000. No breakup provided. Also I cant modify IDV. Skipped.
• ICICI Lombard: Quoted Rs 17000. Skipped.
• Royal Sundaram: Quoted Rs 10800 @ IDV Rs 470000. Considered.
• Bajaj Allianz: Quoted Rs 10600 @ IDV Rs470000. Considered.
• L&T Insurance. Quoted Rs 9149 @ IDV Rs545000. Considered.

I went ahead with L&T. I further brought down the IDV to Rs 500000 and paid around 8.5k as insurance premium. L&T is relatively new here and am not very sure of its service. However, I called up there phone numbers, including claims department. All promptly answered. All email queries answered promptly. So hoping for best.

 

[bhaveshce]

Re: Insurance Renewal.

Is it better to stick to same company? How much to spend on insurance? Does my car usage decide the type of insurance I should buy? There are many questions which can be answered well by members who have good knowledge of the subject.

I don't see any benefit to stick with the same company however I don't see any benefit in changing the provider every year though. IMO while taking insurance we should consider the user friendliness of the provider and the claim settlement ratio. It is also important how comfortable is your service station with the insurance provider. Most of the time service provider gives you neutral idea about insurance provider.

I feel its all a game of probability. The lesser the probability of our car to meet with an accident/ failure/ theft, higher is the probability of the insurance provider's profit.
So wont it be wise to adopt safe and sane driving habit, have safety and security features in car and go for the cheapest available insurance policy? We can have a discussion on this.

Yes, you are correct that it is all game of probability. But even if you adopt safe & sane driving habit, you don't have control over others. Somebody else can rear ended when you wait at traffic signal. It is possible. right? I agree that by adopting safe driving we can reduce the probability of accident but we can't completely avoid it. For peace of mind I usually prefer zero dep policy. It is few thousand bucks more than the comprehensive policy but we have complete peace of mind.

Above mentioned is all my personal opinion and I am not the expert of insurance.

For your information, currently I have zero dep policy from TATA AIG for my car and it is due for renewal in this month end. I have decided to switch to Bajaj Allianz as my dealer had mentioned that Bajaj Allianz's claim settlement ratio is good than TATA AIG and it is easy to deal with Bajaj Allianz. I have also read good reviews on different forums regarding Bajaj Allianz. I will continue with zero dep policy this time too.

 

[generalmax]

Re: Vehicle Insurance - General Questions / Discussion

Just came to know about ICICI Lombard's weird policy for vehicle insurance transfer.One of my friend have a second hand two wheeler with ICICI Lombard insurance policy.To transfer the insurance,the cost is only 57Rs. The problem is, this cannot be paid by cash,debit card or net banking.Only payable through cheque or credit card. And for credit card too,you have to give those details through phone and they will process the payment.For 57 Rupees,one have to give away his/her credit card details. .So the only option left is pay by cheque. Only God knows when the name change will happen.
Comments please.

 

[vaibhav]

Re: Vehicle Insurance - General Questions / Discussion

Universal Sompo is good insurer ? it has cheapest plans...

 

[yjgandhi]

Re: Hyundai Elite i20 Review & Pictures: Fashionably Elite

Which Insurance plan is best suited?
I am inquiring with following three:
ICICI Lombard (0 Dep + Road Assistance + Engine Protector - IDV calculation as per ex showroom)

Bajaj Allianz (0 Dep + Road Assistance + Engine Protector - IDV calculation as per ex showroom)

HDFC Ergo (0 Dep + Road Assistance + NO Engine Protector - Giving me IDV calculation as per additional cost included - Means I am getting higher car value set in policy )

Hyundai Dealer Offering same type of insurance at higher cost - 10 K more and above 3 I have got quote around 23 to 24 K for my Elite 1.2 Asta(O) - 7.31 Ex Showroom

Pls. Advise. Which one to select- why? - Should I go with higher IDV Value as only HDFC provide that with only 1K increase in premium but same time they are not providing Engine Protector which others are providing...!!

 

[vaibhav]

Re: Vehicle Insurance - General Questions / Discussion

Guys
I came across a place to buy insurance online - www.coverfox.com

These guys are not pushy and really give genuine advice without spam calls/mails

Infact i have already bought health insurance worth 60k premium from them

The experience is good and will buy all car insurance from then now. Bye bye policybazar, where the experience was average

 

[puneet848]

Re: Vehicle Insurance - General Questions / Discussion

Need some advice. Going to buy my New car this Oct. I'l get the insurance done on my own as it will save like 4-5k easily. Searching online i see TATA Aig zero dep with all add on a good deal as they have 4 add on that others dont seem to have on policybazaar. Is it a good choice ? i want easy claim settle in case i ever use it.

Also isnt IDV what insurance co will pay incase its stolen ? i see opposite written here. for a new swift of 4.8 ex showroom what should be the IDV to choose?

 

[superhornet]

Re: Vehicle Insurance - General Questions / Discussion

Hi guys,

I have recently purchased a used vehicle. and got it registered to my name (New rc issued on 17 october).

Yesterday when i went to the all india assurance co. insurance agency to transfer the policy to me, They asked me to provide a letter with signature of seller and buyer on it. Clerk said this is to be done as seller may come out later on, close the insurance policy and ask for refund.

When i asked if this 'letter' is a kind of acknowledgement letter from seller that he has sold the vehicle to me, they denied and said its not an acknowledgement letter.

Needless to say that considering this is a government insurance agency, They weren't very helpful.

Do you guys have any idea what they are asking for?

Should i get a new zero depreciation policy from a private insurer instead of going through this hassle of transferring policy to my name? (vehicle is only two months old)

 

[Akash1886]

Re: Vehicle Insurance - General Questions / Discussion

When i asked if this 'letter' is a kind of acknowledgement letter from seller that he has sold the vehicle to me, they denied and said its not an acknowledgement letter.

Do you guys have any idea what they are asking for?

He is asking for the proper sales deed that has been executed on the Stamp Paper between you and the seller. You need to provide the xerox of the same to them for their records.

Should i get a new zero depreciation policy from a private insurer instead of going through this hassle of transferring policy to my name? (vehicle is only two months old)

I dont think it is wise to take Zero Dep policy at present as the policy is already running and vehicle is just 2 month old as you said. On next renewal you may change to the zero dep policy. As of the transfer of policy, be it private or govt. agency they will definitely ask for proof of sale for the vehicle prior to transferring the policy to your name.

Regards

Akash

 

[superhornet]

Re: Vehicle Insurance - General Questions / Discussion

He is asking for the proper sales deed that has been executed on the Stamp Paper between you and the seller. You need to provide the xerox of the same to them for their records.

I dont think it is wise to take Zero Dep policy at present as the policy is already running and vehicle is just 2 month old as you said. On next renewal you may change to the zero dep policy. As of the transfer of policy, be it private or govt. agency they will definitely ask for proof of sale for the vehicle prior to transferring the policy to your name.

Regards

Akash

Isn't new name on the RC a proof of sale already? Anyways is there any specific valued stamp paper to be purchased? or do i need a laywer to make the sales deed?

Also, after going through a lot of threads, i found that in case of accident, customers have to pay the whole repair bill out of their own pocket and insurance companies reimburse the customer later.

On the other hand, if insurance policy comes with CASHLESS claim facility, Customer isn't required to pay whole amount out of his own pocket and insurance companies pay all the amout (except labor charge, depreciated value etc.) to the service center directly.

Do we get this cashless facility in zero depreciation coverage as well? or does it varies with different companies?

I am sorry for my ignorance.

 

[Akash1886]

Re: Vehicle Insurance - General Questions / Discussion

Isn't new name on the RC a proof of sale already? Anyways is there any specific valued stamp paper to be purchased? or do i need a laywer to make the sales deed?

Prior to name change in the RC, the sales deed is the first document signed between buyer and seller. It is required so that both parties should not raise any unwanted claims on each other later-on. As of the deed, as of the last vehicle that I sold, I got a sales deed done on Rs. 500 stamp paper. You do not need lawyer and this can be made by the notary present there.

Also, after going through a lot of threads, i found that in case of accident, customers have to pay the whole repair bill out of their own pocket and insurance companies reimburse the customer later.

On the other hand, if insurance policy comes with CASHLESS claim facility, Customer isn't required to pay whole amount out of his own pocket and insurance companies pay all the amout (except labor charge, depreciated value etc.) to the service center directly.

Insurance of any type is actually complicated due to its terms and conditions. So, I would suggest, if you ever go for new policy, buy it from the dealer itself. It saves lot of time and effort on your part. The dealer and the insurer shall settle the bill on their part. And do clearly ask the dealer whether you need to pay a certain amount or the policy gives 100% cashless claim.

Do we get this cashless facility in zero depreciation coverage as well? or does it varies with different companies?

About Zero Dep, what I know is, it gives full coverage to the smallest body part of car to be replaced without any consideration of the depreciation. But yes, the file charges of Zero Dep Claim are slightly higher than the normal policy that we generally have.

I would suggest you to clarify exact terms and conditions of the policy before signing on the line and paying the amount.

Regards

Akash

 

[vaibhav]

Re: Vehicle Insurance - General Questions / Discussion

is L&T insurance good ?