[Zappo]

A couple of things. First of all most of the insurance cos. are true blue thugs. They just are out there to dupe you. This site has N no. of posts which illustrates the fact. Even ICICI, for that matter. Rtech will vouch for that. So what they tell you is never the gospel truth.

Bimal I guess does not have a very good reputation. We have had a few cases here when our fellow members had to suffer for their ineptitude. Also, most of the agents are just running for the business. They always try to bend the rules so that it suits you at that particular moment. Long term issues be damned.

Now, I feel that what carstreet says is correct to a large extent. I think so because my car also had its first year IDV declared as the the ex-showroom price. I am not hundred percent sure but I feel it is so. Moreover I read it elsewhere but the rate that carstreet mentioned (15% for the first year and then 10% for the subsequent years) is the same as what I know of. Also that first year depreciation is supposed to set in only after the 1st 6 months. Till then no deprecitions are calculated.

Bimal did a "chori-chakaari" with your IDV because they had to pay the insurance premium from their pocket. Now the premium is calculated based on the IDV. So you see... lower the IDV, lower is your premium. Bimal saved some money for themselves.

Now how do you go about it henceforth? Well, I do not think that the IDV should be a problem as long the premium is matched. I say so because Bajaj Alliance did so with my bike. The bugger sitting there calculated the 3rd year's premium which was looking pretty stiff to me. I tried to show him through calculation that it could not be that high. He gave me an adamant look (as if saying 'boss i do this everyday'). Later when I issued the check and it went in for processing (I went physically to their office to pay and take the insurance then and there) some number crunchers figured out the same fact. So this guy later returned with a sheepish glance saying that they have given me a higher IDV to match the higher premium charged. So the fact is that IDV can not be something etched in stone. So if you feel that your car's IDV should be higher talk to the agent. If required go to their office and talk to someone senior (not those agent or supervisor types). Tell them the facts and see what he suggests. At most you will have to sheel out a little higher premium. But things will accordingly get settled as well.