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supremeBaleno · 16th July 2008, 12:45

gdbhai, they seem to have charged you more than what is the norm for that IDV.

They have charged you Rs.17379 for an IDV of Rs. 3,90,000/- after 20% NCB reduced. Compare this with the insurance I paid last year for my car for IDV of 4,00,000/- (10K more than your IDV) which was Rs.11054/-.

Could you please post the calculation based on which they arrived at the premium ? For illustrative purpose, it would look something like this, in the case of my Baleno :

3rd year insurance (Bajaj Allianz) for 2007-08 :

IDV : 4,00,000 (previous year's IDV depreciated by 15%)

Premium @ 3.44% of IDV : 13760
minus (30% discount) : - 4128
minus (25% NCB) : - 2408
-----------
7224

add : Vehicle liability : + 2500
add : Compulsory PA cover prem : + 100
add : Legal liability to driver : + 25
----------
9849
add : Service Tax @ 12.24% : + 1205
---------
Total Premium : 11054/-

Or is it that insurance also depends on the type of vehicle (sedan vs SUV) with the latter being charged more insurance ? I don't think so.

16th July 2008, 12:45	#11 (permalink)
supremeBaleno Senior - BHPian Join Date: Dec 2005 Location: Weekdays at DetroitOfIndia (Chennai) & Weekends at VeniceOfTheEast (Alappuzha). Posts: 2,510	gdbhai, they seem to have charged you more than what is the norm for that IDV. They have charged you Rs.17379 for an IDV of Rs. 3,90,000/- after 20% NCB reduced. Compare this with the insurance I paid last year for my car for IDV of 4,00,000/- (10K more than your IDV) which was Rs.11054/-. Could you please post the calculation based on which they arrived at the premium ? For illustrative purpose, it would look something like this, in the case of my Baleno : 3rd year insurance (Bajaj Allianz) for 2007-08 : IDV : 4,00,000 (previous year's IDV depreciated by 15%) Premium @ 3.44% of IDV : 13760 minus (30% discount) : - 4128 minus (25% NCB) : - 2408 ----------- 7224 add : Vehicle liability : + 2500 add : Compulsory PA cover prem : + 100 add : Legal liability to driver : + 25 ---------- 9849 add : Service Tax @ 12.24% : + 1205 --------- Total Premium : 11054/- Or is it that insurance also depends on the type of vehicle (sedan vs SUV) with the latter being charged more insurance ? I don't think so. __________________ Suzuki Baleno : 91bhp @ 5500rpm, 130.5Nm @ 3000 rpm, 14kmpl in city @ 100% a/c. Fun & economy needn't be mutually exclusive.