ARTICLE: No Claim Bonus - How to save on your insurance premiums! - Page 9 - Team-BHP

androdev · 26th April 2008, 17:56

Some more info.

Existing policy details:
IDV: 15,31,000
Own damage: 44,767
3rd party: 2,500
Accident cover,etc.: 125
Tax: 5,858
Total: 53,250

Renewal offer from the ICICI website:
IDV: 12,89,280
Own damage: 26,611
NCB 20% discount: (5,323)
3rd party: 2,500
Accident cover,etc.: 125
Tax: 2,956
Total: 26,869

This looks pretty good. I was expecting to pay close to 50K, but this is a pleasant surprise (50% less)! Is it normal? Or I paid more the first time?!! The contribution of NCB discount does not see me to be much.

GTO · 26th April 2008, 18:47

Androdev

Your first year coverage was waaaaaaaaay too expensive! You paid like 3.5% of the IDV value as premium! Even without factoring in NCB, your 2nd year premium is far more realistic.

Dont ever go back to that insurance agent.

androdev · 26th April 2008, 20:46

Quote:

Originally Posted by GTO

Androdev

Your first year coverage was waaaaaaaaay too expensive! You paid like 3.5% of the IDV value as premium! Even without factoring in NCB, your 2nd year premium is far more realistic.

Dont ever go back to that insurance agent.

It was done by the dealership itself. I did not shop around for insurance because I did not want to rob the sales guy off his commission. But I didn't know the difference would be so huge. No sales person will get a free lunch from me in future.

Lowest bidder gets my sale. Thats my motto from now onwards.

googly · 26th April 2008, 20:51

thanx a ton!! am gonna sell my wagonR and purchase a new car!!! never claimed a penny in last 2 years from the insurance companies....this article will surely make me richer by 12-15k!!!!

Shankyz · 6th May 2008, 17:50

Looking for a quick advice, I've been getting calls from Bajaj Capital for renewal of my car's insurance, the current insurance is thru "Maruti Insurance thru National Insurance".

I talked to two representatives who gave conflicting views, one says Bajaj Capital gives cashless service and settlement of claims within 7 days, while the other days Bajaj Capital is useless and vehicle's end up waiting few weeks before the repair is carried out.

Can any members share their experience and help me decide between, Bajaj, Reliance and National Insurance. I want to stick with Maruti Insurance only, somehow I've this impression that being with Maruti is helpful in the unfortunate event of an accident/claim etc. Do you agree?

Thanks in advance

26th April 2008, 18:47	#122 (permalink)
GTO Super-Admin Join Date: Feb 2004 Location: Bombay Posts: 11,201 View My Garage	Androdev Your first year coverage was waaaaaaaaay too expensive! You paid like 3.5% of the IDV value as premium! Even without factoring in NCB, your 2nd year premium is far more realistic. Dont ever go back to that insurance agent. __________________ GTO Self-imposed limits are the only type that exist. Break them....then, make it a habit. Exceed. Please don't PM for support. Use the Contact Form instead. Please read the NEW Team-BHP FAQ section for all your queries.

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26th April 2008, 17:56	#121 (permalink)
androdev BHPian Join Date: May 2007 Location: bangalore Posts: 429	Some more info. Existing policy details: IDV: 15,31,000 Own damage: 44,767 3rd party: 2,500 Accident cover,etc.: 125 Tax: 5,858 Total: 53,250 Renewal offer from the ICICI website: IDV: 12,89,280 Own damage: 26,611 NCB 20% discount: (5,323) 3rd party: 2,500 Accident cover,etc.: 125 Tax: 2,956 Total: 26,869 This looks pretty good. I was expecting to pay close to 50K, but this is a pleasant surprise (50% less)! Is it normal? Or I paid more the first time?!! The contribution of NCB discount does not see me to be much.

26th April 2008, 20:51	#124 (permalink)
googly Newbie Join Date: Jun 2007 Location: jalandhar Posts: 7	thanx a ton!! am gonna sell my wagonR and purchase a new car!!! never claimed a penny in last 2 years from the insurance companies....this article will surely make me richer by 12-15k!!!!

6th May 2008, 17:50	#125 (permalink)
Shankyz BHPian Join Date: Dec 2006 Location: Delhi Posts: 150	Looking for a quick advice, I've been getting calls from Bajaj Capital for renewal of my car's insurance, the current insurance is thru "Maruti Insurance thru National Insurance". I talked to two representatives who gave conflicting views, one says Bajaj Capital gives cashless service and settlement of claims within 7 days, while the other days Bajaj Capital is useless and vehicle's end up waiting few weeks before the repair is carried out. Can any members share their experience and help me decide between, Bajaj, Reliance and National Insurance. I want to stick with Maruti Insurance only, somehow I've this impression that being with Maruti is helpful in the unfortunate event of an accident/claim etc. Do you agree? Thanks in advance