Advice Needed: Renewing Insurance of Viva CRDI

[mobike008]

In a couple of days completing one year of my viva crdi and due for renewing my insurance. Now i am super confused as the sales guys are hounding me like hyenas when it smells blood

As i have a insurance claim, therefore no-claim bonus does not apply. I am getting various quotes from various companies. Here are some:-

ICICI Lombard : 17500 with valuation of 5.60L as valuation of the car
Bajaj Alliance: 16000 with valuation of 5.60L as valuation of the car
HDFC: Same as Bajaj

I am about to finalize it by end of today or tommorow latest, can someone let me know if the above sounds ok? If there anything i should be aware of before i commit to them?

Thanks
Avinash

[dadu]

Also check with TATA AIG insurance.

[cutdcrap]

In addition to mobike's question above, can also someone please throw light at the fact that is no claim bonus transferable to another insurance company.

To make it clear, I have my Esteem insured by ICICI. Next year, if I have a NCB, can I opt for another insurance company like HDFC and still carry forward my NCB?

[MalluDude]

Have you enquired with the govt. companies? New India, Oriental, etc. Somehow I feel safer to deal with them..though it might involve forking out a grand or so more.

@cutdcrap: yes. it is tranferrable. You need to produce a letter from the old insurer.

BTW, why don't you guys check out a great artcle on this in the t-bhp advice section? It's really illuminating.

[benbsb29]

Mobike, i have had BA as my insurance agent for the last year of my car's ownership, and also got the same renewed for the next year. They provide a cashless facility, and i have no complaints about them so far.

[nitrous]

I would suggest Nationalised Insurance companies.

[anonymous]

Originally Posted by cutdcrap

In addition to mobike's question above, can also someone please throw light at the fact that is no claim bonus transferable to another insurance company.

To make it clear, I have my Esteem insured by ICICI. Next year, if I have a NCB, can I opt for another insurance company like HDFC and still carry forward my NCB?

Yes, you can,
In fact, in last three years, I have changed my IC every year and transferrred my NCB to next.

[mobike008]

Thanks for the responses. One more question, the sales guy is cooling mentioning if you want lower premium, we will value your car at a lower price. 17.5K at 5.90L or something and 16K at 5.60L.

What are the implications if its done this way?

[Zappo]

Avi... come what may but do not fall for that ICICI Lombard think buddy. Bohot rulaate hain.

I have a Royal Sundaram insurance since I bought the car. Till date I have had a claim at the beginning only once. It went smooth. Thats about it. But the ICICI thing has tons of complaints... even on this forum.

By the way, do some more bargain hunting to get the best deal. Also, transfer the NCB. Check whether the premium quote is for the complete package. Sometimes they just tell you the rate for the Own Damage part and skip the 3rd party thing which they try to sneak in at a later stage with a poker faced "Yeh to mandatory hai saahab" reply. So check that the quote is complete.

Originally Posted by mobike008

Thanks for the responses. One more question, the sales guy is cooling mentioning if you want lower premium, we will value your car at a lower price. 17.5K at 5.90L or something and 16K at 5.60L.

What are the implications if its done this way?

The implications dawn upon you only if your car is either totalled or stolen. They will calculate the amount payable based on the IDV. Basically the lower IDV (5.6L vis a vis 5.9L) means you are telling them that your car's value today is only 5.6L and not 5.9L.

Its the general funda of insurance. Higher the value of the insured thing more is the premium payable.

[mobike008]

Thanks Deb, I dont have a NCB, had a claim this year. I am quite aware about ICICI and won't go anywhere near them with a 10-foot barge pole . So, its either BA or HDFC ( Its my current one, and no problems during my claim)

As usual, i woke up in the last minute ( tommorow my 1st year insurance ends) and i am kind of frantic to close it by tomorrow at any cost and will settle for either of the above two based on a few more conversations with them this evening.

Thanks to all for your inputs

[vnabhi]

I too have read horror stories of Icici Lombard, but that was after I insured my new car.
So when I had my first claim, I was apprehensive. Contrary to expectations, the claim was fully honoured---I did not even have to speak to the surveyor. The claim was for 12K , and I had to pay 1K.
Perhaps all went well because I took the insurance from the car dealer.

[Zappo]

Originally Posted by mobike008

As usual, i woke up in the last minute ( tommorow my 1st year insurance ends) and i am kind of frantic to close it by tomorrow at any cost and will settle for either of the above two based on a few more conversations with them this evening.

Oh! Tomorrow it gets over does it? Remember, once the cover ceases (insurance expires) they will not renew it straightaway. You will have to take the car to their surveyor/inspector who will ensure that the car has had no accident or anything before they renew the cover. So it is better if you get it done tonight, ie. issue the cheque and get the cover note for it. Otherwise from tomorrow onwards it will mean some unnecessary legwork (driving around) for you.