Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 5th November 2008, 08:40   #61
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default



I would like to tell you that don't allow your vehicle value (IDV) to be reduced more then 10% compare to last year. so that if your vehicle is lost by any chance then you get good value of your vehicle.
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 09:56   #62
Senior - BHPian
 
nishantgandhi's Avatar
 
Join Date: Jan 2008
Location: Mumbai
Posts: 1,219
Thanked: 150 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
I would like to tell you that don't allow your vehicle value (IDV) to be reduced more then 10% compare to last year. so that if your vehicle is lost by any chance then you get good value of your vehicle.
AFAIK, the depreciation on cars is at 20%. So the IDV will have to be reduced by 20% over last year.
nishantgandhi is offline   Reply With Quote
Old 5th November 2008, 10:40   #63
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by nishantgandhi View Post
AFAIK, the depreciation on cars is at 20%. So the IDV will have to be reduced by 20% over last year.
This depends upon you. You can choose how much you want to depreciate your car. There is NO thumb rule for it.

You can reduce it from 10% to 20% anything.

My way of looking at this thing is the amount of difference in premium would be less. Like if you dep. vehicle by 10% and 20% the difference in premium would be less then Rs.800. You can check the same with your Insurance guy.

Last edited by rjvora_2000 : 5th November 2008 at 10:44. Reason: More info
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 10:40   #64
BHPian
 
Join Date: Aug 2008
Location: Bangalore
Posts: 594
Thanked: 30 Times
Default

4 weeks back one auto person scratched by SX4 and the estimate done by MASS is 8.5K + 1K. 8.5 would be settled with insurance and 1K i need to give. Job is to remove dents and so painting. My car is 6 months old.
Is is worth doing it now or wait for some more time and get it done after I renew the insurance for 2nd year as i will loose NCB.
Please advise.
Local garage person estimate is 4.5K
aka_iitd is offline   Reply With Quote
Old 5th November 2008, 10:56   #65
Senior - BHPian
 
ashthedivx's Avatar
 
Join Date: Feb 2007
Location: Delhi
Posts: 1,351
Thanked: 22 Times
Default

Quote:
Originally Posted by aka_iitd View Post
4 weeks back one auto person scratched by SX4 and the estimate done by MASS is 8.5K + 1K. 8.5 would be settled with insurance and 1K i need to give. Job is to remove dents and so painting. My car is 6 months old.
Is is worth doing it now or wait for some more time and get it done after I renew the insurance for 2nd year as i will loose NCB.
Please advise.
Local garage person estimate is 4.5K
Removing a scratch costing you 8.5K at A.S.S. and 4.5 at local one Why not take a quote from different local garage.

However, if your insurance renewal is due why not wait for a month or so and get it done after renewal so as you can get NCB benefit
ashthedivx is offline   Reply With Quote
Old 5th November 2008, 10:57   #66
Senior - BHPian
 
nishantgandhi's Avatar
 
Join Date: Jan 2008
Location: Mumbai
Posts: 1,219
Thanked: 150 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
My way of looking at this thing is the amount of difference in premium would be less. Like if you dep. vehicle by 10% and 20% the difference in premium would be less then Rs.800.
Could you please specify how you arrived at this? Is there a thumb rule calculation? Alternatively, whats the % of premium to IDV?
Quote:
Originally Posted by rjvora_2000 View Post
This depends upon you. You can choose how much you want to depreciate your car. There is NO thumb rule for it.
You can reduce it from 10% to 20% anything.
I dont think you are right in saying that. See this link AutoIndia.com - Insurance Tips

Fixing IDV:

For the purpose of fixing the IDV of the vehicle, the reinstatement value of the brand and model of the vehicle (with side car (s) and /or accessories if any fitted to the vehicle but not included in the manufacturer’s list of selling price of the vehicle) including the road tax paid, proposed for insurance at the commencement of insurance/renewal period should be adjusted for depreciation. The age of the vehicle will be considered at the time of insurance/renewal.

Given below is the schedule of depreciation for IDV Private Cars/ Motorised two wheelers :

Not exceeding 6 months - Nil
Exceeding 6 months but not 1 year - 10%
Exceeding 1 year but not 2 years - 15%
Exceeding 2 years but not 3 years - 25%
Exceeding 3 yrs but not 4 yrs - 30%
Exceeding 4 yrs but not 5 yrs - 35%
Exceeding 5 yrs but not 10 yrs - 45%
Exceeding 10 yrs - 50%

Last edited by nishantgandhi : 5th November 2008 at 11:02.
nishantgandhi is offline   Reply With Quote
Old 5th November 2008, 11:00   #67
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by aka_iitd View Post
4 weeks back one auto person scratched by SX4 and the estimate done by MASS is 8.5K + 1K. 8.5 would be settled with insurance and 1K i need to give. Job is to remove dents and so painting. My car is 6 months old.
Is is worth doing it now or wait for some more time and get it done after I renew the insurance for 2nd year as i will loose NCB.
Please advise.
Local garage person estimate is 4.5K
Rs. 1000/- is the minimum Excess which you will have to pay. IF I am there in place of you I will make a claim in the Car because if the survey has been done then it in feature the company will not make the payment as the loss is of past. Don't wait for a little time also and go for claim.

If you don't claim and go for local garage you will spend Rs. 4500/- which dose not have any seance to me. Just pay Rs. 1000/- and get the work done from good showroom.
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 11:08   #68
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by nishantgandhi View Post
Could you please specify how you arrived at this? Is there a thumb rule calculation? Alternatively, whats the % of premium to IDV?

% of premium table can be available to you if you ask your insurance company.

Instead i will suggest you to calculate the IDV in both the % (10 and 20) and ask the insurance company to give the quot. on both the value.
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 11:14   #69
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by nishantgandhi View Post
Could you please specify how you arrived at this? Is there a thumb rule calculation? Alternatively, whats the % of premium to IDV?


I dont think you are right in saying that. See this link AutoIndia.com - Insurance Tips

Fixing IDV:

For the purpose of fixing the IDV of the vehicle, the reinstatement value of the brand and model of the vehicle (with side car (s) and /or accessories if any fitted to the vehicle but not included in the manufacturer’s list of selling price of the vehicle) including the road tax paid, proposed for insurance at the commencement of insurance/renewal period should be adjusted for depreciation. The age of the vehicle will be considered at the time of insurance/renewal.

Given below is the schedule of depreciation for IDV Private Cars/ Motorised two wheelers :

Not exceeding 6 months - Nil
Exceeding 6 months but not 1 year - 10%
Exceeding 1 year but not 2 years - 15%
Exceeding 2 years but not 3 years - 25%
Exceeding 3 yrs but not 4 yrs - 30%
Exceeding 4 yrs but not 5 yrs - 35%
Exceeding 5 yrs but not 10 yrs - 45%
Exceeding 10 yrs - 50%
This info is right but for part claim settlement not for total loss.

I had a 2 Weller which i lost in the third year of insurance (Theft Claim) I was renewing it with a deprecation of 10% because I had kept the bike in good condition and insurance company had settle my claim on my value and not on there 20% value.

Even in the first year of insurance (which is throu showroom guy) you can reduce the car value by 5% that is also aloud by insurance.

Last edited by rjvora_2000 : 5th November 2008 at 11:19. Reason: More info
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 12:59   #70
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Deprecation calculation: -

There can be multiple way of calculating the deprecation. I am giving two ways hear.

Example 1
Question: - I have my car which I drive rashly. I keep my car not so in good condition. In a year I make insurance claims twice then how much should be the Deprecation on my car?
Answer: - 20% reason because I am not taking good care of my car. My car's value in the market must have gone down.

Example 2
Question: - I am like parsi bawa (Just kidding please don't make this an issue)keeping my car in very good condition. I am doing regular service to the vehicle I haven’t made any claim in last 5 years to insurance company then how much should be the Deprecation on my car?
Answer: - 10% reason because my car still is in good condition I am taking good care of my car.

See as I told you earlier this is a personalized matter. You can change the % of Deprecation.
rjvora_2000 is offline   Reply With Quote
Old 5th November 2008, 14:11   #71
Senior - BHPian
 
nishantgandhi's Avatar
 
Join Date: Jan 2008
Location: Mumbai
Posts: 1,219
Thanked: 150 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Rs. 1000/- is the minimum Excess which you will have to pay. IF I am there in place of you I will make a claim in the Car because if the survey has been done then it in feature the company will not make the payment as the loss is of past. Don't wait for a little time also and go for claim.

If you don't claim and go for local garage you will spend Rs. 4500/- which dose not have any seance to me. Just pay Rs. 1000/- and get the work done from good showroom.
Do check if you have opted for the Voluntary Excess Clause in your insurance. If it is there, you have to fork out that amount as a minimum, for claims upto 15k.
nishantgandhi is offline   Reply With Quote
Old 5th November 2008, 16:13   #72
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by aka_iitd View Post
4 weeks back one auto person scratched by SX4 and the estimate done by MASS is 8.5K + 1K. 8.5 would be settled with insurance and 1K i need to give. Job is to remove dents and so painting. My car is 6 months old.
Is is worth doing it now or wait for some more time and get it done after I renew the insurance for 2nd year as i will loose NCB.
Please advise.
Local garage person estimate is 4.5K
Quote:
Originally Posted by nishantgandhi View Post
Do check if you have opted for the Voluntary Excess Clause in your insurance. If it is there, you have to fork out that amount as a minimum, for claims upto 15k.
As it is said by him that he needs to pay only Rs. 1000/- That i thuoght is Excess only. Right Mr. aka_iitd ??
rjvora_2000 is offline   Reply With Quote
Old 6th November 2008, 15:44   #73
Senior - BHPian
 
nishantgandhi's Avatar
 
Join Date: Jan 2008
Location: Mumbai
Posts: 1,219
Thanked: 150 Times
Default

@rjvora_2000 - after a lot of haggling with Tata AIG, I got them to give me quotation at both 10% and 20% depreciated IDVs. However, it is still higher than that of Bajaj Allianz by Rs 600 odd at both figures.

I am wondering that since all the components of a car insurance policy are more or less the same, how can there be such wide variations in premium quotations?

I am keen to go with Tata AIG because the features were sounding a notch better than thaose of Bajaj Allianz. Tata is also giving me higher IDV which I deserve, since the car is maintained well and no claims have been made.

However, I would request actual end users to tell me whether they have utilized the 'Green Channel' settlement and the 'Salvage value reimbursement' and their experience of the same.

Most of the other features are the same in both the insurers.

OT - Also heard that Reliance has been given the ultimatum by IRDA to shut its general insurance business within the next 3 months. Dont have evidence for that, but heard through a friend.

Last edited by nishantgandhi : 6th November 2008 at 15:46.
nishantgandhi is offline   Reply With Quote
Old 6th November 2008, 15:57   #74
BHPian
 
Join Date: Aug 2008
Location: Bangalore
Posts: 594
Thanked: 30 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
As it is said by him that he needs to pay only Rs. 1000/- That i thuoght is Excess only. Right Mr. aka_iitd ??
Yes Mr rjvora it is excess only
aka_iitd is offline   Reply With Quote
Old 6th November 2008, 18:10   #75
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 40 Times
Default

Quote:
Originally Posted by nishantgandhi View Post
@rjvora_2000 - after a lot of haggling with Tata AIG, I got them to give me quotation at both 10% and 20% depreciated IDVs. However, it is still higher than that of Bajaj Allianz by Rs 600 odd at both figures.

I am wondering that since all the components of a car insurance policy are more or less the same, how can there be such wide variations in premium quotations?

I am keen to go with Tata AIG because the features were sounding a notch better than thaose of Bajaj Allianz. Tata is also giving me higher IDV which I deserve, since the car is maintained well and no claims have been made.

However, I would request actual end users to tell me whether they have utilized the 'Green Channel' settlement and the 'Salvage value reimbursement' and their experience of the same.

Most of the other features are the same in both the insurers.

OT - Also heard that Reliance has been given the ultimatum by IRDA to shut its general insurance business within the next 3 months. Dont have evidence for that, but heard through a friend.
There are lot of people asking me that how two companies premium can differ when there is no difference in the coverage.

Ans-there is a discount given by company which is called "De-tariff" discount that can differ from company to company and person to person also. there are no fixed guidelines for this discount. in a single company also if two different people are giving quotation the amount of premium can differ. - This is true.

Now companies are doing bargaining business like SABJI-WALA in the market. some day or the other this will stop but when ??? even I don't know that.

Info of RIL "I don't know and I don't think so"

IRDA Welcome to IRDA does not have any information like this.

There are lot of people talking lot of things abt RIL but with there general insurance company i personly think that nothing is wrong.

We need to understand that this is a no 1 company in case of private insurer. and has a target to beet all the goverment companies also in next 3 (or may be 2) year. Kuch to log kahenge, logo ka kaam hai kehna. (People will say few things, mob's job is to say things)

Mod- If hindi is not alloud then please edit the hindi information only. That is a request.
rjvora_2000 is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
How Fast Is Your Internet Service Provider (ISP) connection? Rehaan Gadgets, Computers & Software 945 11th August 2017 22:50
Best Life Insurance provider anonymous Shifting gears 380 28th February 2017 09:19
Am I being cheated by my mobile service provider?? Rotorhead Shifting gears 33 19th July 2009 20:21
Which is the better Car Insurance provider sydras Indian Car Loans & Insurance 3 2nd April 2008 15:24


All times are GMT +5.5. The time now is 08:25.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks