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Old 20th March 2016, 20:45   #151
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Default Re: Insurance Renewal -- query

Quote:
Originally Posted by vnabhi View Post
  1. New India Rs 12226 (3661)
  2. Future Generali Rs 15259 (3556)
  3. Royal Sundaram Rs 15580 (5410)
  4. L&T Insurance Rs 15622 (4991)
  5. Universal Sompo Rs 18816 (5998)
  6. Reliance Genl Ins Rs 20387 (6698)
  7. Bharati Axa Rs 21959 (5135)
I'd really appreciate inputs from esteemed members of this forum.
Knock knock. Any users of New India Assurance here? How is their service?
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Old 17th March 2017, 15:56   #152
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Default Re: Insurance Renewal -- query

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Originally Posted by vnabhi View Post
Knock knock. Any users of New India Assurance here? How is their service?
My car's insurance is with New India Assurance. They are very very slow with respect to claim settlement process but they are good with respecting the zero depreciation claim. What I mean to say is that, while other companies have a bit of distorted viewpoints when it comes to paying for plastic parts, NIA pays fully.
My car was hit from behind last year and I had to replace the back and front bumpers plus quite a few parts. NIA had paid almost 90% of the claimed amount.
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Old 17th March 2017, 20:16   #153
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Quote:
Originally Posted by vnabhi View Post
  1. New India Rs 12226 (3661)
  2. Future Generali Rs 15259 (3556)
  3. Royal Sundaram Rs 15580 (5410)
  4. L&T Insurance Rs 15622 (4991)
  5. Universal Sompo Rs 18816 (5998)
  6. Reliance Genl Ins Rs 20387 (6698)
  7. Bharati Axa Rs 21959 (5135)
Venu Sir,
The quotes mentioned above are for the same IDV? If yes, I would suggest to opt for RS. Two reasons for that -1) Cashless tie up with RS (Ford has a national tie up with RS, hence cannot cheat of the repair costs) 2) Good after sales customer support. The premium quoted by RS is fairly good enough, just check with them if there is any further scope of negotiations.

I would suggest apart from zero dep add on cover, if you could also think about the NCB protection cover for the car. Looking at the increasing TPL premiums trend, NCB's will be the only discount you have to reduce your total premium outgo going forward.

To answer your basic question whether NIA is a good choice. Although the premiums are low, still the claims will have to be reimbursed to you as they do not have the cashless tie up. Getting reimbursement from public sector Insurers is PIA.
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Old 17th March 2017, 22:59   #154
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Default Re: Insurance Renewal -- query

I have had a few good experiences by National Insurance, but that is covered under the umbrella of Maruti insurance tie-up and hence cashless.

But for my other car, I am a little apprehensive about renewing my soon due insurance with National Insurance as it will not be a cashless facility, if required. And I am not sure how fast/ slow things move at a public sector insurer's office. Any experiences will be helpful.

However, getting a reasonable quote from HDFC Ergo. Asking the insurance experts, how good (or bad) is HDFC Ergo, if a need arises. It will be a simple comprehensive policy without Zero depreciation for my Civic with 3L as IDV.

Thanks,
Saket.
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Old 18th March 2017, 14:14   #155
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Default Re: Insurance Renewal -- query

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Originally Posted by ayankm View Post
My car's insurance is with New India Assurance. They are very very slow with respect to claim settlement process but they are good with respecting the zero depreciation claim. What I mean to say is that, while other companies have a bit of distorted viewpoints when it comes to paying for plastic parts, NIA pays fully.
.
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Originally Posted by ghodlur View Post
Venu Sir,
The quotes mentioned above are for the same IDV? If yes, I would suggest to opt for RS. Two reasons for that -1) Cashless tie up with RS (Ford has a national tie up with RS, hence cannot cheat of the repair costs) 2) Good after sales customer support. The premium quoted by RS is fairly good enough, just check with them if there is any further scope of negotiations.

.
Thanks guys for your 'timely' suggestions---my post was of last year, and I had already opted for NIA then.
Actually I am in the process of renewing it again.

Quote:
Originally Posted by saket77 View Post

However, getting a reasonable quote from HDFC Ergo. Asking the insurance experts, how good (or bad) is HDFC Ergo, if a need arises. It will be a simple comprehensive policy without Zero depreciation for my Civic with 3L as IDV.

Thanks,
Saket.
My daughter drives the car insured by NIA and thankfully there have been no claims so far. So I am not in a position to comment on how fast or slow they are during claims.

I've renewed my Fiesta's insurance with HDFC Ergo last week. It was earlier covered by L&T Insurance, which got sold to HDFC General Insurance. I haven't claimed from either, so I can't give a feedback on this as well. Sorry about that!
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Old 19th March 2017, 21:22   #156
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Default Re: Insurance Renewal -- query

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Originally Posted by saket77 View Post
However, getting a reasonable quote from HDFC Ergo. Asking the insurance experts, how good (or bad) is HDFC Ergo, if a need arises. It will be a simple comprehensive policy without Zero depreciation for my Civic with 3L as IDV.
My friend has claimed insurance with HDFC Ergo on few occasions for his Honda City. The experience was pretty smooth. Cashless and quick settlement. This was with Apex Honda, Mumbai in 2014 and 2015. He did have zero depreciation cover though.
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Old 11th April 2017, 13:08   #157
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Default Re: Insurance Renewal -- query

My Punto's insurance is up for renewal next month. Current IP is Future generali with IDV of Rs. 7.77 L.

I've got following online quotes:-

1) Kotak - Rs. 21408 (IDV - Rs. 676938, Zero dep, consumables and RSA), the website is showing "most preferred plan by Fiat owners in pune", don't know what that means.

2) HDFC Ergo - Rs. 19760 (IDV - Rs. 690000, Zero dep)

3) Oriental - Rs. 15930 (IDV - 647000/-, Zero dep) some catch here ?

Others are offering too low IDV to consider.

Offline quote from Future Generali, Rs. 23500, IDV - 699000, Zero Dep, Consumables and laptops/moble theft, RSA.

I spoke with FG people and told about the other low quotes I am getting with more or less same advantages. They will get back to me with additional discount, if any.

I am being told by FASC that Fiat has a tie-up for cashless claims with Future generali on PAN India basis, however there's is no such info in FG website. Can anyone confirm this?

Expert advises
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Old 11th April 2017, 16:49   #158
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Default Re: Insurance Renewal -- query

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Originally Posted by Moto_Hill View Post
1) Kotak - Rs. 21408 (IDV - Rs. 676938, Zero dep, consumables and RSA), the website is showing "most preferred plan by Fiat owners in pune", don't know what that means.

2) HDFC Ergo - Rs. 19760 (IDV - Rs. 690000, Zero dep)

3) Oriental - Rs. 15930 (IDV - 647000/-, Zero dep) some catch here ?

Expert advises
I would recommend HDFC Ergo for two reasons:

1. Highest IDV

2. Experience of two friends. One of them got hassle free cashless claim settlement even though the service centre did not sell the policy to him. Everything was done by the service advisor. Experience with Honda and Hyundai. Not sure about FASC though.
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Old 12th April 2017, 08:51   #159
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Quote:
Originally Posted by Moto_Hill View Post
I spoke with FG people and told about the other low quotes I am getting with more or less same advantages. They will get back to me with additional discount, if any.

I am being told by FASC that Fiat has a tie-up for cashless claims with Future generali on PAN India basis, however there's is no such info in FG website. Can anyone confirm this?
Your ideal IDV should be 699300 and FG is the closest to it. You need to bargain hard with FG for bringing the premium comparable to what HDFC offered. Also confirm if HDFC has a cashless tie up with FASS. If yes and if FG does not budge, then best to go for HDFC.

FG does have a national tie up with Fiat, you can get a confirmation with Fiat India or workshop. They do have the documents and I have seen one in FASS in my city but way long back.
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Old 12th April 2017, 09:56   #160
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Default Re: Insurance Renewal -- query

Thank you for the inputs.

Quote:
Originally Posted by ghodlur View Post
Also confirm if HDFC has a cashless tie up with FASS.
I have confirmed from two pune FASS, except FG they don't have cashless tie-up with any other.

Quote:
FG does have a national tie up with Fiat, you can get a confirmation with Fiat India or workshop. They do have the documents and I have seen one in FASS in my city but way long back.
I got this info from one of the workshop itself. Thanks for the confirmation.

I think it's best to bring FG to as low as possible and then renew from them for following reasons:-

1) Cashless tie up with FASS.
2) Highest IDV.
3) Add on cover of consumables.
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Old 17th April 2017, 21:54   #161
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Default Re: Insurance Renewal -- query

I have to renew my car's (Hyundai Eon 1.0, 2016 June registered) insurance by next couple of months and I am getting the following quotes from calls by agencies (most of them are claiming they have tie up with Hyundai) as well as online portals like coverfox, turltemint etc.
Any assistance on which insurance would be better?
I currently have insurance from New India Assurance.

1. New India Assurance - 12,064 with IDV of 3.36L (zero dep + towing charges + engine protect + return to invoice)

2. Future Generali - 12,718 with IDV of 4L (zero dep + loss of keys + loss of personal belonging + RSA)

3. ICICI Lombard - 11,188 with IDV of 3.65L (zero dep + RSA + Keycover)

4. Reliance - 14,185 with IDV of 3.8L (zero dep)

5. Bharati AXA - 12,627 with IDV of 3.8L (zero dep + RSA + legal liability paid driver)

6. Bajaj Allianz - 12,482 with IDV of 3.8L (zero dep + RSA + engine protect)

7. Oriental Insurance - 10,277 with IDV of 3.57L (zero dep)


Also, is there any tool that I can use to determine the IDV of my vehicle?
If someone can throw some light on the rule that insurance companies use to come with the IDV.

Thanks in advance.
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Old 18th April 2017, 06:54   #162
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Default Re: Insurance Renewal -- query

I am about to enter the fourth year of ownership for my 2014 Hyundai Grand i10 and need to renew insurance. Quotes that I have been receiving are ~13K for Tata AIG & HDFC Ergo for zero depreciation coverage. Only thought is that I have paid exactly 12-13K for year 2 & 3 as well. Am I missing something? Is this solely because of the increase in the third party premium?

Secondly, I see IDV range to be between 2.75L and 4L. What would be ideal?

Thanks in advance.
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Old 18th April 2017, 07:41   #163
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Default Re: Insurance Renewal -- query

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Originally Posted by ayankm View Post
Also, is there any tool that I can use to determine the IDV of my vehicle?
I think the insurance company has some leeway in fixing the first IDV (for a brand new vehicle coming out of the showroom). The rules only say that the IDV has to be "based on listed selling price".

For renewals, it follows this pattern:

1. First renewal (vehicle considered as "exceeding 1 year of age"): 20% depreciation.
2. Second renewal: 30% depreciation.
3. Third: 40%
4. Fourth: 50%.

(Percentages to be calculated on the first IDV and not the previous year's).

Beyond this, it is again left to the insurance company. In my case for one car HDFC Ergo reduces the IDV by 10% of the previous year's every year, but for the other car Tata AIG did it only by 5%. And when I switched from Tata to HDFC, they (HDFC) reduced the IDV for that year by 30% - to adjust for the lower depreciation of Tata - and then onwards 10% like the other car.

Last edited by binand : 18th April 2017 at 07:43.
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Old 18th April 2017, 08:09   #164
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Quote:
Originally Posted by ayankm View Post
Also, is there any tool that I can use to determine the IDV of my vehicle?
There is a calculation mentioned in every Insurance policy. It is % of depreciation based on the year of ownership times the ex showroom rate of the model/variant. Generally this calculation is widely disregarded to the easier calculation of 10% less than last year's IDV. The reason being un updated database of the Insurance co of the ex showroom rates and the fluctuating car prices.
The best way to start is
1) Calculate the correct IDV
2) Confirm with with Insurance co does the workshop has a cashless tie up.
3) Check with those Insurance co either on their official websites or any comparator sites like Policy bazaar or coverfox to estimate the premium.
4) Take informed decision and buy the Insurance cover

Quote:
Originally Posted by promit View Post
Is this solely because of the increase in the third party premium?

Secondly, I see IDV range to be between 2.75L and 4L. What would be ideal?
Yes, the hike over the last couple of years in the TPL premiums have been substantial and coupled with service tax component to increase the premium of Insurance cover.

Please check the above explanation of calculating the correct IDV.
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Old 27th April 2017, 10:37   #165
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Quote:
I've got following online quotes:-

2) HDFC Ergo - Rs. 19760 (IDV - Rs. 690000, Zero dep)

Offline quote from Future Generali, Rs. 23500, IDV - 699000, Zero Dep, Consumables and laptops/moble theft, RSA.
So guys, FG isn't in a mood to negotiate and their final offer stands at 23.5K.

HDFC has givern a revised offer of Rs. 19158/-, Zero dep titanium plan with IDV of Rs. 7 Lakhs. Plan benefits in below picture.

Motor Add on Wordings - Titanium policy wording.pdf

Though they don't have cashless tie-up with my regular garages, they are offering a facility of 60% advance payment for repairs from non-covered garages. Details in below picture.

Name:  HDFC.gif
Views: 454
Size:  182.1 KB

What do you guys suggest ? More than 4k difference in FG's and HDFC's premium and later also giving more add-on

My only concern is the way payment is to be made. They will sent a link for payment and there won't be any policy details before payment. Is this common practice these days ? Same is the case with FG.
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