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Old 22nd May 2017, 19:39   #166
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Default Re: Insurance Renewal -- query

hi All,

My car Hyundai Verna is up for insurance renewal. this year i had made one claim. however have noticed that insurance premium is very high. Query i have is does zero dep insurance makes sense since its been 3 years now ? if not i can save some amount there. please suggest.

Last edited by Endofdayz : 22nd May 2017 at 19:40. Reason: correction
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Old 8th June 2017, 17:24   #167
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hi All,

My car Hyundai Verna is up for insurance renewal. this year i had made one claim. however have noticed that insurance premium is very high. Query i have is does zero dep insurance makes sense since its been 3 years now ? if not i can save some amount there. please suggest.
Hi All,

Can someone help me wth this query.?

regards
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Old 12th June 2017, 08:05   #168
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Originally Posted by Endofdayz View Post
hi All,

My car Hyundai Verna is up for insurance renewal. this year i had made one claim. however have noticed that insurance premium is very high. Query i have is does zero dep insurance makes sense since its been 3 years now ? if not i can save some amount there. please suggest.
Sorry if this comes as late to you.

When you made the claim, how much did you pay from your pocket? If you had zero dep add on cover already, then your contribution would have been minimum. The reason the premium is increased coz the Insurance co is categorizing you as a high risk customer. Either you can opt for a different Insurance co which can offer lower premium or continue with the existing.

Zero depreciation add on cover is an important cover to have for vehicles till 5 yrs of ownership. I would suggest buy it.
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Old 15th June 2017, 19:53   #169
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Default Re: Insurance Renewal -- query

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Originally Posted by Endofdayz View Post
hi All,

My car Hyundai Verna is up for insurance renewal. this year i had made one claim. however have noticed that insurance premium is very high. Query i have is does zero dep insurance makes sense since its been 3 years now ? if not i can save some amount there. please suggest.
Your premium might be high since your Verna falls under cars with engine capacity of more than 1500cc (I am using you have the 1.6 L engine one) for which third party premium rates have increased by almost 3.5k. Coupled with that no NCB means your premium is definitely going to be higher.

Also, the prices of add on covers increase with the age of the vehicle. However, I would definitely recommend you to go with the Zero Depreciation add on cover as it will minimize your losses in the unfortunate incident of an insurance claim.
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Old 26th July 2017, 01:25   #170
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Default Re: Insurance Renewal -- query

Hi All,

My Honda Jazz CVT is up for insurance reneweal and I was hoping if experts here can please let me know the quote given by my provider is good to go with.
Mine is Bajaj Allianz
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Old 27th July 2017, 00:13   #171
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Hi All,

My Honda Jazz CVT is up for insurance reneweal and I was hoping if experts here can please let me know the quote given by my provider is good to go with.
Mine is Bajaj Allianz
Couple of questions first.

What is your vehicle age (Manufacturing year as on the RC) and registration city?

The quote is provided by the dealer or any insurance agent or online?

Add on premium consists of which add on covers?
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Old 27th July 2017, 01:47   #172
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Originally Posted by tp_dominator View Post
Couple of questions first.

What is your vehicle age (Manufacturing year as on the RC) and registration city?

The quote is provided by the dealer or any insurance agent or online?

Add on premium consists of which add on covers?

Hi,

Manufacturing date for my car is July 2015, and the car is registered in Hyderabad.

Bajaj agent from showroom sent me the.I bought the insurance from them when I purchased my car

I am not sure what is covered in add on premium.I will call the agent tomorrow for more information.
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Old 28th July 2017, 00:19   #173
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Default Re: Insurance Renewal -- query

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Hi,

Manufacturing date for my car is July 2015, and the car is registered in Hyderabad.

Bajaj agent from showroom sent me the.I bought the insurance from them when I purchased my car

I am not sure what is covered in add on premium.I will call the agent tomorrow for more information.
The premium seems to be on the higher side since they have given you 30% discount on your OD premium.

If you are buying from the showroom itself, I presume it's Honda Assure insurance with Bajaj being a partner in it. If my knowledge serves me right, the maximum discount available on Honda Jazz is 45% in the program. Negotiate more with the agent and he will have to provide you the same.

Talk to your agent in terms of this discounting thing and chances are that he might reel in and reveal the max discount available.

Also, seek a clarification on the add on covers provided in the policy since the premium for add on seems to be on the higher side. In Honda Assure, zero depreciation and engine protector add on covers are sold as a single add on product. But, looking at the premium, they might be offering you more.

Hope this helps!
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Old 31st July 2017, 13:27   #174
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Default Re: Insurance Renewal -- query

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Originally Posted by tp_dominator View Post
The premium seems to be on the higher side since they have given you 30% discount on your OD premium.

If you are buying from the showroom itself, I presume it's Honda Assure insurance with Bajaj being a partner in it. If my knowledge serves me right, the maximum discount available on Honda Jazz is 45% in the program. Negotiate more with the agent and he will have to provide you the same.

Talk to your agent in terms of this discounting thing and chances are that he might reel in and reveal the max discount available.

Also, seek a clarification on the add on covers provided in the policy since the premium for add on seems to be on the higher side. In Honda Assure, zero depreciation and engine protector add on covers are sold as a single add on product. But, looking at the premium, they might be offering you more.

Hope this helps!
Hi, Today I went to showroon and here is what the sales guy told me

They are giving me 25% dicount on OD premium and 20% on NCB.So total of 45%

Even without addon my package still covers bumper to bumper but with addon I just need to be Rs1000 + taxes for any damages.Without addon I need to pay 50% damages and other 50% is paid by insurance.Does this sound ok?
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Old 31st July 2017, 14:49   #175
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Hi, Today I went to showroon and here is what the sales guy told me

They are giving me 25% dicount on OD premium and 20% on NCB.So total of 45%

Even without addon my package still covers bumper to bumper but with addon I just need to be Rs1000 + taxes for any damages.Without addon I need to pay 50% damages and other 50% is paid by insurance.Does this sound ok?
This total 45% discount thing is totally false. NCB is your right and you will get 20% since you did not make any claim last year. The NCB amount is calculated on the discounted OD premium. So its not totally 45%.

Secondly, I enquired and got to know that max discount for Jazz is 40%. So my suggestion to you is take an online quote also from Bajaj's website for your car and show it to the person there. He will have to then match it.

Thirdly, this bumper to bumper thing is a marketing gimmick. Obviously if you are purchasing an insurance for your car (comprehensive) it covers your own damage too. Ask the person for a detailed info on the parts covered in your add on package, ask them to give you a quote on 40% OD discount and then you are good to go.

Alternatively, you can approach another dealer in your city for the quote. They might provide you the higher discount and at the same time it being a Honda Assure insurance, you won't face any difficulty anywhere at all.
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Old 1st August 2017, 15:14   #176
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Default Re: Insurance Renewal -- query

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Originally Posted by tp_dominator View Post
This total 45% discount thing is totally false. NCB is your right and you will get 20% since you did not make any claim last year. The NCB amount is calculated on the discounted OD premium. So its not totally 45%.
Thank you so much.Newbie question, how do I know the discount amount I am getting for my OD premium.Is there a way I can calculate to know that I am getting 25% discount
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Old 8th August 2017, 06:43   #177
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Thank you so much.Newbie question, how do I know the discount amount I am getting for my OD premium.Is there a way I can calculate to know that I am getting 25% discount
There is definitely a way. According to the tariff provided by IRDA, your vehicle falls in A zone in the 1000-1500 Cc engine capacity. So, take 3.283% of your vehicle's IDV which is your basic OD premium. Then, apply the discount (suppose 25%) on your basic OD. The 12,xxx figure in your quote and this is how you can know the discount given!
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Old 11th November 2017, 14:58   #178
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Default Re: Insurance Renewal -- query

Just renewed my car insurance. It's sad to pay the premium every year when there have been no claims so far! But it is of course for the rules and the fact that if anything went wrong, there is something to benefit from it.

Car: Swift DZire 2008
NCB: 50%
Premium: 6,082
IDV: 2,00,000

Is this legit? Or am I paying too much? Also, should I claim insurance for repairs such as a dented fender (coconut fell on the fender), a scraped running board (was forced to go left with a BEST Bus trying to overtake from the right, scrapped it on a divider stone that was out of place or else the bus would take my entire RHS) Bumpers are scratched thanks to Mumbai traffic, autos and bikes. But it makes me think I've been paying the insurance without claiming it and I should make use of it!

Suggestions welcome
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Old 12th November 2017, 22:52   #179
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But it makes me think I've been paying the insurance without claiming it and I should make use of it!

Suggestions welcome
No need to claim insurance. I am judging by the premium and also by the age of the vehicle, you don't have any add on covers. Moreover, old scratches/dents may be declined during an insurance claim.

However, there is a silver lining to it and it's that you can get a NCB certificate for yourself at the time of purchase of a new car and can transfer this NCB to the next vehicle, which will significantly bring down the insurance premium for the new vehicle.
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Old 12th November 2017, 23:02   #180
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Car: Swift DZire 2008
NCB: 50%
Premium: 6,082
IDV: 2,00,000
Hello Sir, Did you check the online insurance renewal portals like coverfox, policybazar etc? I just checked on coverfox and the quote was coming to around Rs. 4500.

Regarding the damages that you are trying to fix, I think you should first check how much you will have to shell out from your pocket. Since your car is about 10 years old, so I am guessing it doesn't have a zero dep.
Also you will lose the 50% NCB next year if you use insurance to cover your damages. Take the call after analysing the loss & gain.

Hope this helps.
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