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Old 12th November 2017, 23:49   #181
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Default Insurance Renewal -- query

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Originally Posted by tp_dominator View Post
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.
Yes, that's the plan although will have to register the vehicle in my moms name, should not be an issue.

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Originally Posted by ayankm View Post
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.
I did Check cover fox for the 2lac IDV got something similar. Just went ahead with it as I didn't want any additional headache of sorts.
Yeah, won't be worth the money saved on next cars premium. Thanks for the inputs.

Last edited by moralfibre : 21st November 2017 at 09:16. Reason: Fixing format.
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Old 18th November 2017, 17:26   #182
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Default Re: Insurance Renewal -- query

My Skoda Rapid TDI Elegance 2011 insurance is up for renewal. I have only TATA AIG quote for zero dep. insurance policy. The quote I got for IDV of 5,20,00/- with 50% NCB is 21,260/-.

Here are my queries
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?

On a side note, I have been paying the premium around 20K for last three years. Even though
1. NCB increased from 35% to 50%
2. IDV came down from ~7L to ~5L
But third party premium and service taxes have been increasing at much higher pace and making our life difficult
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Old 19th November 2017, 10:45   #183
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Default Re: Insurance Renewal -- query

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Originally Posted by hillsnrains View Post
Here are my queries
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?
Hi,
The quote seems pretty reasonable considering the zero dep cover and IDV. Other insurers like Iffco tokio and New India do offer zero dep cover for the 7th year of ownership but I would suggest you to opt for Tata AIG only.
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Old 19th November 2017, 11:06   #184
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Default Re: Insurance Renewal -- query

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Originally Posted by tp_dominator View Post
Hi,
The quote seems pretty reasonable considering the zero dep cover and IDV. Other insurers like Iffco tokio and New India do offer zero dep cover for the 7th year of ownership but I would suggest you to opt for Tata AIG only.
Sir, as per my knowledge, New India just stopped 0 Dep insurance after 5 years of car age.
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Old 20th November 2017, 08:34   #185
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Quote:
Originally Posted by hillsnrains View Post
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?
Have you compared with other Insurance co quotes provided the IDV calculated is correct?

I am surprised that even after applying 50% NCB, the premium crosses 20K. I guess time to move away from Tata AIG, check out with which Insurance co does the Skoda workshop have cashless tie up and get the quotes from them and compare.
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Old 20th November 2017, 13:11   #186
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
Have you compared with other Insurance co quotes provided the IDV calculated is correct?

I am surprised that even after applying 50% NCB, the premium crosses 20K. I guess time to move away from Tata AIG, check out with which Insurance co does the Skoda workshop have cashless tie up and get the quotes from them and compare.
Present IDV is 90% of existing policy IDV.
For 7th year ownership TATA AIG is the only option who have cashless tie-up with Skoda.
Checked with online portals like coverfox, policybazaar. They always quote less IDV (hence less premium) that to no zero dep. policies only.

Here is the TAT AIG quote for reference
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Last edited by hillsnrains : 20th November 2017 at 13:14.
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Old 20th November 2017, 13:44   #187
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Quote:
Originally Posted by hillsnrains View Post
Here is the TAT AIG quote for reference
Am I the only one to find this quote confusing or what?

What is the CD amount charged? What components add up to Final OD premium? What is the TP amount?

I feel the zero dep add on cost is on the higher side, it should be somewhere around 4.5 - 4.8K (0.87% of IDV). IMO the actual premium should be {4696 (Final OD) + 5281 (TPL) + 4500 (Zero dep add on)} * 18% GST = 17802. Here the variable factor is zero dep add on. Can you challenge Tata's quote and each component?
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Old 20th November 2017, 13:54   #188
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
Am I the only one to find this quote confusing or what?

What is the CD amount charged? What components add up to Final OD premium? What is the TP amount?

I feel the zero dep add on cost is on the higher side, it should be somewhere around 4.5 - 4.8K (0.87% of IDV). IMO the actual premium should be {4696 (Final OD) + 5281 (TPL) + 4500 (Zero dep add on)} * 18% GST = 17802. Here the variable factor is zero dep add on. Can you challenge Tata's quote and each component?
Thanks for looking into details
CD is cash discount.
Base premium is 4696+8040+2292=15028
Zero dep. premium=6232

Grand Total=21,260/-

NOTE:
1. Base premium is at par or slightly better than online portals (for this 5.2L IDV)
2. I don't have any other zero. dep amount to compare.
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Old 20th November 2017, 14:00   #189
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Originally Posted by hillsnrains View Post
Zero dep. premium=6232
This is the only component which can be reduced now, please ask Tata AIG for the justification of this amount. IMO Zero dep is on the higher side.

So this time its a double whammy actually. April saw a hike in Third party premiums, July saw a hike in the taxation component. That's the reason for the bump in the total premium charges.

One question: Do you actually need zero dep add on now since you are already in 7th year?

Last edited by ghodlur : 20th November 2017 at 14:01.
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Old 20th November 2017, 19:46   #190
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
This is the only component which can be reduced now, please ask Tata AIG for the justification of this amount. IMO Zero dep is on the higher side.

So this time its a double whammy actually. April saw a hike in Third party premiums, July saw a hike in the taxation component. That's the reason for the bump in the total premium charges.

One question: Do you actually need zero dep add on now since you are already in 7th year?
I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year
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Old 21st November 2017, 00:24   #191
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Default

Quote:
Originally Posted by hillsnrains View Post
I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year
The add on rates for each year is totally fixed by any insurance company and it increases with every passing year. In my opinion, you can still bargain on the CD% (detariff discount) and push to see whether they can offer more but i doubt its going to be the case since they have already given you 50% OD discount.

Also Loss Ratios (LR) of insurance companies for different car models vary and typically Skoda cars do have bad LRs. I think you can go ahead with the quote.

Quote:
Originally Posted by The Great View Post
Sir, as per my knowledge, New India just stopped 0 Dep insurance after 5 years of car age.
True that. I suppose only Iffco Tokio and Tata Aig provide them now. Tata AiG also offers zero dep to the 7th year customers only if they carry NCB as per my knowledge.

Last edited by moralfibre : 21st November 2017 at 09:15. Reason: Back to back posts.
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Old 21st November 2017, 08:05   #192
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Quote:
Originally Posted by hillsnrains View Post
I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year
That's a wrong information about add on cost increase with age of the car. The zero dep add on is actually calculated based on the IDV of the car and City tier rating where it is registered. So ideally as the IDV reduces the zero dep add on cost should also reduce or max remain same as last year. If it is increased, it means the Insurer is taking advantage.

FYI, the zero dep add on cost for my Punto has more or less remained same for the past 3 years. This was the last year of zero dep actually.
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Old 27th December 2017, 14:25   #193
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Default Re: Insurance Renewal -- query

Hi All - My 2017 Jan Alto K 10 AMT insurance renwal is due next month. Attached is the quote i got from the dealer. Insurance provider is Universal Sompo - hearing this for the first time! I checked in other websites - Royal sundaram offering the renewal for INR 10,500 includes unlimited zero depreciation claims, coverfox - bharat axa provides around INR 8500 for zero dep. I didnt make any claims last year. So NCB is 20%. Please let me know if its safe to proceed with the dealers quote or take royal sundaram and be safe. Royal sundaram offers Roadside assistance also 24x7.

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Old 28th December 2017, 12:11   #194
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Originally Posted by sairamboko View Post
Hi All - My 2017 Jan Alto K 10 AMT insurance renwal is due next month. Attached is the quote i got from the dealer. Insurance provider is Universal Sompo - hearing this for the first time! I checked in other websites - Royal sundaram offering the renewal for INR 10,500 includes unlimited zero depreciation claims, coverfox - bharat axa provides around INR 8500 for zero dep. I didnt make any claims last year. So NCB is 20%. Please let me know if its safe to proceed with the dealers quote or take royal sundaram and be safe. Royal sundaram offers Roadside assistance also 24x7
Firstly check with the Maruti workshop with which Insurance cos do they have cashless tie ups. Clearly Universal Sompo is one of them. Secondly calculate the correct IDV, should be around 10% less than last year's IDV. Thirdly check with Coverfox for the correct IDV, the premium quotes. Compare the quotes with quotes from the shortlisted insurance co on their official websites. Don't be surprised if they are different. Buy the insurance online with informed decision.

I am sure Maruti will try to arm twist you saying that claims processing will be difficult for any other insurance co other than that the dealer has suggested. Ask them to give the same in writing and they will fall in line.

Note cheapest insurance is not always the best.
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