Insurance Renewal -- query

[esteem_lover]

Originally Posted by Jaggu

No matter what, even if its a total loss insurance will go by Depreciated value based on years.

I did not get that part about the IDV in case of a total loss.

Originally Posted by Jaggu

I dint get your question, what i was trying to say is: 1st year depreciation is usually 20%, say for a 1 lakh value registered 20% is reduced to arrive at depreciated value of 80 thousand. Insurance company has max liability of paying this 80 k and there is no point in having a value more than this while evaluating.

Now, i got it, thanks. These days insurance companies do not let you decide the IDV.

[nemo]

thanks again guys, i have got some useful information after this thread. I'm sure it'll be useful for people who are in my situation.

[VC12]

Ok, Guys

I have got call from Baja Allianz for my 2nd renwal of car insurance for Rs. 8508/-

Let me kwno whwt to check for

[married2speed]

Hi Guys
The insurance of my 1.5 City Exi is to be renewed tomorrow. This is the quote that I got from Lally motors(chandigarh) for a reliance cashless insurance.

My questions are
1. Is this quote ok or can I still negotiate a bit more. If Yes, by how much
2. Is getting the insurance renewed in Delhi/Gurgaon any cheaper. The registering authority is Chandigarh.

Would appreciate your suggestions
Thanks
M2S

Premium Detail :-

IDV (Insurance Declared Value) :- 4,07,610/-
Insurance Rate 3.191%
BASIC 13,006/-
Discount (30%) -3902/- (-30%)
Basic 9,104/-
Ncb (35%) -3,186/- (-35%)
BASIC 5,918/-
Act (+800) +800
PA (+100) +100
Driver Charges (+25) +25/-
TOTAL 6843/-
Service Tax (+12.36%) +845/- (+12.36%)
Premium 7,688/-

[kapilsharma80]

'married2speed' have you checked the premium rates with other Insurance companies?
you can log onto their websites and use the 'premium calcultor'.

try the following link:

Insurance Calculator | Calculate Your Car's Insurance Premium | Useful Tools - CarWale.com India



also remember that (if the car is in Gurgaon) in case you want to get a job done under cashless scheme then it has be done at Lally motors only.

[married2speed]

married2speed' have you checked the premium rates with other Insurance companies?
you can log onto their websites and use the 'premium calcultor'.

Insurance Calculator | Calculate Your Car's Insurance Premium | Useful Tools - CarWale.com India

I did check this out. The rate being quoted was for 13K for a IDV at around 390K or thereabouts.

also remember that (if the car is in Gurgaon) in case you want to get a job done under cashless scheme then it has be done at Lally motors only.

Hopefully, the need for this should not arise but isn't a reliance insurance covered at all Honda ***

Cheers!
M2S

[kapilsharma80]

Originally Posted by married2speed

I did check this out. The rate being quoted was for 13K for a IDV at around 390K or thereabouts.

dont know about delhi / gurgaon.will check with harmony honda at Chandigarh



[quote=Hopefully, the need for this should not arise but isn't a reliance insurance covered at all Honda ***

Cheers!
M2S[/quote]

Even i pray for that.

[nemo]

Originally Posted by married2speed

Hi Guys
The insurance of my 1.5 City Exi is to be renewed tomorrow. This is the quote that I got from Lally motors(chandigarh) for a reliance cashless insurance.

My questions are
1. Is this quote ok or can I still negotiate a bit more. If Yes, by how much
2. Is getting the insurance renewed in Delhi/Gurgaon any cheaper. The registering authority is Chandigarh.

Would appreciate your suggestions
Thanks
M2S

Premium Detail :-

IDV (Insurance Declared Value) :- 4,07,610/-
Insurance Rate 3.191%
BASIC 13,006/-
Discount (30%) -3902/- (-30%)
Basic 9,104/-
Ncb (35%) -3,186/- (-35%)
BASIC 5,918/-
Act (+800) +800
PA (+100) +100
Driver Charges (+25) +25/-
TOTAL 6843/-
Service Tax (+12.36%) +845/- (+12.36%)
Premium 7,688/-

There is a 2% discount if you have a security system (autocop etc) fitted and another 2% if you are a member of AAI - Don't forget to avail these discounts if you are eligible.

[married2speed]

There is a 2% discount if you have a security system (autocop etc) fitted and another 2% if you are a member of AAI - Don't forget to avail these discounts if you are eligible.

. Did check with the representative again. This is their last price.
Should I buy this one or shall still skim around?

[anandpadhye]

M2S,

What;s the compulsary deductible they (and you) have considered?
This is the amount that you HAVE to pay even if your claim is processed.

And generally, in case of plastics, glass, and certain others parts you do not get full 100% of the cost anyways. So you can increase the compulsary deductible and that should drastically bring down the premium.

My NHC insurance is due for renewal next month and I am going to do this.
I have observed that in case of regular accident (bumper, etc), one ends up paying @5000 from own pocket while rest is covered in the claim. I am thinking of raising my compulsary deductible to 5000.

[vipul_singh]

Hello!

My Palio's insurance was due to be renewed yesterday. I went to their (National Insurance) office, but for some odd reason, it was closed, so I could not get the policy renewed.

Can anyone guide me on the guidelines for this? That is, if the insurance office is closed on a non-gazetted holiday, and the renewal falls on the same day does the customer have to pay for re-evaluation?

[lambuhere1]

Originally Posted by anandpadhye

I have observed that in case of regular accident (bumper, etc), one ends up paying @5000 from own pocket while rest is covered in the claim. I am thinking of raising my compulsary deductible to 5000.

Anand,

What do you mean by "raising my compulsory decuctible to 5000 ? Can you kindly explain ?

Thanks

[married2speed]

What;s the compulsary deductible they (and you) have considered?
This is the amount that you HAVE to pay even if your claim is processed.

And generally, in case of plastics, glass, and certain others parts you do not get full 100% of the cost anyways. So you can increase the compulsary deductible and that should drastically bring down the premium.

I haven't asked but I can check. Thanks for putting this point across. The bloke said that the only way the insurance premium would come down would be if we were to reduce the value of the car.
As for the "claims", I thinkk plastic, glass and rubber it stands at 50% while the rest is covered under insurance.
I remember my dad's santro had an estimate of around 40K but we only paid around 6K.

I think since I don't have much time, I'd close the deal on the offer given.

Thanks for all the help guys
Cheers!
M2S

EDIT: Just got a call from the bloke - Glass and Rubber is 50%. Metal depreciation is 20%, which means that if a part cost 10K, I would have to shell out 2K for that. And Rs. 500 is the minimum deductible value. What he said what that this is the minimum amount I would have to pay in order to claim the insurance. It's like a processing charge.

[anandpadhye]

Originally Posted by lambuhere1

Anand,

What do you mean by "raising my compulsory decuctible to 5000 ? Can you kindly explain ?

Thanks

The compulsary deductible is generally Rs.500 or 1000.
There is no point in keeping it that low.

For any claim you end up paying Rs.5000 or so (from my experience).
So ask the insurrance company to set the compulsary deductible to 5000.
As their risk gets reduced, your premium gets reduced too.

[nemo]

Originally Posted by anandpadhye

M2S,

What;s the compulsary deductible they (and you) have considered?
This is the amount that you HAVE to pay even if your claim is processed.

And generally, in case of plastics, glass, and certain others parts you do not get full 100% of the cost anyways. So you can increase the compulsary deductible and that should drastically bring down the premium.

My NHC insurance is due for renewal next month and I am going to do this.
I have observed that in case of regular accident (bumper, etc), one ends up paying @5000 from own pocket while rest is covered in the claim. I am thinking of raising my compulsary deductible to 5000.

Anand that's a good point and I'm not sure many of us are aware and use this effectively to reduce the premium. Thanks for sharing.