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Old 18th July 2008, 22:26   #31
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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.
You are welcome.
Hope this works for everyone.

I will post how it goes for me once I have the quote from Bajaj Allianz in hand.
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Old 22nd July 2008, 18:04   #32
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Hi anandpadhye,

Maybe a silly question but does the deductible take effect AFTER the bits we have to bear anyway or BEFORE?

Say for example someone rear-ends my Aveo. I receive an estimate of 20k of which the insurer will bear only 17k with rest being the depreciation on bumpers/plastic/rubber items etc. Now if I have signed up for a voluntary deductible of 5k, how much will I end up paying? 12k (17-5) or 15k (20-3-2)?

If I did NOT have any voluntary deductible, I would have had to pay only the statutory 0.5k plus the 17k. But what if I HAD 5k deductible? I have (touchwood) obviuosly never claimed my insurance yet so don't know the voluntary ded. concept!

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Originally Posted by anandpadhye View Post
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.

Last edited by itwasntme : 22nd July 2008 at 18:08. Reason: Typo
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Old 23rd July 2008, 00:08   #33
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Originally Posted by itwasntme View Post
Hi anandpadhye,

Maybe a silly question but does the deductible take effect AFTER the bits we have to bear anyway or BEFORE?

Say for example someone rear-ends my Aveo. I receive an estimate of 20k of which the insurer will bear only 17k with rest being the depreciation on bumpers/plastic/rubber items etc. Now if I have signed up for a voluntary deductible of 5k, how much will I end up paying? 12k (17-5) or 15k (20-3-2)?

If I did NOT have any voluntary deductible, I would have had to pay only the statutory 0.5k plus the 17k. But what if I HAD 5k deductible? I have (touchwood) obviuosly never claimed my insurance yet so don't know the voluntary ded. concept!

Good question. Here is what I have heard:

My understanding is if 20K is the damage and if they are going to bear only 17K out of it, which means they already deducted 3K, so if your deductible was 5K, they will only bear 15K. So by increasing your deductible you loose during the claim but that's compensated upfront by a lower premium.

But, let me get this confirmed from my insurrane agent when I finalise my deal soon. Till then, this is what he has told me verbally.
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Old 24th July 2008, 18:22   #34
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Default Query on changing the insurance company

I own a Getz Prime GLE (1 year old).
I had my previous insurance with Reliance, but this time I went with Tata AIG as they called me well in advance and they were giving me few offers like Goa Trip and a discount of 1000 bucks. My total premium turned out ro be 6k+ while Reliance had mentioned around 9k. (But the IDV was more for reliance).
I am not sure whether I made the right decision.
Moreover, I received a letter from Trident Hyundai mentioning that there are many companies that gives a lot of offers but when it comes to the time for a claim, the customer is going to face difficulties or loose money if the insurance company doesnt have a tie up with Hyundai or the dealer.
BHP-ians, could you please give your comments on this?
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Old 25th July 2008, 15:00   #35
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Did you get the Goa trip etc from TATA AIG or an agent? As far as I know, most agents are offering freebies etc if you renew through them. Go through your new policy in detail and confirm that there are no unwamted exclusions or voluntary deductibles thereby lowering your premium.

Ignore Trident's letter - they just want you to renew through THEM and trying to scare you. If you really have the time, meet someone senior at the dealer and ask him WHICH insurance companies to avoid and WHAT is the tie-up being discussed? Is he talking cashless? Most (and definitely TATA AIG) will have that. Pure scaremongering which makes gullible owners stick the Trident thereby ensuring THEIR insurance commission.

Even my financing bank (IOB) tried the same trick with me :-)
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Old 25th July 2008, 17:14   #36
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Go through your new policy in detail and confirm that there are no unwamted exclusions or voluntary deductibles thereby lowering your premium.
Thanks for your comments. Could you please explain the above in detail? My knowledge on insurances is very poor.
I went through an agent. I am sure only they will give such kind of offers. De you see any problem if we go through agents?

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Is he talking cashless?
If what you meant is repairs done without paying any cash (I am not very familiar with this terminology) by the customer and insurance company taking care of it, I think thats what Trident has mentioned in the letter, that the customer might have to do it if they dont have a tie up.
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Old 25th July 2008, 17:29   #37
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Just checked, my car insurance is expiring tomorrow midnight and I have scheduled the car servicing for tomorrow at Metro Ford. There are some agents there for bajaj alliance, icici etc. My question is how much should I expect the premium to be? The car in question is Ford Ikon and its 3 years old.

Carwale puts the value of the car at Rs 307600. Should I stick with Bajaj Alliance or are other guys providing good/better deals?

Last edited by sammyboy : 25th July 2008 at 17:33.
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Old 26th July 2008, 00:13   #38
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Bajaj Alliance is good. Also check out ICICI Lombard's online premium calculator as well as InsurancePandit - Compare & buy Travel Insurance, Overseas Medical, health Insurance, Car Insurance , Visitor Insurance, Life, Fire in India. and Insurance Mall - Compare & BuyNow Indian Health, Mediclaim, Car, Travel, Life Insurance €“ InsuranceMall.in. - you can get an indication of what to expect.

Last edited by itwasntme : 26th July 2008 at 00:15. Reason: Typo
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Old 21st October 2008, 18:51   #39
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I have insurance for my Santro (provided by dealer when buying the car last year) with Cholamandalam. There are no claims made so far. It is new for renewal in three weeks. The dealer has sent a quote from them for Rs. 7854.
Could any one tell how Cholamandalam is? Should I continue with them or change?
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Old 22nd October 2008, 10:23   #40
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Damn, is insurance expensive for older cars or wot?! My Jeeps policy is up for renewal. Due to the engine size (2500cc), the third party alone is 2,500 bucks. Comprehensive may probably work out to 4,000 bucks for a car whose book value is only 50,000!! This is with a 65% no claim bonus. Compare that to my OHC Vtec, also enjoying 65% NCB, whose premium is less than 6,000. For a book value of 9 times.
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Old 1st November 2008, 10:57   #41
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I have insurance for my Santro (provided by dealer when buying the car last year) with Cholamandalam. There are no claims made so far. It is new for renewal in three weeks. The dealer has sent a quote from them for Rs. 7854.
Could any one tell how Cholamandalam is? Should I continue with them or change?
Cholamandalam is a good company. I am agent for them. but still i will advice you to ask from the other company for the quot as well, You will get the lower quot as well.
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Old 7th November 2008, 18:48   #42
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Thanks rjvora. The other companies quotes were around the same amount. Varied by a couple of hundreds depending on the IDV they use. I have given a cheque to Cholamandalam itself for renewal.
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Old 17th December 2008, 20:09   #43
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Default Suggestions required for Car insurance renewal

Hello guys. My car is due for insurance renewal in Jan 2009. I currently have the insurance with Icici Lombard and the IDV is Rs 683000. I got an online quote for the renewal and the IDV is Rs 575600. The premium is going to be Rs 15408. The renewal amount arrived at is after deducting 20% NCB.

Please advice if this a fair deal or should i go in for a different insurance provider or bargain with Icici guys. What should i bargain for? Less premium, more IDV or both? Please put it across in simple terms. I am a nut when it comes to these kind of issues.
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Old 18th December 2008, 10:29   #44
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Hello guys. My car is due for insurance renewal in Jan 2009. I currently have the insurance with Icici Lombard and the IDV is Rs 683000. I got an online quote for the renewal and the IDV is Rs 575600. The premium is going to be Rs 15408. The renewal amount arrived at is after deducting 20% NCB.

Please advice if this a fair deal or should i go in for a different insurance provider or bargain with Icici guys. What should i bargain for? Less premium, more IDV or both? Please put it across in simple terms. I am a nut when it comes to these kind of issues.
Deprecation is more then 15% which is high. Please ask them to give you calculation on Rs. 6,14,700 which is 10% down then your last year value. Please tell me which is the car and what you have paid last year, i will calculate the new premium and give you.
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Old 18th December 2008, 12:45   #45
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ICICI are not considered to be the best in motor insurance.
If you dont have a pressing reason, try getting some quotes from Bajaj allianz, Tata AIG, Royal sundram and Reliance. AFAIK these 4 insurance and numerous others are rated better than ICICI when it comes to claims.

Regards,
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