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Old 15th June 2009, 19:05   #61
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Originally Posted by rjvora_2000 View Post
I think there is no such law which says this thing that, the vehicle has to be checked by insurance company after 5 year's or so. your IDV has to be the resale value of your car and not more then that or not less then that also.

That's reason why it is called Insured Declared Value and not the Insurance Company Declared Value or the Surveyor Declared Value or Agent Declared Value.

Only T.P. is suggested to take only after 10 year's age car's.
I beg to differ!! Please try getting a quote saying that this is for a car in its sixth year and they will ask for a checkup of the car.
Every car has been used uniquely. 5 years is a long time and there are many defects which are unforeseeable without an expert's intervention. And hence this calls for a verification. But at the same time, the cut throat competition forces the agent to sell policies by avoiding these mandates and signing off the documents saying verified. Thus the customers claim that the private insurer has been more understanding of their constraints and the Nationalized insurers ask for so many more thing. This is how the private insurers gain markets.

Theoretically speaking, IDV should be the resale value of the car. But, IDV is not the resale value of car. I have never seen or heard any one buy a used car by simply checking the IDV of the car in the latest insurance policy!
IDV is a mututally agreed value of the property, between the insurer and policy holder, which will be paid in case of total loss of the property due to a covered peril.
Ususaly, people dont expect to loose the complete property and hence they settle for a lower IDV than what they will like to sale the property for. This brings down the premium but, at the same time, almost all of the losses are still covered by the policy.

Hope I am making some sense and not confusing anyone here.

Some Start up information about Indian Car Policy:

IndiaAutomobile.com
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Old 5th July 2011, 17:15   #62
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Default Re: Insurance Renewal -- query

My car will be completing 1 yr in a couple of months so insurance renewal will be required. I got a call recently from some agency saying theyare offering discounts on insurance and as your car in approaching one, if you do it now, you can get huge discounts under the scheme. They said Reliance premium after discounts and no-clain bonus will come to around 9k. Should I really bother about this and if what is the best time frame for checking on renewal premium discounts.
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Old 29th December 2011, 16:28   #63
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Default Re: Insurance Renewal -- query

Need help!

Renewed my existing Bajaj Allianz policy online, on Monday 27th December.

The transaction went through and the amount was debited from my account, but I did not receive any confirmation email or renewal confirmation/policy from Bajaj Allianz.

Called the Bajaj Allianz 1800 number and they said they will revert, sent numerous emails until today and I get the standard 'we will revert shortly' response email.

Now my existing policy expires midnight of 30th December, that is tomorrow, and I cannot buy another policy as I dont know who is at fault and where is my money.

Spoke to my bank and they say it will take 7 working days to investigate and resolve.

I have sent my bank account statement for the period to Bajaj Allianz customer care with all transaction details of the online payment as well, await their response.

Plz advise since my car will not be covered after tomorrow.
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Old 2nd January 2012, 18:26   #64
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Default Re: Insurance Renewal -- query

Hello,

I had a query regarding auto insurance.I have two cars a 97 800 with 60% NCB (IDV 25K) and a 2007 used civic with a insurance premium of ~ 16.5 K and IDV value 5lacs.My insurance will be due around july 2012 for both cars and wanted to know how much benefit i can get if i were to transfer the existing insurance from the 800 to the civic and get a altogether new insurance premium for the 800.By transfering would i, have to cancel the insurance for the 800 and pass the NCB to the Civic?

Let me know.

thanks all
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Old 18th May 2012, 13:34   #65
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Hello guys,
I need to renew my car insurance policy. My car is 4.5 years old and no NCB have been claimed for the previous insurance year(last year). My insurance is expiring on 20th of this month. My maruti insurance (United Insurance company?) is quoting an IDV value of 1.46Lakhs and a premium of Rs.4356/- and subsequently, tata aig is quoting Rs.4371/- with IDV value of 1.56Lakhs. Is TATA AIG policy good. with claim settlement and all?

Thanks,
Ramki
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Old 19th May 2012, 14:43   #66
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Default Re: Insurance Renewal -- query

IDV can be arrived in 2 ways.
Your ex showroom value minus depreciation. And. Current ex showroom value minus depreciation.


IDV should be the cost of buying equivalent car in case of it getting totalled.
The second method takes care of inflation increase in current. Pricing for car.


Beyond 5 years, need inspection and value mutually derived.
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Old 14th September 2012, 22:38   #67
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Quote:
Originally Posted by sumeethaldankar View Post
Hello,

I had a query regarding auto insurance.I have two cars a 97 800 with 60% NCB (IDV 25K) and a 2007 used civic with a insurance premium of ~ 16.5 K and IDV value 5lacs.My insurance will be due around july 2012 for both cars and wanted to know how much benefit i can get if i were to transfer the existing insurance from the 800 to the civic and get a altogether new insurance premium for the 800.By transfering would i, have to cancel the insurance for the 800 and pass the NCB to the Civic?

Let me know.

thanks all
Hi Sumeet,

Did you finally get a good deal for your Civic? What did you settle for finally?

I am asking because I too have to renew motor insurance for my Sep 3007 Civic VMT in less than a months time. The last time it had an IDV of 600000/- with HDFC ERGO. And this time no NCB also.

What should I expect?
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Old 14th September 2012, 22:47   #68
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Originally Posted by skdking View Post
Hi Sumeet,

Did you finally get a good deal for your Civic? What did you settle for finally?

I am asking because I too have to renew motor insurance for my Sep 3007 Civic VMT in less than a months time. The last time it had an IDV of 600000/- with HDFC ERGO. And this time no NCB also.

What should I expect?
I bought from SBI IDV 5 lacs , 20% ncb still it came to 10,800 bucks.You could try several other insurance cos SBI,L&T,Bajaj etc.Tell them your HDFC quote and see if they are able to reduce the premium.
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Old 14th September 2012, 23:05   #69
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Quote:
Originally Posted by sumeethaldankar View Post
I bought from SBI IDV 5 lacs , 20% ncb still it came to 10,800 bucks.You could try several other insurance cos SBI,L&T,Bajaj etc.Tell them your HDFC quote and see if they are able to reduce the premium.
Did you buy it online?

My IDV does not go below 600000/- with any company. Last year too it was 600000/-. How did you manage to get 500000/-.

For me no NCB.

Can you please share some details of your policy which can be used as bargaining chip by me.
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Old 15th September 2012, 15:22   #70
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Quote:
Originally Posted by skdking View Post
Did you buy it online?

My IDV does not go below 600000/- with any company. Last year too it was 600000/-. How did you manage to get 500000/-.

For me no NCB.

Can you please share some details of your policy which can be used as bargaining chip by me.

Here you go

Age Of Driver Taken 33 years
Date Of Registration 10/1/2007
I D V of Vehicle 5,05,000
NCB(%) 20%
Profile Based Pricing Actual age considered
OD Premium Rs.7,322.96
Legal Lib to Driver Rs.25
3rd Party Lib Rs.2,853
PA 2lakh to Owner Driver Rs.100
Optional PA(50,000) to UP Rs.125
Service Tax Rs.1,278
Insurance Premium Rs.11,615
Final premium after discount adjustment Rs 10801/-

Previously i had Future Generali as the insurer and IDV was 500000 with premium ~16500 ,clearly a case of day light robbery.At SBI i managed to keep IDV same at 500000 and also paid a lower premium.I was given the option to keep IDV higher but the premium would have been higher as well so opted for 500000 only.If i had known other insurers would have given me a better deal and a better IDV value i would have gone with them instead of Future Generali

Last edited by sumeethaldankar : 15th September 2012 at 15:26.
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Old 20th September 2012, 22:14   #71
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Quote:
Originally Posted by sumeethaldankar View Post
Here you go

Age Of Driver Taken 33 years
Date Of Registration 10/1/2007
I D V of Vehicle 5,05,000
NCB(%) 20%
Profile Based Pricing Actual age considered
OD Premium Rs.7,322.96
Legal Lib to Driver Rs.25
3rd Party Lib Rs.2,853
PA 2lakh to Owner Driver Rs.100
Optional PA(50,000) to UP Rs.125
Service Tax Rs.1,278
Insurance Premium Rs.11,615
Final premium after discount adjustment Rs 10801/-

Previously i had Future Generali as the insurer and IDV was 500000 with premium ~16500 ,clearly a case of day light robbery.At SBI i managed to keep IDV same at 500000 and also paid a lower premium.I was given the option to keep IDV higher but the premium would have been higher as well so opted for 500000 only.If i had known other insurers would have given me a better deal and a better IDV value i would have gone with them instead of Future Generali
Hi there,

Thanks a lot.

I am placing the details of the offer made to me by SBI General below: -

SBI Motor Premium Policy
Type Package Policy
Make & Model HONDA CIVIC 1.8 VMT
Eligible NCB 0%
User IDV of the Vehicle 560000
Own Damage Basic Premium 7,420
Basic Third Party Liability Premium 2853.00
Legal Liability to Driver. (Enter no of paid drivers) 50.00 PA 2 Lakh Cover to Owner Driver 100.00
Total Third Party Liability Premium 3003.00
Road side Assistance 130
Gross Premium 10,553
Service tax 1,304
Final Premium (inclusive of all taxes) 11,857

Looks fairly decent. But no final discount for me, unlike you?

Any comments, Sumeet? Others are also invited to give their opinion.

Thanks in advance.

Last edited by skdking : 20th September 2012 at 22:16.
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Old 22nd September 2012, 09:10   #72
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Quote:
Originally Posted by skdking View Post
Final Premium (inclusive of all taxes) 11,857
Seems decent to me.Ask SBI where they have tie-ups etc at HASS or workshops close to where you stay.Also pit this quote with other insurers and see if you can bargain.
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Old 18th November 2012, 18:56   #73
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Hello guys,
Insurance for my i20, with following details, is due for renewal on 24 th of this month.
Insurer: Bajaj Allianz (online renewal)
Model: Sportz
DOP: Nov 2010
IDV: 4,00,500/-
Ncb: 0 %(met with an accident last year.Total damage-70k. Insurance share-50k)
Insurance premium quote: 12,052/-

Had few queries in this regard:
1. Isn't the premium slightly on higher side?
2. Is it possible to further bargain on this quote?
3. Any advantages if I change the insurer now in terms of lower prenium?If yes what are my other options who have a tie up with Hyundai.( I know it might not be ethical on my part to change the insurer now after making a claim last year, but just checking the possibilities)

Above mentioned quote is for online renewal.
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Old 28th November 2012, 06:36   #74
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Quote:
Originally Posted by Me-hul
Hello guys,
Insurance for my i20, with following details, is due for renewal on 24 th of this month.
Insurer: Bajaj Allianz (online renewal)
Model: Sportz
DOP: Nov 2010
IDV: 4,00,500/-
Ncb: 0 %(met with an accident last year.Total damage-70k. Insurance share-50k)
Insurance premium quote: 12,052/-

Had few queries in this regard:
1. Isn't the premium slightly on higher side?
2. Is it possible to further bargain on this quote?
3. Any advantages if I change the insurer now in terms of lower prenium?If yes what are my other options who have a tie up with Hyundai.( I know it might not be ethical on my part to change the insurer now after making a claim last year, but just checking the possibilities)

Above mentioned quote is for online renewal.
I have no idea how it is turning out to be 12k for 3rd year insurance. I paid 12040 for 2nd yr insurance for my i20 which included 0 depreciation but however, I had a NCB. IMO the quote is still very high.

Last edited by Pancham : 28th November 2012 at 06:37.
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Old 28th November 2012, 08:30   #75
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Quote:
Originally Posted by Me-hul View Post
Had few queries in this regard:
1. Isn't the premium slightly on higher side?
2. Is it possible to further bargain on this quote?
3. Any advantages if I change the insurer now in terms of lower prenium?If yes what are my other options who have a tie up with Hyundai.( I know it might not be ethical on my part to change the insurer now after making a claim last year, but just checking the possibilities)
1. The premium looks slightly a bit on the higher side, can you provide what other quotes have you got?
2. None of the Insurers entertain any bargaining for online policies, the only option to reduce the premium is to opt for Voluntary payment.
3. Absolutely you can change to a different Insurer qoting lower premium, nobody can stop you. Just check out with Hyundai w/s for Insurers with whom they have a cashless settlement tie up and get a quote from those Insurers. Ditch the doubt of ethics, its your monely you are saving.
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