Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 28th November 2012, 12:13   #76
BHPian
 
Join Date: Jul 2010
Location: Bangalore
Posts: 99
Thanked: 13 Times
Default Re: Insurance Renewal -- query

Quote:
Originally Posted by Pancham View Post
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.
Quote:
Originally Posted by ghodlur View Post
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.

Went ahead with Bajaj Allianz only.
Other reliable option,IMO was Tata Aig but Hyundai did not have cashless transaction with them.
Me-hul is offline   Reply With Quote
Old 3rd January 2013, 11:49   #77
BHPian
 
Join Date: Nov 2007
Location: chennai
Posts: 88
Thanked: 0 Times
Exclamation Re: Insurance Renewal -- query

Hello,

My 2006(December) Getz GVS is due for insurance renewal and HDFC quotes an IDV of 1.28L with 20% NCB which appears too low for me.

New India Assurance offers IDV of 1.8L for a increased premium.

Does low IDV value affect the resale value of a car(assumed other car condition is good)

Do suggest if its worth trying other companies for increased IDV value.

Thanks
sathya_j2084 is offline   Reply With Quote
Old 3rd January 2013, 13:01   #78
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,041
Thanked: 2,086 Times
Smile Re: Insurance Renewal -- query

Quote:
Originally Posted by sathya_j2084 View Post
My 2006(December) Getz GVS is due for insurance renewal and HDFC quotes an IDV of 1.28L with 20% NCB which appears too low for me.

New India Assurance offers IDV of 1.8L for a increased premium.

Does low IDV value affect the resale value of a car(assumed other car condition is good)
Resale value of the car is no way related to the IDV. Increased IDV is more helpful only in case of theft or Total Loss. Since you car is more than 5 years old the IDV is to be mutually agreed between you and the Insurer. Opt for an Insurer who has a cashless tie up with the workshop where you get the Getz serviced.
ghodlur is offline   Reply With Quote
Old 14th January 2013, 21:44   #79
BHPian
 
Dhams's Avatar
 
Join Date: Nov 2009
Location: Oil city-Jamnagar
Posts: 94
Thanked: Once
Default Re: Insurance Renewal -- query

5 yr old Car.

Renewal notice quote received from ICICI Lombart- Rs.5600/-
When checked online ICICI offers me - Rs.4700/-
And when checked online Bajaj, got Rs.3400/-

Features, benefits etc etc compared at par!

Wondering what business is going by insu company though!

Should I go with Bajaj and save few bucks for some other works!
Dhams is offline   Reply With Quote
Old 14th January 2013, 21:58   #80
BHPian
 
byomjeet's Avatar
 
Join Date: Jul 2012
Location: Bhubaneswar
Posts: 121
Thanked: 59 Times
Default Re: Insurance Renewal -- query

Quote:
Originally Posted by Dhams View Post
5 yr old Car.

Renewal notice quote received from ICICI Lombart- Rs.5600/-
When checked online ICICI offers me - Rs.4700/-
And when checked online Bajaj, got Rs.3400/-

Features, benefits etc etc compared at par!

Wondering what business is going by insu company though!

Should I go with Bajaj and save few bucks for some other works!
Hi,

Please don't check the rates online to take a decision. Get in touch with the insurance company agents/representatives, ask them for quotes and tell them that you have asked for quotes from other companies also.

You will get a very good price for this renewal.

All the best.

Regards.
byomjeet is offline   Reply With Quote
Old 14th January 2013, 23:07   #81
BHPian
 
Dhams's Avatar
 
Join Date: Nov 2009
Location: Oil city-Jamnagar
Posts: 94
Thanked: Once
Default Re: Insurance Renewal -- query

byomjeet : Local agents generally ask premium with making marketing gimmic on local support etc etc

Not sure offline (local) purchase is more cheap with good local support compare to direct online purchase or not?
Dhams is offline   Reply With Quote
Old 18th February 2013, 13:31   #82
BHPian
 
Altocumulus's Avatar
 
Join Date: Jan 2012
Location: BLR / KOL
Posts: 605
Thanked: 546 Times
Default Re: Insurance Renewal -- query

The insurance for my 2007 Esteem Vxi is due for renewal next month.

Royal Sundaram (existing insurer) has calculated the IDV to be 162000/- and a premium of Rs 5864.
Bajaj Allianz has offered an IDV of 235000/- with a premium of Rs 5600 + some added benefits.

Both have tie ups with the workshop I take my car to but I am skeptical about the difference in IDVs. However a point to be noted is that when I bought the car last year Royal Sundaram had calculated the IDV to be over 2 Lakhs. But since I bought the car for 1.4L, I had asked them to bring in down to 1.8L and save on the premium.

Now looking at the quotes to be nearly the same, is it okay to switch to Bajaj Allianz since they are offering a much higher IDV ?
Altocumulus is offline   Reply With Quote
Old 7th March 2013, 20:38   #83
BHPian
 
Farukh's Avatar
 
Join Date: Jul 2012
Location: Hyderabad
Posts: 76
Thanked: 41 Times
Default Re: Insurance Renewal -- query

My car's insurance(ICICI Lombard) expires on 30th March. I will renew it online in advance, lets say on 10/3 and the new policy (may be ICICI Lombard or some other) will be effective from 31st March. I will also claim NCB. But what if my car meets with an accident on 15/3 and I need to claim the cost of repair? I will obviously want to claim the cost of repair from the existing policy. I want to know if it has any implications.

Before you ask, yes, devil mind is at play.
Farukh is offline   Reply With Quote
Old 12th March 2013, 10:16   #84
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,041
Thanked: 2,086 Times
Smile Re: Insurance Renewal -- query

Quote:
Originally Posted by Farukh View Post
My car's insurance(ICICI Lombard) expires on 30th March. I will renew it online in advance, lets say on 10/3 and the new policy (may be ICICI Lombard or some other) will be effective from 31st March. I will also claim NCB. But what if my car meets with an accident on 15/3 and I need to claim the cost of repair? I will obviously want to claim the cost of repair from the existing policy. I want to know if it has any implications.

Before you ask, yes, devil mind is at play.
Even if you renew the policy and want to claim the insurance before the current policy expires, you can do so. The only point here is the Insurance co will ask you to pay the NCB difference which you had claimed during the renewal. The regulation reg NCB says that you are eligible for NCB if you dont claim for 12 months or policy year.

The best solution would be take the NCB advantage for the insurance renewal but claim in the next policy year instead of existing. Hope this helps.
ghodlur is offline   (1) Thanks Reply With Quote
Old 12th March 2013, 14:56   #85
BANNED
 
Join Date: Jul 2009
Location: roaming
Posts: 134
Thanked: 14 Times
Default Re: Insurance Renewal -- query

Hi,

My March 2011 Figo Titanium D is up for renewal on the 17th this month, With a current IDV of 4,81,000/- the insurance company (Iffco) is offering an IDV of 4,33,000/- and a premium of 14,000/- to renew the policy (it's a zero dep ford prefferred insurance). No claims have been made in the so far.. I'm worried about the IDV falling too low for a car I bought for 6 Lakhs exactly 2 years ago.. Would appreciate some help from the forum. If want to have the IDV increased, how does the calculation work..? i.e. how much one pays for an increase of say 10,000/- on the IDV..
ridinthru' is offline   Reply With Quote
Old 12th March 2013, 16:25   #86
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,041
Thanked: 2,086 Times
Smile Re: Insurance Renewal -- query

Quote:
Originally Posted by ridinthru' View Post
Hi,

My March 2011 Figo Titanium D is up for renewal on the 17th this month, With a current IDV of 4,81,000/- the insurance company (Iffco) is offering an IDV of 4,33,000/- and a premium of 14,000/- to renew the policy (it's a zero dep ford prefferred insurance). No claims have been made in the so far.. I'm worried about the IDV falling too low for a car I bought for 6 Lakhs exactly 2 years ago.. Would appreciate some help from the forum. If want to have the IDV increased, how does the calculation work..? i.e. how much one pays for an increase of say 10,000/- on the IDV..
Ideally your IDV for the next year should be 461000/- something. You can ask Iffco about the same and the premium to be charged accordingly icluding for the zero dep. Does Iffco tokio has online renewal option? If so try increasing the IDV online and check the premium. If Ok, you can renew online.

Please note that the IDV depreciation should be inline with the IRDA regulations. If you feel Iffco is not offering a good deal, switch to other insurance co with which Ford has cashless tie up. There are Royal Sundaram, Future Generali, Bajaj allianz, new India Assurance naming a few.
ghodlur is offline   (1) Thanks Reply With Quote
Old 12th March 2013, 16:49   #87
BANNED
 
Join Date: Jul 2009
Location: roaming
Posts: 134
Thanked: 14 Times
Default Re: Insurance Renewal -- query

Thanks for the info.. will check policy bazaar in a while too
ridinthru' is offline   Reply With Quote
Old 22nd March 2013, 10:41   #88
BHPian
 
nettooran's Avatar
 
Join Date: May 2012
Location: Cochin
Posts: 102
Thanked: 112 Times
Default Re: Insurance Renewal -- query

Presently I have my car insured with ICICI Lombard. The renewal is due in another 3 weeks. ICICI have given me a quote of about 13.5 k with an option of 2.5 % discount if paid online. that comes to about 12.8k. However, when i checked the online portal for ICICI and gave the option as new policy, I could get a quote for less than 10k (after giving same details), that too for a higher IDV.

Would there be any complications if I go for the new policy from same provider. While filling up the online form, I was asked if my present insurance provider is ICICI and I filled in negative. will this cause any issues at later stage?
nettooran is offline   Reply With Quote
Old 22nd March 2013, 13:11   #89
Newbie
 
Join Date: Dec 2012
Location: Greater Noida
Posts: 20
Thanked: 17 Times
Default Re: Insurance Renewal -- query

One year old Fiat Punto.

My insurance was from Future Generali which was done directly by the dealer.

Now I got delivery of the car on 23rd march'12 ; so I was under the impression that my insurance will expire on 22nd midnight. But when I checked it today, it had already expired on 19th midnight!

Now according to Future Generali people and others with whom I spoke, I cannot renew the insurance online and will have to visit a branch where car inspection will be done.

The twist is - I have a dent on one of the doors which I could not get repaired due to busy schedule and now my insurance has lapsed. And since this requires an inspection before the new insurance, it'll come to their notice and I'm guessing they won't pay for it.

What should be the best way to get out of this? Please help, guys!
Hulk is offline   Reply With Quote
Old 22nd March 2013, 14:35   #90
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,041
Thanked: 2,086 Times
Smile Re: Insurance Renewal -- query

Quote:
Originally Posted by Hulk View Post
Now I got delivery of the car on 23rd march'12 ; so I was under the impression that my insurance will expire on 22nd midnight. But when I checked it today, it had already expired on 19th midnight!
Now according to Future Generali people and others with whom I spoke, I cannot renew the insurance online and will have to visit a branch where car inspection will be done.
The twist is - I have a dent on one of the doors which I could not get repaired due to busy schedule and now my insurance has lapsed. And since this requires an inspection before the new insurance, it'll come to their notice and I'm guessing they won't pay for it.
Partly you are to be blamed for overlooking the Insurance expiry date, Insurance is always taken before the car is registered. Suggest you to swallow the bitter pill and take the car to the FG office for inspection. The dent is not going to make any huge dent in the Insurance premium, so relax. Most Insurers ask the vehicle inspection as a formality. So try some sweet talking to the FG people and you might be issued an insurance without any penalty. I am sure you will mark the Insurance renewal date in your calendar with a big alarm.
You can think about repairing the dent after the Insurance policy is issued.
ghodlur is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance renewal : IDV confusion and more ... meerkat Indian Car Loans & Insurance 22 3rd March 2017 08:12
Accent Viva CRDi Insurance Renewal : Confusing Quotations mobike008 Indian Car Loans & Insurance 10 23rd September 2008 20:49
Renewal of Insurance Policy jp1 Indian Car Loans & Insurance 9 11th February 2008 12:25


All times are GMT +5.5. The time now is 13:27.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks