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Old 31st August 2013, 13:27   #106
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
Ideally the IDV is calculated as a depreciated percentage based on the years of ownership of the current ex showroom cost of the car model variant. But its been a illegal practice of Insurers and dealers to use every other calculation in the book other than the legal one. Hence the various IDV values and corresponding premiums. Dealers give variety of IDV options depending upon the commission they get from the Insurers. Insurance co on the other hand want to bring new customers, hence they offer lower premiums. And what the ICICI guy said about total loss is BS, dont listen.

A suggestion - stay away from ICICI.

Thanks. I have got similar advise from a friend who is into general insurance sector.

I have requested quotes from different insurance companies for my car insurance renewal. (royal sundaram, chola ms, etc.)

Will post the same once I have them to take a final call.

Any suggestions which Insurance provider to prefer.

For my previous car I stuck with Reliance General Insurance. During that period I even had a claim which was processed smoothly.

I get my car serviced at HASS, so almost all insurance provider have tieup with them for cashless as it is Hyundai owned service station. I am absolutely sure about reliance and ICICI having cashless tieup with them.

Cheers..!!
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Old 9th November 2013, 17:13   #107
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Default Re: Insurance Renewal -- query

Hi all,
My 2011 Jazz is up for Insurance renewal. I usually opt for Zero depreciation Policy and go with the dealer policy. Last year I had paid Rs 3990/- for the zero depreciation add-on. This year quote, zero depreciation add-on rate has been increased to Rs 4556/- .Both are from Bajaj Allianz, My question is

1) Does the zero depreciation add on price increases year on year with the age of the vehicle?
2) Is there a way I can buy comprehensive from the dealer and buy the add-on package from Bajaj Allianz directly, if buying the add-on coverage from Bajaj Allianz directly is cheaper?
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Old 11th November 2013, 08:46   #108
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Quote:
Originally Posted by Wall-e View Post
Hi all,
1) Does the zero depreciation add on price increases year on year with the age of the vehicle?
2) Is there a way I can buy comprehensive from the dealer and buy the add-on package from Bajaj Allianz directly, if buying the add-on coverage from Bajaj Allianz directly is cheaper?
1) The add on options are subject to the Insurer who may increase the price based on the various factors best known to them. IRDA has no regulation on the add on schemes.
2) I doubt if you can do that, worth checking with BA about the same.
Are you fixated with BA, there are lot more players in the market who can offer better rates to get business from you.
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Old 23rd July 2014, 18:46   #109
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Default Re: Insurance Renewal -- query

My 2010 1.2 Figo's Insurance renewal is coming up next month.

I will be doing it online with Bajaj Insurance and they have calculated the IDV to be at 210000, which is system generated.

I would like to know how this is calculated and what is the yearly depreciation on this model so I could do the calculation myself. The range provided in the website is between 2l-4l.


Thanks for any inputs.
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Old 1st November 2014, 21:56   #110
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Default Re: Insurance Renewal -- query

My Punto's (90HP Sports - Nov 2012 registered) insurance is due for renewal this month and the current policy is from Royal Sundaram (RS)(bumber-to-bumper with IDV of 6.9 Lakhs - IDV is tad higher than other company offerings. But I settled the deal since it was much better than those of other companies.). The renewal quote from RS is for an IDV of 5.25 lakhs and the premium I have to pay is a little less than 14K. The problem though I have here is:
1) FIAT is not listed under Cashless workshop brands in Bangalore - not sure why. Last year, as I remember, RS was fine with any workshops we choose for cashless settlement.
2) RS doesn't give an option to increase IDV during renewal - I confirmed this with their call center.

Can any one help me on the above two issues? Especially if any of the FIAT Bangalore owners have bought/renewed policies from RS.
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Old 2nd November 2014, 10:59   #111
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Default Re: Insurance Renewal -- query

Ever since I bought the Yeti I ve been with Bajaj Allianz. I also have a Zero Dep policy additional.

Im wondering is it worth moving to some other Insurer now, three years down the line?

There don't seem to be any special prices available at all - Ive been checking.

The renewal is slated for later this month so Im just thinking aloud.
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Old 5th November 2014, 21:01   #112
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Default Re: Insurance Renewal -- query

Hi,

I have to renew the insurance for my BMW 3 series by this month end and was looking for quotes on Policybazaar. The sales rep from the company called me today to confirm the details and wanted the existing policy number of the car. Is it ok to share the same with him? I don't remember them asking me for my policy number the last time I got my Altis insurance renewed from Policybazaar 2 months back.
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Old 13th November 2014, 23:22   #113
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Default Re: Insurance Renewal -- query

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Originally Posted by drmohitg View Post
Hi,

I have to renew the insurance for my BMW 3 series by this month end and was looking for quotes on Policybazaar. The sales rep from the company called me today to confirm the details and wanted the existing policy number of the car. Is it ok to share the same with him? I don't remember them asking me for my policy number the last time I got my Altis insurance renewed from Policybazaar 2 months back.

drmohitg

Its not an issue at all. Which insurance are you with presently and hope you are on a zero dep policy. I had a bike bang into my rear of my bmw, unfortunately I wasnt covered by the zero dep.........
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Old 14th November 2014, 15:08   #114
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Default Re: Insurance Renewal -- query

My Fiestas insurance is up for renewal this month. CUrrently on SBI General.
Now, I get 2 different quotes from the same company.
The head office quotes 8600 off for IDV of 3.86l while the office which insured me quotes 8000 for 4.5l !

Last edited by glenmz : 14th November 2014 at 15:13.
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Old 14th November 2014, 15:13   #115
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Default Re: Insurance Renewal -- query

I am due for renewal of my car insurance in a couple of months. I am looking at changing my car hence wanted to know if I can get a NCB withdrawn from the current car but still renew the insurance for comprehensive rather than 3rd party. Please let me know the process involved in doing the same.

This is needed as I want to retain my current car too.
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Old 14th November 2014, 16:26   #116
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Default Re: Insurance Renewal -- query

In Hyderabad, I have seen Insuarance renewal points at some of the petrol stations. Is it advisable to approach them for my bike insuarance and close the deal if the offer is good?
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Old 14th November 2014, 16:50   #117
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Smile Re: Insurance Renewal -- query

Quote:
Originally Posted by glenmz View Post
Now, I get 2 different quotes from the same company.
Compare the like to like sections of both the quotes. Probably either of them has an old non updated database for premium & IDV calculation.

Quote:
Originally Posted by DieselFan View Post
I am looking at changing my car hence wanted to know if I can get a NCB withdrawn from the current car but still renew the insurance for comprehensive rather than 3rd party.
Yes, it can be the case. You need to contact the Insurance co of existing car for a NCB letter which you can use during buying the Insurance for new car. You can still continue with a comprehensive insurance coverage for your old car. Many a times the Insurance co dont hand over the hard copy unless you sell the car but a letter for your situation can help. Do let us know how you went about.

Quote:
Originally Posted by JoseVijay View Post
In Hyderabad, I have seen Insurance renewal points at some of the petrol stations. Is it advisable to approach them for my bike insurance and close the deal if the offer is good?
If the point is by the Insurance co themselves, then probably yes. If its agents then No. You are better off with renewing at the Insurance office or on their website.
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Old 14th November 2014, 17:18   #118
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
If the point is by the Insurance co themselves, then probably yes. If its agents then No. You are better off with renewing at the Insurance office or on their website.
I don't think they belong to any insurance company. As you said, may be, they are agents. Will follow your advise and renew my bike's insurance at the Insurance office. Thanks.
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Old 14th November 2014, 18:44   #119
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Default Re: Insurance Renewal -- query

Guys

If you happen to sell your car , claim a NCB certificate from the insurer and transfer it to to your new insurance. The insurance guys will not accept it initially for they loose money on it.

I transferred my Sonata 45% NCB to my new delivery Mercedes E class... Thats 45% off on 189000. Thats a big saving...
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Old 27th November 2014, 14:38   #120
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Default Re: Insurance Renewal -- query

My Skoda Rapid TDI Elegance 2011 insurance is up for renewal. Here are the quotes I have got for zero dep. insurance policy
Insurance quotes I have got for IDV : 7,09,943/- with 35% NCB are as follows
Future General: 20,714/-
Bharati Axa: 21,870/-
HDFC: 24,560/-
Tata AIG: 21,540/-

I have my current policy with TATA AIG. Should I simply continue with them? Any inputs are appreciated.

Last edited by hillsnrains : 27th November 2014 at 14:39. Reason: typo's
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