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Old 16th July 2008, 13:21   #16
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The calculation for my Scorpio

IDV: 3,90,000

Premium: 16052
minus (20% NCB): -3210
--------------------------
12842

add : Vehicle liability : + 2500
add : Compulsory PA cover prem : + 100
add : Legal liability to driver : + 25
--------------------------
15467

add : dunno what is this : + 1912

---------
Total Premium : 17379/-

Quote:
Originally Posted by supremeBaleno View Post

3rd year insurance (Bajaj Allianz) for 2007-08 :

IDV : 4,00,000 (previous year's IDV depreciated by 15%)

Premium @ 3.44% of IDV : 13760
minus (30% discount) : - 4128
minus (25% NCB) : - 2408
-----------
7224

add : Vehicle liability : + 2500
add : Compulsory PA cover prem : + 100
add : Legal liability to driver : + 25
----------
9849
add : Service Tax @ 12.24% : + 1205
---------
Total Premium : 11054/-
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Old 16th July 2008, 14:35   #17
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Quote:
Originally Posted by gd1418 View Post
15467

add : dunno what is this : + 1912
Looks like Service Tax.

Guruji, looks like you got fleeced this time around. My mother's i10 was insured with an IDV of Rs. 3,83,000/- without an NCB (new car) and the breakup was this:

TPPD/Act: 800
Owner Driver cover: 100
Paid Driver: 25
Passengers: 250
Premium (incl. tax): 10125
-------------------------------------------------------
Total: 11,300/-

Want the Insurance advisor's number?
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Old 16th July 2008, 14:41   #18
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Quote:
Originally Posted by gd1418
add : dunno what is this : + 1912
The 1912 is the service tax @12.36% on premium amount of Rs15647.

One main reason I see for the increased amount in your case is that premium is calculated at 4.11% of IDV instead of at 3.44%. This itself increases the premium by around 2600 (pre-service tax). If calculated at 3.44% of IDV, the final premium would have been Rs.15121/-.

Plus there is no discount given.

Last edited by supremeBaleno : 16th July 2008 at 14:52.
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Old 16th July 2008, 14:59   #19
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@SB, that's not the reason, but that's how he's paying a premium on his insurance !!

@GD, can you check the premium quoted by ICICI Lombard - you can check it on-line on their web-site. Let us know.
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Old 16th July 2008, 15:16   #20
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ICICI Lombard:

Car Insurance Premium Break-Up
Model : SCORPIO TURBO 2.6 GLX 2WD 7STR
Current Show Room Price 743461
Depreciated IDV 446077
Date: 16/07/2008



A. OWN DAMAGE Basic Premium 14912

D. LIABILITY Basic Premium Including Premium For TPPD Vehicle 2500

Compulsory PA Cover For Owner Driver 100

Legal Liability To Paid Driver 25

Total (E) 125

Deduct 20 % for NCB 2982

Total Discount (B) 2982

Total Own Damage Premium (C = A - B) 11930
Total Liability Premium (F = D + E) 2625

Package Premium (G = C + F ) 14555

Service Tax 1799
Final Premium 16354



Quote:
Originally Posted by condor;905518@[B
GD[/b], can you check the premium quoted by ICICI Lombard - you can check it on-line on their web-site. Let us know.

Last edited by gd1418 : 16th July 2008 at 15:25.
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Old 16th July 2008, 15:31   #21
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They have used a higher IDV of 446077, which results in the premium of 16354.
If IDV is taken as 390000 as was in gd's case, going by ICICI's calculation, the premium would have been only 14658.

One strange thing I see is that they calculate basic premium at 3.34% which is even lesser than the 3.44% I mentioned. Hmm. So, is every insurer free to use whatever %age of the IDV they want to ?
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Old 16th July 2008, 16:20   #22
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@GD, Pls try with the specific IDV - if you can.

Also, what's the value if you use BLR instead of DEL ? Want to see if premium is affected so much by city.
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Old 16th July 2008, 17:16   #23
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We cannot specify the IDV in that site. They calculate it themselves, based on the info we give (car make, year etc).
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Old 16th July 2008, 17:20   #24
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Isnt IDV same everywhere, depending on the model & trim level ?

I can understand the possibility of calculating the premium as a higher % of the IDV, based on location. But IDV itself should be same.
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