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Old 17th September 2008, 12:57   #1
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Default Accent Viva CRDi Insurance Renewal : Confusing Quotations

I am about to renew my car's 2nd year insurance at the end of this month. I am getting confusing quotes from various institutions

ICICI

IDV Value : 4,00,000
Premium : Rs.9660

Tata AIG

IDV Value : 5,53,000
Premium : Rs.10,800

Btw, there is no claim during the past year. Hence, NCB applies. My query is why the varying quotes with different IDV values?

Also, when i checked with Tata AIG and told them about the quote from ICICI. For an IDV value of 4,30,000 they quoted a premium of only Rs.7000 odd rupees. And, Tata is even offering 2 coupons worth 3K each valid for one year which can be used for "Free Denting and Painting and some other service which i didn't pay attention to while the executive told me on phone"

I am confused by this different style of quotation. Please let me know what should be the IDV value of the car and approximate premium for the same? Any other current offers that are prevalent that i can avail?
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Old 18th September 2008, 12:44   #2
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I had the same problem with ICICI, they always under quote the IDV so the premium is low and customers would take their offer. If you ask me I would go with a higher IDV as the 1170 rs is too small when compared to an eventuality where the difference is 1.53 lakhs.

Plus if Tata is offering 2 coupons worth 6K its a cool deal, you can even give to friends if u dont need at a nominal cost. But with current situation take a health check on AIG thought I wont be extremly worried about them.
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Old 18th September 2008, 12:51   #3
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Try checking bajaj allianz. It is good and you can renew it online in future.
For my Getz petrol i yera old i got 20% NCB plus 20% more as i switched from oriental insurance.
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Old 18th September 2008, 12:57   #4
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I would anytime stay away from ICICI. You can go with TATA AIG. Actually the higher IDV will really help you.
The second hand car loan is calculated based on IDV I guess. So, its helpful in all ways.
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Old 18th September 2008, 13:07   #5
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I'm moving away from ICICI Lombard.

ICICI Lombard :
* Will insure cars upto 4 yrs only.
* If you sell your car, you can only transfer the balance premium to another car you buy. They say no refunds of balance, and no transfer to the new owner.
* And, no benefits of being a customer for other ICICI services. This would have been helpful to retain customer loyalty.
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Old 18th September 2008, 13:19   #6
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Thanks Guys, Even i have had terrible experiences with ICICI in the past and have the faintest inclination of again getting into their trap.

I am liking the offer of Tata AIG but, only concern is regarding the huge mess they are into and what if their will be any implications on individuals like us.

I will check a few other folks and will decide accordingly. Any specific offers known to anybody from any other institution, do me know.
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Old 18th September 2008, 13:28   #7
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Check which Insurance company has a tie up with your regular Hyundai A.S.S.
So,in the eventuality of an accident, you can do a cashless claim at your trusted A.S.S.
Moreover, IDV is taken into account when your car is being sold. A higher IDV will help the buyer get a better loan amount,hence the chance of him taking your car would be high.But,the premium is going to be higher.
With a low IDV, the chances of loan amount offered could be lower than what the buyer would have in mind and hence might stray away from your car. The premium is quite low in this case though.
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Old 18th September 2008, 13:34   #8
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Quote:
Originally Posted by mjothi View Post
I would anytime stay away from ICICI.
Quote:
Originally Posted by mobike008 View Post
Thanks Guys, Even i have had terrible experiences with ICICI in the past and have the faintest inclination of again getting into their trap.
Can you guys be more elaborate. I ahve to renew my insurance by this month end. And presently I have ICICI Lombard and thought of continuing with them. Ford has ICICI Lombard as their insurance provider other than what Condor has mentioned.
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Old 18th September 2008, 14:05   #9
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I am insured with good old United India Assurance and have found it very good
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Old 18th September 2008, 14:22   #10
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Quote:
Originally Posted by snaronikar View Post
Can you guys be more elaborate. I ahve to renew my insurance by this month end. And presently I have ICICI Lombard and thought of continuing with them. Ford has ICICI Lombard as their insurance provider other than what Condor has mentioned.
I currently i am hooked onto Bajaj Alliance and since i haven't availed any claim, i cannot comment how they are in service. Previous to that it was some other company ( dont recall name of company).

I typically change the company each year so you get double benefit, NCB and moving to a new company they offer some additional discount.

Nitrous, this being my third car, i generally sell my car to my close associates or people in my known circle and it is easier to sell because they know how i maintain it. So selling my car is the least of my worries. Also my previous two cars were bought with cash. So what do you suggest?
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Old 23rd September 2008, 20:49   #11
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dude just check out with aadix also he might just give you his experiences and any hidden costs and problems involved, try and pay a couple of thousands more if necessary and get 50K+ more idv like i did for my viva, this helps by leaps and bounds during resale trust me on that.

tell them you have ICE/eletricals and accessories like say alloys a few companies even do some amount for the accessories of the car too and insure them separately and done forget that part, my ICE has a allotted value of 30K apart from the IDV i did this with the Bajaj allianz previously and i have a few months more before i renew it.
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