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Old 26th March 2012, 10:31   #1861
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Default Re: Automobile Insurance - Ask me

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Hi friends,

I need some advise on the insurance for my honda city zx which is due for renewal on the 7th coming month.
I have the following quote from Bajaj allianz which is as follows:

Car: Honda city zx 2008
IDV quoted by bajaj: INR 457000
B.O.D: 15003
NCB: 35% (not 45% as I had a claim in the first year)
Discount: 35%
Total own Damage: INR 6631.
Basic third party: INR 880
Compulsory PA: INR 100
Total liability premium: 980

Net premium: INR 7611
Service Tax @ 10.30%: INR 761 ( I was told service tax would be revised from 1st April 2012 to 12.30%)
Also, I was looking to add Drive assure at a premium of INR 7810. I need to now from the experts if its viable to go for Drive assure?
Can someone enlighten me if its feasible to go for Drive Assure?
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Old 26th March 2012, 21:45   #1862
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Default Re: Automobile Insurance - Ask me

Guys,

I have couple of questions regarding insuenace for new car.
  1. Is the insurnace on new vehicle is determined based on Ex showroom price or on raod price?
  2. When I check on bajaj allianz site for insurance quote, drive assure (zero dep) has some component called Voluntary Deductible. What is this? Should this component be nil or should be bigger value?
Thanks.
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Old 26th March 2012, 23:15   #1863
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Default Re: Automobile Insurance - Ask me

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Originally Posted by F1amit View Post
Guys,

I have couple of questions regarding insuenace for new car.
  1. Is the insurnace on new vehicle is determined based on Ex showroom price or on raod price?
  2. When I check on bajaj allianz site for insurance quote, drive assure (zero dep) has some component called Voluntary Deductible. What is this? Should this component be nil or should be bigger value?
Thanks.

1. Insurance is based on IDV ( Insured Declared Value).

IDV = Ex.Showroom Price * Deprecation Factor .
Depreciation factor depends on Age of Vehicle. For New Vehicle Dep. Factor is 5 %

2. Voluntary Deductible is amount you would pay in case of a claim.

Eg. If Voluntary Deductible is Rs5000 and Claim Amount is Rs 12000. The Insurance Company would pay Rs7000 only towards the claim.

Opting for Voluntary Deductible will reduce the Insurance Premium. Suggest to have Vol. Deductible as '0'. In case you are confident your vehicle will not meet with accident or you want lesser insurance premium then opt for Higher Vol. Deductible.
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Old 27th March 2012, 10:07   #1864
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Default Re: Automobile Insurance - Ask me

Post deleted by the Team-BHP Support : Please do NOT post the same message on more than 1 thread. Such repeat posts count as SPAM. We need your co-operation to maintain the overall quality of this forum.

Please read our rules before proceeding any further.

Last edited by GTO : 28th March 2012 at 11:09.
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Old 27th March 2012, 15:08   #1865
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Default Re: Automobile Insurance - Ask me

My Baleno Insurance is expiring on 24th April and around first week of April i am planning to give the cheque to the guy for renewal of the policy. I have been getting emails form Bajaj Allianz every week and choose to ignore them (As i prefer talking to a human rather than an automated web application).

So as expected the guy calls up today, for renewal cheque, for an IDV of INR 288374/-.

SE: Sir the Baleno policy is up for renewal, on April 24th. When can i come and collect the cheque.
Me: What the IDV?
SE:INR 288374/-
Me:What was the premium last year?
SE:Sir INR ~9400/-
ME: Where is my no claim bonus?
SE:Sir its 35%
ME:35% NCB means INR 300/- drop in premium?
SE:Sir, i will check and call back.

Lets see what happens, but does this look normal, or is he trying to pull a fast one on me. This happened last year as well, and finally the premium dropped by few thousand Rupees. I am guessing it will be a similar story this time as well.
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Old 27th March 2012, 18:23   #1866
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Default Re: Automobile Insurance - Ask me

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Originally Posted by mayankjha1806 View Post
My Baleno Insurance is expiring on 24th April and around first week of April i am planning to give the cheque to the guy for renewal of the policy. I have been getting emails form Bajaj Allianz every week and choose to ignore them (As i prefer talking to a human rather than an automated web application).

So as expected the guy calls up today, for renewal cheque, for an IDV of INR 288374/-.

SE: Sir the Baleno policy is up for renewal, on April 24th. When can i come and collect the cheque.
Me: What the IDV?
SE:INR 288374/-
Me:What was the premium last year?
SE:Sir INR ~9400/-
ME: Where is my no claim bonus?
SE:Sir its 35%
ME:35% NCB means INR 300/- drop in premium?
SE:Sir, i will check and call back.

Lets see what happens, but does this look normal, or is he trying to pull a fast one on me. This happened last year as well, and finally the premium dropped by few thousand Rupees. I am guessing it will be a similar story this time as well.
Who is this person who called you ? Was he an agent or from Call center ? You call up the Bajaj call center and check with them. Or go directly to branch office and check it out.

Better suggestion is you can try renewing through their website.
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Old 28th March 2012, 14:19   #1867
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Default Re: Automobile Insurance - Ask me

I recently picked up a pre owned SX4. Car is 2010 Oct make and regd Feb 2011 car. Owner had renewed insurance but just third party since he had intentions of selling. I have applied for the transfer of insurance on my name after receipt of the smartcard and hope would have been effected by now.
I bought the car for 5 lac. I was wondering about going for full comprehensive for 5Lac IDV. I contacted a few of them. Most of them suggested me to go for normally depreciated IDV of 6.8 Lac.

Now I have two questions
1. Do I really need to go for full comprehensive?
2. How much minimum premium can I expect?

Rgds.
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Old 28th March 2012, 14:49   #1868
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Default Re: Automobile Insurance - Ask me

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Originally Posted by sindabad.sailor View Post
I recently picked up a pre owned SX4. Car is 2010 Oct make and regd Feb 2011 car. Owner had renewed insurance but just third party since he had intentions of selling. I have applied for the transfer of insurance on my name after receipt of the smartcard and hope would have been effected by now.
I bought the car for 5 lac. I was wondering about going for full comprehensive for 5Lac IDV. I contacted a few of them. Most of them suggested me to go for normally depreciated IDV of 6.8 Lac.

Now I have two questions
1. Do I really need to go for full comprehensive?
2. How much minimum premium can I expect?

Rgds.
Hey Sindabad.S

1) Its always advised to have your car fully insured as in case of accident other than depreciation charges all other charges are paid by insurance company.

2) According to me, you are looking around 18-20k as your premium on 680,000 as your IDV. Ask the company to reduce the IDV and your premium shall go down. And if your old vehicle had some NCB you can transfer it to your SX4
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Old 28th March 2012, 14:55   #1869
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Marlon View Post
Who is this person who called you ? You call up the Bajaj call center and check with them. Or go directly to branch office and check it out.

Better suggestion is you can try renewing through their website.
He was an agent. I have called up the call center and they mentioned the same premium, last year also this happened when they quoted 12K for the premium and after talking and threatening to move to some other insurer they came down to 9K, this year the same story.

My guess is a few days of talking tough will make them come down on the premium with the same IDV.

Last edited by mayankjha1806 : 28th March 2012 at 14:55. Reason: Spelling
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Old 29th March 2012, 17:39   #1870
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Default Re: Automobile Insurance - Ask me

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F50
Hey Sindabad.S

1) Its always advised to have your car fully insured as in case of accident other than depreciation charges all other charges are paid by insurance company.

2) According to me, you are looking around 18-20k as your premium on 680,000 as your IDV. Ask the company to reduce the IDV and your premium shall go down. And if your old vehicle had some NCB you can transfer it to your SX4
Thanks for the advise. Would start sailing again in abt a week. Would return after 4 months and would go for full compreshensive then. Time being got 3rd transfers completed.
You are bang on. Nationnal insurance quote is 16.8k. Bought the car on wife's name hence previous NCB went for a toss.

Rgds.
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Old 29th March 2012, 22:29   #1871
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Default Re: Automobile Insurance - Ask me

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Originally Posted by F1amit View Post
Guys,

I have couple of questions regarding insuenace for new car.
  1. When I check on bajaj allianz site for insurance quote, drive assure (zero dep) has some component called Voluntary Deductible. What is this? Should this component be nil or should be bigger value?
Thanks.
bajaj allianz drive assure is not Zero Dep , I just paid 50% from my pocket for the plastic side strips for my Car despite having bajaj allianz drive assure for two years in a row and this been the 1st claim in 4 years.

Voluntary Deductible was Rs 500/-
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Old 30th March 2012, 07:11   #1872
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Originally Posted by YVES View Post

Voluntary Deductible was Rs 500/-
It should have been Compulsory deductible. This is mandatory component as per regulation/tariff.
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Old 30th March 2012, 10:11   #1873
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The plastic side strips would be accessories that you'd have installed isn't it?


Quote:
Originally Posted by YVES View Post
bajaj allianz drive assure is not Zero Dep , I just paid 50% from my pocket for the plastic side strips for my Car despite having bajaj allianz drive assure for two years in a row and this been the 1st claim in 4 years.

Voluntary Deductible was Rs 500/-
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Old 30th March 2012, 10:35   #1874
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Originally Posted by kalpeshc View Post
The plastic side strips would be accessories that you'd have installed isn't it?
Yes I had installed the plastic side strips two years back as acessories.
To remove the dents on the door , after painting , the plastic side strips were replaced

Last edited by YVES : 30th March 2012 at 10:36.
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Old 30th March 2012, 13:48   #1875
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Originally Posted by sindabad.sailor View Post
Thanks for the advise. Would start sailing again in abt a week. Would return after 4 months and would go for full compreshensive then. Time being got 3rd transfers completed.
You are bang on. Nationnal insurance quote is 16.8k. Bought the car on wife's name hence previous NCB went for a toss.

Rgds.
If you had good amount of NCB then should have registered on your name itself if not then ...
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