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


Reply
 
Thread Tools Search this Thread
Old 4th April 2012, 10:37   #1891
Senior - BHPian
 
mayankjha1806's Avatar
 
Join Date: Jan 2011
Location: BLR/Gurgaon
Posts: 2,133
Thanked: 815 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
Yeah new TP premium rates!
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
mayankjha1806 is offline   Reply With Quote
Old 4th April 2012, 11:58   #1892
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by mayankjha1806 View Post
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
You cant do much on the TP rates, it is fixed by IRDA. The only flexible component is the OD premium. I can see you already have been given the NCB discount+Corporate discount for the OD premium. I think thats the max the Insurer can provide. I guess it should be in the same range by others too. Sincere request - avoid Reliance Insurance (personal opinion).

As per the policy wordings (should be same in your case too) the IDV for vehicles > 5yrs is to be mutually decided between the Insurer and Insured. Have you spoken to the Insurer reg this?
ghodlur is offline   (1) Thanks Reply With Quote
Old 4th April 2012, 12:29   #1893
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,693
Thanked: 88 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by mayankjha1806 View Post
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
Ghodlur is right. Those are new TP rates, can't do much about it. Apart from OD part.


Another Important Notice Guys:

W.E.F. today. You have to give a nominee name for Owner Driver or Named Driver covered under TP premium.

Example: My car registered on my name, so I become the Owner Driver - I have to give a nominee name while insuring the vehicle, which in my case would be my wife.

Similarly, IF you have mentioned another Named Driver say Ramu Kaka then a nominee for Ramu Kaka has to be mentioned, which in this case would be Ramila Kaki

Last edited by F50 : 4th April 2012 at 12:52.
F50 is offline   (2) Thanks Reply With Quote
Old 4th April 2012, 13:04   #1894
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
W.E.F. today. You have to give a nominee name for Owner Driver or Named Driver covered under TP premium.
This was the case long time back, pls find the link where I had highlighted the same.

http://www.team-bhp.com/forum/indian...ml#post2603073

I had given an application for the same to the Insurer and got a confirmation (verbal) that the nominee has been added in the database.
ghodlur is offline   Reply With Quote
Old 4th April 2012, 13:38   #1895
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,693
Thanked: 88 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
This was the case long time back, pls find the link where I had highlighted the same.

http://www.team-bhp.com/forum/indian...ml#post2603073

I had given an application for the same to the Insurer and got a confirmation (verbal) that the nominee has been added in the database.
Was the nominee' name written in the policy? If No then thats the answer to verbal.

IRDA may have issued earlier but its strictly put into practice 1st April 2012 onwards.
F50 is offline   Reply With Quote
Old 4th April 2012, 13:43   #1896
BHPian
 
Join Date: Feb 2012
Location: Bangalore
Posts: 33
Thanked: 4 Times
Default

Quote:
Originally Posted by F50 View Post
Yes. 20% on the OD premium only. I think your next year's renewal amount including TP should be less than 10k.

Above that, with 342,xxx/- as your IDV your NCB won't cross 22xx.

Claim it. You are paying premium for that
I took my car to the service centre and showed them the dent. The service personnel attending me gave a quote of Rs. 2800/- inclusive of taxes. If I did claim insurance, I would have to pay Rs. 500/- (Comp. Ded.) + service tax besides losing ~ Rs. 2K as NCB for the next year premium.

And I read that IRDA has revised the CD to Rs. 1000/- (for my car category). Dont know if its applicable to currently running insurance or only new/renewed insurance policies.

Taking these into considerations, I have decided to do it myself instead via insurance. Lets hope it is the right decision in the long run.

Regards
Dhrupadh

Quote:
Originally Posted by mayankjha1806 View Post
Finally the Insurance guy came back with the work sheet on the premium details. Here they are

Attachment 911280

Quiet shocked looking at Third Party component.
Rs. 3003/- for TP coverage? Thats shocking!! I just got my insurance policy when I purchased my car three months back and their the TP is mentioned as 740 + 100 + service tax which comes to ~ Rs. 1000.

Quote:
Originally Posted by ghodlur View Post
You cant do much on the TP rates, it is fixed by IRDA.
So is the impact of the new budget presented in the parliament this year?

Regards
Dhrupadh

Last edited by Jaggu : 4th April 2012 at 14:36. Reason: Back to back post, please use EDIT once the posts are approved. Thank
dhrupadh is offline   Reply With Quote
Old 4th April 2012, 13:43   #1897
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Red face Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
Was the nominee' name written in the policy? If No then thats the answer to verbal.

IRDA may have issued earlier but its strictly put into practice 1st April 2012 onwards.
No the policy document does not contain the nominees name since the rule to include the same was being implemented but not brought to practice by the Insurers when I was renewing my car insurance. In fact when I pointed out the IRDA ruling, the Insurer rep wasnt even aware of that and hence had to submit the nominee details in an application form and took the acknowledgement on the copy.
ghodlur is offline   Reply With Quote
Old 4th April 2012, 14:53   #1898
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Red face Re: Automobile Insurance - Ask me

Quote:
Taking these into considerations, I have decided to do it myself instead via insurance. Lets hope it is the right decision in the long run.
I am sure its the right decision, only ensure that you get the repairs done by a reputed FNG or else you will end up losing more than the actual

Quote:
Rs. 3003/- for TP coverage? Thats shocking!! I just got my insurance policy when I purchased my car three months back and their the TP is mentioned as 740 + 100 + service tax which comes to ~ Rs. 1000
The TP quoted for Mayank was for his Baleno (>1500cc), your's is Wagon R (<1500 cc) hence the difference in the rates.

Quote:
So is the impact of the new budget presented in the parliament this year?
No this is the impact of too many TP claims being handled by insurers effecting the profits. This was the case with the large vehicles but had a cascading effect on the small car premiums too.
ghodlur is offline   Reply With Quote
Old 4th April 2012, 22:15   #1899
Senior - BHPian
 
mayankjha1806's Avatar
 
Join Date: Jan 2011
Location: BLR/Gurgaon
Posts: 2,133
Thanked: 815 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
YSincere request - avoid Reliance Insurance (personal opinion).

As per the policy wordings (should be same in your case too) the IDV for vehicles > 5yrs is to be mutually decided between the Insurer and Insured. Have you spoken to the Insurer reg this?
Thanks for the advise, will avoid Reliance Insurance, any feedback on HDFC as the guy came in today and said he can better the rates given by Bajaj A

Do you mean i should reduce the IDV, i am fine with that as its a 7+ year old car and i am not sure what would be the market value of such a car. How does one decide what should be the IDV be? Is there any yardstick, or any ball park calculation that can be used.

I would have thought the IDV should equal the market value of the car.
mayankjha1806 is offline   Reply With Quote
Old 5th April 2012, 07:32   #1900
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by mayankjha1806 View Post
Thanks for the advise, will avoid Reliance Insurance, any feedback on HDFC as the guy came in today and said he can better the rates given by Bajaj A

Do you mean i should reduce the IDV, i am fine with that as its a 7+ year old car and i am not sure what would be the market value of such a car. How does one decide what should be the IDV be? Is there any yardstick, or any ball park calculation that can be used.

I would have thought the IDV should equal the market value of the car.
HDFC Ergo is good in terms of claim processing and customer service aspects as told to me by my friends who have taken the insurance from HDFC. They do have an online quote option, try whether the quote you recd is comparable with theirs.

Normally the policy wordings talk about the IDV calculation for cars upto 5 yrs. Beyond that they put a clause saying its to be mutually agreed. I am not aware of any calculations, will try to find out. The market value of the car and that evaluated by Insurer will for sure be different. You dont need to reduce the IDV, you can stick to the value quoted by Insurer if on the higher side than the market value.
ghodlur is offline   Reply With Quote
Old 10th April 2012, 15:15   #1901
Senior - BHPian
 
srishiva's Avatar
 
Join Date: Nov 2006
Location: Bengaluru
Posts: 3,327
Thanked: 558 Times
Infractions: 0/2 (9)
Default Re: Automobile Insurance - Ask me

I am looking at renewing my Vento Insurance. ICICI Lombard online shows the following for my one year old car. (Highline TDI)

Insured Declared Value (IDV): 784975
Premium Estimate* : 17938

Is this fair?
srishiva is offline   Reply With Quote
Old 11th April 2012, 21:24   #1902
BHPian
 
Join Date: May 2006
Location: On the road...
Posts: 173
Thanked: 80 Times
Default Re: Automobile Insurance - Ask me

Need some advise. I have my insurance renewal due shortly. My vehicle was purchased in April 2011.

What percentage of depreciation would be applicable and on what value when I get the insurance renewed this time.

ICICI has told me that that will calculate IDV after deducting 20% on the ex-showroom invoice price. While Bharti AXA says that will calculate after deducting 10% on the ex-showroom price.

I looked up the table printed on the Bharti AXA policy document and that states the following

Age of vehicle - Not Exceeding 6 months - 5%
Age of vehicle - Exceeding 6 months but not exceeding 1 year - 15%
Age of vehicle - Exceeding 1 year but not exceeding 2 years - 20%

As per my understanding the IDV for my vehicle should be calculated after deducting 20% as above since my vehicle will be more than 1 year but less than 2 years for the new policy that I am going to take.

I am confused as to what is the right method to calculate IDV as per IRDA norms. Any insight will be really helpful. Both Bharti and ICICI are insisting that they are calculating as per IRDA norms.

Any insight will be really helpful.
Traveler is online now   Reply With Quote
Old 12th April 2012, 08:03   #1903
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,805
Thanked: 1,804 Times
Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by srishiva View Post
Insured Declared Value (IDV): 784975
Premium Estimate* : 17938
If the IDV equals to 20% less than the present exshowroom cost then the IDV quotes is correct. To check whether the premium is fair, you need to get a cost comparator. Try online quotes from other Insurers and compare. Suggest you to opt for zero% depreciation since your car is new.

Quote:
Originally Posted by Traveler View Post
As per my understanding the IDV for my vehicle should be calculated after deducting 20%
Your understanding is correct, it is 20% of the present ex show room cost and not the ex showroom cost when you purchased the car. Suggest you to check the present exshowroom cost and depreciate by 20%. Pls note most of the Insurers dont have an updated exshowroom cost in their records, so when they quote they still calculate based on what value is there in their records.
ghodlur is offline   (1) Thanks Reply With Quote
Old 12th April 2012, 16:59   #1904
BHPian
 
Join Date: May 2006
Location: On the road...
Posts: 173
Thanked: 80 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
If the IDV equals to 20% less than the present exshowroom cost then the IDV quotes is correct. To check whether the premium is fair, you need to get a cost comparator. Try online quotes from other Insurers and compare. Suggest you to opt for zero% depreciation since your car is new.


Your understanding is correct, it is 20% of the present ex show room cost and not the ex showroom cost when you purchased the car. Suggest you to check the present exshowroom cost and depreciate by 20%. Pls note most of the Insurers dont have an updated exshowroom cost in their records, so when they quote they still calculate based on what value is there in their records.
Thanks a lot for all of your responses. I finally got the insurance today from Tata AIG. They calculated the IDV at 15% and gave me a decent deal with an additional Silver Cover which protects the NCB in case of claims where there are no parts replaced and only repair work is carried out.
Traveler is online now   Reply With Quote
Old 13th April 2012, 12:53   #1905
Distinguished - BHPian
 
laluks's Avatar
 
Join Date: Sep 2008
Location: Bangalore
Posts: 5,545
Thanked: 5,795 Times
Default Re: Automobile Insurance - Ask me

Anyone has experience with L&T insurance.
I got a call from them for my civic, and the quote is too good to be ignored.

While the others are hovering around 10 - 11K for an IDV of 5 lakhs, these guys are telling 8.8K

Any advice about L&T? Any experiences?
laluks 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
Health insurance queries? Ask me! Haste Shifting gears 350 22nd November 2016 19:29
Queries in 'Ask the gurus' section rocksterraghu In-Car Entertainment 695 9th August 2016 07:54
Automobile Insurance - FAQ rjvora_2000 Indian Car Loans & Insurance 71 28th October 2015 18:28
P-150 classic for sale .What can i ask for jango Motorbikes 1 31st March 2006 12:51


All times are GMT +5.5. The time now is 16:16.

Copyright 2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks