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Old 2nd May 2012, 08:53   #1936
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Have tried several sites but there is a huge difference among them.
How huge is this difference you are finding? Is this because any additional options already included in the quotes? The other thing whihc might be the reason for the difference is the old dated records in most of the online Insurer's database related to cost of the car.

The other way of sourcing low quotes is through the agents, do you really want this?
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Old 2nd May 2012, 11:13   #1937
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Originally Posted by ghodlur View Post
How huge is this difference you are finding? Is this because any additional options already included in the quotes? The other thing whihc might be the reason for the difference is the old dated records in most of the online Insurer's database related to cost of the car.

The other way of sourcing low quotes is through the agents, do you really want this?
May be you are right about the outdated databases.

I have seen premiums varying form 25,000 to 38,000 for a Scorpio. It seems that I need to give the mobile number and let the agents call and then negotiate with them. What's the BEST site will you recommend? I hope this is the best way to seal the deal.

Cheers!
Irish
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Old 2nd May 2012, 11:42   #1938
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Default Re: Automobile Insurance - Ask me

Guys,
A friend of mine has recently bought a car whose's insurance is due for renewal in next week. He has already applied for transfer of RC book (obtained the receipt), but is yet to receive the RC book.

Query on his part :
- Should he renew the insurance on the old owner's name and once he receives his RC book, he can opt for transfering the insurance on his name.
- Is the receipt valid enough to renew and transfer the insurance on his name?

Please do provide your inputs.
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Old 2nd May 2012, 13:21   #1939
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Originally Posted by Irish View Post
I have seen premiums varying form 25,000 to 38,000 for a Scorpio. It seems that I need to give the mobile number and let the agents call and then negotiate with them. What's the BEST site will you recommend? I hope this is the best way to seal the deal.
@Irish
It will be difficult to pick the Best ones. The best way to start is to find out with which Insurers does your Mahindra workshop in your city have a cashless tie up with and which ones have a relatively smoother claim process(based on past records). Then you can visit those Insurers for an online quote and try to do a comparo of the quotes. The least premium one will be the favourites then. Do check if they have a city customer care number, any responsible person's name etc. And you are ready to finalize. Online quotes are not bargainable but will be lesser as compared to going through an agent.
Lastly ensure that the nomination is included in the policy document. I hope this helps. All the best.
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Old 2nd May 2012, 14:35   #1940
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For the Ikon which we purchased used, we asked New India Assurance to provide us a quote for comprehensive insurance, and the quote is around 8.5k. The car is a 1600cc motor, originally registered in 2000, ZXi model. We are planning to claim an IDV of around 125k. Is this quote consistent with the market rates? Also the cost of repairs would have to be shared 50:50 between the insurer and the insurance company.

The Ikon is presently covered by a third party insurance policy which is valid till next month end.

For my Santro which is about three years younger, I am paying under 4.5k for an IDV of approximately 130000 to the same insurance company. So I am a little surprised how the quote for the Ikon goes up by so much.

Last edited by honeybee : 2nd May 2012 at 14:37.
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Old 2nd May 2012, 15:45   #1941
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Originally Posted by honeybee View Post
For the Ikon which we purchased used, we asked New India Assurance to provide us a quote for comprehensive insurance, and the quote is around 8.5k. The car is a 1600cc motor, originally registered in 2000, ZXi model. We are planning to claim an IDV of around 125k. Is this quote consistent with the market rates? Also the cost of repairs would have to be shared 50:50 between the insurer and the insurance company.

The Ikon is presently covered by a third party insurance policy which is valid till next month end.

For my Santro which is about three years younger, I am paying under 4.5k for an IDV of approximately 130000 to the same insurance company. So I am a little surprised how the quote for the Ikon goes up by so much.
@honeybee
The 125k amout has to be mutually agreed between the Insurer and the insured since there is no tabulated market rate for cars aged beyond 5 years. What criteria is being used to arrive at 125K?

The engine capacity of Ikon and Santro are different, hence the Santro's premium is far lesser than Ikon's as they fall in different engine capacity brackets for TP and OD premium calculations.
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Old 2nd May 2012, 16:55   #1942
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Several of Maruti's dealers are also dealers for different insurance company. I wanted to check if the rates for the insurance vary if we get it from the Maruti Dealer as compared to getting it directly from the Company?
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Old 2nd May 2012, 20:18   #1943
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Originally Posted by ghodlur View Post
@honeybee
The 125k amout has to be mutually agreed between the Insurer and the insured since there is no tabulated market rate for cars aged beyond 5 years. What criteria is being used to arrive at 125K?

The engine capacity of Ikon and Santro are different, hence the Santro's premium is far lesser than Ikon's as they fall in different engine capacity brackets for TP and OD premium calculations.
Yes, I am aware of that. The IDV has been arrived at after adding up the capex which has gone into the car along with the price we paid for it.

I am also aware the engine capacity will lead to higher premiums.

My question is, is this premium consistent with what others would charge for a similar IDV?
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Old 3rd May 2012, 14:28   #1944
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Experts kindly guide.

My current insurance is from Tata AIG for zero depreciation policy for Honda City June 2010 IDV of ₹ 7,80,000 is ₹ 21000.

There is no current claim. The car version has seen an upgrade since 6 months and the older version has less value. We would be keeping this car for next 3 years, i.e., till 5th year.

What should be the ideal IDV and policy to consider. The renewal calls are off the hook but I have asked them to call me by May 15th.

Expert guidance is highly appreciated. Thanks!
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Old 3rd May 2012, 14:38   #1945
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Originally Posted by Sn1p3r View Post
Experts kindly guide.

My current insurance is from Tata AIG for zero depreciation policy for Honda City June 2010 IDV of ₹ 7,80,000 is ₹ 21000.

There is no current claim. The car version has seen an upgrade since 6 months and the older version has less value. We would be keeping this car for next 3 years, i.e., till 5th year.

What should be the ideal IDV and policy to consider. The renewal calls are off the hook but I have asked them to call me by May 15th.

Expert guidance is highly appreciated. Thanks!
I think value should be around 700,000/- Don't try to match it with the current model because incase of total loss claim they also look at market value of the car which in turn would be lower than the newer one. Try to keep IDV on a tad higher side of your gen City.
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Old 3rd May 2012, 14:38   #1946
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What should be the ideal IDV and policy to consider.
Considering that the renewal is due June 2012, the car would have completed 2 years. So deduct 30% from the present ex showroom cost for the variant to arrive at the IDV. Based on that IDV get an online quote. IMO the IDv should be ideally around 7,02,000/- .

How much Tata AIG quote and at what IDV? Also do you have 2 yrs claim free Insurance?
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Old 3rd May 2012, 15:30   #1947
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Quote:
Originally Posted by F50

I think value should be around 700,000/- Don't try to match it with the current model because incase of total loss claim they also look at market value of the car which in turn would be lower than the newer one. Try to keep IDV on a tad higher side of your gen City.
Thanks! I have an option to go down 15% on the current IDV. As my variant is VMT that has seen a drop of about ₹ 66,000 I am concerned.

Quote:
Originally Posted by ghodlur
Considering that the renewal is due June 2012, the car would have completed 2 years. So deduct 30% from the present ex showroom cost for the variant to arrive at the IDV. Based on that IDV get an online quote. IMO the IDv should be ideally around 7,02,000/- .

How much Tata AIG quote and at what IDV? Also do you have 2 yrs claim free Insurance?
I had Honda Assure but they did not make it zero depreciation. First year, boot mishap costed me ₹ 32,500 so I did take insurance and they paid 27k and rest was from my pocket.

I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].

Automobile Insurance Queries? Ask me-image2305989491.jpg

Please guide. Thanks!
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Old 3rd May 2012, 15:51   #1948
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Quote:
Originally Posted by Sn1p3r View Post
Thanks! I have an option to go down 15% on the current IDV. As my variant is VMT that has seen a drop of about ₹ 66,000 I am concerned.

I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].
607,250/- seems too less. And this doesnt look like Zero Dep premium. This is normal comprehensive policy.

Keep it round 700,000/- and depreciate ~10% every year. A bit higher IDV will also help you when you decide to sell the car.
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Old 3rd May 2012, 15:59   #1949
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I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].
I think there is some gross mistake in the quote. the IDV cant be less than 7L. Also the TP liability is shown as 1K+ which is the case for vehicles with engine capacity less than 1500cc. Your TP liability should be around 3K. Also the addon option which I guess is for zero dep cant be surely so low. Pls re check.
Can you try to get the break up of the premium?
Pls find attached the premium when I entered the details.
Attached Files
File Type: docx Doc1.docx (182.5 KB, 154 views)
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Old 3rd May 2012, 16:10   #1950
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I think there is some gross mistake in the quote. the IDV cant be less than 7L. Also the TP liability is shown as 1K+ which is the case for vehicles with engine capacity less than 1500cc. Your TP liability should be around 3K. Also the addon option which I guess is for zero dep cant be surely so low. Pls re check.
Can you try to get the break up of the premium?
Honda City' displacement is 1497cc which falls below 1500. Hence TP rates are fine they should not exceed 1200/-
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