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


Reply
 
Thread Tools Search this Thread
Old 21st May 2012, 07:58   #1966
BHPian
 
archat68's Avatar
 
Join Date: Dec 2006
Location: Kolkata
Posts: 603
Thanked: 130 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
Never heard of this. Has this depreciation rate being mentioned in the policy document? If not then it is a money making stunt.

Ask your garage the source of this (mis)information.
Thanks for the clarification. It was not mentioned in policy document. Will ask them for supporting documents.
archat68 is offline   Reply With Quote
Old 22nd May 2012, 12:04   #1967
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 archat68 View Post
My local garage told me today that insurance companies started charging depreciation for paints. They said that for a 5 year old car 40% of painting cost would have borne by me !!

Is it true or just they are making some money? They also told me that this has started from May this year. If it is true will the policies taken earlier will be affected?
Quote:
Originally Posted by ghodlur View Post
Never heard of this. Has this depreciation rate being mentioned in the policy document? If not then it is a money making stunt.

Ask your garage the source of this (mis)information.
It is true and not any scam. This norm was issued sometime back.

Some companies are already charging depreciation on paint and some would start soon. Bajaj Allianz is charging depreciation on paint whereas Future Generali is not but they will start doing soon.
F50 is offline   (1) Thanks Reply With Quote
Old 22nd May 2012, 12:31   #1968
BHPian
 
archat68's Avatar
 
Join Date: Dec 2006
Location: Kolkata
Posts: 603
Thanked: 130 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
It is true and not any scam. This norm was issued sometime back.

Some companies are already charging depreciation on paint and some would start soon. Bajaj Allianz is charging depreciation on paint whereas Future Generali is not but they will start doing soon.
Will this be applicable for older policies too which are already effective and taken 5-6 month ago?
archat68 is offline   Reply With Quote
Old 22nd May 2012, 12:36   #1969
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 archat68 View Post
Will this be applicable for older policies too which are already effective and taken 5-6 month ago?
It is applicable to all policies, irrespective of the date of issue.
F50 is offline   (1) Thanks Reply With Quote
Old 22nd May 2012, 14:16   #1970
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: City of Spas
Posts: 1,020
Thanked: 205 Times
Default

Gentlemen,

Kindly find the insurance offer from ICICI Lombard (image), coming from an agent and not from company directly.

Basic T.P.P: In this policy there also include third party cover. If there is property loss the cover will be
7.5 Lacks & if there is person the coverage will be Unlimited.

Paid Driver: There is unlimited coverage For Paid Driver.

Owner Driver: In this policy there is 2 Lack coverage for owner driver.

Passengers: In this policy there is 1 Lack coverage for each passenger.

Note: The Cheque should be in the name of Icici Lombard General Insurance Co. Ltd.

It’s a PACKAGE POLICY. There is not any VOLUNTARY EXCESS & not any CLAUSE.


Is this fair premium? TataAiG have not yet responded to my renewal call. PolicyBazar won't sell Zero Dep.
Attached Thumbnails
Automobile Insurance Queries? Ask me-image2763056424.jpg  

Sn1p3r is offline   Reply With Quote
Old 22nd May 2012, 14:32   #1971
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 Sn1p3r View Post
Gentlemen,

Kindly find the insurance offer from ICICI Lombard (image), coming from an agent and not from company directly.
Looks good! Nice discount above the NCB. But this is not Zero Dep.
F50 is offline   Reply With Quote
Old 22nd May 2012, 14:57   #1972
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: City of Spas
Posts: 1,020
Thanked: 205 Times
Default

Quote:
Originally Posted by F50

Looks good! Nice discount above the NCB. But this is not Zero Dep.
Thanks! But it mentions 12,282.50 for regular and ₹ 15,753.05 for no depreciation. Or am I being mis guided under some terminology?
Sn1p3r is offline   Reply With Quote
Old 22nd May 2012, 15:12   #1973
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,806 Times
Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Sn1p3r View Post
Kindly find the insurance offer from ICICI Lombard (image), coming from an agent and not from company directly.
Try the ICICI Lombard website for an online quote and see it matches with the one given by agent. Verify how much discount on OD premium are you getting. If you are preferring zero dep, then I suggest look for other insurance quotes too.

And sorry to point out it is "Lakhs" and not lacks.
ghodlur is offline   Reply With Quote
Old 22nd May 2012, 15:23   #1974
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 Sn1p3r View Post
Thanks! But it mentions 12,282.50 for regular and ₹ 15,753.05 for no depreciation. Or am I being mis guided under some terminology?
Yes it is! My bad. You can wait for Tata AIG or other company' quote for Zero Dep if your due date is not near. (Tata AIG should be a higher side, i feel)

@ ghodlur - I think 45% commercial discount + 20% NCB is good enough.
F50 is offline   Reply With Quote
Old 22nd May 2012, 15:33   #1975
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: City of Spas
Posts: 1,020
Thanked: 205 Times
Default

Quote:
Originally Posted by ghodlur
Try the ICICI Lombard website for an online quote and see it matches with the one given by agent. Verify how much discount on OD premium are you getting. If you are preferring zero dep, then I suggest look for other insurance quotes too.

And sorry to point out it is "Lakhs" and not lacks.
Thanks Godhur,
I will try the website soon and update the thread for expert consideration.
Yeah I saw that lacs thingy too, but those are from call centre gals at the agent, they are not too well versed with english but an earnest effort from them.

Quote:
Originally Posted by F50

Yes it is! My bad. You can wait for Tata AIG or other company' quote for Zero Dep if your due date is not near. (Tata AIG should be a higher side, i feel)

@ ghodlur - I think 45% commercial discount + 20% NCB is good enough.
The policy expires on 19 June 12, thus I have ample time but the calls have started to buzz.
Sn1p3r is offline   Reply With Quote
Old 23rd May 2012, 13:04   #1976
BHPian
 
Join Date: May 2009
Location: Jam-luru
Posts: 248
Thanked: 53 Times
Default Re: Automobile Insurance - Ask me

Here is a renewal quote from Tata AIG for my 6 yrs old Honda City. Can the gurus comment on the offer.

Coverage Package

Vehicle Value 2,90,674

Third Party(including PD, if opted) 925
Own Damage 3,241
Personal Accident 250
PA Coverage for Owner-Driver 100
50% Bonus / 0


(Including Service Tax)
Amount Payable (Rs.) 5074.00


What other decent places can I shop around for a better offer considering this will be my last yr with this vehicle and I am not interested to pay for any add-ons.
LonelyPlanet is offline   Reply With Quote
Old 23rd May 2012, 14:25   #1977
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 7,000
Thanked: 5,067 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
It is true and not any scam. This norm was issued sometime back.

Some companies are already charging depreciation on paint and some would start soon. Bajaj Allianz is charging depreciation on paint whereas Future Generali is not but they will start doing soon.
What you mean is:- It is true and it is a scam!

I'm just astonished by this. I really don't think that insurers in other countries would get away with it
Thad E Ginathom is offline   Reply With Quote
Old 23rd May 2012, 16:17   #1978
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 Thad E Ginathom View Post
What you mean is:- It is true and it is a scam!

I'm just astonished by this. I really don't think that insurers in other countries would get away with it
No Sir, it is not a scam. Now there is depreciation charged on paint. This rule was passed sometime back but not all the companies are following it as of now.

P.S - I like your signature
F50 is offline   Reply With Quote
Old 23rd May 2012, 19:38   #1979
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 7,000
Thanked: 5,067 Times
Default Re: Automobile Insurance - Ask me

My point is that this charging of "depreciation" is unfair to the extent that it amounts to a scam.

How can there be depreciation on plastics that are made to last as long as the rest of the car? How can there be depreciation on the paint, which is made to last as long as the rest of the car?

Depreciation can be fairly applied against the whole car, because of course it looses its value over time, as anybody who has ever sold one knows. Thus, it's insured value falls each year, and nobody expects an insurance company to replace a five-yr-old with a brand-new car. Applied to any part of the car, unless that part is known to be short-lived, it is a nonsense. Just an excuse to pay out less.

We are small: Insurance companies are huge, multinational maybe. We can do nothing --- I am micturating into the wind (hope the mods allow that expression ) and I know it, but, at least we can have a rant about ripped off!

(that old Compaq keyboard is getting hot!)

.

Last edited by Thad E Ginathom : 23rd May 2012 at 19:41.
Thad E Ginathom is offline   Reply With Quote
Old 26th May 2012, 13:03   #1980
Senior - BHPian
 
libranof1987's Avatar
 
Join Date: Sep 2010
Location: All over!
Posts: 3,196
Thanked: 1,762 Times
Default Re: Automobile Insurance - Ask me

My City's Insurance is up for renewal next month. The car will turn 3.

Bajaj Allianz has mentioned a quote of ~10k for normal policy and ~13k for zero-dep.

Are these quotes fine?

Another thing : the agent mentioned that both their policies would cover 100% glass, bumpers, plastics. I knew about glass being covered by thought bumpers/plastics weren't covered. So, is there anything that I need to look out for? She said that nuts would be charged 50% though.

Kindly advice.
libranof1987 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 20:24.

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