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Old 5th June 2012, 18:04   #1996
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Default Re: Automobile Insurance - Ask me

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Originally Posted by sam003 View Post
Thanks, Can this NCB certificate transferrable to another vendor. Like if I have insurance from Tata now and later in my new car can I take insurance from Bajaj.
Yes, NCB can be transferred between vendors.
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Old 5th June 2012, 18:23   #1997
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Default Re: Automobile Insurance - Ask me

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Originally Posted by F50 View Post
Yes companies do allow mid year changes.

Need to submit proof of new address to insurance company. They'll pass an endorsement which has to be submitted in the RTO for the change in RC.
Priyank- as far as I know, you can maintain a "correspondence address" different from the registered address and avoid all this hassle. Am I right?
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Old 6th June 2012, 10:54   #1998
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I am back

iDV quoted for 7Lacs

Tata AiG = 16,871/- (I am currently with them and so the agents not extending discounts)
ICICI Lombard = 15000/-

Do you think this is a good deal for 0 depreciation policy? For June 2010 model Honda City.

Thank you!
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Old 6th June 2012, 10:57   #1999
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Sn1p3r View Post
I am back

iDV quoted for 7Lacs

Tata AiG = 16,871/- (I am currently with them and so the agents not extending discounts)
ICICI Lombard = 15000/-

Do you think this is a good deal for 0 depreciation policy? For June 2010 model Honda City.

Thank you!
My June '10 City is with Tata AIG too. I spoke to the agent, he quoted the same figures - and I'm not sure if this was for a zero-dep policy. In fact, even online quotes on policybazaar mention Tata AIG much higher.

However, for a normal policy, online renewal quote on Tata AIG website is coming to ~ Rs. 11k.

I'm super confused! Current policy expires on 20th June.
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Old 6th June 2012, 11:23   #2000
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Quote:
Originally Posted by libranof1987

My June '10 City is with Tata AIG too. I spoke to the agent, he quoted the same figures - and I'm not sure if this was for a zero-dep policy. In fact, even online quotes on policybazaar mention Tata AIG much higher.

However, for a normal policy, online renewal quote on Tata AIG website is coming to ~ Rs. 11k.

I'm super confused! Current policy expires on 20th June.
Exact same date for me
Normal policy is for 11k that is correct but that is with 47.5 % discount from ICICI on 7 lac value.

Tata is at 6,22,000 something. So I guess I will take up the 7 lac IDV and bite the bullet with ICICI. What say? Should I try a group discount
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Old 6th June 2012, 11:25   #2001
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Sn1p3r View Post
Exact same date for me
Normal policy is for 11k that is correct but that is with 47.5 % discount from ICICI on 7 lac value.

Tata is at 6,22,000 something. So I guess I will take up the 7 lac IDV and bite the bullet with ICICI. What say? Should I try a group discount
Lol!

I think I'll just continue with the Rs. 11k quote for normal policy with Tata AIG.
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Old 6th June 2012, 12:38   #2002
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Quote:
Originally Posted by libranof1987

Lol!

I think I'll just continue with the Rs. 11k quote for normal policy with Tata AIG.
But what's the IDV?
Tata is the Expensive version of all. I can see ICICI giving you a better quote for normal policy.
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Old 6th June 2012, 13:03   #2003
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Sn1p3r View Post
But what's the IDV?
Tata is the Expensive version of all. I can see ICICI giving you a better quote for normal policy.
IDV is 5.41 lakhs.

The best quote is by HDFC Ergo and Bharti AXA IIRC. At least on policybazaar, their premium is Rs. 14k while Tata AIG is Rs. 16k.

What are you proceeding with?
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Old 6th June 2012, 13:15   #2004
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Quote:
Originally Posted by Sn1p3r View Post
But what's the IDV?
Tata is the Expensive version of all. I can see ICICI giving you a better quote for normal policy.
Quote:
Originally Posted by libranof1987 View Post
IDV is 5.41 lakhs.

The best quote is by HDFC Ergo and Bharti AXA IIRC. At least on policybazaar, their premium is Rs. 14k while Tata AIG is Rs. 16k.

What are you proceeding with?
Is the premium same on the Tata AIG website too? Sticking to only Policy bazaar rates as reference is not a good idea. It will be worthwhile to spare some time and get the quotes from Insurers website directly.

I hope you guys are closing in on those Insurers only with whom the workshop has cashless scheme options.
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Old 6th June 2012, 13:28   #2005
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Default Re: Automobile Insurance - Ask me

Question I have is - Whether the age of vehicle for purposes of IDV calculated as per
- date of manufacture; or
- date of sale (as mentioned in invoice)

It is relevant since some vehicle that is manufactured in 2011 may be sold 6 months later in 2012. So in that case will first years' IDV be discounted 5% or 15%?
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Old 6th June 2012, 14:47   #2006
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Quote:
Originally Posted by ghodlur

Is the premium same on the Tata AIG website too? Sticking to only Policy bazaar rates as reference is not a good idea. It will be worthwhile to spare some time and get the quotes from Insurers website directly.

I hope you guys are closing in on those Insurers only with whom the workshop has cashless scheme options.
I just spoke with Tata and for me they are depreciating the car @20% as the car value ex-showroom has reduced or something. Grrrr... They did not explain clearly.

₹ 622400 IDV zero dep at ₹ 15,500/-

ICICI Lombard. Is offering me same price of premium but ₹ 7,00,000 as IDV.

I had the ill fornute to see back bashed up in Jan 2011 so I see the car is expensive for repairs. ₹ 4k extra for a year of tension free driving is a good bargain. The only thing I am concerened is if IDV is calculated correctly.

Thank you!
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Old 6th June 2012, 15:00   #2007
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Default Re: Automobile Insurance - Ask me

Hi,

I had a question on Insurance transfer.

I have applied for transferring the registration of my scorpio from company to my own name. the current insurance policy is in the name of the company valid till Oct. Once i get the registration in my name what exactly do i need to do to get the insurance company to reissue the policy on my name.

thanks

Himanshu
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Old 7th June 2012, 12:01   #2008
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Default Re: Automobile Insurance - Ask me

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Originally Posted by noopster View Post
Priyank- as far as I know, you can maintain a "correspondence address" different from the registered address and avoid all this hassle. Am I right?
Correspondence address is for mailing purpose, it will never replace your original address mentioned on RC. Eventually you have to change the address.

Quote:
Originally Posted by himanshugoswami View Post
Hi,

I had a question on Insurance transfer.

I have applied for transferring the registration of my scorpio from company to my own name. the current insurance policy is in the name of the company valid till Oct. Once i get the registration in my name what exactly do i need to do to get the insurance company to reissue the policy on my name.

thanks

Himanshu
Show the RC copy to insurance company and they'll pass an endorsement.
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Old 7th June 2012, 13:07   #2009
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Smile Re: Automobile Insurance - Ask me

Quote:
Originally Posted by aghosht View Post
Whether the age of vehicle for purposes of IDV calculated as per
date of sale (as mentioned in invoice)
It is based on the date of sale as you will buy Insurance based on the invoice date.

Quote:
Originally Posted by Sn1p3r View Post
I just spoke with Tata and for me they are depreciating the car @20% as the car value ex-showroom has reduced or something. Grrrr... They did not explain clearly.
The only thing I am concerened is if IDV is calculated correctly.
IDV is calculated as depreciated percentage of the current exshowroom cost of the vehicle.

Quote:
The IDV of the vehicle (and accessories if any fitted to the vehicle) is to befixed on the basis of the manufacturer's listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule)

Quote:
Originally Posted by F50 View Post
Correspondence address is for mailing purpose, it will never replace your original address mentioned on RC. Eventually you have to change the address.
Show the RC copy to insurance company and they'll pass an endorsement.
I spoke to the Insurance co for my Fiesta and I was told unless the change of address happens in the RC, they would not accept the change in address requests any time of the policy year. So I will have to first apply for address change in RC and then forward the copy of RC with new address to the Insurance co for the changed address to be effected. This means a couple of visits to RTO first.
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Old 7th June 2012, 13:51   #2010
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Quote:
Originally Posted by ghodlur
IDV is calculated as depreciated percentage of the current exshowroom cost of the vehicle.
ICICI Lombard, how would you rate them? They are offering me ₹ 7 IDV premium at ₹ 15,000 for zero dep. policy.
Tata is asking 16,800 for same IDV for renewal case.

Please suggest, I will finalize today. Thanks!
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