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


Reply
 
Thread Tools Search this Thread
Old 15th May 2009, 23:50   #196
BHPian
 
sabret00the's Avatar
 
Join Date: Mar 2006
Location: Bangalore,India
Posts: 685
Thanked: 41 Times
Default

@ rjvora_2000 : Sir, thanks to your good advice a lot of doubts about motor insurance has gotten cleared. I had a insurance agent come over today from Maruti Insurance. He gave me a renewal estimate for my 2007 ALTO Lxi which is as follows:

IDV : Rs.2,20,000
NCB : 20% (there have been no claims in 2008 but there have been some claims in the 1st year ie. 2007)
Vehicle Security System : 2.5% less

Finally he quoted Rs. 4832/- for a comprehensive policy from Maruti Bajaj Alliance (after all addition and subtraction).

Is that a good deal?
sabret00the is offline   Reply With Quote
Old 18th May 2009, 10:21   #197
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by sabret00the View Post
@ rjvora_2000 : Sir, thanks to your good advice a lot of doubts about motor insurance has gotten cleared. I had a insurance agent come over today from Maruti Insurance. He gave me a renewal estimate for my 2007 ALTO Lxi which is as follows:

IDV : Rs.2,20,000
NCB : 20% (there have been no claims in 2008 but there have been some claims in the 1st year ie. 2007)
Vehicle Security System : 2.5% less

Finally he quoted Rs. 4832/- for a comprehensive policy from Maruti Bajaj Alliance (after all addition and subtraction).

Is that a good deal?
Please ask them what is the % of other discount in this quote. any thing more then 25% is good. (I am not talking about NCB)
rjvora_2000 is offline   Reply With Quote
Old 18th May 2009, 17:11   #198
BHPian
 
anandtheleo's Avatar
 
Join Date: Jan 2007
Location: Chennai
Posts: 329
Thanked: 161 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
This can not be true. The warranty is given by the Car company or the dealer and not by the insurance company. This is valid with all the insurance company including Chola, Hdfc and Bajaj too. - I had check with them.
Thanks for the clarification, I spoke to the guy from HDFC today and pressed for additional discounts, the final offer he was ready to give is:

IDV of vehicle Plus Non electrical Accessories- 373975
ODP Premium - 12277.60
OD Discount - 30%
After OD Discount - 8594.32
Age Diiscount - 10%
BASIC PREMIUM - 7734.89

NCB - 20%
OWN DAMAGE PREMIUM - 6187.91 (7734.89 - 20%)

TOTAL LIABILITY PREMIUM - 925

TOTAL PREMIUM PAYABLE (after ST) - 7846

The original renewal quote was for Rs.8608 for the same IDV. How does the new deal sound? Should i ask specifically whether Voluntary excess has been built into this premium, as I don't see it mentioned in the quote given. Thanks in advance.
anandtheleo is offline   Reply With Quote
Old 19th May 2009, 00:26   #199
BHPian
 
sabret00the's Avatar
 
Join Date: Mar 2006
Location: Bangalore,India
Posts: 685
Thanked: 41 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Please ask them what is the % of other discount in this quote. any thing more then 25% is good. (I am not talking about NCB)
I had given them a cheque this saturday since my renewal date is next week. What I wanted to know is overall is a Premium of Rs.4832 good for a IDV of Rs. 2.2 lacs on a 2 year old ALTO Lxi.
sabret00the is offline   Reply With Quote
Old 19th May 2009, 10:05   #200
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by sabret00the View Post
I had given them a cheque this saturday since my renewal date is next week. What I wanted to know is overall is a Premium of Rs.4832 good for a IDV of Rs. 2.2 lacs on a 2 year old ALTO Lxi.
Yes sir the deal look's good to me, I think they have given you 30% to 35% Discount on the premium.
rjvora_2000 is offline   Reply With Quote
Old 19th May 2009, 10:12   #201
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by anandtheleo View Post
Thanks for the clarification, I spoke to the guy from HDFC today and pressed for additional discounts, the final offer he was ready to give is:

IDV of vehicle Plus Non electrical Accessories- 373975
ODP Premium - 12277.60
OD Discount - 30%
After OD Discount - 8594.32
Age Diiscount - 10%
BASIC PREMIUM - 7734.89

NCB - 20%
OWN DAMAGE PREMIUM - 6187.91 (7734.89 - 20%)

TOTAL LIABILITY PREMIUM - 925

TOTAL PREMIUM PAYABLE (after ST) - 7846

The original renewal quote was for Rs.8608 for the same IDV. How does the new deal sound? Should i ask specifically whether Voluntary excess has been built into this premium, as I don't see it mentioned in the quote given. Thanks in advance.
This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

Otherwise this quote look's good to me.
rjvora_2000 is offline   Reply With Quote
Old 19th May 2009, 11:08   #202
BHPian
 
anandtheleo's Avatar
 
Join Date: Jan 2007
Location: Chennai
Posts: 329
Thanked: 161 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

Otherwise this quote look's good to me.
Thanks for the confirmation, really appreciate it.
anandtheleo is offline   Reply With Quote
Old 19th May 2009, 21:28   #203
BHPian
 
mentos's Avatar
 
Join Date: Feb 2008
Location: Dublin
Posts: 42
Thanked: 0 Times
Default

Quote:
Originally Posted by Rohini View Post
In my opinion, the scratches to the vehicle are payable. But it depends on the insurance company too. As regards multiple accidents, accumulated damages are not payable.
Quote:
Originally Posted by rjvora_2000 View Post
I need to check this with some insurance company please give me time for a day or two. but i don't think so that it is covered.
Please help me with this ..
mentos is offline   Reply With Quote
Old 20th May 2009, 09:52   #204
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by mentos View Post
Please help me with this ..
Dear I was waiting for some company to give me answer "yes" but I got it conformed from 3 companies all have said big NO on this issue.
Chola, Bajaj, Oriental.
rjvora_2000 is offline   Reply With Quote
Old 20th May 2009, 18:44   #205
BHPian
 
Join Date: Aug 2007
Location: Paradise (wish it was)
Posts: 299
Thanked: 86 Times
Default

Seems like my folks got a call from Reliance insurance & they are willing to give upto 50% discount. Even at a high level, how is this possible?
null is offline   Reply With Quote
Old 21st May 2009, 08:45   #206
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by null View Post
Seems like my folks got a call from Reliance insurance & they are willing to give upto 50% discount. Even at a high level, how is this possible?
Please see this link: -
http://www.team-bhp.com/forum/indian...rance-car.html (Unable to claim insurance for car)

I have seen this two companies giving the highest discounts and the lowest claims in this industry.

Just because of ICICI and Reliance all the good Pvt. companies have also been affected.
rjvora_2000 is offline   Reply With Quote
Old 22nd May 2009, 17:35   #207
BHPian
 
guptad42's Avatar
 
Join Date: Feb 2009
Location: Mumbai
Posts: 83
Thanked: 21 Times
Default Govt rule on IDV/market value

I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

https://www.marutiinsurance.com/faq.aspx

Does anyone know when this rule came into force? Is there a govt/ IRDA notification?
guptad42 is offline   Reply With Quote
Old 22nd May 2009, 23:43   #208
BHPian
 
sabret00the's Avatar
 
Join Date: Mar 2006
Location: Bangalore,India
Posts: 685
Thanked: 41 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Yes sir the deal look's good to me, I think they have given you 30% to 35% Discount on the premium.
thanks a lot for the help Rupesh Sir. I really appreciate this.
sabret00the is offline   Reply With Quote
Old 23rd May 2009, 09:51   #209
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,655
Thanked: 37 Times
Default

Quote:
Originally Posted by guptad42 View Post
I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

https://www.marutiinsurance.com/faq.aspx

Does anyone know when this rule came into force? Is there a govt/ IRDA notification?
Sirji I think you are misreading the statement. What this article saying is that there is a fix structure for calculating the IDV as per the age so that insurance company will not and can not harass the customer for setting the insurance claims.

IDV - This word has only one meaning when it comes to insurance and that is INSURED (My friend this is me and you and not the insurance company) Declared Value.

IDV - Schedule (You will find this in your own motor policy as well)

For first 6 months 5% dep.
from 6 to 12 months 15%
from 13 to 24 months 20%
from 25 to 36 months 30%
from 37 to 48 months 40%
from 49 to 60 months 50% of Ex. showroom price.

Above 60 months (5 years) the Value has to be of an understanding between the insurer and insured.

Further if you still read this clause you will understand that it is clearly written that IDV has to be the market value of the car.

I am a firm believer that any law of insurance can not be against the policy holder and even if any such law is there in insurance then it has to change for the benefit of the client.
rjvora_2000 is offline   Reply With Quote
Old 23rd May 2009, 23:12   #210
BHPian
 
mentos's Avatar
 
Join Date: Feb 2008
Location: Dublin
Posts: 42
Thanked: 0 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Dear I was waiting for some company to give me answer "yes" but I got it conformed from 3 companies all have said big NO on this issue.
Chola, Bajaj, Oriental.
I had a word with the maruti insurance guys today and they told me that i can claim the damages by submitting a copy of the police report.

And I saw the insurance guys at MASS hammering a car with a few minor scratches , breaking down the headlight assembly, ripping open the bonut and then taking pictures so that they can make a claim of a much higher value after the customer has left.

Last edited by mentos : 23rd May 2009 at 23:15. Reason: wanted to add more.
mentos 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 05:52.

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