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Old 30th July 2012, 19:22   #2086
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Originally Posted by thalavoy View Post
Can some one explain if NCB can be used in my case described below?
I sold my car in March, just before my insurance expired. The buyer then renewed the insurance from a different vendor but still in my name. After the RTO transfer to their name happened, the insurance also had the name transferred.
Now, when I buy a new car, can I claim NCB? If so, please explain the process. Thanks
Yes, you can use the NCB when you buy insurance for your new car. All you have to do is get a NCB letter from the previous Insurer and you are good to go. If you go for the same Insurer, then you dont need the NCB letter too.
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Old 31st July 2012, 11:32   #2087
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Originally Posted by Milestone View Post
I have to renew insurance for my 3 yr old i10 by end of this month. while going through the quote s from different companies I find that IDV Values are different for each quote, one company quotes for 2.8L where as the other quotes 3.13 L, and the IDV value is ranging from 2.85L to 3.2 L. Iím confused which quote I should consider? as the company representative/agent is ready to modify (increase or decrease) the IDV value.

Should I get the quote for the highest available IDV value or settle for low IDV as insurance premium will be low?

Secondly, I didnt quite get the term Voluntary excess, and it is included only in BajajAllianz quote other vendors are not mentioning it. Is it worth going for it ?

Pls suggest..
Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. Higher IDV also means you can get better resale value for your car if you negotiate well.

Voluntary excess means the amount will be deducted from the claim amount.

Eg. Voluntary Excess is Rs 2500, Claim Amount is Rs 10000. You will be paid only 7500 as claim amount.

Suggest that you do not opt for Voluntary Excess.
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Old 31st July 2012, 11:45   #2088
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Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. Higher IDV also means you can get better resale value for your car if you negotiate well.
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
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Old 31st July 2012, 11:46   #2089
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Default Re: Automobile Insurance - Ask me

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Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. ......Suggest that you do not opt for Voluntary Excess.
Thanks Marlon for the clearing my doubts, did the same and went ahead with the highest IDV and didnt opt for Voluntary Excess.

In fact got the insururance renewed few days back.
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Old 31st July 2012, 13:17   #2090
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
I agree that resale value of car is dependent on various parameters. I have seen atleast few cases where the IDV is used as bench mark for deciding on the market price.

Eg. IDV is Rs 3 lac for a car, As a buyer would you be willing to pay 4 lac ? or as a Seller would you be willing to sell at 2 lac ?

I am of the opinion that IDV will act as a benchmark and will guide the market value of the car based on other parameters.
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Old 4th August 2012, 22:55   #2091
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
.

The above is quiet accurate description of IDV/IEV. I may be able to clarify the concept by an example

Where I am currently - reputable insurers like Axa, Royal Insurance, AIG/Chartis etc accept a 15% reduction from the ex showroom price for the big three Japanese Brands (Toyota, Honda, Nissan)for the first three years from new. Whereas for all other makes of cars the thumb rule is 20% right from the 1st anniversary.

The reason for this differenciation is - the better resale value, cost of spares and lower service costs of the big three japs - mainly due to the economy in numbers the big three have acheived in this market.

As the market matures we would hopefully see such polarisation taking place

Just my two bits

Best Regards & Drive/Ride Safe

Ram
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Old 8th August 2012, 07:21   #2092
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Default Re: Automobile Insurance - Ask me

Between HDFC Ergo & ICICI Lombard, which is a better choice for Chevrolet Beat at Bangalore ?
(Same IDV & Same premium)

Thanks for advising

Last edited by shravank30 : 8th August 2012 at 07:35. Reason: Gave further details
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Old 8th August 2012, 07:42   #2093
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Originally Posted by shravank30 View Post
Between HDFC Ergo & ICICI Lombard, which is a better choice for Chevrolet Beat at Bangalore ?
(Same IDV & Same premium)
Go for the one which has a cashless tie up with GM workshop. I hope the services offered by both the Insurers are also same. Is the Insurance being taken from an Agent or online?
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Old 8th August 2012, 08:36   #2094
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Originally Posted by ghodlur View Post
Go for the one which has a cashless tie up with GM workshop. I hope the services offered by both the Insurers are also same. Is the Insurance being taken from an Agent or online?
I am taking the insurance online.
ICICI Lombard has Kropex only as the authorized garage which is a GM workshop whereas HDFC Ergo has a long list of garages including several GM workshops but they appear in 2 categories. The GM workshop names are there but they do not appear in the preferred category.
Any suggestions ?

Thanks for advising
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Old 8th August 2012, 10:42   #2095
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Originally Posted by shravank30 View Post
I am taking the insurance online.
ICICI Lombard has Kropex only as the authorized garage which is a GM workshop whereas HDFC Ergo has a long list of garages including several GM workshops but they appear in 2 categories. The GM workshop names are there but they do not appear in the preferred category.
Any suggestions ?

Thanks for advising
Go the other way round. Check with the nearest workshop for the tie up with ICICI or HDFC for cashless settlement. Confirm again with the Insurer if they do have a tie up for real (if possible get it on paper/email) and then purchase online.

Dont go by the website list of approved tie ups, they generally are not updated regularly.
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Old 8th August 2012, 12:35   #2096
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Originally Posted by ghodlur View Post
Go the other way round. Check with the nearest workshop for the tie up with ICICI or HDFC for cashless settlement. Confirm again with the Insurer if they do have a tie up for real (if possible get it on paper/email) and then purchase online.

Dont go by the website list of approved tie ups, they generally are not updated regularly.
I will do that.

One more clarification.

Is it better to go through an agent, then buy the insurance online?
Will the agent be really able to help me with the paperwork & claim settlement in case of any claim ?
If so, any agents name you can recommend in Bangalore who has a tie up with HDFC Ergo or ICICI Lombard.

Thanks for advising
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Old 8th August 2012, 13:49   #2097
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Default Re: Automobile Insurance - Ask me

Hello

Need assistance in my renewal for Safari GX 2010.
current insurance Tata Aig
IDV is at 846153

tata is quoting the IDV for renewal at 693114. what is basis to calculate the depreciation? please suggest.

Have a quote from Future Generali with IDV at 761537.
what should be ideal IDV?
please advice
thanks
keyan
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Old 8th August 2012, 13:57   #2098
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Default Re: Automobile Insurance - Ask me

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Originally Posted by shravank30 View Post
I will do that.

One more clarification.

Is it better to go through an agent, then buy the insurance online?
Will the agent be really able to help me with the paperwork & claim settlement in case of any claim ?
If so, any agents name you can recommend in Bangalore who has a tie up with HDFC Ergo or ICICI Lombard.

Thanks for advising
As far as the feedback goes, Stay away from ICICI! they are real pain in settling claims. The agent is not going to be of much help any way for either the paper work or claim settlement. Prefer the cheaper option!
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Old 8th August 2012, 13:57   #2099
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Originally Posted by shravank30 View Post
Is it better to go through an agent, then buy the insurance online?
Will the agent be really able to help me with the paperwork & claim settlement in case of any claim ?
I prefer to get the renewal done online
pros: Cheaper, saves time, transparency, policy available immediately
Cons: Claims notification thru help desk/online.

Quote:
Originally Posted by keyank View Post
what is basis to calculate the depreciation? please suggest.
Keyan,
pls refer to my post #2088 for the same.
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Old 8th August 2012, 14:39   #2100
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Dear All ...

I booked Skoda Rapid(Ambition, Diesel) and getting the car delivered on Monday.
I have decided to go for insurance from outside. I dont have any NCB.

I got the following quotes. IDV=875000, 0 depreciation
1. Royal Sundaram - 26900
2. Tata AIG(Pearl Plan) - 26800

Is this the best price I can get?
Has anyone negotiated a much better price?
Which insurance company should I go with?

Please advice.

Many Thanks.
--Yash
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