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


Reply
 
Thread Tools Search this Thread
Old 5th October 2012, 09:06   #2191
BHPian
 
Join Date: Sep 2010
Location: Bangalore
Posts: 818
Thanked: 112 Times
Default Re: Automobile Insurance Queries? Ask me

Guys

How much should the IDV depreciate from year to year typically? Last year I found it unreasonably low and the agent said to jack it up I could pay more premium. this year again the calculated IDV has dropped by more than 1 lac and the agent will play the same trick.

Is there a fixed percentage by which IDV is supposed to be calculated year after year?

Edit: The IDV table should be made sticky at the first page of this thread. I can search a 130+ pages to find it. Search didn't throw up the relevant post.

Thanks
--R

Last edited by Ragul : 5th October 2012 at 09:09.
Ragul is offline   Reply With Quote
Old 5th October 2012, 09:49   #2192
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Thumbs up Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Ragul View Post
How much should the IDV depreciate from year to year typically?
Thetre you go, hope this helps.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer's listed selling price of the brandand model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule below).

The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE
AGE OF THE VEHICLE % OF DEPRECIATION FOR FIXING IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.
ghodlur is offline   (1) Thanks Reply With Quote
Old 5th October 2012, 16:20   #2193
BHPian
 
Join Date: Sep 2010
Location: Bangalore
Posts: 818
Thanked: 112 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Thetre you go, hope this helps.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer's listed selling price of the brandand model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule below).

The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE
AGE OF THE VEHICLE % OF DEPRECIATION FOR FIXING IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.
Thanks. Is that percentage calculated on previous years IDV or original ex-showroom price every year?

--R
Ragul is offline   Reply With Quote
Old 5th October 2012, 16:30   #2194
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Ragul View Post
Thanks. Is that percentage calculated on previous years IDV or original ex-showroom price every year?

--R
It should be on ex-showroom price every year, provided the Insurance company does have the updated ex show room price for that year in their records. Normally this is not the case and hence you see varied IDV figures.
ghodlur is offline   Reply With Quote
Old 7th October 2012, 14:49   #2195
BHPian
 
Join Date: Nov 2007
Location: Bangalore
Posts: 69
Thanked: 12 Times
Default Re: Automobile Insurance Queries? Ask me

I have a 2004 model Fiat Palio and the insurance has lapsed for it (beyond 90 days). My insurance last year was Rs. 3348 and this year I was quoted more than 7K as insurance from Tata AIG. Last IDV was Rs. 1.5L. Even if I have to let go of the no claim bonus (since the policy has expired beyond 90 days or so I'm told) will the premium be so high?
Kartik Kumar is offline   Reply With Quote
Old 8th October 2012, 08:46   #2196
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Kartik Kumar View Post
I have a 2004 model Fiat Palio and the insurance has lapsed for it (beyond 90 days). My insurance last year was Rs. 3348 and this year I was quoted more than 7K as insurance from Tata AIG. Last IDV was Rs. 1.5L. Even if I have to let go of the no claim bonus (since the policy has expired beyond 90 days or so I'm told) will the premium be so high?
Have you checked with other Insurers, whats the comparison quote you have got? Could not understand why would youwant to let go of the NCB, thats the reason for less premium till last year isnt it? I would suggest try other Insurers, the premium cant be almost double than last year.

Suggestion: Pls dont drive with out a valid Insurance, get the insurance first the then start driving.
ghodlur is offline   (1) Thanks Reply With Quote
Old 9th October 2012, 18:22   #2197
BHPian
 
Join Date: Nov 2007
Location: Bangalore
Posts: 69
Thanked: 12 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Have you checked with other Insurers, whats the comparison quote you have got? Could not understand why would youwant to let go of the NCB, thats the reason for less premium till last year isnt it? I would suggest try other Insurers, the premium cant be almost double than last year.

Suggestion: Pls dont drive with out a valid Insurance, get the insurance first the then start driving.
Checked with ICICI Lombard also and their quote is more than 6.5K. All are saying that you will lose the NCB since the policy has lapsed and this is, in effect, a new policy that you are buying.
Kartik Kumar is offline   Reply With Quote
Old 10th October 2012, 08:58   #2198
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Red face Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Kartik Kumar View Post
All are saying that you will lose the NCB since the policy has lapsed and this is, in effect, a new policy that you are buying.
Unforutnately thats is the reality, I checked a couple of docs and reconfirmed that indeed even a single day delay in policy renewal will be treated as lapsed policy and renewel would mean buying a new policy in which case you also stand to lose the NCB.

The best thing is (after cursing your luck) find an Insurer who offers the cheapest Insurance and buy it first. Sorry my friend.
ghodlur is offline   (1) Thanks Reply With Quote
Old 10th October 2012, 12:41   #2199
BHPian
 
Join Date: Nov 2007
Location: Bangalore
Posts: 69
Thanked: 12 Times
Unhappy Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Unforutnately thats is the reality, I checked a couple of docs and reconfirmed that indeed even a single day delay in policy renewal will be treated as lapsed policy and renewel would mean buying a new policy in which case you also stand to lose the NCB.

The best thing is (after cursing your luck) find an Insurer who offers the cheapest Insurance and buy it first. Sorry my friend.
with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).
Kartik Kumar is offline   Reply With Quote
Old 12th October 2012, 14:20   #2200
BHPian
 
Marlon's Avatar
 
Join Date: Feb 2008
Location: Chennai
Posts: 273
Thanked: 78 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Kartik Kumar View Post
with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).

Please check again with other Insurers. You might get a good deal with some new insurance company.

Last edited by Marlon : 12th October 2012 at 14:21.
Marlon is offline   Reply With Quote
Old 12th October 2012, 14:55   #2201
BHPian
 
Join Date: Oct 2008
Location: Bangalore
Posts: 145
Thanked: 109 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Kartik Kumar View Post
with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).
Quote:
Originally Posted by Marlon View Post
Please check again with other Insurers. You might get a good deal with some new insurance company.
Please do recheck - I had similar situation last year where I didnt renew in time and got a new policy ~1 week afterwards - I was still able to use the NCB.
akj123 is offline   Reply With Quote
Old 12th October 2012, 14:56   #2202
BHPian
 
Marlon's Avatar
 
Join Date: Feb 2008
Location: Chennai
Posts: 273
Thanked: 78 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by akj123 View Post
Please do recheck - I had similar situation last year where I didnt renew in time and got a new policy ~1 week afterwards - I was still able to use the NCB.

Please check the original post. He had a break of more than 90 days. NCB can be used upto 90 days after policy lapse
Marlon is offline   Reply With Quote
Old 15th October 2012, 09:42   #2203
BHPian
 
Prodigyy's Avatar
 
Join Date: Sep 2012
Location: Delhi
Posts: 165
Thanked: 69 Times
Default Re: Automobile Insurance Queries? Ask me

Posting this on behalf of a friend who is not yet fortunate enough to be a part of this community.

He had bought a Punto in January this year, since then he has gone on to meet with an accident and has already claimed for changed door and the rear of his car when a Bus bumped into his car from the rear end.

Unfortunately, very recently some smart little chap in his locality drew sadistic pleasure by drawing up some weird "unrecognizable" objects on the hood, the rear and both the doors on the driver's side.

The authorized service station people have quoted a price of roughly 15-16K for the paint job, and they aren't giving any definitive reply as to whether this would be covered under insurance.

Would be glad if someone could give me a definitive guidance on this one.

Thanks
Prodigyy is offline   Reply With Quote
Old 15th October 2012, 12:47   #2204
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,808
Thanked: 1,804 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Prodigyy View Post
The authorized service station people have quoted a price of roughly 15-16K for the paint job, and they aren't giving any definitive reply as to whether this would be covered under insurance.
I guess the Insurance co is hesitant on the second claim within a year, but this should not stop your friend from making an Insurance claim and the Insurer is liable to accept it since it is a case of vandalism.

I would suggest to try a FNG nearby and get a second opinion if the cost is at par.
ghodlur is offline   Reply With Quote
Old 15th October 2012, 13:23   #2205
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,693
Thanked: 88 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Prodigyy View Post
Unfortunately, very recently some smart little chap in his locality drew sadistic pleasure by drawing up some weird "unrecognizable" objects on the hood, the rear and both the doors on the driver's side.


Would be glad if someone could give me a definitive guidance on this one.
Yes it is payable. Depreciation on paint could be applicable as many companies consider paint as plastic.

Please Note - if the car was (plastic) coated and that was not covered under insurance, the company would pay the claim on basis of regular paint.


Quote:
Originally Posted by ghodlur View Post
I guess the Insurance co is hesitant on the second claim within a year, but this should not stop your friend from making an Insurance claim and the Insurer is liable to accept it since it is a case of vandalism.
Insurance companies will pay genuine claims 'n' number of claims untill the sum insured is exhausted.
F50 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 15:18.

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