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Old 8th June 2009, 09:10   #226
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Originally Posted by katpasin View Post
guys,
my car insurance is up for renewal and have been bombarded with calls.
its a santro xing xo 2007 model and theres no claims so far
for an idv of 2.65lacs,
ICICI lombard agent quoted me Rs5,500
TATA AIG quotes Rs5,900

and when i checked the quote in icici lombard site, i got a quote of 2.65 lacs.. all parameters been same.

TATA AIG insists their claim process is the most simplest
-No deduction on count of Salvage value - i didnt understand what this means
-and claims can be reported over phone and the agent said icici doesnt have this facility

Now i am really confused, which company to go with?
All companies have different premiums for the same IDV(all parameters same)
All the insurance companies motor insurance claims can be informed on phone. This is not something which is only with Tata Aig.

Under any circumstances don't go to Icici.

Salvage means the metal parts which has been replaced for new parts and the remaining debris which is to be given to bhangaar wala.
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Old 8th June 2009, 10:23   #227
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Originally Posted by ajmat View Post
Am in a dilemma

Do I renew with icici lombard at Rs 13000 - although they processed a claim okay, they still have not updated various details properly or my bank is offering Bajaj allianz at Rs 17000, they are offering to follow up and process any claim if anything happens,

Should I stick with ICICI or change over?
Finally went with Tata AIG for Rs 15000. Experience of their claim process has been good. Could not justify the extra Rs 3000 for Bajaj. However Tata AIG renewal took so much time, talking to 3 different people saying the same thing.

Don't get me wrong, ICICI lombard did help out in my claim but renewal time was an issue, no updation of my reg no, transfer from previous owner to my name was not complete.
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Old 8th June 2009, 11:39   #228
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Originally Posted by ajmat View Post
Finally went with Tata AIG for Rs 15000. Experience of their claim process has been good. Could not justify the extra Rs 3000 for Bajaj. However Tata AIG renewal took so much time, talking to 3 different people saying the same thing.

Don't get me wrong, ICICI lombard did help out in my claim but renewal time was an issue, no updation of my reg no, transfer from previous owner to my name was not complete.
I fully agree with you on this point. I am not criticizing any company but..

Icici - As a group they are too aggressive in any thing right from selling a SB Bank A/c or credit card or any types of loan or insurance.

Tata - As a group they have been always slow and non-aggressive.

That's the difference between the two.
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Old 8th June 2009, 13:26   #229
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Default Transfer of NCB

Hi
My car's insurance is expiring on 29th of this month. I am planning to sell my car and go for an MUV/SUV.I would like to have my NCB of 45% transferred to my new car. The insurance provider is New India Assuarance co.Ltd. Can you pls explain the whole process involved?

Thanks
Dilip Kumar
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Old 8th June 2009, 16:05   #230
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Originally Posted by dilipkumar7278 View Post
Hi
My car's insurance is expiring on 29th of this month. I am planning to sell my car and go for an MUV/SUV. I would like to have my NCB of 45% transferred to my new car. The insurance provider is New India Assurance co.Ltd. Can you pls explain the whole process involved?

Thanks
Dilip Kumar
When are you planing to sell your current car?

Sell your car without insurance, keep the copy of sale papers, submit the sale proof to insurance company along with your original policy. by submitting these documents you should get the NCB letter. which can be used to claim NCB in your new purchased car.
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Old 8th June 2009, 20:11   #231
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Originally Posted by rjvora_2000 View Post
When are you planing to sell your current car?

Sell your car without insurance, keep the copy of sale papers, submit the sale proof to insurance company along with your original policy. by submitting these documents you should get the NCB letter. which can be used to claim NCB in your new purchased car.

I am actually waiting for a details of fortuner or else may go for innova. Please tell me how can I sell my car w/o insurance? Will the buyer agree to this?
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Old 9th June 2009, 09:54   #232
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Originally Posted by dilipkumar7278 View Post
I am actually waiting for a details of fortuner or else may go for innova. Please tell me how can I sell my car w/o insurance? Will the buyer agree to this?
Yes why not?

You can tell him that you want to get the refund of premium and NCB.
He can go for new insurance policy when he is buying a car.
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Old 10th June 2009, 20:05   #233
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I am in the same situation. I sold my wagonR this week. Insurance is renewed upto March 2010. Total price was agreed based on the insurance. I have a NCB of 25% as of now. Is there any other way that I can transfer my NCB to my new car (which is not yet decided and booked).? Now its too late for me to get my insurance paper back from the new buyer and do the rest as suggested in the above post. Thanks.
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Old 11th June 2009, 09:37   #234
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Originally Posted by shajufx View Post
I am in the same situation. I sold my wagonR this week. Insurance is renewed upto March 2010. Total price was agreed based on the insurance. I have a NCB of 25% as of now. Is there any other way that I can transfer my NCB to my new car (which is not yet decided and booked).? Now its too late for me to get my insurance paper back from the new buyer and do the rest as suggested in the above post. Thanks.
NCB certificate is valid for three years from date of issue.

Tell the new owner to transfer the insurance policy in his own name. Doing this you can still have a chance to get the NCB certificate.
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Old 11th June 2009, 12:43   #235
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I think I got a good deal finally. Bajaj Allianz it is still.

Got my 2nd year insurance for my Verna CRDi 2008 model done.

Insured value now is 6 lacs ( first year was 7.1 lacs ). Diesels depreciate faster according to the Insurance companies.

So at 6 lacs insured value - Premium is caculated at 3.19 % which comes out to 19,140.00 rupees.

On this I get a 30 % Discount from the insurance company
And Also I get a NCB of 20 %.

After adding the 3rd party Liability + PA Ins for 5 persons & VAT - The total figure came out to 13,100 Rupees !

Not bad considering I paid 22,000 Rupees the first year when I bought the car new.

Last edited by vkochar : 11th June 2009 at 12:45.
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Old 11th June 2009, 12:58   #236
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Originally Posted by vkochar View Post
I think I got a good deal finally. Bajaj Allianz it is still.

Got my 2nd year insurance for my Verna CRDi 2008 model done.

Insured value now is 6 lacs ( first year was 7.1 lacs ). Diesels depreciate faster according to the Insurance companies.

So at 6 lacs insured value - Premium is caculated at 3.19 % which comes out to 19,140.00 rupees.

On this I get a 30 % Discount from the insurance company
And Also I get a NCB of 20 %.

After adding the 3rd party Liability + PA Ins for 5 persons & VAT - The total figure came out to 13,100 Rupees !

Not bad considering I paid 22,000 Rupees the first year when I bought the car new.
Good deal vkochar! But lately Bajaj Allianz has become even more conservative. They dont give more than 30% discount. I shifted my policy from Bajaj to Reliance.
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Old 11th June 2009, 15:30   #237
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Quote:
Originally Posted by vkochar View Post
I think I got a good deal finally. Bajaj Allianz it is still.

Got my 2nd year insurance for my Verna CRDi 2008 model done.

Insured value now is 6 lacs ( first year was 7.1 lacs ). Diesels depreciate faster according to the Insurance companies.

So at 6 lacs insured value - Premium is caculated at 3.19 % which comes out to 19,140.00 rupees.

On this I get a 30 % Discount from the insurance company
And Also I get a NCB of 20 %.

After adding the 3rd party Liability + PA Ins for 5 persons & VAT - The total figure came out to 13,100 Rupees !

Not bad considering I paid 22,000 Rupees the first year when I bought the car new.
Good Deal

Quote:
Originally Posted by F50 View Post
Good deal vkochar! But lately Bajaj Allianz has become even more conservative. They dont give more than 30% discount. I shifted my policy from Bajaj to Reliance.
Not the correct thing sirji, Bajaj still offers up to 40% discount.
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Old 11th June 2009, 15:52   #238
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Originally Posted by F50 View Post
Good deal vkochar! But lately Bajaj Allianz has become even more conservative. They dont give more than 30% discount. I shifted my policy from Bajaj to Reliance.
On my recent car purchase I received close to 40% discount from Bajaj!
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Old 11th June 2009, 17:53   #239
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I got my car insurance renewed last month with IFCCO-Tokyo. Earlier I had the car insured by HDFC. Various terms and Values for Cars less than 1500 CC are as follows:

Show Room Price of the Car A
Number of Years of Car A1
Value of Electrical Accessories B
Age of Electrical Accessories B1
No of Years without Cliam C
IDV of Car D = A* POWER(0.85, A1) Depreciciates by 15% of the last years IDV every year for first 5 years. Thereafter it is decided by the Insurer
IDV of Electrical Accessories E = B* POWER(0.85, 81) Depreciciates by 15% of the last years IDV every year for first 5 years. Thereafter it is decided by the Insurer
Basic OD Premium F = 0.032* D Basic Own Damage Premium is 3.2% of Car IDV
Premium for Electrical Accessories G = 0.04* E is 4% of the IDV of Electrical Accessories
Total Basic Premium H = F+G
Discounts
OD Disocunt Varies from 30% to 40% Try for the Maximum you can get.
NCB Bonus Varies from 0 to 65% 20% for the first year and 25% for the second year
Value of Security Discount I = 0.025*H This is 2.5% of the total premium
Final OD Premium J = H-I
TP 925 Mandated by GoI
Total Premium K = J + 925
% of Service Tax L = 0.103* K Service tax currently is 10.3 %
Total Payable P = K + L

All formule are copied from my excel sheet.

This is totally based on my experience. I got the quotations from IFCCO-Tokyo, Bajaj Allianz, Tata AIG, HDFC, Bharati Axa and Relienace.
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Old 21st June 2009, 20:39   #240
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@RJ Vora

I have booked the new Fiat Grande Punto 1.3 MJD Emotion Pack

Basic Car Price is 613425 - Ex Showroom Pune

I have got a quote of 16,000 from Bajaj Allianz @ 95% of the car value.

Is this a good deal ? I am tempted to go to United India or New India but I think Bajaj would be better than those two ?

What are your comments / suggestions ?
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