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Old 5th April 2013, 09:53   #2401
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A quick query: Guys the insurance for my Nissan Sunny is due for renewal. Earlier I had got the 0% depreciation cover from Royal Sundaram which costed me approx 16k Rs last time. Recently had to take a claim on the sunny due to some damage on the left side of the car. Now the renewal premium is being quoted at Rs 26k by Royal sundaram. The Nissan dealer itself advised me dad to go with Liberty Videocon general insurance copmany this time and there premium is coming to rs. 21k for the 0% dep cover.

So how is this company? Should I continue with the Royal Sundaram policy or shift to this new one? Have asked the dealer to mail me the details of the same.
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Old 5th April 2013, 11:50   #2402
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Originally Posted by drmohitg View Post
A quick query: Guys the insurance for my Nissan Sunny is due for renewal. Earlier I had got the 0% depreciation cover from Royal Sundaram which costed me approx 16k Rs last time. Recently had to take a claim on the sunny due to some damage on the left side of the car. Now the renewal premium is being quoted at Rs 26k by Royal sundaram. The Nissan dealer itself advised me dad to go with Liberty Videocon general insurance copmany this time and there premium is coming to rs. 21k for the 0% dep cover.

So how is this company? Should I continue with the Royal Sundaram policy or shift to this new one? Have asked the dealer to mail me the details of the same.
Liberty Videocon is a relatively new insurance co, I doubt whether they provide Zero dep add on (atleast not mentioned on their website). Also their garage list on the website does not have many Nissan dealerships tie ups.

Havent you tried apart from RS other Insurance co for quotes, I am sure you can get a better deal. The higher premium may also be due to the recent hike in the TP rates.
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Old 5th April 2013, 13:59   #2403
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Liberty Videocon is a relatively new insurance co, I doubt whether they provide Zero dep add on (atleast not mentioned on their website). Also their garage list on the website does not have many Nissan dealerships tie ups.

Havent you tried apart from RS other Insurance co for quotes, I am sure you can get a better deal. The higher premium may also be due to the recent hike in the TP rates.
Well this is what the Nissan dealer was recommending my Dad. The fact that its a new company might be the reason why there premium quote is relatively new. Also he clearly mentioned it is the 0% dep policy only.

One more query: How much should be the IDV value for a car in its second year? AFAIK the ex-showroom value for Nissan Sunny at the time of purchase was approx 8.2L. The IDV beind set now is 6.5L according to the dealer. Thats close to 20%. Is it too low or 20% depreciation is justified?
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Old 5th April 2013, 14:42   #2404
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Originally Posted by drmohitg View Post
One more query: How much should be the IDV value for a car in its second year? AFAIK the ex-showroom value for Nissan Sunny at the time of purchase was approx 8.2L. The IDV beind set now is 6.5L according to the dealer. Thats close to 20%. Is it too low or 20% depreciation is justified?
Ideally the IDV should be depreciated by 15% or 7L approximately. Maybe thats the reason for the low premium from Liberty. Try asking them the premium for 7L and you might find it at par with RS. How much did Royal Sundaram quote the IDV for a premium of 26K?

RS also offers a no NCB loss add on which will prevent the NCB loss in case of claims if you are interested.
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Old 5th April 2013, 14:55   #2405
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If the IDV is reduced, isn't it saying that it is not zero depreciation? If it were, what does not depreciate? Or what constitutes zero depreciation?
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Old 5th April 2013, 15:00   #2406
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If the IDV is reduced, isn't it saying that it is not zero depreciation? If it were, what does not depreciate? Or what constitutes zero depreciation?
As far as I know zero % depreciation means at time of claim there is no depreciation counted on various parts changed during a claim. Can someone elaborate?
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Old 5th April 2013, 15:05   #2407
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^^^^^
To answer your query, Zero Dep means if there is any claim involving plastic/ fiber parts, the company will pay the claim in full. In a regular policy, Plastic and fiber parts are depreciated by 50%. So if there is a damage to the headlight, tail-light, bumper, mirror or any plastic part, the company is liable to pay only 50% of the cost of replacement of that plastic part. Zero dep policies are available at an additional premium and usually only for new cars upto three years.


I had a query. My Skoda Rapid Ambition's insurance is up for renewal this month. I currently have a Zero Dep policy with ICICI Lombard. My first years premium was 25k with IDV of 8.27L.
The renewal quote from ICICI Lombard pegs IDV at 6.97L and premium of Rs.22k approx.

I have no claims so can get 20% NCB. I have some quotes ranging from 17k(regular non-zero dep policies) to 25K(zero dep) from Future, Bharti Axa and Tata AIG. The peculiar thing is some providers/ agents are quoting the above premiums for IDVs ranging from 6.9L to 8L. How is it possible to have an IDV of 8L for the 2nd year on a vehicle whose ex-showroom price was 8.7L? Am I missing something?

Another thing. Yesterday, when I approached Vinayak Skoda for buying an extended warranty on my car, (I didn't buy it during purchase since their premium was way too high) they said if I want extended warranty, I need to renew the insurance with Bajaj Allianz and they will provide a separate quote for it. Is this allowed? Any Bangalore buyers with Vinayak facing similar problems or bought Extended warranty before the end of one year?

Last edited by hrman : 5th April 2013 at 15:09.
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Old 5th April 2013, 15:09   #2408
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Originally Posted by krishnaraja View Post
Or what constitutes zero depreciation?
Quote:
Originally Posted by drmohitg View Post
As far as I know zero % depreciation means at time of claim there is no depreciation counted on various parts changed during a claim.
Zero depreciation is an add on cover along with the basic Insurance package by the Insurance companies. Below is the most detailed explanation of the add on, courtsey Royal Sundaram. Hope this helps.

Quote:
This means when you make a claim, you will get the full claim amount without any deduction for depreciation on the value of parts being replaced.

For example, normally when you have to replace some part and make a claim towards this replacement, you will not get the full cost of the part but only the depreciated cost depending on how old your vehicle is. Older the vehicle lower the value, however you can protect yourself against depreciation with this cover. If you take this cover, you will be paid full value of the parts without deduction of any amount towards depreciation. This means you do not have to pay out of your pocket towards the replacement of the parts.

What is Covered?
  • All plastic parts without applying depreciation in case of a claim.
  • All metal parts without applying depreciation in case of a claim.
  • You need not bear any portion of any depreciable parts. The cost of all parts necessitating replacement will be allowed in full.
What is not Covered?
  • The amount of total deductible mentioned in the policy schedule.
  • Damage caused by an uninsured peril including mechanical breakdown.
  • Damage to uninsured items including accessories and bi-fuel/gas kit.
  • Claims made for theft of parts and/or accessories.
  • Claims made under Self Authorisation Mode.
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Old 5th April 2013, 15:31   #2409
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Originally Posted by hrman View Post
The peculiar thing is some providers/ agents are quoting the above premiums for IDVs ranging from 6.9L to 8L. How is it possible to have an IDV of 8L for the 2nd year on a vehicle whose ex-showroom price was 8.7L? Am I missing something?

Another thing. Yesterday, when I approached Vinayak Skoda for buying an extended warranty on my car, (I didn't buy it during purchase since their premium was way too high) they said if I want extended warranty, I need to renew the insurance with Bajaj Allianz and they will provide a separate quote for it.
Ideally your IDV should be approx 7.4L or 10% depreciated from last year. Insurance co normally tend to give a range coz they want to vehicle owners either to buy insurance having low premiums or higher IDV's. Most of the Insurance buyers dont read the fine print of the policy. Higher IDV is just a way of trying to grab business.

Regarding the extended warranty, I guess the dealer is arm twisting you. Ext warranty and Insurance are un related. You need to contact Skoda and brief them about the dealer's attitude. Alternatively try other Skoda dealers for ext warranty.
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Old 5th April 2013, 20:09   #2410
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Zero depreciation is an add on cover along with the basic Insurance package by the Insurance companies. Below is the most detailed explanation of the add on, courtsey Royal Sundaram.
Just received the final premium amount from the Nissan dealer for my Sunny.

1. Royal Sundaram ( which I currently have and took a claim too which went quite smoothly): Rs. 23000
2. Liberty Videocon: Rs. 20200.

Both are 0% dep policies and due to the claim I lost my NCB and hence the slightly higher premiums. The IDV in both cases is same too and pegged at 6.5L ( 20% below the ex-showroom price).

Just read in a post some pages back that Liberty Videocon along with Bajaj and Bharti are the only companies that offer 0% dep for 5 years currently. So keeping that in mind should I opt to change to Liberty Videocon then? It gives me added cover for 2 more years and the premium is less too by a cool 3k.
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Old 5th April 2013, 21:26   #2411
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Folks, need some expert advice here - so the story is my friend's Spark (make 2010) Delhi registered met with an accident in Varanasi. Since it could not be driven, it was towed to a nearby Chevrolet Service Centre. Estimate for repair given is 1.6 Lakhs ! Insured by Reliance, they say that they don't have provision for Cashless repair in Varanasi and have given 2 options either get the car to Delhi for Cashless repair or get it repaired in Varanasi at own expense and get reimbursed later ! A 2.5 year old car with an IDV of 2.5 lakhs is seeking a cost of 1.6 lakhs to be driven again... Very confusing situation, specially with the statement given by Reliance Insurance, please help
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Old 5th April 2013, 22:52   #2412
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Originally Posted by ridinthru' View Post
Folks, need some expert advice here - so the story is my friend's Spark (make 2010) Delhi registered met with an accident in Varanasi. Since it could not be driven, it was towed to a nearby Chevrolet Service Centre. Estimate for repair given is 1.6 Lakhs ! Insured by Reliance, they say that they don't have provision for Cashless repair in Varanasi and have given 2 options either get the car to Delhi for Cashless repair or get it repaired in Varanasi at own expense and get reimbursed later ! A 2.5 year old car with an IDV of 2.5 lakhs is seeking a cost of 1.6 lakhs to be driven again... Very confusing situation, specially with the statement given by Reliance Insurance, please help
But Reliance site throws up this:

There's more that didn't fit in the screenshot
Attached Images
  
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Old 6th April 2013, 14:40   #2413
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Car: Dzire ZDI, April 2011 - On road price was 8.65L
I need to renew the insurance this month and here is the quote from Maruti/Royalsundaram,

IDV - 5,05,214
Premium(Without Zero Dep) - Rs. 13,927
With Zero Dep - Rs. 18,184

Please let me know your feedback on this quote. There was a claim last year and hence I will be missing the NCB.
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Old 8th April 2013, 08:42   #2414
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Quote:
Originally Posted by drmohitg View Post
So keeping that in mind should I opt to change to Liberty Videocon then? It gives me added cover for 2 more years and the premium is less too by a cool 3k.
If you are more inclined to Liberty then suggest to go for them. Request you to pen your experience in dealing with them, will help BHPians too.

Quote:
Originally Posted by ridinthru' View Post
A 2.5 year old car with an IDV of 2.5 lakhs is seeking a cost of 1.6 lakhs to be driven again... Very confusing situation, specially with the statement given by Reliance Insurance, please help
As Mayank stated in his post, try contacting the dealer to confirm if they have cashless settlement, if not then you can get the Spark repaired and get the amount reimbursed later. But Reliance is notorious of reimbursements, they will play spoilsport later.

Quote:
Originally Posted by arun_josie View Post
IDV - 5,05,214
Premium(Without Zero Dep) - Rs. 13,927
With Zero Dep - Rs. 18,184
The IDV is grossly less, should have been somewhere in the 6.5L range. Try to get a new quote from RS. Is this quote given specifically by Maruti? If so, try RS on their online website.
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Old 8th April 2013, 12:16   #2415
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Originally Posted by ghodlur View Post
The IDV is grossly less, should have been somewhere in the 6.5L range. Try to get a new quote from RS. Is this quote given specifically by Maruti? If so, try RS on their online website.
Thanks ghodlur!
The Ex-Showroom price was 7.21L. So, do you still feel that 5,05,214 is less going in to the 3rd year. Also, is it anything to do with the total KMs run. Currently the ODO is close to 53K.

Sure, I will check directly on the RS website.
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