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Old 8th April 2013, 12:56   #2416
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Originally Posted by arun_josie View Post
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.
If the exshowroom cost is 7.21L then the ideal IDV should be 25% depreciated or 5.4L. I assumed 8.5L as the exshowroom cost, my bad. No, the IDV has nothing to do with the kms run.
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Old 8th April 2013, 13:58   #2417
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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.

Thanks for this.. and would be able to help and explain the term "cash loss" because, as per latest development, the insurance guys at reliance are behaving unprofessionally and trying to mislead my friend.
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Old 8th April 2013, 20:48   #2418
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I have a 45% NCB from the sale of my previous vehicle and have procured the NCB retention certificate. From reasons beyond my control, I could not use it for the purchase of my new car insurance. The query I had was if I could use this when the insurance is due for renewal next year?
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Old 9th April 2013, 00:24   #2419
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I renewed my brothers civic insurance through Bharti Axa. Pathetic experience. The payment got deducted 4 times before it finally went through. 10 days and I have no policy. Multiple calls and mails to them yielded nothing. Finally picked up all contacts on the site and sent a stinker.

Someone called and took vehicle details again. Then issued the policy. Guess what, the voluntary deductible is 2000 when the industry is at 1000. No wonder they quote the lowest premium.

I will never go with Bharti Axa again, I would advise all members to stay away even if they are 500/1000 bucks cheaper.
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Old 9th April 2013, 08:47   #2420
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Originally Posted by dass View Post
I have a 45% NCB from the sale of my previous vehicle and have procured the NCB retention certificate. From reasons beyond my control, I could not use it for the purchase of my new car insurance. The query I had was if I could use this when the insurance is due for renewal next year?
Yes, you can use the NCB during the next insurance renewal, the NCB is valid of 3 yrs.
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Originally Posted by funkyp View Post
Someone called and took vehicle details again. Then issued the policy. Guess what, the voluntary deductible is 2000 when the industry is at 1000. No wonder they quote the lowest premium.
Thanks for sharing your experience. Regarding the compulsory deductible (not voluntary as stated), you can write to IRDA about the grouse. I am sure your complaint will be heard atleast.
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Old 9th April 2013, 10:06   #2421
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Thanks for sharing your experience. Regarding the compulsory deductible (not voluntary as stated), you can write to IRDA about the grouse. I am sure your complaint will be heard atleast.
yes i meant to say compulsory deductible. thanks for pointing that out.

are there sepcific guidelines around what this amount has to be? IRDA will be in a position to intervene only if its a regulated amount across providers.

Else its very easy for Bharti AXA to get away by saying its in the T&Cs. will give it a try however.
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Old 9th April 2013, 10:22   #2422
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are there sepcific guidelines around what this amount has to be? IRDA will be in a position to intervene only if its a regulated amount across providers.
IRDA is responsible for ensuring that the Insurance co adhere to the guidelines mention in the Indian Motor Tariff, hence they will be responsible if Insurance co are overcharging customers. Attaching the snapshot in word document.

Also below is the IRDA link. Hope this helps.
http://www.irda.gov.in/ADMINCMS/cms/...No225&mid=14.2

Bharati Axa website has put in the correct amount for compulsory deductible, wonder why are they overcharging you. You can point it out to the person you are dealing with.
http://adodis.in/balajib/bhartidump/...ory-deductible
Attached Files
File Type: docx Compulsory deductible.docx (145.8 KB, 204 views)

Last edited by ghodlur : 9th April 2013 at 10:26. Reason: Added Baharit Axa details
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Old 9th April 2013, 11:27   #2423
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Default Re: Automobile Insurance Queries? Ask me

Hi guys,

I have a Maruti Omni cargo van(commercial) which is not going to be used this year and is due for insurance renewal, well I would like to get just third party insurance for the van which I guess is mandatory. The van was previously insured with iffco tokio,I inquired at the iffco tokio office for 3rd party insurance and they said that it will be somewhere around 11,000 for the same.I always thought 3rd party was cheap,am I wrong about this and please guide me as to which insurance would be suitable for my case and through which company.
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Old 9th April 2013, 12:15   #2424
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Quote:
Originally Posted by ghodlur View Post
IRDA is responsible for ensuring that the Insurance co adhere to the guidelines mention in the Indian Motor Tariff, hence they will be responsible if Insurance co are overcharging customers. Attaching the snapshot in word document.

Also below is the IRDA link. Hope this helps.
http://www.irda.gov.in/ADMINCMS/cms/...No225&mid=14.2

Bharati Axa website has put in the correct amount for compulsory deductible, wonder why are they overcharging you. You can point it out to the person you are dealing with.
http://adodis.in/balajib/bhartidump/...ory-deductible
hi, thanks for all the links. i wrote to a contact in bharti axa. IRDA has revised the compulasry deductible to 1000 for <1500CC and 2000 for >1500 cc as of 2012. To that extent they are inline with the regulations.

Any idea what the other insurance providers are charging?
Attached Thumbnails
Automobile Insurance Queries? Ask me-irda.jpg  

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Old 9th April 2013, 12:51   #2425
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Quote:
Originally Posted by richie4u View Post
I have a Maruti Omni cargo van(commercial) which is not going to be used this year and is due for insurance renewal, well I would like to get just third party insurance for the van which I guess is mandatory. The van was previously insured with iffco tokio,I inquired at the iffco tokio office for 3rd party insurance and they said that it will be somewhere around 11,000 for the same.
The premium would depend upon which class does your vehicle fit in. Attached is the pdf document of the TP premiums which were recently revised by IRDA. You cant be charged more than that enforced by IRDA. Hope this helps

Quote:
Originally Posted by funkyp View Post
hi, thanks for all the links. i wrote to a contact in bharti axa. IRDA has revised the compulasry deductible to 1000 for <1500CC and 2000 for >1500 cc as of 2012. To that extent they are inline with the regulations.
Thanks for the info, can you attach the circular which proposed the changes in pdf format if posssible. IMO all Insurance co should be charging the same amount as mentioned in the circular.
Attached Files
File Type: pdf Order_-_Motor_TP_Liability_only_Cover_2013-14.pdf (2.58 MB, 546 views)
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Old 9th April 2013, 14:41   #2426
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Originally Posted by ghodlur View Post

Thanks for the info, can you attach the circular which proposed the changes in pdf format if posssible. IMO all Insurance co should be charging the same amount as mentioned in the circular.
the circular stating this change is attached.
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Old 9th April 2013, 16:39   #2427
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Another question, which is not related to my previous one.

I have 'heard' of some insurace options, where the car is insured for the next 5 years at 0 Dep and the premium is paid upfront for such insurance policy for 5 years. Is this true? I say heard only because I have never really met anyone who has actually got this one, hence I am not very sure.
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Old 10th April 2013, 09:43   #2428
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Quote:
Originally Posted by dass View Post
I have 'heard' of some insurace options, where the car is insured for the next 5 years at 0 Dep and the premium is paid upfront for such insurance policy for 5 years. Is this true? I say heard only because I have never really met anyone who has actually got this one, hence I am not very sure.
As of now none of the Insurance companies are offering policies for more than a year. There was a talk during this budget that FM is going to approve the demand from the Insurers lobby of offering Insurance for two years however that got squashed. Frankly I would not fall for these rumours and stick to renewing the Insurance every year, this way I get an option to choose based on the experience instead of locking my money for more than a year with the same Insurance co.
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Old 25th April 2013, 09:11   #2429
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If the Road ministry has it way, vehicles with tinted glass may lose their Insurance claims. The road ministry has asked IRDA to ask its members to refuse any Insurance claims for the vehicle found with tinted glass. This if becomes a reality will soon find its way in the Insurance policy warranty fine print. The motor vehicle amendment bill which was passed in Rajya Sabha last year and being tabled in Lok Sabha this year talks about the enhanced penalties for vehicles with tinted glass films.

http://www.hindustantimes.com/India-...1-1049402.aspx
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Old 25th April 2013, 16:36   #2430
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Quote:
Originally Posted by ghodlur View Post
IRDA is responsible for ensuring that the Insurance co adhere to the guidelines mention in the Indian Motor Tariff, hence they will be responsible if Insurance co are overcharging customers. Attaching the snapshot in word document.

Also below is the IRDA link. Hope this helps.
http://www.irda.gov.in/ADMINCMS/cms/...No225&mid=14.2

Bharati Axa website has put in the correct amount for compulsory deductible, wonder why are they overcharging you. You can point it out to the person you are dealing with.
http://adodis.in/balajib/bhartidump/...ory-deductible
@ghodlur

Does the compulsory deduction increase in case the policy is a 0% Dep Policy? I renewed the policy of my 2011 Vento today with an IDV value of Rs 6,23,000 and they charged me a Premium of Rs 23,832 (0% Dep policy without Engine Protection) from Bajaj Allianz. They informed me and took it in writing that the Compulsory deduction on this Policy will be Rs 5000 if I make a 0% Dep Claim. Can you please provide some insights on this? Thanks
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