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Old 21st January 2014, 08:26   #2701
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Default Re: Automobile Insurance Queries? Ask me

Team,

What is the depreciation schedule for cars ?

A 4 yr old car should depreciate by 40 % or 50 % ?

In other words, what should be the IDV of a car worth 5 Lacs (Ex Showroom) after 4Yrs ?

Last edited by F150 : 21st January 2014 at 08:28.
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Old 21st January 2014, 10:19   #2702
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Quote:
Originally Posted by F150 View Post
What is the depreciation schedule for cars ?
A 4 yr old car should depreciate by 40 % or 50 % ?
In other words, what should be the IDV of a car worth 5 Lacs (Ex Showroom) after 4Yrs ?
Depreciation schedule given below. If the car has completed 4 yrs of wonership then the depreciation rate is 50% else its 40%. For a 5L car, the ideal IDV should be 40% less i.e Rs 3L ior if 50% then it will be 2.5L

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/discontinued models - Mutual understanding between Insurer and Insured
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Old 22nd January 2014, 09:39   #2703
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Originally Posted by carzealot View Post
Apart from what you mentioned any nut bolts or small items costing less then ₹100 is also considered as consumable item.
Radiator - metal
Hi, In the case of my punto insured with HDFC ergo. as per the service adviser:

1) the very expensive engine mount screws, will be consumables at INR514 each
2) radiator made of copper will be considered plastic, costs 5k, some metal pipes too, for the AC, are considered plastic!
3) ornaments and badges: consumables
4) Engine gasket : consumable 5k odd!!
5) 5% salvage on total claim

Can you advise? Salvage deduction is NO WHERE mentioned in policy documents. Can I fight?

The Insurance company has not yet given their final say, because the final invoice is yest to be generated.

Can you folks advise me please? It seems for a car yet to complete 2 years, a bill of 125000/- approx, I have to shell out 45K as per the SA...this doesn't quite make sense and I found out a few discrepancies on the primary estimate itself.

regards

Last edited by lapis_lazuli : 22nd January 2014 at 09:46.
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Old 22nd January 2014, 10:48   #2704
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Default Re: Automobile Insurance Queries? Ask me

Guys & Guru's
I am selling my car next month and the insurance is due by March'14 from New India.
Need help on the below queries.
  1. Can I transfer the same to the new owner?
  2. How long will it take for the transfer to happen?
  3. Can my new Owner claim the NCB for the renewal?
  4. What would be the procedure for doing this transfer?
  5. Can I get the form in Insurance site only or in RTO site?
Thanks in advance.

Regards,
Maverick79.
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Old 22nd January 2014, 12:15   #2705
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Originally Posted by Maverick79 View Post
Need help on the below queries..
Replies to your queries:
  1. Can I transfer the same to the new owner? Yes, the Insurance needs to be transferred to the new owner
  2. How long will it take for the transfer to happen? 2-3 Days max. Suggest to apply for Insurance ownership change parallely with wonership change at RTO
  3. Can my new Owner claim the NCB for the renewal? No, NCB retains with you.
  4. What would be the procedure for doing this transfer? A simple application letter to the Insurance co accompanied by the proof of ownership transfer application receipt of RTO.
  5. Can I get the form in Insurance site only or in RTO site? No need of specific form, a plain application with neccessary attachment will suffice.
Hope this helps.
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Old 22nd January 2014, 18:57   #2706
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Answering your questions serially:
1) Since the previous insurance has expired, it will be like buying a fresh insurance. No need to get the insurance done on previous owner's name. You can buy it in your name provided the car ownership transfer formalities have been completed and the RC shows your name as the current owner.
....................................
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Originally Posted by carzealot View Post
Ghodlur: I beg to differ on point 1 and 3 explained to 0and1. Ownership change process takes approximately 10-12 days (min.). We should remember that car is without any insurance I.e, not .....................
Thank you both for these valuable inputs, I have got a couple of followup questions.

1. Tata Aig told me that I can get the insurance done at my name directly, with form 29 and 30. The transfer of paper is in process, and has not yet been submitted, so will the RTO require a active insurance in previous owners name or an insurance in my name would suffice for transfer?

2. I have attached the quotation for a 2010 Civic from Tata AIG with Pearl Cover, the IDV looks less? Can some gurus take a look at it and comment on the premium and IDV.
Attached Files
File Type: xlsx AIGPearlCivic2010.xlsx (13.5 KB, 161 views)
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Old 22nd January 2014, 20:47   #2707
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Default

Have a query regarding insurance cancellation formalities. I recently tried cancelling my current car insurance policy that was with united India insurance to take a new policy with a friend who recently joined the insurance field. The united India guys however outright rejected my request saying it is not possible for them to do this unless I produce another policy for the same car to them. Now, is there any such rule or were they just trying to retain a customer?

Isn't it a customer's right to decide where he wants to take insurance from and cancel it when he doesn't plan to drive the car for a long time?
Thanks in advance guys, and please pardon my noob ish question.
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Old 23rd January 2014, 08:20   #2708
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Quote:
Originally Posted by 0and1 View Post
1. Tata Aig told me that I can get the insurance done at my name directly, with form 29 and 30. The transfer of paper is in process, and has not yet been submitted, so will the RTO require a active insurance in previous owners name or an insurance in my name would suffice for transfer?

2. I have attached the quotation for a 2010 Civic from Tata AIG with Pearl Cover, the IDV looks less? Can some gurus take a look at it and comment on the premium and IDV.
1. Form 29 & 30 are RTO ownership transfer forms, yes you can submit a copy of these forms to Insurance co to get the Insurance transferred in your name. But the receipt recd from RTO after submission of the ownership transfer document is a more valid document for insurance transfer. When transferring the ownership of the car, the previous owner's Insurance is a must. I hope you must be having that document or else get it from the previous owner. The RTO will not accept the Insurance in your name coz you cannot have an insurance for a car which you still dont own.
2. The IDV shown in the file - does it match the depreciation rate? To confirm get to know the present exshowroom cost of Civic model/variant and add depreciation of 40% and calculate the IDV. Also do you actually need so much add ons. Enquire with Tata about the cost of just the zero dep addon. Rest of the add on features you can live without it.

Quote:
Originally Posted by 275BHP View Post
Isn't it a customer's right to decide where he wants to take insurance from and cancel it when he doesn't plan to drive the car for a long time?
Whether you plan to drive the car or not, you need to have a valid insurance on the car. You can simply buy a TPL only policy. Cancelling a valid Insurance document mid policy year to please a friend IMO is not a good option at all. Please take due diligence before you do that.
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Old 23rd January 2014, 09:33   #2709
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Default Re: Automobile Insurance Queries? Ask me

Is comprehensive insurance + zero dep = Bumper to Bumper (zero dep) insurance policy ?.
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Old 23rd January 2014, 11:30   #2710
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Quote:
Originally Posted by Mudhalaipatti View Post
Is comprehensive insurance + zero dep = Bumper to Bumper (zero dep) insurance policy ?.
There is nothing called as Bumper to Bumper Insurance policy. Its usually a Comprehensive Insurance policy with zero dep as add on which makes it a bumper to bumper coverage.
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Old 23rd January 2014, 20:05   #2711
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Default Best Insurance option for EcoSport TDCi Tit(O)

Hello,


I will be taking the delivery of my EcoSport sometime next week in Bangalore.

I am planning to buy the insurance on my own, but am absolutely clueless about how to go about it

Please suggest me the best available options and the further steps to follow. Ex showroom Bangalore is 9.92 lakhs.

Any inputs will be highly appreciated
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Old 24th January 2014, 08:17   #2712
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Default Re: Best Insurance option for EcoSport TDCi Tit(O)

Quote:
Originally Posted by pc1686 View Post
I am planning to buy the insurance on my own, but am absolutely clueless about how to go about it
Hi Congratulations on the purchase.
Firstly ask the Ford dealer/workshop with which Insurance co do they have a cashless tie up. Next visit the Insurance co websites for an online quote (I Hope you have the neccessary info such as engine no, RTO etc which nees to be entered online), compare the quotes recd. Choose the Insurance co which is Pan India and not local so that you may get the reqd assistance when travelling outside your city. Pay online and get the Insurance policy document printed. Provide one copy to the dealer to start the registration process.
Pls note - do select the zero dep add in the Insurance policy which may cost you additional premium amount over the normal but worth it since yours is a new purchase.
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Old 24th January 2014, 18:03   #2713
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
1. Form 29 & 30 are RTO ownership transfer forms, yes you can submit a copy of these forms to Insurance co to get the Insurance transferred in your name. But the receipt recd from RTO after submission of the ownership transfer document is a more valid document for insurance transfer. When transferring the ownership of the car, the previous owner's Insurance is a must. I hope you must be having that document or else get it from the previous owner. The RTO will not accept the Insurance in your name coz you cannot have an insurance for a car which you still dont own.
2. The IDV shown in the file - does it match the depreciation rate? To confirm get to know the present exshowroom cost of Civic model/variant and add depreciation of 40% and calculate the IDV. Also do you actually need so much add ons. Enquire with Tata about the cost of just the zero dep addon. Rest of the add on features you can live without it.
Hello,

1. AIG folks says I can have the insurance in my name and then submit the transfer papers, however I will validate this with RTO.

2. In Tata AIG there is GOLD, Pearl and so on.. Pearl is Zero Dep add on to Gold which is the starting range and includes the others like keys etc.

These are the quotes that I am getting,

Tata AIG with Pearl,

1. Max IDV Value 7.7 lacs with a premium of 31635
2. IDV Value of 6.1 Lacs then the premium would be 26000

Vehicle would be declared total loss if the repair exceeds 75% of IDV

Royal Sunderam with Zero Dep,

1. Default IDV is 8.5 lacs with a premium of 34000 (22000 for only comprehensive)
2. Max IDV is 15% plus 9.8 Lacs with a premium of 38500.
3. IDV can be decreased by 15% as well.

Vehicle will not be declared total loss even if it exceeds 75% of the IDV. It depends on what the Garage people tells them about the condition but no such percentage rule applies.

Car Price as per invoice including VAT is 13.2 lacs, If I deduct 40% then the value becomes 792000. Any suggestion which cover looks better?

For almost all the cover the premium looks very high...with zero dep add on..?
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Old 27th January 2014, 17:23   #2714
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Default Bharati AXA vs HDFC Ergo vs Royal Sundaram vs TATA AIG?

Hello Everyone,

I need your inputs on choosing the insurance for my EcoSport TDCi Tit(O) to be delivered this week. The ex-showroom price of my car is Rs. 9.92 lakhs.

I have spoken to few insurance companies and this is what I got:

Bharati AXA is the least expensive at Rs. 20,500 (with 95% IDV) and Rs. 21,500 (with 100% IDV). They also said that they provide the benefit of unlimited number of claims at 0% (what does that mean and is it really a differentiating factor) They also mentioned free Road Side Assistance and all the items are covered such as plastics, glass etc.

HDFC Ergo is providing IDV of 9,42,000 and the premium is Rs. 21,800 and for 100% IDV is 22,800.

Royal Sundaram is for Rs. 28,000. IDV is 9,06,000 but also said that an option of exshowroom price claim is there and the premium mentioned covers the same.

TATA AIG is providing IDV of 9.5 lakhs at a premium of Rs. 28,000.

Please help me select the best option among these. Is more IDV beneficial as the difference in premium amount is only Rs. 1K? Which among these is the best? What all to see before selecting?

Thanks.

Last edited by pc1686 : 27th January 2014 at 17:41. Reason: Received reduced quotes
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Old 28th January 2014, 08:28   #2715
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Quote:
Originally Posted by pc1686 View Post
Bharati AXA is the least expensive at Rs. 20,500 (with 95% IDV) and Rs. 21,500 (with 100% IDV). They also said that they provide the benefit of unlimited number of claims at 0% (what does that mean and is it really a differentiating factor) They also mentioned free Road Side Assistance and all the items are covered such as plastics, glass etc.

HDFC Ergo is providing IDV of 9,42,000 and the premium is Rs. 21,800 and for 100% IDV is 22,800.

Royal Sundaram is for Rs. 28,000. IDV is 9,06,000 but also said that an option of exshowroom price claim is there and the premium mentioned covers the same.

TATA AIG is providing IDV of 9.5 lakhs at a premium of Rs. 28,000.

What all to see before selecting?
As I had mentioned in few posts back, check with which Insurance co does Ford workshop have a cashless tie up. If they do have it with Bharati Axa then that the right choice, but I dont feel Ford has any tie up with Bharati. Dont fall for the 100% IDV, ideally your first year IDV should be 5% less of the exshowroom cost i.e 9.42L. What Bharati have quoted is for zero dep.

RS is mnetioning about the return to invoice add on when they talk about exshowroom price claims.

Are the quotes mentioned in your post inclusive of zero dep add on too?
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