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Old 16th April 2014, 11:55   #2851
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Default Re: Automobile Insurance Queries? Ask me

Bajaj and Tata are in the top tier for claims and service. You may find Tata a tad cheaper though.
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Old 20th April 2014, 08:38   #2852
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Default Re: Automobile Insurance Queries? Ask me

Just got my Skoda Rapid Ambition TDI 2012 April model's 3rd year insurance renewed. Following are the details:
Ex Showroom: 871000/-
Prev Policy 2nd year:
Bajaj Allianz- Drive Assure (Zero Dep+Engine cover), IDV: 703000/-, Premium 23900/-

New policy:
IDV: 631000
NCB:25%
Premium: 17200/-
Zero Dep: Yes
Provider: SBI General

I had quotes ranging form 17200 to 24000 for Zero Dep policies for the 3rd year. Finally went for SBI general. The quotes for Regular comprehensive policies (non zero dep) were from 12200 to 17000 odd.
THe third party cover cost has gone up in the region of 800, so there was a difference between quotes received before 1st April and after.

Last edited by hrman : 20th April 2014 at 08:41.
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Old 21st April 2014, 10:59   #2853
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Hey all,

I need some help in understanding "salvage" for which they ask me to pay whenever i claim for insurance(typically between 5-8%)

I have zero-dep policy from icici lombard, have experienced this when i made insurance claim previously( two times till date)
Both the times they deduced salvage from metal parts( for plastics,glass,lights..etc its always 100%)

I tried to find about this,but couldnt get much information regarding the same!

Regards,
Harsha
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Old 23rd April 2014, 22:44   #2854
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by harsha.muvva View Post
Hey all,

I need some help in understanding "salvage" for which they ask me to pay whenever i claim for insurance(typically between 5-8%)
An update and Clarification "salvage"

After going through entire policy document and IRDA guidelines, i couldn't find the mention of salvage on replaced parts. I was pretty confident that i can fight with the surveyor regarding the same.

Just then surveyor(ICICI LOMBARD) called me saying that i have to pay 10% as salvage for the replaced part (AC condenser,compressor and front crash beam).
I asked him to take the old part and i wouldn't want to pay the salvage and asked him to show me in the part of policy in which they mentioned about the "Salvage". He said he will get back to me after discussing about this with his manager.

As promised, he called after an hour and told me that they have reduced the salvage from 10% - 5% upon my special request. I promptly declined the offer and asked him to give in writing that they are not cancelling "Salvage" even after me not accepting it, Following which he said he will discuss with his manager.

After an hour, got a call from the showroom( in which the car is getting repaired) saying that they have totally cancelled the salvage charges and i just need to pay the claim charges

This entire episode has left me wondering why i never bothered to check about the salvage charges in my past claims

Hope this helps fellow members!

Regards,
harsha
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Old 24th April 2014, 05:33   #2855
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Default Re: Automobile Insurance Queries? Ask me

Is IDV depreciation calculated on previous years value or on original ex-showroom price ?

The dep % (as published on the websites) are 5%, 15%, 20%, 30%. 40%, 50% .. if this on prev year values, then the depreciation is drastic / accelerated depreciation.

Guys who have cars purchased for business - how do you calculate depreciation ? Is it straight % on original invoice value, or on prev year
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Old 24th April 2014, 08:07   #2856
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by condor View Post
Is IDV depreciation calculated on previous years value or on original ex-showroom price ?
It is on the previous year's value as far as I know.
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Old 24th April 2014, 08:44   #2857
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Originally Posted by drmohitg View Post
It is on the previous year's value as far as I know.
So it is "accelerated" depreciation ?
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Old 24th April 2014, 10:28   #2858
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Quote:
Originally Posted by drmohitg View Post
It is on the previous year's value as far as I know.
Quote:
Originally Posted by condor View Post
So it is "accelerated" depreciation ?
Ideally the IDV for the policy year should be the depreciation % times the current exshowroom cost of the variant/model as per IRDA rules. Most of the times the Insurer use the depreciation % as mentioned in the table on the previous year's IDV or a thumb rule of 10% on last years IDV which is wrong.
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Old 24th April 2014, 13:03   #2859
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by harsha.muvva View Post
An update and Clarification "salvage"

After going through entire policy document and IRDA guidelines, i couldn't find the mention of salvage on replaced parts. I was pretty confident that i can fight with the surveyor regarding the same.

Just then surveyor(ICICI LOMBARD) called me saying that i have to pay 10% as salvage for the replaced part (AC condenser,compressor and front crash beam).
I asked him to take the old part and i wouldn't want to pay the salvage and asked him to show me in the part of policy in which they mentioned about the "Salvage". He said he will get back to me after discussing about this with his manager.

As promised, he called after an hour and told me that they have reduced the salvage from 10% - 5% upon my special request. I promptly declined the offer and asked him to give in writing that they are not cancelling "Salvage" even after me not accepting it, Following which he said he will discuss with his manager.

After an hour, got a call from the showroom( in which the car is getting repaired) saying that they have totally cancelled the salvage charges and i just need to pay the claim charges

This entire episode has left me wondering why i never bothered to check about the salvage charges in my past claims

Hope this helps fellow members!

Regards,
harsha
Salvage charges ,have been a trick the Insurance companies have been playing on customers for long. These are the charges that a customer need to pay to transfer the damaged parts to the insurance company .We all know insurance companies don't take or keep these damaged parts .Now
if you are having 100% insurance whats the point paying these charges? AFAIK only the compulsory deductibles needed to be payed.Next if the 100% insurance is not there, then the balance after the depreciated claim amount is paid by the customer and the changed parts belong to the customer.If it can be salvaged ,it is the right of the customer not the insurance company or the service center.When I changed a door for my car I asked them for the parts ,the insurance surveyor and the service center said please take it sir! (I didn't take it ,since I don't know where to sell it.I know that the service center will sell it for 2.5 K.)

The only case salvage comes to play is,when the vehicle is total loss.The total amount that a car can fetch after sale in the damaged condition is called salvage value. The amount depends upon the salvageable parts in the car .This value you can ask to deduct from the total loss payout and get the machine back with you.

Experts ,this is my observation .Correct me if I am wrong!
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Old 25th April 2014, 19:30   #2860
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Hi, My 2011 Vento Petrol Highline Insurance is due on Monday 28th April. The existing policy is with Bajaj with no claim bonus of 20%. Its a Drive Assure policy. Bajaj has provided me a Drive Assure Premium of Rs 25,800 with an IDV of Rs 6,23,250 for this year.

I checked with a few other providers and the lowest was from HDFC ERGO. They have provided a 0% dep policy quote of Rs 18,064 with an IDV of Rs 6,20,000.Below is the detailed breakup.

Make & Model - VENTO
IDV - 620000
Rate as per Tariff - 2.2360
Age Discount - 5%
Special Discount - 10%
Approved Rate - 1.90060
Premium - 11784
RSA - 350
NCB with 25% - 2946
Gross OD Premium - 9188
TP premium / CNG Premium - 4109
Driver / Owner PA & Passengers - 300
Net Premium - 13597
ST @12.36% - 1681
Comprehensive Premium - 15277
Zero dep silver Plan - 2480
S Tax 12.36% - 307
Zero Dep Premium Total - 2787
Grand total premium - 18064

Just wanted to know if its a good option to go with HDFC? Any reviews about HDFC would be really helpfull. Thanks
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Old 26th April 2014, 06:39   #2861
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Quote:
Originally Posted by khan View Post
Just wanted to know if its a good option to go with HDFC?
@khan

Two things to b checked:
1) Does HDFC have a cashless tie up with the VW workshop where you normally service? Also enquire if they have a pan india tie up with VW?
2) Confirm the IDV is correct. In your case the IDV should be ideally 30% less than the current exshowroom cost of the Variant.

If the above are confirmed then HDFC would be a good choice.
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Old 26th April 2014, 12:27   #2862
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
@khan

Two things to b checked:
1) Does HDFC have a cashless tie up with the VW workshop where you normally service? Also enquire if they have a pan india tie up with VW?
2) Confirm the IDV is correct. In your case the IDV should be ideally 30% less than the current exshowroom cost of the Variant.

If the above are confirmed then HDFC would be a good choice.
Is it better to get the insurance on a higher IDV?
How exactly will the IDV come into picture when making claims?
Is it only for the case where car is claimed to be a total loss?
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Old 26th April 2014, 17:23   #2863
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
@khan

Two things to b checked:
1) Does HDFC have a cashless tie up with the VW workshop where you normally service? Also enquire if they have a pan india tie up with VW?
2) Confirm the IDV is correct. In your case the IDV should be ideally 30% less than the current exshowroom cost of the Variant.

If the above are confirmed then HDFC would be a good choice.
Thanks for your response @ghodlur. I went ahead and bought the Insurance from HDFC ERGO today.

1) Yes they do have Cashless tie up with 2 VW workshops in Bangalore (Apple VW and Elite VW) and they do have tie up with all major VW workshops across India.

2) I checked on the IDV and the response i got was its correct as the Ex showroom price of Vento has gone up compared to last year as per their charts.
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Old 27th April 2014, 09:20   #2864
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Quote:
Originally Posted by sumeshmani View Post
Is it better to get the insurance on a higher IDV?
How exactly will the IDV come into picture when making claims?
Is it only for the case where car is claimed to be a total loss?
No, its not better to opt for higher IDV, remember higher IDV is normally left to the customer to decide. Insurance co will entice you with higher IDV's.
IDv does not come into picture during normal claims unless it is a total loss or constructive total loss. Pls see the Insurance policy for the finer print.
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Old 28th April 2014, 19:13   #2865
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Hello, I noticed this clause in my friends Reliance Insurance with 0 Depreciation Cover.

'No indemnity shall be granted to Total Loss/ Constructive Total Loss/ Theft claims.'

You can see same mentioned in Reliance website too. Does it mean that the insurance will not pay the IDV in case of Total loss or theft? I haven't seen this in my Bajaj Allianz insurance.
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