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Old 27th May 2014, 18:09   #2896
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Generally the difference between the quotes is in the range of 2-3K provided all the criterias are almost identical. In your case maybe the IDV quoted by Tata must be lesser than BA, add ons might be charged. Did you compare the two quotes are all sections of the premium breakup? Also if you are a present customer of BA, they feel they can charge you higher premium whereas Tata must be seeing you as a new customer.

In my case of Punto's insurance renewal, I find a difference of 3.5K between the lowest quote and the quote by existing Insurer.
IDV considered by Tata AIG - 1054500
IDV considered by Bajaj - 1025550

Am still figuring out how to compare the quotes. I have asked the breakups and policy details from Tata AIG. They had not provided earlier. Defying logic: Why should BA charge such a premium for a loyal customer? I mean, if not reward for loyalty, at least don't punish the customer for staying with you.
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Old 27th May 2014, 18:53   #2897
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by bdutta View Post
Thanks @r_nairtvm, for the clarification.

Slightly off-topic:
In any case, does IRDA have any procedures or policies to check the "asking for bribe" menace, since there is clearly a conflict of interest at play here. I suppose, surveyors who are able to turn down the maximum reimbursement (coverage) requests, would be treated more favorably, such as by either some incentives or by repeatedly handing them assignments. How is the true neutrality of surveyor maintained ? In case, you happen to know how these things work.

There is a slight correction in what I said in my earlier post. The sacle of fee is not fixed by IRDA, bit its fixed by the Indian Institute of Surveyors and Loss Adjusters and agreed by the General Insurers Association of India.

IRDA's usual reporting channels work for reporting the errant surveyors. Also, if I am not mistaken, they also come under the purview of Insurance Ombudsman.

As far as I understand the Scale of fee is dependent on the Estimate of Repairs and not on the final assessment - this is done so with the logic, the insured/owner is not put under pressure to finalise on a lower assessment.

The current fee scale I believe is as per below as of 2013.

Name:  Motor Survey Fee a.jpg
Views: 470
Size:  35.3 KB

Best Regards & Drive Safe

Ram
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Old 27th May 2014, 19:14   #2898
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by r_nairtvm View Post
Just to clear a little mis-conception

Surveyors are supposed to be "independent". Per say they are not employed by any insurance company on a permenant basis. They are remunerated by Insurance company on a scale of fee fixed by IRDA, for the job assigned to them by the insurance company.

So there is nothing like "private Insurance Company Surveyors" and "public Insurance company Surveyors"

Best Regards & Drive Safe

Ram
Quote:
Originally Posted by Vahanam View Post
IDV considered by Tata AIG - 1054500
IDV considered by Bajaj - 1025550

Am still figuring out how to compare the quotes. I have asked the breakups and policy details from Tata AIG. They had not provided earlier. Defying logic: Why should BA charge such a premium for a loyal customer? I mean, if not reward for loyalty, at least don't punish the customer for staying with you.
Thanks @Vahanam. I'd figured out the IDV difference thing earlier... and other "bundled features". So I always make it a point to get quotes for same (or very close) IDV. This doesn't work over web-interface, and requires call to the customer-care/sales dept. In my case, there is a difference of 10% between L&T's quote and Tata-AIG's quote for same IDV (well, IDV difference is 0.03%). Between Tata-AIG and Bajaj, the difference is much lesser 2% for very similar IDV. Bharti-AXA surprisingly couldn't come down to the IDV value, so I can't make a head-and-head comparison. Their lowest admissible IDV is 18% higher than Tata-AIGs. I presume the premium calculation can differ due to many non-transparent (proprietary) parameters on which companies calculate the real risk they'd be covering.

Anyhow, so far, after checking quite a bit around, I've found absolutely no one, who has actually gone in for a L&T motor vehicle insurance !!
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Old 27th May 2014, 19:18   #2899
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by r_nairtvm View Post
There is a slight correction in what I said in my earlier post. The sacle of fee is not fixed by IRDA, bit its fixed by the Indian Institute of Surveyors and Loss Adjusters and agreed by the General Insurers Association of India.

IRDA's usual reporting channels work for reporting the errant surveyors. Also, if I am not mistaken, they also come under the purview of Insurance Ombudsman.

As far as I understand the Scale of fee is dependent on the Estimate of Repairs and not on the final assessment - this is done so with the logic, the insured/owner is not put under pressure to finalise on a lower assessment.

The current fee scale I believe is as per below as of 2013.

Attachment 1244514

Best Regards & Drive Safe

Ram
Thanks a lot Ram. That does clear up the matter, but looking at the compensation part, I can see that they have nothing to lose, by trying to act tough (needlessly or unfairly), since their "under-the-table" compensation may be much higher. In case, customer doesn't fight back the undue low-assessment, and doesn't offer a bribe, they have only a little to lose. Statistically, I figure, the coercion route (leading to undervaluation and then to bribe), might be more lucrative.
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Old 28th May 2014, 09:25   #2900
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Question Re: Automobile Insurance Queries? Ask me

My Punto Insurance renewal is in the corner and I have been scouring the Insurers online quotes for the best deal. After getting a few quotes one thing which I distinctly noticed was the absence of "Anti Theft Device installed" discount in the quotes. This was available till last year and prominent in the OD premium break up along with Automobile Association membership discount and others. The discount offered for the Anti theft device was around Rs 400/-. Upon enquiry with a couple of Insurers, it was disclosed that the discount was stopped due to wrong information provided by customers, although I dont buy this statement. Surely the Insurance co would be having the information about the car model/variant being fitted with factory anti theft devices.

Anybody taken the Insurance recently can confirm if they have been given the Anti theft discount??
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Old 28th May 2014, 11:02   #2901
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Default Re: Automobile Insurance Queries? Ask me

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Anybody taken the Insurance recently can confirm if they have been given the Anti theft discount??
Ghodlur,

I renewed my Honda Amaze's insurance yesterday, through Hondaassure scheme of National Insurance and I can confirm that I had a discount of INR 400/- for anti theft devices.

Best Regards & Drive Safe

Ram
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Old 28th May 2014, 14:26   #2902
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Default Re: Automobile Insurance Queries? Ask me

I had to make a claim from Iffco tokio and the amount as per their calculation and after deduction of depreciation is 14K, but I have a Voluntary deduction of Rs. 5000 (25% Discount on OD premium) so as per my understanding I should be liable to get 14K-5K= 9K from the Insurance company right? Can someone clarify this for me cause my Service Advisor has himself confused and told me I might not get anything as 14K will be reduced as voluntary deduction!
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Old 28th May 2014, 14:54   #2903
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Originally Posted by richie4u View Post
I had to make a claim from Iffco tokio and the amount as per their calculation and after deduction of depreciation is 14K, but I have a Voluntary deduction of Rs. 5000 (25% Discount on OD premium) so as per my understanding I should be liable to get 14K-5K= 9K from the Insurance company right? Can someone clarify this for me cause my Service Advisor has himself confused and told me I might not get anything as 14K will be reduced as voluntary deduction!
Yes, you are correct. Your contribution towards the repair is 5K and Insurance co's 9K. Add 1K more to your contribution towards compulsory deduction for making the claim.

Suggestion: Avoid opting for Voluntary deductions in order to reduce few hundreds in your yearly Insurance premium.
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Old 28th May 2014, 21:41   #2904
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Default Re: Automobile Insurance Queries? Ask me

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Seems like you are facing too many difficulties with the renewal. Let me see if I can help you out. PM me if you couldn't get a renewal quotation there
Firstly thanks for your help Madhav. I took a clue from your approach & pressurized our Insurance Agent to help me on the basis of the the Non-Automotive Insurance business provided to them by the Company I work in. [yeah, I am a highly principled man when I look into the mirror, But I had to keep all my principles in the cooler ]

Voila! they approached Iffco Tokio and got the renewal done. Same IDV as last year was used - Rs. 68K, No NCB since I had declared that I had made a claim.

Total premium incl Tax Rs. 3,443. And guess what - I got a call from Reliance on 27th May evening @ 18:40 hrs with 5 hrs left for the expiry of the policy & they were asking on when I will renew the Policy Vented out all my frustration on them & slammed the phone.
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Old 29th May 2014, 09:59   #2905
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Smile Re: Automobile Insurance Queries? Ask me

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Originally Posted by r_nairtvm View Post
I renewed my Honda Amaze's insurance yesterday, through Hondaassure scheme of National Insurance and I can confirm that I had a discount of INR 400/- for anti theft devices.
Thanks for the info.

Royal Sundaram confirmed that they have included the anti theft discount in the total discount offered for the OD premium. Strange they dont want to show the discount under the actual head.

Any recent Royal Sundaram car insurance buyers on the forum can confirm?
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Old 29th May 2014, 15:24   #2906
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Default Re: Automobile Insurance Queries? Ask me

Anti-Theft discount is necessarily separate line item in the policy just like AAI discount. It is charged at 2.50% of Basic OD Premium capped at Rs 500/-. Anybody claiming anything else is just eye-washing. Insist on the the separate line item being stated clearly. It only needs providing the invoice of the installation of such a device on the car for proof, at the time of taking policy. It is also irrespective of any insurers. I am not able to put forth direct link to the information right now, but there are IRDA regulations regarding this. It may also help identify the security measures on the car and the process later in case of insurance claim, e.g. theft.
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Old 29th May 2014, 15:32   #2907
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Default Re: Automobile Insurance Queries? Ask me

I have some queries on the IDV of a vehicle and bumper to bumper insurance. Is that the IDV remains the same after 5 years and above? This is what I was told by one of the executives of an insurance company. There is one more insurance called bumper to bumper where all the plastic parts are covered. It looks like there are also some depreciation involved. Apart from glass parts which is insured 100% the plastics are nearly 50%, is that the bumper to bumper insurance covers the plastic parts more than 50% ? Thanks
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Old 29th May 2014, 15:48   #2908
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Is that the IDV remains the same after 5 years and above? This is what I was told by one of the executives of an insurance company. There is one more insurance called bumper to bumper where all the plastic parts are covered. It looks like there are also some depreciation involved. Apart from glass parts which is insured 100% the plastics are nearly 50%, is that the bumper to bumper insurance covers the plastic parts more than 50% ? Thanks
No, the IDV cant remain the same after 5 yrs & above. It is subject to mutual understanding between the Insurer and Insured.

Regarding Bumper to bumper cover (generally known as zero dep add on cover) plastics are covered 100% along with consumales, fibre, metal, rubber parts. This is purely on my recent discussion with one of the Insurance co. The terms may differ for each insurance co. Enquire with the Insurer as to what are included & excluded before taking a call.

The Glass Parts are insured 100% in insurance policy without any depreciation whatever be the age of car and whatever be the type of insurance

Last edited by Technocrat : 29th May 2014 at 21:46. Reason: Updated as per request
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Old 30th May 2014, 14:20   #2909
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Default Re: Automobile Insurance Queries? Ask me

A recent insurance quotation I received from TATA AIG for a Ford Figo 2012 June Titanium Diesel in Bangalore.

This is a used car that I purchased recently.

He has given me a Pearl Plan Package which includes the following: Repair of glass,rubber and plastic parts; NCB Protection*; Loss of personal belongings; Emergency Transport and Hotel Expenses; Key Replacement; Depreciation Cover.

Seems insanely high. I have not asked for competing quotes yet.
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Old 9th June 2014, 17:11   #2910
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Default Re: Automobile Insurance Queries? Ask me

Hi,

I purchased a Jetta a couple of months back and have the insurance from Bajaj Alliance. I had a Hyundai Getz before this and had a 50% NCB on this insurance from Royal Sundaram. I got the 50% NCB certificate from Royal Sundaram last week. How do I use this NCB certificate? Will I be able to submit this certificate to Bajaj alliance and get a refund for this year itself or will I be able to get the benefit of the NCB while renewing the insurance next year.

Thanks in advance for all the pointers.
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