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Old 29th August 2014, 18:23   #2971
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Red face Re: Automobile Insurance Queries? Ask me

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Originally Posted by Immix View Post
I think I will go with Future Generali simply because of the lower premium.
Also check if Future Generali has a cashless tie up with the VW workshop, If yes, then you can think of the option. Have you checked with the workshop about FG's claim settlement track record? Also if you take the Insurance from the dealer, chances of getting instant policy is rare.

I have had this issue with FG when I was renewing my earlier Ford Fiesta and for 15 odd days I was struggling to get the payment receipt leave apart original policy. A few strong and harsh words did get the things moving. Hope you dont encounter such an issue.
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Old 29th August 2014, 18:24   #2972
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Default Re: Automobile Insurance Queries? Ask me

Hello, I am looking to renew my insurance policy for Corolla Altis. Its in its third year now and will start its 4th year in september end. The policy till now has been a 0% depreciaiton policy from Tata Aig. There quote this time for renewal is Rs. 28k for an IDV of approx. Rs. 7.9L. On the other hand I tried searching on policy bazaar and the best rates they have come up with are Rs 27k from Bajaj Allianz and Rs 24k for L&T insurance, both for an IDV of Rs. 8.4L Rs and both being 0% depreciation policies. I am hence thinking of opting for the L&T insurance. But this is the first time I am buying insurance myself and that too online and hence wanted to know what are the things I should look for/ask for before paying up the money.
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Old 29th August 2014, 18:32   #2973
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Red face Re: Automobile Insurance Queries? Ask me

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But this is the first time I am buying insurance myself and that too online and hence wanted to know what are the things I should look for/ask for before paying up the money.
Just ensure that the Insurance co from whom you are buying the car insurance has a cashless tie up with the workshop where you service your car. Check how's the Insurance co's track record of settling claims - workshop will help here. If buying online, there is no delay in getting the policy and payment receipt, but if bought offline whats the time frame of policy receipt. There have been reports on the forum about cheque being given to the agent which never reached the Insurance co and the policy lapsed. Are the addons (eg zero dep) cost at par with industry? I hope this info is enough to make you think.
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Old 29th August 2014, 18:43   #2974
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Also check if Future Generali has a cashless tie up with the VW workshop, If yes, then you can think of the option. Have you checked with the workshop about FG's claim settlement track record? Also if you take the Insurance from the dealer, chances of getting instant policy is rare.
FG's website does not show VW garages in Mumbai/Pune as cashless, but I was assured by the VW insurance executive that FG does have cashless facility with VW garages. Will double check with them before I make my final decision. Thanks for the tip about dealers' laggard behavior in such a scenario.
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Old 31st August 2014, 07:42   #2975
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Default un-explained Increase in Insurance premium

I have a 10+ year old car & have never claimed any insurance, thus have a 50% NCB. last year, ( sept 2013) during the renewal of insurance, there was an increase in the premium by over Rs 1000 over the previous year. since I was short on time, I just paid it.

This year, the premium is due for renewal in September & to my surprise I found an increase of about Rs 1000 again. ( no claims ever made ).

I called up the insurance company ( HDFC Ergo ) who gave me some vague answer that the increase was due to the increase in 3rd party insurance component.

I spend some time trolling the internet to confirm this, but could not find any confirmation that this is true.

could somebody confirm if this is true ?
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Old 31st August 2014, 14:03   #2976
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could somebody confirm if this is true ?
Yes, the Third Party Liability (TPL) premium were revised in 2013 and in 2014. Hence the increase in the premium. Just check under which category does your car fit, i.e based on engine cc and confirm the increase.
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Old 31st August 2014, 14:35   #2977
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Default Re: Automobile Insurance Queries? Ask me

Thanks.
a little more search on the internet with the right keywords gave me this:
http://www.livemint.com/Money/XgPYCb...insurance.html

http://www.smartpaisa.in/2014/04/mot...-increase.html
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Old 2nd September 2014, 12:43   #2978
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Default Re: Automobile Insurance Queries? Ask me

My 2010 Honda Civic AT insurance is expiring on 28th Sept, I'm currently with United India and they do not have Zero Depreciation cover after 3rd year. As per Policy Bazaar, only L&T, Royal Sundaram, Bajaj Allianz and Tata AIG provides Zero Dep after the 3rd year up to the 5th year.

The renewal premium in with United India without Zero Dep is around 15k on IDV of 8.2 lacs. With other private insurer's with Zero Dep cover, the premium is ranging from 28K to 32K

Can you please advice me, if the extra 15K is worth it for Zero Dep cover for a 4 year old Civic? As my car never had any major accidents and i do not costs involved, if my car is involved in one. Your erudite advice will be sincerely appreciated.
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Old 2nd September 2014, 14:05   #2979
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Originally Posted by Sushubh View Post
The renewal premium in with United India without Zero Dep is around 15k on IDV of 8.2 lacs. With other private insurer's with Zero Dep cover, the premium is ranging from 28K to 32K
Add Future Generali also to the list of Insurers who offer for zero dep upto 5 yrs of vehicle ownership.

The cost of premium with zero dep add on shouldnt be so steep. Just check with the individual Insurance co on their websites for online quotes. You must remember that the TPL premium has also been increased since April 2014. Also check with which Insurer does the Honda workshop where you service regularly has a cashless tie up? Also do enquire with the workshop about the claim settlement process of the shortlisted ones. Once you gather all the information, take an informed call.

Yes these days you need to do the homework for the Insurance buying too.
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Old 2nd September 2014, 14:12   #2980
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Default Re: Automobile Insurance Queries? Ask me

Why is the Insurance preimium of a Tata Safari high, is there a algorithm by which it is calculated?
I got my Insurance renewed for my 2 year old Safari LX with 0%NCB with an IDV of 580000.
The quotes ranged from 39k to 20k.
The previous premium paid was 23k so it should be less than that.
Tata offered me a quote of 20900 while Future Generalli offered me a quote of 21k for Zero Dep. Went with the Zero Dep. although they don't have a cashless tieup with Concorde Motors where I get my car serviced but they do have tie ups with B.U Bhandari & Pandit in Pune.
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Old 2nd September 2014, 16:05   #2981
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Immix View Post
FG's website does not show VW garages in Mumbai/Pune as cashless, but I was assured by the VW insurance executive that FG does have cashless facility with VW garages. Will double check with them before I make my final decision. Thanks for the tip about dealers' laggard behavior in such a scenario.
Updating my post from last week. I inquired at the VW Pune Service center and was told that cashless facility is extended to Future Generali and that there were no untoward incidents with Future Generali in particular. So I finalized my decision to purchase insurance from Future Generali. Yesterday, I came to know that the insurance executive at VW Mumbai West dealership was able to get me a discount of 45% whereas when I called Future Generali, they could only manage a discount of 35%. So I bought insurance from the dealership yesterday for Rs. 19,600 for an IDV of 6.6L and zero dep included. The dealership sent a guy to my office to collect the cheque, a copy of RC and NOC from the bank to remove hypothecation (Since I paid off my loan recently). He also brought a cover note from Future Generali, which is valid for 2 months from the date of inception. Now I only have to follow up with them if I don't receive the policy by mail in 2-3 weeks time. Overall, I am quite satisfied with contacting the dealership again for my insurance renewal needs
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Old 4th September 2014, 13:11   #2982
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Default Re: Automobile Insurance Queries? Ask me

Hi! I have a motors insurance policy from Bajaj Allianz with Zero depreciation and engine protection. The car is 3rd owner on RC book. Post getting the RC transferred in my name, I had opted for the above policy when the car was 4yr 6 mnths old from the date of manufacture. As per Bajaj, Zero depreciation cover is not applicable for cars greater than 5yrs old.

Now here is my query:
1.) My car is currently 5yr 2 mnths old, do I still get Zero depreciation benefits as my policy is still active?

2.)As per policy, Zero depreciation cover stands cancelled if it is a case of transfer of ownership. However, since I never got the policy endorsed as it was issued only after getting the RC transferred in my name, so am I still eligible for Zero depreciation cover?
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Old 4th September 2014, 14:20   #2983
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Ajitsingh208 View Post
Why is the Insurance preimium of a Tata Safari high, is there a algorithm by which it is calculated?
I got my Insurance renewed for my 2 year old Safari LX with 0%NCB with an IDV of 580000.
The quotes ranged from 39k to 20k.
The previous premium paid was 23k so it should be less than that.
Tata offered me a quote of 20900 while Future Generalli offered me a quote of 21k for Zero Dep. Went with the Zero Dep. although they don't have a cashless tieup with Concorde Motors where I get my car serviced but they do have tie ups with B.U Bhandari & Pandit in Pune.
Firstly, there are many additions basis which the gross insurance premium is calculated like towing, hotel stay, key replacement, fueling, personal accidental cover. If all such covers are precisely the same in count and declared value, the amount calculated is also the same. Calculations/Algorithms used for calculating the premium is same across all insurance companies. However, the clauses against covering each cover like engine protection etc are different. Discounts are given from insurance payout, no insurance company will be able to give more discount than the dealer itself. There are even cases where dealers give quotes at-par, much less than the competition, they instead earn through achieving targets instead of payout.

Now coming to your query for cashless claim settlement. Cashless settlement is purely done on the situation wherein the dealer is having a tie-up with the insurance company. It is entirely dealer driven, and does not depend on the vehicle manufacturer. Eg: A dealer who is having tie-up with Reliance will give cashless for all claims made on Reliance at all his workshops irrespective of the manufacturer/brand. If in case the dealer is unable to give cashless, you can get in touch with the surveyor/insurance company and request him to give a DO(Delivery order) directly to the dealer. This will solve your problem as you have to pay only for the depreciation.
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Old 4th September 2014, 18:59   #2984
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Camshaft tunes View Post
1.) My car is currently 5yr 2 mnths old, do I still get Zero depreciation benefits as my policy is still active?
In effect means that you got the policy with these coverage before completion of 5 years. The coverage is valid without doubt till the end of the policy period. Do not worry. Only upon the renewal will the new coverage will come into effect.

Quote:
2.)As per policy, Zero depreciation cover stands cancelled if it is a case of transfer of ownership. However, since I never got the policy endorsed as it was issued only after getting the RC transferred in my name, so am I still eligible for Zero depreciation cover?
Since you have got a New policy on a transferred car, there is no contention at all.

Essentially, if your policy is in your name (irrespective of endorsed or new) having said coverage, it is valid without any doubt until the expiry of the policy, nothing will be nullified in-between duration. Nobody can deny you the benefits.
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Old 13th September 2014, 14:03   #2985
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Default Re: Automobile Insurance Queries? Ask me

Hi,
I have a query for which this may or may not be the best location- would be obliged if the mods could move it as appropriate.
I am purchasing a new Ertiga Zxi and was intending to take MarutiInsurance cover primarily for convenience.
The policy is issued by Maruti but serviced through Bajaj, ICICI, Royal Sundaram etc.
I received a phone call from the insurance team to confirm regarding T&C and i have some issues with the process.
  1. This is a comprehensive poilcy but has a limit of Rs 7.5 lakhs for third party property damage (life is unlimited). My concern is say i hit (god forbid) an expensive car like a BMW, Audi Q5 or something, the insurance company would only cover 7.5 lakhs while the remaining of 30-60 lakhs would be my liability. I have never come across this kind of a cap in any of my insurance policies overseas. Is this the standard in India? Do all insurers have this cap? Is there an alternative?
  2. I insisted that i wanted to see the policy wordings before i agreed to the poilcy. This idea seemed completely alien to the Maruti Staff-they seem very confused as to why a consumer would expect to see the terms and conditions BEFORE agreeing to the policy. Finally received a call from the dealers insurance guy who finally agreed to send me a scanned copy of someone elses insurance policy!! Am i being foolish asking to see something before i buy it? Surely all of us should be asking for this before agreeing to anything.
    I would be obliged to anyone who could shed some light on this.
    If this is indeed the reality of indians motor car insurance we perhaps need to raise awareness to make change happen.
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